New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from eight diamond drill holes that were completed as
part of a follow-up drill program targeting the 421 Zone, a
high-grade gold-bearing structure that crosscuts the southern end
of the Keats Main Zone 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 1: Photos of mineralization from
NFGC-23-1089 at ~158.5m ^Note that these photos are not intended to
be representative of gold mineralization in NFGC-23-1089. (Photo:
Business Wire)
421 Zone Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-10891
158.15
160.90
2.75
100.65
421
Including
158.15
158.65
0.50
549.19
NFGC-23-11822
185.45
194.35
8.90
11.50
421
Including
187.00
188.00
1.00
80.80
Table 1: 421 Zone Drilling
Highlights
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 40% to 70% of
reported intervals. 2True widths are unknown at 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 carrying 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.
- At 421 Zone, the highlight results of 101 g/t Au over
2.75m in NFGC-23-1089 and 11.5 g/t Au over 8.90m in
NFGC-23-1182 were intersected as part of a follow-up program
targeting the previously reported high-grade interval of 4.59 g/t
Au over 14.90m in NFGC-22-845 (January 18, 2023). These three
intervals span a domain 75m long and range in vertical depth
from 85m-130m.
- Initially discovered in April 2022, and located at the south
end of the Keats Main Zone, this domain of high-grade gold is
controlled by the intersection of a series of south-to-southwest
dipping gold-bearing structures that cover an area 160m wide
known as 421 with the Keats-Baseline Fault Zone (“KBFZ”), the fault
that hosts the Keats Main Zone, as well as Iceberg and Iceberg
East, and the AFZ (Figures 1-4).
Melissa Render, VP of Exploration of New Found, stated: “We
initially discovered the 421 Zone in April 2022. Ensuing
exploration has yielded encouraging results and uncovered an
extensive domain of crosscutting gold-bearing structures that join
with the Keats-Baseline Fault Zone (“KBFZ”). Our initial discovery
at Keats and more recently at Iceberg has shone a light on the
significance of the KBFZ as a primary host to high-grade gold
mineralization at Queensway. Therefore, significant interest and
consideration are being given to any associated or crosscutting
structures such as 421 that directly interact with the KBFZ. These
are the kinds of structures we believe to be prospective for
high-grade gold mineralization and where we could expect to find
additional discoveries as we trace the plumbing outward and to
depth.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-8513
191.00
193.00
2.00
1.42
Keats S
And2
217.90
220.05
2.15
3.39
Including
219.45
220.05
0.60
10.31
And
No Significant Values
Keats Main
NFGC-22-10032
449.45
453.00
3.55
4.59
421
Including
449.45
450.30
0.85
14.00
NFGC-23-10893
63.10
65.75
2.65
1.19
Keats S
And1
86.00
88.70
2.70
2.23
And2
158.15
160.90
2.75
100.65
421
Including
158.15
158.65
0.50
549.19
NFGC-23-11483
43.00
45.25
2.25
1.33
Keats S
And3
53.70
56.35
2.65
1.35
NFGC-23-11601
83.75
86.50
2.75
2.04
421
And2
138.45
142.00
3.55
6.42
Including
141.00
142.00
1.00
16.65
NFGC-23-11683
7.00
9.25
2.25
2.04
Keats S
And3
69.30
71.65
2.35
1.18
And3
104.70
107.30
2.60
1.31
And3
211.55
213.65
2.10
1.10
Keats Main
NFGC-23-11822
108.25
111.10
2.85
3.61
421
Including
109.25
110.10
0.85
12.00
And1
169.05
171.90
2.85
3.46
And3
185.45
194.35
8.90
11.50
Including
187.00
188.00
1.00
80.80
NFGC-23-11943
79.60
82.00
2.40
2.66
Keats S
Table 2: Summary of composite results
reported in this press release for 421 Zone
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 at
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 No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-851
300
-45
315
657822
5426970
Keats
NFGC-22-1003
308
-52
713
657887
5426790
Keats
NFGC-23-1089
300
-45
308
657755
5426956
Keats
NFGC-23-1148
300
-45
206
657776
5427016
Keats
NFGC-23-1160
300
-45
206
657798
5427022
Keats
NFGC-23-1168
300
-45
303
657776
5426944
Keats
NFGC-23-1182
332
-45
322
657775
5426945
Keats
NFGC-23-1194
270
-45
362
657784
5426943
Keats
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 48,700m 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
metre 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, which are then 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 24, 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.
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/20230724281932/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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