New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from nine 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 1: Photos of mineralization from
NFGC-23-1157: Left: at ~252m, Right: at ~252m. ^Note that these
photos are not intended to be representative of gold mineralization
in NFGC-23-1157. (Photo: Business Wire)
Iceberg Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-11571
250.60
255.30
4.70
166.79
Iceberg
Including
251.60
253.35
1.75
440.74
And Including
251.60
252.35
0.75
1,010.00
Table 1: Iceberg Drilling Highlights
Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 170% to 95%.
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 200m 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.
- 167 g/t Au over 4.70m in NFGC-23-1157 was intersected
32m down dip of previously reported 19.6 g/t Au over 5.25m
in NFGC-23-1217 (May 31, 2023) and 125m along strike to the south
of previously reported 105 g/t Au over 27.05m in NFGC-23-1210 (June
5, 2023) at Iceberg. This interval is interpreted to be
close to true width and occurs at a vertical depth of
170m demonstrating strong high-grade gold continuity
down-dip at depth (Figures 1-5).
- The Iceberg-Iceberg East segment is defined over a strike
length of 665m, with high-grade gold mineralization starting
at surface and currently extended to a vertical depth of
170m. Minimal exploration work has been completed below 200m
vertical depth with the deepest drilling completed to date
intersecting the structure and gold mineralization at 270m
vertical.
- Iceberg and Iceberg East remain open in all directions
and drilling is ongoing to expand along strike and to depth with
several intervals currently pending assay results.
Greg Matheson, COO of New Found, stated: “Today’s results
provide an excellent example of how high-grade the Queensway veins
can be. A ribbon of gold can be seen throughout this particular
vein, resulting in a sample assaying over 1,000 g/t Au (Figure 1).
The high-grade nature of the Queensway Project has been well
represented in our drilling to date and we are encouraged to see
these numbers with such strong continuity continue to depth.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-1033
No Significant Values
Iceberg
NFGC-23-1095
No Significant Values
Iceberg
NFGC-23-11031
45.55
47.95
2.40
1.39
Iceberg
And2
149.60
151.75
2.15
1.16
NFGC-23-11571
250.60
255.30
4.70
166.79
Iceberg
Including
251.60
253.35
1.75
440.74
Including
251.60
252.35
0.75
1,010.00
NFGC-23-12031
185.00
187.80
2.80
1.24
Iceberg
And1
227.90
230.00
2.10
1.27
NFGC-23-1259B1
229.70
231.90
2.20
1.02
Iceberg
And1
270.35
272.95
2.60
8.84
Including
270.35
270.70
0.35
52.90
And4
326.00
328.00
2.00
1.57
NFGC-23-12893
90.50
92.90
2.40
1.56
Iceberg
And2
159.45
161.90
2.45
1.37
NFGC-23-13172
278.45
281.65
3.20
1.12
Iceberg
NFGC-23-13461
261.50
263.75
2.25
2.81
Iceberg
Table 2: Summary of composite results
reported in this press release for Iceberg
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
200m 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.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-1033
300
-45
500
658411
5427497
Iceberg
NFGC-23-1095
303
-48
206
658298
5427648
Iceberg
NFGC-23-1103
310
-46
179
658307
5427614
Iceberg
NFGC-23-1157
300
-45
350
658459
5427671
Iceberg
NFGC-23-1203
300
-45
323
658461
5427698
Iceberg
NFGC-23-1259B
299
-44.5
380
658481
5427658
Iceberg
NFGC-23-1289
300
-45
275
658442
5427738
Iceberg
NFGC-23-1317
300
-45
401
658452
5427617
Iceberg
NFGC-23-1346
299
-46
449
658495
5427593
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 42,700m 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, 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 9, 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 at SEDAR+
(www.sedarplus.ca), the Canadian Securities Administrators'
national system that all market participants use for filings and
disclosure, for a more complete discussion of such risk factors and
their potential effects.
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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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