New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 14 diamond drill holes that were completed as part
of a program that re-entered and extended several drill holes
originally targeting the Keats Main Zone into the Keats Footwall
(“FW”) domain, the area between the Keats Baseline Fault Zone
(“KBFZ”) and 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-21-393 EXT at ~452m ^Note that these photos are not intended
to be representative of gold mineralization in NFGC-21-393 EXT.
(Photo: Business Wire)
Keats FW and Keats Main Zone Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-21-393 EXT2
450.00
452.75
2.75
104.36
Keats FW
Including
452.00
452.75
0.75
380.00
NFGC-22-8724
362.55
365.00
2.45
14.44
Keats Main
Including
362.55
363.05
0.50
68.20
Table 1: Keats FW and Keats Main Drilling
Highlights
Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 170% to 95%,
240% to 70% and 310% to 40% of reported intervals. 4True 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 when above
200m vertical depth and 2m consecutive dilution when below 250m
vertical depth. 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.
- 104 g/t Au over 2.75m in NFGC-21-393 EXT was intersected
in the Keats FW Zone at a vertical depth of 300m. This domain of
high-grade located immediately east of the AFZ is known as the
“Paradox” vein. Other notable intervals from this vein include
119 g/t Au over 2.40m in NFGC-21-375 (April 11, 2022)
located 190m up-dip, 6.66 g/t Au over 5.90m in NFGC-21-342
(April 11, 2022) located 220m up-dip and 25m along strike to the
northeast and 21.9 g/t Au over 2.50m in NFGC-20-73 (March
10, 2021) located a further 25m to the northeast (Figure 2).
- Previous exploration efforts in this area were focused on
delineating the Keats Main Zone while only a few holes extended
beyond, crossing the Paradox vein. Today’s holes are the result of
a program that utilized existing drill holes and extended them to
cover this highly prospective domain between the KBFZ and the AFZ.
The Paradox vein parallels the AFZ and remains open in all
directions while several drill holes from this extension program
are pending assays.
Melissa Render, VP of Exploration of New Found, stated: “The
Keats FW region, a wedge of rock sandwiched between the two most
important structures known to date on the Queensway Project, the
AFZ and the KBFZ, ranks high on the Company’s target priority list.
With early attention heavily focussed on the Keats Main Zone,
little drilling was ever conducted in this area until now. Early
indications show strong continuity of high-grade hosted by the
Paradox vein and its associated fault. These intercepts, while
still shallow in the context of an orogenic system, will dovetail
nicely with our highly anticipated 3D seismic survey, which is set
to wrap up later this month. Today’s results provide us with an
example of a discreet, yet very high-grade gold bearing vein at a
depth of roughly 300m, which will assist in training the seismic
dataset to see if Paradox is recognized, how it interplays with the
network of veins adjacent to the AFZ, and where other similar and
undrilled structures may exist nearby for further testing.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-20-57 EXT1*
69.70
73.45
3.75
12.88
Keats Main
Including*
71.00
71.90
0.90
17.05
Including*
72.85
73.45
0.60
51.90
And1*
129.00
132.85
3.85
2.88
Keats FW
And2*
142.10
144.45
2.35
1.79
And2*
146.45
148.95
2.50
7.36
Including*
147.65
148.50
0.85
20.40
And4
191.00
193.55
2.55
4.14
Including
191.50
192.25
0.75
13.16
NFGC-21-81 EXT1*
19.40
21.70
2.30
1.72
Keats HW
And1*
46.55
49.40
2.85
1.19
Keats Main
And1*
65.90
68.30
2.40
1.00
And2*
136.00
138.15
2.15
1.33
Keats FW
And4
423.00
425.30
2.30
1.90
And4
464.25
466.70
2.45
1.06
NFGC-21-127 EXT1*
37.00
51.00
14.00
1.47
Keats Main
And2
172.60
175.10
2.50
2.12
Keats FW
NFGC-21-312 EXT1*
113.60
115.65
2.05
2.28
Keats HW
And1*
150.10
156.60
6.50
17.59
Keats Main
Including*
155.60
156.60
1.00
105.38
And1*
160.00
163.20
3.20
1.14
And4
257.50
262.00
4.50
2.18
Keats FW
Including
261.35
262.00
0.65
12.65
And4
297.30
299.85
2.55
5.26
Including
299.30
299.85
0.55
21.60
And2
337.10
340.00
2.90
3.21
Including
337.85
338.50
0.65
13.85
And4
488.15
490.40
2.25
1.20
And4
559.35
562.60
3.25
1.09
And4
571.30
573.40
2.10
1.88
And4
579.70
583.65
3.95
4.97
Including
579.70
580.60
0.90
19.85
And4
588.40
592.50
4.10
1.05
NFGC-21-324 EXT1*
96.20
99.45
3.25
2.14
Keats Main
And1*
103.00
105.00
2.00
1.34
And1*
115.70
119.20
3.50
2.48
And4
314.90
317.30
2.40
9.68
Including
315.90
316.40
0.50
46.35
And4
329.90
333.30
3.40
1.57
Keats FW
And4
336.20
340.55
4.35
1.31
And4
344.15
346.70
2.55
2.18
And4
352.00
354.70
2.70
3.23
NFGC-21-393 EXT1*
193.80
196.05
2.25
1.28
Keats Main
And1*
241.60
244.55
2.95
1.19
And4
398.75
402.40
3.65
2.05
Keats FW
And2
450.00
452.75
2.75
104.36
Including
452.00
452.75
0.75
380.00
And4
665.20
667.40
2.20
1.10
NFGC-22-8404
271.60
274.00
2.40
5.45
Keats Main
Including
271.60
272.45
0.85
13.90
NFGC-22-867
No Significant Values
Keats FW
NFGC-22-8721
93.70
96.00
2.30
1.34
Keats Main
And1
147.20
151.00
3.80
1.19
And4
362.55
365.00
2.45
14.44
Including
362.55
363.05
0.50
68.20
NFGC-22-8794
10.70
12.80
2.10
1.17
Keats FW
And3
147.00
151.80
4.80
2.58
And4
314.00
316.00
2.30
1.06
And4
345.00
347.00
2.00
1.59
And4
348.00
350.40
2.40
1.10
NFGC-22-9444
163.00
165.00
2.00
1.09
Keats Main
And4
238.00
240.00
2.00
1.59
NFGC-22-965
No Significant Values
Keats Main
NFGC-22-1050
No Significant Values
Keats Main
Table 2: Summary of composite results
reported in this press release for Keats Main and Keats FW
zones
Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 170% to 95%,
240% to 70% and 310% to 40% of reported intervals. 4True 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 when above
200m vertical depth and 2m consecutive dilution when below 250m
vertical depth. 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. *Previously reported interval.
Hole No.
Azi (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-20-57
300
-45
546
658145
5427436
Keats
NFGC-21-81
300
-45
666
658104
5427414
Keats
NFGC-21-127
300
-45
269
658246
5427534
Keats
NFGC-21-305
299
-45.5
605
658081
5427225
Keats
NFGC-21-312
299
-46.5
669
658110
5427324
Keats
NFGC-21-324
299
-45.5
515
658067
5427348
Keats
NFGC-21-393
299
-45.5
702
658119
5427261
Keats
NFGC-22-840
120
-45
315
657640
5427313
Cokes
NFGC-22-867
300
-45
335
658205
5427557
Keats
NFGC-22-872
116
-46
417
657887
5427611
Keats West
NFGC-22-879
300
-45
386
658114
5427581
Keats
NFGC-22-944
284
-47
315
657911
5427179
Keats
NFGC-22-965
285
-48
243
657943
5427161
Keats
NFGC-22-1050
0
-90
287
658040
5427250
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 42,100m 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, 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 2% 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 August 2, 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 $47.5 million as of August
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedarplus.ca.
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.sedarplus.ca 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/20230802873382/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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