New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 30 diamond drill holes that were completed as part
of a follow-up drill program designed to test the new Jackpot
discovery located 2.5 km north of Keats along the highly
prospective Appleton Fault Zone (“AFZ”) in addition to results from
systematic grid drilling in the Everest region. 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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Figure 1: Photos of mineralization from:
Left: ~38m in NFGC-23-1425, Right: at ~22.5m in NFGC-23-1423. ^Note
that these photos are not intended to be representative of gold
mineralization in NFGC-23-1423 and NFGC-23-1425. (Photo: Business
Wire)
Jackpot Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9184
161.95
164.70
2.75
18.60
Everest
Including
161.95
162.95
1.00
44.23
NFGC-23-14231
20.40
23.10
2.70
146.67
Jackpot
Including
20.40
22.50
2.10
188.10
Including
21.40
21.80
0.40
699.00
And Including
22.10
22.50
0.40
241.00
NFGC-23-14252
36.90
41.00
4.10
118.73
Jackpot
Including
36.90
39.00
2.10
229.71
Table 1: Jackpot 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. 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.
- Jackpot is a new discovery that was announced on June
22, 2023 with the discovery hole interval of 95.7 g/t Au over
3.25m in NFGC-23-1292 intercepted at a vertical depth of
just 20m and situated 280m east of the AFZ.
- Follow-up drilling, which includes today’s holes, was designed
to efficiently determine the orientation of the vein for continued
expansion drilling. 119 g/t Au over 4.10m in NFGC-23-1425
and 147 g/t Au over 2.70m in NFGC-23-1423 are located 20m
down-dip and 15m along strike, respectively, of previously reported
NFGC-23-1292. All three intervals occur at a vertical depth ranging
from just 20m-40m (Figures 1-4).
- Initial drilling indicates that Jackpot is an approximately
east-west striking, steeply north-dipping high-grade gold-bearing
fault that is laced with coarse-grained visible gold.
- An aggressive follow-up program continues to expand on this new
discovery, which remains open in all directions.
Greg Matheson, COO of New Found, stated: “Jackpot is another
exciting discovery for our team, delivering exceptional high-grade
and near-surface gold mineralization a full 2.5km north of our
flagship Keats zone. The caliber of today’s intercepts speaks to
the growing mineralized canvas at Appleton North and demonstrates
that these newly identified structures are host to high-grade
mineralization akin to many of our better-defined zones to the
south. Similar to Lotto, Jackpot is characterized by the presence
of an abundance of coarse gold that is associated with a
substantial brittle fault and quartz veining. One drill is
incrementally stepping out on this new discovery to follow it along
strike and to depth with additional results expected in the near
term.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9054
118.95
125.25
6.30
1.13
Everest
And2
181.00
183.35
2.35
1.41
NFGC-22-9184
161.95
164.70
2.75
18.60
Everest
Including
161.95
162.95
1.00
44.23
NFGC-22-9564
93.55
96.50
2.95
1.53
Everest
And4
221.40
224.00
2.60
1.39
NFGC-22-976
No Significant Values
Everest
NFGC-22-1000
No Significant Values
Everest
NFGC-22-10064
25.35
28.55
3.20
1.65
Everest
And4
73.00
75.25
2.25
1.74
NFGC-22-1030
No Significant Values
Everest
NFGC-23-1111
No Significant Values
Everest
NFGC-23-1175
No Significant Values
Everest
NFGC-23-11831
174.50
176.50
2.00
1.60
Everest
NFGC-23-1192
No Significant Values
Everest
NFGC-23-1198
No Significant Values
Everest
NFGC-23-1214
No Significant Values
Everest
NFGC-23-1233
No Significant Values
Everest
NFGC-23-12424
73.25
76.40
3.15
1.92
Everest
And4
82.35
84.80
2.45
4.86
NFGC-23-1260
No Significant Values
Everest
NFGC-23-12812
45.70
48.80
3.10
6.66
Everest
Including
47.65
48.30
0.65
14.97
NFGC-23-12991
78.10
80.30
2.20
3.59
Jackpot
Including
78.10
78.65
0.55
11.39
NFGC-23-1326
No Significant Values
Everest
NFGC-23-1333
No Significant Values
Jackpot
NFGC-23-1339
No Significant Values
Jackpot
NFGC-23-13502
245.25
247.55
2.30
1.09
Jackpot
NFGC-23-13612
39.75
42.00
2.25
1.17
Everest
And1
53.55
56.10
2.55
4.41
Including
53.55
54.15
0.60
18.68
And1
312.95
318.55
5.60
3.23
K2
Including
312.95
313.35
0.40
31.83
And1
320.75
323.20
2.45
1.13
NFGC-23-1374
No Significant Values
Jackpot
NFGC-23-13962
35.55
41.20
5.65
1.05
Jackpot
NFGC-23-14231
20.40
23.10
2.70
146.67
Jackpot
Including
20.40
22.50
2.10
188.10
Including
21.40
21.80
0.40
699.00
And Including
22.10
22.50
0.40
241.00
NFGC-23-14252
36.90
41.00
4.10
118.73
Jackpot
Including
36.90
39.00
2.10
229.71
NFGC-23-1468
No Significant Values
Everest
NFGC-23-14801
96.00
98.45
2.45
1.40
Jackpot
NFGC-23-1568
No Significant Values
Jackpot
Table 2: Summary of composite results
reported in this press release for Jackpot
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-22-905
300
-45
254
659500
5430476
Everest
NFGC-22-918
300
-45
365
659552
5430561
Everest
NFGC-22-956
300
-45
434
659451
5430389
Everest
NFGC-22-976
300
-45
363
659493
5430364
Everest
NFGC-22-1000
300
-45
312
659339
5429992
Everest
NFGC-22-1006
300
-45
203
659511
5430643
Everest
NFGC-22-1030
300
-45
275
659401
5430301
Everest
NFGC-23-1111
245
-45
138
659195
5429843
Everest
NFGC-23-1175
120
-45
266
659364
5430583
Everest
NFGC-23-1183
120
-45
251
659320
5430608
Everest
NFGC-23-1192
120
-45
251
659325
5430663
Everest
NFGC-23-1198
345
-60
155
659178
5430601
Everest
NFGC-23-1214
75
-45
407
659140
5430510
Everest
NFGC-23-1233
75
-45
296
659270
5430436
Everest
NFGC-23-1242
345
-60
224
659269
5430437
Everest
NFGC-23-1260
75
-45
293
659171
5430263
Everest
NFGC-23-1281
300
-45
330
659433
5430058
Everest
NFGC-23-1299
299
-45.5
276
659371
5429800
Jackpot
NFGC-23-1326
98
-42
99
659291
5429905
Everest
NFGC-23-1333
150
-45
153
659286
5429849
Jackpot
NFGC-23-1339
300
-45
387
659322
5429714
Jackpot
NFGC-23-1350
300
-45
276
659313
5429602
Jackpot
NFGC-23-1361
300
-45
348
659178
5429565
Everest
NFGC-23-1374
300
-46
261
659375
5429855
Jackpot
NFGC-23-1396
299
-45.5
348
659511
5429891
Jackpot
NFGC-23-1423
0
-71
72
659418
5429888
Jackpot
NFGC-23-1425
270
-72
74
659417
5429884
Jackpot
NFGC-23-1468
300
-45
245
659416
5429427
Everest
NFGC-23-1480
337
-61
216
659394
5429806
Jackpot
NFGC-23-1568
0
-45
78
659547
5429891
Jackpot
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 36,400m 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 September 5, 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 $39.5 million as of
September 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/20230905184996/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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