New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 31 diamond drill holes that were completed as part
of a follow-up drill program at the new Iceberg and Iceberg East
discoveries, 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 1,662 km2 area,
accessible via the Trans-Canada Highway, 15km west of Gander,
Newfoundland and Labrador.
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the full release here:
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Figure 1: Photos of mineralization from
Top Left: at ~216m in NFGC-23-1331, Top Right: at ~90.5m in
NFGC-23-1541, Bottom Left: at ~70.8m in NFGC-23-1475, Bottom Right:
at ~69.6m in NFGC-23-1570. ^Note that these photos are not intended
to be representative of gold mineralization in NFGC-23-1331,
NFGC-23-1475, NFGC-23-1541 and NFGC-23-1570. (Photo: Business
Wire)
Iceberg and Iceberg East Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-13312
136.40
180.50
44.10
1.34
Iceberg
Including1
137.10
137.70
0.60
25.96
And1
214.00
216.30
2.30
19.47
Including
214.30
215.15
0.85
51.52
NFGC-23-14663
43.00
58.70
15.70
3.68
Iceberg East
Including
54.80
55.60
0.80
14.60
NFGC-23-14753
62.00
92.55
30.55
4.28
Iceberg East
Including
66.00
66.45
0.45
15.85
Including
67.10
67.80
0.70
19.00
Including
70.10
71.05
0.95
76.46
NFGC-23-14913
15.90
28.70
12.80
4.51
Iceberg East
Including
15.90
16.75
0.85
35.08
Including
20.00
20.70
0.70
12.90
NFGC-23-15411
85.85
96.40
10.55
46.81
Iceberg East
Including
88.55
89.20
0.65
20.13
Including
90.45
94.85
4.40
104.01
NFGC-23-15701
67.00
71.10
4.10
114.52
Iceberg East
Including
68.00
69.75
1.75
265.32
Table 1: Iceberg and Iceberg East 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. 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.
- 46.8 g/t Au over 10.55m in NFGC-23-1541, 115 g/t Au
over 4.10m in NFGC-23-1570, 4.28 g/t Au over 30.55m in
NFGC-23-1475, 4.51 g/t Au over 12.80m in NFGC-23-1491 and
3.68 g/t Au over 15.70m in NFGC-23-1466 were drilled at
Iceberg East and were designed to extend the high-grade segment of
Iceberg-Iceberg East along strike and to surface within the host
Keats-Baseline Fault Zone (“KBFZ”), (Figures 1-4).
- Today’s intervals add to a rapidly growing high-grade
segment of Iceberg-Iceberg East that now spans 570m of
near-surface strike that, when combined with the already
impressive 400m high-grade segment of Keats Main, outlines a
high-grade corridor covering nearly 1km of
strike. This occurs within the overall KBFZ hosted
Keats-Iceberg-Iceberg East corridor, which has been drill defined
over 1.9km of strike, where it remains open.
- Mineralization at Iceberg and Iceberg East is shallowly
located with today’s highlight intervals all occurring between
15-100m vertical depth. The Company is actively focused on
tracing mineralization to depth at Iceberg, where minimal
exploration has taken place below 200m. High-grade mineralization
within the more heavily explored Keats Main is known to extend
beyond 350m vertical depth, where it remains open.
- The broad interval of 1.34 g/t Au over 44.10m in
NFGC-23-1331 is located at Iceberg 55m down-dip of
previously reported 105 g/t Au over 27.05m in NFGC-23-1210
(June 5, 2023). This extends the broad mineralized domain at
Iceberg down-dip to 105m while high-grade mineralization at Iceberg
has been intersected at depths of up to 170m vertical to date.
Melissa Render, VP of Exploration of New Found, stated: “These
are the first batch of results from our targeted follow-up program
at Iceberg East which was designed to further define the
orientations of the structures and veins at play and get a better
sense for the continuity and trend of high-grade gold
mineralization. Seeing this intensity of high-grade is exactly what
we had hoped for and these results have aided in understanding the
controls on mineralization for future targeting. We are very
pleased to have defined continuous near-surface high-grade
mineralization over a strike length of 570m, and we are excited to
take our drilling deeper, where mineralization remains untested
and open for expansion.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-10824
33.65
35.75
2.10
1.54
Iceberg
And3
121.00
126.15
5.15
1.02
NFGC-23-12681
34.70
36.90
2.20
4.66
Iceberg
Including
35.75
36.50
0.75
10.65
And4
69.85
72.20
2.35
1.36
NFGC-23-1275
No Significant Values
Iceberg
NFGC-23-1304
No Significant Values
Iceberg
NFGC-23-13312
136.40
180.50
44.10
1.34
Iceberg
Including1
137.10
137.70
0.60
25.96
And1
203.60
207.80
4.20
1.48
And1
214.00
216.30
2.30
19.47
Including
214.30
215.15
0.85
51.52
And3
242.90
245.15
2.25
1.33
NFGC-23-1335
No Significant Values
Iceberg
NFGC-23-1335A3
354.75
357.50
2.75
1.60
Iceberg
NFGC-23-13371
191.90
195.25
3.35
1.44
Iceberg
NFGC-23-1342
No Significant Values
Iceberg East
NFGC-23-1348
No Significant Values
Iceberg East
NFGC-23-1360
No Significant Values
Iceberg
NFGC-23-1367
No Significant Values
Iceberg East
NFGC-23-1386
No Significant Values
Iceberg
NFGC-23-1397
No Significant Values
Iceberg East
NFGC-23-14131
108.65
123.10
14.45
1.31
Iceberg
NFGC-23-1416
No Significant Values
Iceberg East
NFGC-23-14191
113.75
120.20
6.45
2.41
Iceberg
NFGC-23-1428
No Significant Values
Iceberg East
NFGC-23-14291
115.40
124.15
8.75
5.13
Iceberg
Including
119.35
120.10
0.75
48.61
NFGC-23-14441
119.00
121.00
2.00
1.50
Iceberg East
NFGC-23-14531
81.80
95.00
13.20
1.69
Iceberg East
NFGC-23-14663
43.00
58.70
15.70
3.68
Iceberg East
Including
54.80
55.60
0.80
14.60
NFGC-23-14753
62.00
92.55
30.55
4.28
Iceberg East
Including
66.00
66.45
0.45
15.85
Including
67.10
67.80
0.70
19.00
Including
70.10
71.05
0.95
76.46
NFGC-23-14913
15.90
28.70
12.80
4.51
Iceberg East
Including
15.90
16.75
0.85
35.08
Including
20.00
20.70
0.70
12.90
And3
36.50
44.00
7.50
1.17
And2
69.70
74.35
4.65
4.07
Including
72.00
72.40
0.40
20.90
NFGC-23-14993
153.00
155.00
2.00
3.40
Iceberg East
NFGC-23-15411
85.85
96.40
10.55
46.81
Iceberg East
Including
88.55
89.20
0.65
20.13
Including
90.45
94.85
4.40
104.01
NFGC-23-1553
No Significant Values
Iceberg East
NFGC-23-15611
108.45
113.40
4.95
2.72
Iceberg East
NFGC-23-15701
49.95
54.35
4.40
1.07
Iceberg East
And1
67.00
71.10
4.10
114.52
Including
68.00
69.75
1.75
265.32
NFGC-23-15731
20.35
22.90
2.55
2.73
Iceberg East
NFGC-23-1591
No Significant Values
Iceberg East
Table 2: Summary of composite results
reported in this press release for Iceberg and Iceberg East
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-22-1082
314
-48
197
658298
5427648
Iceberg
NFGC-23-1268
300
-45
197
658513
5427871
Iceberg
NFGC-23-1275
300
-45
425
658503
5427645
Iceberg
NFGC-23-1304
300
-45
320
658432
5427632
Iceberg
NFGC-23-1331
300
-45
323
658536
5427769
Iceberg
NFGC-23-1335
299
-45.5
80
658474
5427604
Iceberg
NFGC-23-1335A
299
-46
395
658476
5427604
Iceberg
NFGC-23-1337
299
-45.5
410
658537
5427712
Iceberg
NFGC-23-1342
299
-45.5
290
659314
5428448
Iceberg East
NFGC-23-1348
300
-45
335
659389
5428287
Iceberg East
NFGC-23-1360
300
-45
530
658539
5427567
Iceberg
NFGC-23-1367
300
-45
164
659085
5428348
Iceberg East
NFGC-23-1386
300
-45
449
658567
5427666
Iceberg
NFGC-23-1397
299
-45.5
342
658985
5428176
Iceberg East
NFGC-23-1413
318
-47
152
658577
5427834
Iceberg
NFGC-23-1416
299
-45.5
311
658977
5428526
Iceberg East
NFGC-23-1419
333
-48
191
658578
5427835
Iceberg
NFGC-23-1428
331
-61
104
658981
5428284
Iceberg East
NFGC-23-1429
351
-48
254
658577
5427834
Iceberg
NFGC-23-1444
0
-90
183
658581
5427976
Iceberg East
NFGC-23-1453
0
-90
177
658624
5427951
Iceberg East
NFGC-23-1466
56
-78
171
658606
5427990
Iceberg East
NFGC-23-1475
220
-67
180
658681
5428034
Iceberg East
NFGC-23-1491
0
-90
180
658681
5428034
Iceberg East
NFGC-23-1499
299
-53.5
236
658678
5427833
Iceberg East
NFGC-23-1541
300
-62
150
658615
5427931
Iceberg East
NFGC-23-1553
300
-57
156
658665
5427898
Iceberg East
NFGC-23-1561
299
-45.5
135
658771
5428010
Iceberg East
NFGC-23-1570
299
-45.5
108
658730
5428034
Iceberg East
NFGC-23-1573
300
-45
59
658884
5428204
Iceberg East
NFGC-23-1591
300
-45
74
658872
5428182
Iceberg East
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 36,600m 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 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 September 13, 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/20230913918716/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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