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 targeting the 421 Zone, a high-grade
gold-bearing structure that crosscuts the southern end of the Keats
Main Zone, in addition to the results from its first drill program
at the historic Grouse Zone, located 2.7km south of Keats, 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: Photo of mineralization at
~51.2m in NFGC-22-1005 ^Note that this photo is not intended to be
representative of gold mineralization in NFGC-22-1005. (Photo:
Business Wire)
421 & Grouse Zones Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-11302
102.70
111.00
8.30
17.83
421
Including
102.70
103.35
0.65
66.96
And including
108.00
110.00
2.00
44.33
NFGC-22-10051
16.60
21.50
4.90
3.56
Grouse
Including
18.25
18.80
0.55
17.41
And3
43.85
45.85
2.00
8.51
Including
43.85
44.85
1.00
17.01
And3
50.40
52.60
2.20
6.77
Including
51.20
51.75
0.55
19.14
NFGC-22-10473
61.35
71.05
9.70
1.34
Grouse
NFGC-22-10534
74.60
76.90
2.30
2.74
Grouse
And1
89.20
94.75
5.55
2.32
And4
136.10
138.10
2.00
2.67
Table 1: 421 & Grouse Zones 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
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.
- The 421 Zone is located at the south end of Keats Main and was
initially announced in April 2022. This domain of high-grade gold
is controlled by the intersection of a series of south-to-southwest
dipping gold-bearing structures with the AFZ and the Keats-Baseline
Fault Zone (“KBFZ”), the fault that hosts Keats Main, Iceberg, and
Iceberg East.
- Today’s highlight interval of 17.8 g/t Au over 8.30m in
NFGC-23-1130 was intersected 65m up-plunge of previously
reported 11.5 g/t Au over 8.90m in NFGC-23-1182 (July 24,
2023), 57m along strike from previously reported 4.59 g/t
over 14.90m in NFGC-22-845 (January 18, 2023) and 88m
along strike from previously reported 101 g/t Au over 2.75m
in NFGC-23-1089 (July 24, 2023). These intervals span a high-grade
domain approximately 90m wide with vertical depths ranging
from 70m-130m within a broader series of gold-bearing
structures that is 160m wide that make up the 421 Zone.
- A further 2km to the south, at the Grouse Zone, New
Found’s first pass drilling has identified significant gold
mineralization located 300m east of the AFZ. Grouse is a
historic showing discovered by trenching and tested by limited
drilling in the early 2000s. Akin to the Knob Zone (located 800m
north), Grouse consists of massive to stockwork-style quartz veins
developed within and around a thick bed of greywacke hosted by an
east-west striking fault zone.
- Highlight intervals of 3.56 g/t Au over 4.90m in
NFGC-22-1005, 1.34 g/t Au over 9.70m in NFGC-22-1047 and
2.32 g/t Au over 5.55m in NFGC-22-1053, along with the
presence of visible gold (Figure 1) and additional significant
intervals reported in this press release, span an area 100m along
strike, starting near surface and reaching a depth of 80m.
- The Grouse Zone is now the southernmost gold zone drilled at
Queensway North. Measuring from Grouse north to the Everest
Zone spans an impressive 6.1km of strike where high-grade
gold mineralization has been identified through near-surface
drilling, indicating that the gold mineralization footprint of the
AFZ continues a full 2.7km south of Keats (Figures
1-4).
Melissa Render, VP of Exploration of New Found, stated: “Not
only has this additional drilling greatly improved our
understanding of the 421 Zone, and more specifically, the controls
on the high-grade gold mineralization, it has also added to the
list of high-grade results emanating from the highly prospective
AFZ corridor. The 421 Zone is an important structure and continued
exploration will aim to follow this fault eastward looking for
additional interactions with gold-bearing fault zones. At the same
time, we are also pleased to announce initial results from the
first-ever drilling at the historic Grouse Zone, located a full
2.7km south of Keats. This small first-pass program has identified
significant mineralization over 100m of strike starting at surface
and is paired with multiple occurrences of visible gold. These
results give us confidence that the AFZ gold mineralizing system
extends well south of Keats. Only 30,000m of drilling has been
conducted by New Found south of the highway, and this is an obvious
area that we will be targeting for future exploration.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-21-781*
102.00
105.70
3.70
2.43
Keats Main
And1*
112.25
115.10
2.85
14.89
Including
114.65
115.10
0.45
87.10
And1
175.00
177.60
2.60
1.05
Keats FW
And2
285.00
290.60
5.60
1.40
NFGC-22-5142*
149.00
151.05
2.05
2.06
Keats Main
And4
206.10
208.25
2.15
2.20
NFGC-22-912
No Significant Values
Keats HW
NFGC-22-927
No Significant Values
Keats HW
NFGC-22-982
No Significant Values
Keats Main
And2
254.20
257.65
3.45
2.32
Keats FW
And2
265.80
268.25
2.45
1.18
And4
308.45
311.00
2.55
1.23
NFGC-22-1007
No Significant Values
Keats Main
And4
327.40
329.65
2.25
2.00
Keats N
NFGC-23-1106
No Significant Values
Keats Main
NFGC-23-11211
100.00
102.90
2.90
2.06
Keats S
NFGC-23-11302
25.75
28.20
2.45
1.29
421
And4
38.00
40.85
2.85
1.09
And4
43.10
45.60
2.50
1.16
And4
52.00
54.00
2.00
1.50
And2
102.70
111.00
8.30
17.83
Including
102.70
103.35
0.65
66.96
Including
108.00
110.00
2.00
44.33
And2
149.80
152.00
2.20
1.85
NFGC-23-15401
95.00
98.00
3.00
2.01
421
NFGC-23-1589
No Significant Values
421
NFGC-23-15981
104.15
106.60
2.45
1.25
421
NFGC-23-16041
112.00
114.35
2.35
2.13
421
NFGC-22-7774
80.00
82.00
2.00
3.73
TCH
NFGC-22-841
No Significant Values
TCH
NFGC-22-8974
221.00
224.35
3.35
3.46
TCH
NFGC-23-1104
No Significant Values
TCW
And
No Significant Values
Keats S
NFGC-23-11372
64.75
70.30
5.55
1.05
TCH
And3
287.25
289.85
2.60
3.58
NFGC-23-11501
31.95
34.45
2.50
1.69
TCH
NFGC-23-11661
16.70
18.70
2.00
2.35
TCH
And1
40.75
48.00
7.25
1.05
NFGC-23-1172
No Significant Values
TCW
NFGC-23-1185
No Significant Values
TCW
NFGC-22-925
No Significant Values
Knob
NFGC-22-10051
16.60
21.50
4.90
3.56
Grouse
Including
18.25
18.80
0.55
17.41
And3
43.85
45.85
2.00
8.51
Including
43.85
44.85
1.00
17.01
And3
50.40
52.60
2.20
6.77
Including
51.20
51.75
0.55
19.14
NFGC-22-1011
No Significant Values
Grouse
NFGC-22-1016
No Significant Values
Grouse
NFGC-22-1022
No Significant Values
Grouse
NFGC-22-10354
56.70
62.00
5.30
1.45
Knob
NFGC-22-10473
53.90
56.55
2.65
1.86
Grouse
And3
61.35
71.05
9.70
1.34
NFGC-22-10534
74.60
76.90
2.30
2.74
Grouse
And1
80.30
82.60
2.30
1.08
And1
89.20
94.75
5.55
2.32
And4
99.30
101.80
2.50
1.32
And4
136.10
138.10
2.00
2.67
NFGC-22-1066
No Significant Values
Grouse
Table 2: Summary of composite results
reported in this press release for Keats FW, Keats HW, 421,
TCW, TCH, Knob and Grouse 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
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. *Previously reported interval.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-21-78
300
-45
720
658183
5427426
Keats
NFGC-22-514
295
-45.5
387
658295
5427493
Keats
NFGC-22-777
304
-54
488
657637
5426511
TCH
NFGC-22-841
300
-45
347
657531
5426415
TCH
NFGC-22-897
150
-60
350
657272
5426508
TCH
NFGC-22-912
35
-45
144
657902
5427213
Keats
NFGC-22-925
120
-45
236
656959
5425763
Knob
NFGC-22-927
30
-45
138
657970
5427231
Keats
NFGC-22-982
300
-45
395
658325
5427546
Keats
NFGC-22-1005
200
-45
128
656814
5425185
Grouse
NFGC-22-1007
300
-45
434
658369
5427521
Keats North
NFGC-22-1011
85
-45
68
656817
5425186
Grouse
NFGC-22-1016
220
-60
110
656814
5425186
Grouse
NFGC-22-1022
0
-90
68
656839
5425243
Grouse
NFGC-22-1035
180
-45
188
656836
5425243
Grouse
NFGC-22-1047
204
-42
125
656836
5425243
Grouse
NFGC-22-1053
230
-45
143
656835
5425243
Grouse
NFGC-22-1066
0
-90
65
656850
5425284
Grouse
NFGC-23-1104
100
-45
242
657511
5427026
TCH
NFGC-23-1106
300
-45
359
657797
5426931
Keats
NFGC-23-1121
300
-53
203
657798
5426931
Keats
NFGC-23-1130
300
-45
203
657778
5427033
Keats
NFGC-23-1137
120
-45
314
657467
5427101
TCH
NFGC-23-1150
20
-45
341
657463
5427104
TCH
NFGC-23-1166
60
-60
140
657471
5427094
TCH
NFGC-23-1172
340
-45
320
657285
5426772
TCH
NFGC-23-1185
340
-45
350
657364
5426828
TCH
NFGC-23-1540
64
-45
146
657847
5426936
Keats
NFGC-23-1589
73
-60
143
657846
5426934
Keats
NFGC-23-1598
48
-54
161
657847
5426934
Keats
NFGC-23-1604
87
-48
134
657847
5426934
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 37,700m 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, 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 press 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 20, 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/20230920960189/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer ckettell@newfoundgold.ca +1 (845) 535-1486
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