New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 36 diamond drill holes that were completed as part
of a drill program designed to expand on the recently discovered K2
Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of
Keats West on the west side of the highly prospective Appleton
Fault Zone (“AFZ”). New Found’s district-scale Queensway Project
comprises a 1,662km2 area, accessible via the Trans-Canada Highway,
15km west of Gander, Newfoundland and Labrador.
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the full release here:
https://www.businesswire.com/news/home/20230828736752/en/
Figure 1: Photos of mineralization from:
Top Left: NFGC-22-952 at ~188.3m, Top Right NFGC-23-1303 at ~24m,
Bottom Left: NFGC-23-1315 at ~41m, Bottom Right: NFGC-23-1391 at
~8.6m. ^Note that these photos are not intended to be
representative of gold mineralization in NFGC-22-952, NFGC-23-1303,
NFGC-23-1315 and NFGC-23-1391. (Photo: Business Wire)
K2 Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Sb (%)
Zone
NFGC-22-9522
187.00
189.00
2.00
197.78
K2
Including
188.20
188.60
0.40
988.70
NFGC-22-10021
132.30
143.90
11.60
1.62
K2
NFGC-22-10131
202.95
209.00
6.05
6.47
<0.01
K2
Including
204.50
205.20
0.70
27.50
<0.01
NFGC-23-13031
22.35
35.30
12.95
4.50
0.95
K2
Including
23.20
24.35
1.15
21.12
1.12
Including
25.00
25.45
0.45
12.05
10.45
NFGC-23-13101
30.00
42.55
12.55
2.32
<0.01
K2
Including
40.85
41.60
0.75
10.10
<0.01
NFGC-23-13151
22.00
35.00
13.00
2.38
<0.01
K2
Including
34.30
35.00
0.70
10.75
<0.01
NFGC-23-13871
19.90
24.95
5.05
6.51
0.02
K2
Including
22.85
23.55
0.70
27.70
0.05
NFGC-23-13911
6.00
9.90
3.90
13.72
0.04
K2
Including
7.50
8.00
0.50
20.60
0.21
Including
8.50
9.90
1.40
26.93
0.02
Table 1: K2 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 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.
K2 Highlights:
- K2 is host to an impressive and complex system made up of
multiple structures and crosscutting vein orientations that now
spans a mineralized footprint of 410m long x 395m wide. The
gold mineralization begins at surface and has been drill-defined
down to a maximum depth of 250m.
- Much of the gold at K2 is found in the “K2 Main” structure
(shown in red in Figure 3), a low-angle gold-bearing fault zone
starting at surface that dips 40° to the south and shares a
similar orientation to Keats West. K2 Main is made up of a
complex network of associated structures forming a mineralized
damage zone that averages 65m in thickness.
- The mineralization style at K2 consists of a series of
stockwork and fault-fill style quartz veins with orientations that
parallel K2 Main and crosscut it forming a broad domain of gold
mineralized brittle faults, (shown in orange and purple in Figure
3). These veins are extensive - many of them are projected
to make their way to surface and additional drilling is required to
fully define this network.
- One such vein constituent of the greater K2 structure is
“Stibnite” vein (shown in purple in Figure 3) that has returned
several significant intervals including 4.50 g/t Au over
12.95m in NFGC-23-1303, 6.51 g/t Au over 5.05m in
NFGC-23-1387 and 13.7 g/t Au over 3.90m in NFGC-23-1391.
Stibnite is a near-surface high-grade vein that has been traced
over a current strike length of 105m. This vein contains
significant amounts of stibnite, an antimony-bearing sulphide
mineral as reflected by the antimony assay results of 0.95% Sb
over 12.95m in NFGC-23-1303 and 0.04% Sb over 3.90m in
NFGC-23-1391. This is the first time this mineral association has
been observed at Queensway North.
- 198 g/t Au over 2.00m in NFGC-22-952 is found in a
crosscutting vein that occurs immediately west of the AFZ and forms
another important constituent of the greater K2 mineralized
footprint. This interval demonstrates the high-grade potential of
the K2 structure.
Melissa Render, VP of Exploration of New Found, stated:
“Drilling at K2 has led to the discovery of a significant
gold-bearing structural zone with a large and growing footprint
that includes an array of veining and strong associated gold
grades. Like Keats West, K2 is located west of the AFZ and gold is
generally hosted in a low-angle, gently dipping structure, with the
majority of mineralization found close to surface. With minimal
drilling into this new zone, it is already apparent that the
complexity and sheer number of associated veins at K2 far exceeds
the system at Keats West. Additionally, the overall K2 zone shares
many similarities with Keats Main, including general orientation
and the presence of numerous, steeply dipping cross-structures. It
is these complex environments that create opportune hosts for
high-grade gold deposition and today’s highlight interval of 198
g/t Au over 2m gives us great enthusiasm that, like our flagship
zones found 2.5km to the south, K2 can also host high-grade
gold.
“The introduction of stibnite at K2 provides one additional
curiosity; high-grade concentrations of stibnite are commonly
observed at Fosterville near to high-grade epizonal gold zones.
Through further drilling, we look forward to seeing if a similar
association presents itself at Queensway. Exploration will remain
focussed on expanding K2, which remains open in all directions and
at depth, where limited drilling has been conducted below 150m
vertical.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9241
77.70
83.05
5.35
3.65
K2
And1
102.35
110.35
8.00
2.08
And1
122.85
125.00
2.15
1.21
NFGC-22-9524
46.00
48.20
2.20
6.54
Everest
Including
46.00
46.55
0.55
26.11
And2
179.00
181.00
2.00
1.47
K2
And2
187.00
189.00
2.00
197.78
Including
188.20
188.60
0.40
988.70
NFGC-22-9722
5.30
7.55
2.25
7.08
K2
Including
6.20
7.20
1.00
14.84
And1
139.15
141.35
2.20
2.54
And2
237.80
239.85
2.05
2.82
NFGC-22-987
No Significant Values
K2
NFGC-22-10021
132.30
143.90
11.60
1.62
K2
NFGC-22-10134
53.00
55.35
2.35
4.46
K2
Including
54.50
55.35
0.85
10.35
And4
78.50
80.85
2.35
1.12
And4
158.00
160.00
2.00
4.15
And4
177.85
180.10
2.25
1.07
And1
202.95
209.00
6.05
6.47
Including
204.50
205.20
0.70
27.50
And1
217.05
219.35
2.30
4.21
Including
218.45
219.35
0.90
10.60
NFGC-22-10241
69.00
71.00
2.00
1.80
K2
And1
184.30
186.70
2.40
2.99
NFGC-23-12274
91.00
93.10
2.10
2.09
K2
NFGC-23-1256
No Significant Values
K2
NFGC-23-12581
321.00
323.00
2.00
1.17
K2
NFGC-23-1270
No Significant Values
K2
NFGC-23-1276
No Significant Values
K2
NFGC-23-12821
78.45
80.65
2.20
1.04
K2
NFGC-23-1296
No Significant Values
K2
NFGC-23-13031
22.35
35.30
12.95
4.50
K2
Including
23.20
24.35
1.15
21.12
Including
25.00
25.45
0.45
12.05
NFGC-23-1305
No Significant Values
K2
NFGC-23-13104
5.55
7.75
2.20
1.59
K2
And1
30.00
42.55
12.55
2.32
Including
40.85
41.60
0.75
10.10
NFGC-23-13131
23.90
28.20
4.30
1.53
K2
And1
31.80
34.05
2.25
1.56
NFGC-23-1314
No Significant Values
K2
NFGC-23-13151
22.00
35.00
13.00
2.38
K2
Including
34.30
35.00
0.70
10.75
NFGC-23-13191
37.55
46.60
9.05
1.29
K2
NFGC-23-13224
58.00
60.00
2.00
4.64
K2
NFGC-23-13291
195.40
197.40
2.00
1.39
K2
And1
221.85
228.60
6.75
2.32
NFGC-23-1338
No Significant Values
K2
NFGC-23-13441
5.00
8.70
3.70
1.67
K2
NFGC-23-13454
75.55
77.55
2.00
1.71
K2
NFGC-23-13511
5.00
8.70
3.70
1.03
K2
NFGC-23-13554
185.40
188.75
3.35
1.22
K2
And3
231.00
233.30
2.30
1.22
NFGC-23-13701
178.85
181.00
2.15
1.34
K2
And1
182.60
184.65
2.05
1.01
And1
185.60
188.45
2.85
1.02
NFGC-23-1377
No Significant Values
K2
NFGC-23-13871
19.90
24.95
5.05
6.51
K2
Including
22.85
23.55
0.70
27.70
NFGC-23-13911
6.00
9.90
3.90
13.72
K2
Including
7.50
8.00
0.50
20.60
Including
8.50
9.90
1.40
26.93
NFGC-23-13921
26.25
28.25
2.00
1.00
K2
And1
32.60
37.00
4.40
2.38
NFGC-23-13981
32.75
36.15
3.40
5.99
K2
Including
35.00
35.70
0.70
20.60
NFGC-23-1522
No Significant Values
K2 West
NFGC-23-1546
No Significant Values
K2 West
Table 2: Summary of composite
results reported in this press release for K2.
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-22-924
300
-45
227
659018
5429879
K2
NFGC-22-952
300
-45
360
659249
5429986
K2
NFGC-22-972
272
-52
308
658964
5429766
K2
NFGC-22-987
300
-45
339
659252
5430042
K2
NFGC-22-1002
320
-60
194
658974
5429719
K2
NFGC-22-1013
320
-60
317
659000
5429765
K2
NFGC-22-1024
330
-45
239
658738
5429664
K2
NFGC-23-1227
345
-60
260
659140
5430512
K2
NFGC-23-1256
345
-60
251
659157
5430388
K2
NFGC-23-1258
320
-45
456
658988
5429388
K2
NFGC-23-1270
345
-60
305
659171
5430264
K2
NFGC-23-1276
75
-45
302
659071
5430206
K2
NFGC-23-1282
75
-45
395
658940
5430164
K2
NFGC-23-1296
75
-45
263
658891
5430078
K2
NFGC-23-1303
345
-60
227
658956
5430041
K2
NFGC-23-1305
345
-59
290
658655
5429522
K2
NFGC-23-1310
25
-45
65
658957
5430041
K2
NFGC-23-1313
15
-78
80
658956
5430041
K2
NFGC-23-1314
75
-45
263
658658
5429521
K2
NFGC-23-1315
270
-60
53
658956
5430041
K2
NFGC-23-1319
75
-45
386
658957
5430041
K2
NFGC-23-1322
75
-45
251
658772
5429570
K2
NFGC-23-1329
345
-60
299
658771
5429570
K2
NFGC-23-1338
75
-45.5
257
658843
5429992
K2
NFGC-23-1344
345
-59
251
659084
5430081
K2
NFGC-23-1345
344
-59
260
658642
5429645
K2
NFGC-23-1351
75
-45
254
659086
5430081
K2
NFGC-23-1355
74
-45.5
317
658741
5429818
K2
NFGC-23-1370
75
-45
251
658626
5429769
K2
NFGC-23-1377
345
-60
257
658626
5429769
K2
NFGC-23-1387
345
-45
50
658939
5430042
K2
NFGC-23-1391
345
-45
53
658907
5430027
K2
NFGC-23-1392
345
-45
104
658980
5429955
K2
NFGC-23-1398
345
-45
113
659021
5429957
K2
NFGC-23-1522
20
-45
212
658014
5429658
K2 West
NFGC-23-1546
353
-45
215
658015
5429656
K2 West
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 39,400m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
Assays are uncut, and composite intervals are calculated using 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.
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. Samples that reached the upper limit of antimony for
this method, were analyzed using atomic absorption spectrometry
(ALS method code Sb-AA08).
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 August 28, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230828736752/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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