New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
commencement of a Phase II, 10,000m drill program at Queensway
South (“QWS”), designed to follow up on results from its inaugural
2022 program that tested early-stage exploration targets along an
18.5km long stretch of the Appleton Fault Zone (“AFZ”),
approximately 50km south of the Keats Zone (Figure 1). The
inaugural 2022 drill program intersected significant gold
mineralization in 27 of 33 drill holes and visible gold in 10 drill
holes across four target areas (May 25, 2023). QWS is a contiguous
portion of New Found’s 100%-owned Queensway project and covers
roughly 65km of strike extension on the regional Appleton and JBP
Fault Zones across 1320km2 of the Queensway project’s total area of
1,662km2. QWS is easily accessed via the Trans-Canada Highway and a
network of forestry roads.
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the full release here:
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Figure 1. Queensway Project Overview
(Graphic: Business Wire)
Drill Program Highlights:
- The Company is planning follow up drilling at Pauls
Pond, an area covering a high concentration of gold
anomalies on both sides of the AFZ. Seventeen drillholes were
completed in 2022 leading to three new discoveries:
“Astronaut”, “Nova” and “Nebula”.
Astronaut and Nova are parallel structures located
west of the AFZ that have been traced over 1,600m and
250m of strike length, respectively. At Astronaut and Nova,
eight out of nine holes drilled contained visible gold,
including highlight interval of 19.0 g/t Au over 3.15m in
NFGC-QS-22-20. Nebula, the third discovery in the Pauls Pond
area, is located on the east side of the AFZ and drill testing of a
prominent Au-in-soil anomaly with two holes identified significant
mineralization that is associated with a near-surface shear zone
that returned an initial highlight result of 3.70 g/t Au over
4.30m in NFGC-QS-22-25 (Figures 1-3).
- Drilling is also planned at the Devils Pond Trend,
located on the east side of the AFZ where 2022 drill testing of two
trenched Au-in soil and till anomalies led to two new
discoveries, “Devils Pond” and “Devils Pond South”. These zones
are located 12km apart and all drillholes at both targets
intersected broad domains of highly anomalous gold
including highlight intervals of 0.47 g/t Au over 8.00m and
0.37 g/t Au over 28.00m in NFGC-QS-22-15 at Devils Pond and
1.01 g/t Au over 8.80m in NFGC-QS-22-30 at Devils Pond South
(Figure 3).
- Several new high-priority drill targets resulting from
ongoing prospecting, mapping, soil, till and grab sampling, and
trenching have been developed that will be drill tested during the
2023 Phase II program.
Greg Matheson, COO of New Found, stated: “We’ve been itching to
get the drill bit turning back at QWS given the great success of
our first program completed in the fall of 2022 (May 25, 2023).
From my experience with early-stage exploration projects, it is
rare to have this kind of success on an initial pass, with 27 of 33
holes hitting significant gold mineralization. In light of these
QWS discoveries being made along trend of the AFZ, the same
structure responsible for depositing high concentrations of gold
50km north at Keats and Iceberg, we are keen to see what our second
pass of drilling will uncover. Applying knowledge gained from our
strong understanding of the mineralization controls at QWN, we aim
to rapidly assess these QWS targets with proven potential. With
approximately 10,000m of drilling allocated to QWS this summer and
an extensive surface exploration program underway consisting of
trenching, prospecting, mapping and soil sampling, we are eager to
build on what we know of this highly prospective region.”
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 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.
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 and potential 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230726789227/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer ckettell@newfoundgold.ca +1 (845) 535-1486
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