New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from five diamond drill holes that were completed as
part of a follow-up drill program at the new Iceberg discovery, a
high-grade zone located 300m northeast of Keats Main along the
highly prospective Appleton Fault Zone (“AFZ”). 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.
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Figure 2. Iceberg-Iceberg East plan view
map (Graphic: Business Wire)
Iceberg and Iceberg East Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-12732
128.00
138.60
10.60
1.13
Iceberg
NFGC-23-12932
79.05
85.05
6.00
4.49
Iceberg East
Including
79.05
79.70
0.65
30.49
NFGC-23-13062
141.95
146.75
4.80
33.07
Iceberg
Including
141.95
142.90
0.95
160.50
And1
153.15
157.45
4.30
39.23
Including
153.15
154.05
0.90
175.00
And2
162.00
188.25
26.25
1.26
Including
187.60
188.25
0.65
11.50
And2
204.15
224.40
20.25
9.72
Including
204.15
205.50
1.35
130.48
NFGC-23-13121
94.75
122.55
27.80
14.54
Iceberg
Including
99.80
101.05
1.25
214.40
Including
104.95
105.95
1.00
66.00
Including
120.10
120.50
0.40
36.20
And1
127.30
132.60
5.30
34.59
Including
127.85
128.95
1.10
161.14
Table 1: Iceberg and Iceberg East Drilling
Highlights
Note that the host structures are
interpreted to be steeply dipping and true widths are generally
estimated to be 170% to 95% and 240% to 70% of reported intervals.
Infill veining in secondary structures with multiple orientations
crosscutting the primary host structures are commonly observed in
drill core which could result in additional uncertainty in true
width. Composite intervals reported carry a minimum weighted
average of 1 g/t Au diluted over a minimum core length of 2m with a
maximum of 4m consecutive dilution. Included high-grade intercepts
are reported as any consecutive interval with grades greater than
10 g/t Au. Grades have not been capped in the averaging and
intervals are reported as drill thickness.
- 14.5 g/t Au over 27.80m and 34.6 g/t Au over
5.30m in NFGC-23-1312 were intersected at Iceberg,
located 50m along strike to the northeast of previously
released 105 g/t Au over 27.05m in NFGC-23-1210 (June 5, 2023).
These intervals are interpreted to be close to true width
and occur just 70m from the surface.
- 33.1 g/t Au over 4.80m, 39.2 g/t Au over 4.30m, 1.26 g/t Au
over 26.25m and 9.72 g/t Au over 20.25m in NFGC-23-1306
occur at a vertical depth of 120m and are located 50m
along strike to the southwest of NFGC-23-1312 and 50m
down-dip of previously released 49.7 g/t Au over 29.85m in
NFGC-23-1120 (March 13, 2023).
- A further 430m to the northeast, at Iceberg East,
highlight interval of 4.49 g/t Au over 6.00m in NFGC-23-1293
was intersected 50m along strike of previously released 21.7 g/t Au
over 4.45m in NFGC-23-1285 at a vertical depth of just
60m.
- These results expand the high-grade segment of the
Keats-Baseline Fault Zone at Iceberg and continue to demonstrate
strong continuity of high-grade gold mineralization (Figures
1-4).
Melissa Render, VP of Exploration of New Found, stated: “Today’s
results speak for themselves. It is thrilling to experience
continued success at Iceberg, a highly gold-enriched segment of the
Keats-Baseline Fault, comprised of a network of high-grade
gold-bearing veins that span a domain having true widths ranging
from 10-40m. Iceberg starts at surface and all
intercepts reported to date occur within a very shallow window at
depths of up to a mere 160m. We look forward to continued
exploration at Iceberg and Iceberg East, as well as numerous other
zones being discovered along the Appleton North Corridor.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-12733
112.00
114.10
2.10
1.04
Iceberg
And2
118.85
121.35
2.50
1.70
And2
128.00
138.60
10.60
1.13
And2
193.65
197.15
3.50
2.76
NFGC-23-12882
280.45
283.10
2.65
5.02
Iceberg
Including
282.55
283.10
0.55
12.26
NFGC-23-12932
79.05
85.05
6.00
4.49
Iceberg East
Including
79.05
79.70
0.65
30.49
NFGC-23-13062
141.95
146.75
4.80
33.07
Iceberg
Including
141.95
142.90
0.95
160.50
And1
153.15
157.45
4.30
39.23
Including
153.15
154.05
0.90
175.00
And2
162.00
188.25
26.25
1.26
Including
187.60
188.25
0.65
11.50
And1
194.00
196.00
2.00
9.56
Including
195.20
196.00
0.80
23.40
And2
204.15
224.40
20.25
9.72
Including
204.15
205.50
1.35
130.48
And3
240.00
242.00
2.00
2.75
NFGC-23-13121
94.75
122.55
27.80
14.54
Iceberg
Including
99.80
101.05
1.25
214.40
Including
104.95
105.95
1.00
66.00
Including
120.10
120.50
0.40
36.20
And1
127.30
132.60
5.30
34.59
Including
127.85
128.95
1.10
161.14
Table 2: Summary of composite results
reported in this press release for Iceberg and Iceberg East
Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 170% to 95%
and 240% to 70% of reported intervals. 3True widths are unknown
that this time. Infill veining in secondary structures with
multiple orientations crosscutting the primary host structures are
commonly observed in drill core which could result in additional
uncertainty in true width. Composite intervals reported carry a
minimum weighted average of 1 g/t Au diluted over a minimum core
length of 2m with a maximum of 4m consecutive dilution. Included
high-grade intercepts are reported as any consecutive interval with
grades greater than 10 g/t Au. Grades have not been capped in the
averaging and intervals are reported as drill thickness.
Hole number
Azimuth ()
Dip ()
Length (m)
UTM E
UTM N
Prospect
NFGC-23-1273
300
-45
377
658472
5427749
Iceberg
NFGC-23-1288
300
-45
368
658469
5427636
Iceberg
NFGC-23-1293
299
-45.5
318
658844
5428084
Iceberg East
NFGC-23-1306
300
-45
290
658505
5427759
Iceberg
NFGC-23-1312
300
-45
260
658527
5427805
Iceberg
Table 3: Details of drill holes reported in
this press release
Queensway 500,000m Drill Program Update
The Company is currently undertaking a 500,000m drill program at
Queensway and approximately 57,000m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
All drilling recovers HQ core. Drill core is split in half using
a diamond saw or a hydraulic splitter for rare intersections with
incompetent core.
A geologist examines the drill core and marks out the intervals
to be sampled and the cutting line. Sample lengths are mostly 1.0
meter and adjusted to respect lithological and/or mineralogical
contacts and isolate narrow (<1.0m) veins or other structures
that may yield higher grades.
Technicians saw the core along the defined cutting line.
One-half of the core is kept as a witness sample and the other half
is submitted for analysis. Individual sample bags are sealed and
placed into totes, sealed and marked with the contents.
New Found has submitted samples for gold determination by fire
assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS
(“MSA”) since June 2022. ALS and MSA operate under a commercial
contract with New Found.
Drill core samples are shipped to ALS for sample preparation in
Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick.
ALS is an ISO-17025 accredited laboratory for the fire assay
method.
Drill core samples are also submitted to MSA in Val-d’Or,
Quebec. MSA operates numerous laboratories worldwide and maintains
ISO-17025 accreditation for many metal determination methods.
Accreditation of the photon assay method at the MSA Val D’Or
laboratory is in progress.
At ALS, the entire sample is crushed to approximately 70%
passing 2mm. A 3,000-g split is pulverized. “Routine” samples do
not have visible gold (VG) identified and are not within a
mineralized zone. Routine samples are assayed for gold by 30-g fire
assay with an inductively-couple plasma spectrometry (ICP) finish.
If the initial 30-g fire assay gold result is over 1 g/t, the
remainder of the 3,000-g split is screened at 106 microns for
screened metallics assay. For the screened metallics assay, the
entire coarse fraction (sized greater than 106 microns) is fire
assayed and two splits of the fine fraction (sized less than 106
microns) are fire assayed. The three assays are combined on a
weight-averaged basis. Samples that have VG identified or fall
within a mineralized interval are automatically submitted for
screened metallic assay for gold.
At MSA, the entire sample is crushed to approximately 70%
passing 2mm. For “routine” samples that do not have VG identified
and are not within a mineralized zone, the samples are riffle split
to fill two 450g jars for photon assay. The assays reported from
both jars are combined on a weight-averaged basis. If one of the
jars assays greater than 1 g/t, the remaining crushed material is
weighed into multiple jars and are submitted for photon assay.
For samples that have VG identified or are within a mineralized
zone, the entire crushed sample is weighed into multiple jars and
are submitted for photon assay. The assays from all jars are
combined on a weight-averaged basis.
All samples prepared at ALS or MSA are also analyzed for a
multi-element ICP package (ALS method code ME-ICP61) at ALS
Vancouver.
Drill program design, Quality Assurance/Quality Control and
interpretation of results are performed by qualified persons
employing a rigorous Quality Assurance/Quality Control program
consistent with industry best practices. Standards and blanks
account for a minimum of 10% of the samples in addition to the
laboratory’s internal quality assurance programs.
Quality Control data are evaluated on receipt from the
laboratories for failures. Appropriate action is taken if assay
results for standards and blanks fall outside allowed tolerances.
All results stated have passed New Found’s quality control
protocols.
New Found’s quality control program also includes submission of
the second half of the core for approximately 5% of the drilled
intervals. In addition, approximately 1% of sample pulps for
mineralized samples are submitted for re-analysis to a second
ISO-accredited laboratory for check assays.
The Company does not recognize any factors of drilling, sampling
or recovery that could materially affect the accuracy or
reliability of the assay data disclosed.
The assay data disclosed in this news release have been verified
by the Company’s Qualified Person against the original assay
certificates.
The Company notes that it has not completed any economic
evaluations of its Queensway Project and that the Queensway Project
does not have any resources or reserves.
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 July 5, 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.
At-The-Market Quarterly Update
The Company is pleased to provide a quarterly update with
respect to the Company’s at-the-market equity offering program (the
“ATM”) implemented on August 26, 2022, pursuant to an equity
distribution agreement (the “Equity Distribution Agreement”) with
BMO Nesbitt Burns Inc., Paradigm Capital Inc. (together, the
“Canadian Agents”) and BMO Capital Markets Corp. (the “U.S. Agent”
and, together with the Canadian Agents, the “Agents”).
From the commencement of the ATM to June 30, 2023, the Company
issued an aggregate of 1,991,218 common shares in the capital of
the Company (the “ATM Shares”), through the facilities of the TSX
Venture Exchange and NYSE American, at an average price per ATM
Share of C$6.217. From April 1, 2023, to June 30, 2023, the Company
issued 1,490,989 ATM Shares at an average price per ATM Share of
$6.593 for aggregate gross proceeds of C$9,830,470.79 and an
aggregate net proceeds of C$9,599,431.53. Pursuant to the Equity
Distribution Agreement, a cash commission of C$231,016.06 was paid
to the Agents in connection with the issuance of the ATM Shares
during the last fiscal quarter.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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 $47 million as of July
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Acknowledgements
New Found acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Natural Resources,
Government of Newfoundland and Labrador.
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
exploration, drilling and mineralization on the Company’s Queensway
gold project in Newfoundland and Labrador; assay results; the
interpretation of drilling and assay results, the results of the
drilling program, mineralization and the discovery of zones of
high-grade gold mineralization; plans for future exploration and
drilling and the timing of same; the merits of the Queensway
project; future press releases by the Company; and funding of the
drilling program. 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/20230705646824/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
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