New Found Provides Update on Industry-leading 3-D Seismic Survey at Its Queensway Gold Project
26 Junho 2023 - 7:30AM
Business Wire
New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provide
an update on its industry-leading 3-D seismic survey that will
cover 47 km2 along the Appleton (“AFZ”) and JBP Fault Zones
(“JBPFZ”) at its Queensway Project. New Found’s 100%-owned
Queensway Project comprises a 1,662km2 area, accessible via the
Trans-Canada Highway, 15km west of Gander, Newfoundland and
Labrador.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230626792128/en/
Figure 1: Region of Queensway Project
covered by the Seismic Survey. (Graphic: Business Wire)
Highlights
- The seismic program was announced on March 7, 2023, and is
being conducted by HiSeis, an industry leader in hard rock seismic
surveys.
- Preparation and line construction for the seismic program was
completed on June 25, 2023. The Company is pleased to announce
it has now entered the acquisition phase of the program.
- The acquisition phase utilizes over 20,000 energy source points
generating 3-D seismic data across a 47km2 grid area and is
expected to wrap up by early August (Figure 1).
- At such time, the program will enter its final phase: data
compilation and interpretation. This final phase is targeted to be
complete by late September with more detailed interpretation and
analysis expected to continue.
Greg Matheson, COO of New Found Gold, stated: “3-D seismic could
change the game at Queensway as we look to deeper layers of the
gold system, as well as areas more distal from the Appleton Fault
corridor. Our exploration team has gained a deep understanding of
the mineralized system at Queensway through extensive exploration
efforts and roughly 425,000m drilled to date. This includes
recognition of high-grade gold mineralization found further from
the AFZ, including recent discoveries at Jackpot and Iceberg East.
We have an excellent training set of 16 near-surface zones that
will aid in fingerprinting new potential host structures for gold
mineralization. By early October, we will be in a position to
drill test targets highlighted by the 3-D seismic. This program
represents a significant investment into the project that upholds
our long-term view of Queensway and it is our belief that it will
provide benefits for both exploration and development for years to
come. I would like to thank HiSeis and the many seismic contractors
working on the ground who have carried out a very ambitious project
with high regard for safety and efficiency.”
Seismic Survey Details
- The planned survey covers 47 km2 with over 260 km of source
lines, with source points spaced at 12.5m intervals and 23,463
geophone receiver stations.
- 100m separated source lines and perpendicular 100m separated
receiver lines have been constructed to optimize resolution from
200-1000m in depth but will give good resolution down to
3000m.
- A 2-D transect line extending 27km across the Davidsville
sedimentary basin will provide resolution of the broader geological
architecture of the thrust belt in central Newfoundland to depths
of 8-9km.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander, Newfoundland and Labrador, and just
18km from Gander International Airport. The project is intersected
by the Trans-Canada Highway and has logging roads crosscutting the
project, high voltage electric power lines running through the
project area, and easy access to a highly skilled workforce. The
Company is currently undertaking a 500,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $52-million as of June
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Qualified Person
The scientific and technical information disclosed in this press
release was reviewed and approved by Greg Matheson, P. Geo., Chief
Operating Officer, and a Qualified Person as defined under National
Instrument 43-101. Mr. Matheson consents to the publication of this
press release dated June 26, 2023, by New Found. Mr. Matheson
certifies that this press release fairly and accurately represents
the scientific and technical information that forms the basis for
this press release.
Contact
To contact the Company, please visit the Company’s website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain “forward-looking statements”
within the meaning of Canadian securities legislation, relating to
the timing for the completion of the acquisition and the data
completion and interpretation phase of the seismic program and the
timing of the initiation of drilling at the test targets
highlighted by 3-D Seismic. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are statements that are not historical facts; they are generally,
but not always, identified by the words “expects,” “plans,”
“anticipates,” “believes,” “interpreted,” “intends,” “estimates,”
“projects,” “aims,” “suggests,” “indicate,” “often,” “target,”
“future,” “likely,” “pending,” “potential,” “goal,” “objective,”
“prospective,” “possibly,” “preliminary”, and similar expressions,
or that events or conditions “will,” “would,” “may,” “can,” “could”
or “should” occur, or are those statements, which, by their nature,
refer to future events. The Company cautions that forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made, and they
involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with possible
accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, risks associated with the interpretation of
assay results and the drilling program, the possibility that the
Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
the risk that the Company will not be able to raise sufficient
funds to carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management’s
discussion and Analysis, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com for a more complete
discussion of such risk factors and their potential effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230626792128/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
New Found Gold (AMEX:NFGC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
New Found Gold (AMEX:NFGC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024