New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 16 diamond drill holes that were completed as part
of a drill program designed to test the newly discovered Keats West
Zone, a low-angle thrust fault that dips gently to the
south-southwest and is located on the west side of the highly
prospective Appleton Fault Zone (“AFZ”), as well as to test Keats
North, located on the east side of the 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, Left:
at ~53m in NFGC-23-1465, Right: at ~163.5m in NFGC-23-1107 ^Note
that these photos are not intended to be representative of gold
mineralization in NFGC-23-1107 and NFGC-23-1465. (Photo: Business
Wire)
Keats West and Keats North Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9311
59.00
99.00
40.00
1.82
Keats W
And1
157.00
168.35
11.35
17.09
Including
157.65
158.60
0.95
24.21
Including
159.95
160.95
1.00
25.91
Including
163.55
167.85
4.30
30.01
NFGC-23-10981
70.55
83.00
12.45
1.19
Keats N
NFGC-23-14653
50.20
58.10
7.90
6.17
Keats N
Including
52.30
53.75
1.45
19.84
Table 1: Keats West and Keats North 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 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.
- NFGC-22-931 intersected two significant zones including 17.1
g/t Au over 11.35m located 26m down-dip of previously reported
42.6 g/t Au over 32m in NFGC-22-960 (November 2022); as well
as 1.82 g/t Au over 40m located a further 25m to the
southwest in an up-thrown portion of the Keats West Fault Zone as
seen in Figure 3. Both intervals are interpreted to be close to
true width.
- Keats West has a drill-defined mineralized footprint spanning
305m long by 315m wide and starts at surface with all intercepts
drilled to date occurring above 130m vertical depth. The zone
has a cumulative average thickness of 30m.
- At Keats North, a targeted program aimed at filling gaps in
segments of the Penumbra and Umbra structures has continued to
identify near-surface mineralization in close proximity to Keats
Main and Iceberg with the highlight intervals of 6.17 g/t Au
over 7.90m in NFGC-23-1465 and 1.19 g/t Au over 12.45m
in NFGC-23-1098.
Melissa Render, VP of Exploration of New Found, stated: “The
Keats West structure is host to significant domains of high-grade
gold, which is well demonstrated by the results reported today.
Drilling designed to test large gaps in Keats West continues to
exhibit strong continuity of gold mineralization over significant
intervals throughout the structure. The low-angle orientation of
mineralization at Keats West means that all drilling in this area
has been shallow and efficient, with all intercepts drilled to date
occurring above 130m vertical depth. With the help of seismic data
over the coming months, we are eager to see what lies below the
Keats-Iceberg-Keats West triangle.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9001
38.70
41.65
2.95
1.13
Keats W
And1
70.00
74.00
4.00
1.30
And1
81.00
83.45
2.45
1.18
And1
88.00
98.70
10.70
1.37
NFGC-22-9311
23.90
29.75
5.85
1.07
Keats W
And1
59.00
99.00
40.00
1.82
And1
157.00
168.35
11.35
17.09
Including
157.65
158.60
0.95
24.21
Including
159.95
160.95
1.00
25.91
Including
163.55
167.85
4.30
30.01
NFGC-22-975
No Significant Values
Keats N
NFGC-22-10464
15.55
17.80
2.25
1.03
Keats N
NFGC-22-10561
47.00
49.85
2.85
1.14
Keats N
NFGC-22-10734
111.00
113.50
2.50
1.04
Keats N
NFGC-23-10934
41.60
43.80
2.20
1.08
Keats N
NFGC-23-10983
31.60
33.65
2.05
2.28
Keats N
And2
70.55
83.00
12.45
1.19
NFGC-23-11072
41.90
44.00
2.10
1.21
Keats N
And2
104.90
110.15
5.25
1.11
And4
162.00
164.45
2.45
3.06
Including
163.55
163.90
0.35
18.20
NFGC-23-12091
49.85
52.05
2.20
1.13
Keats W
And1
63.15
74.20
11.05
1.16
NFGC-23-1461
No Significant Values
Keats N
NFGC-23-14653
50.20
58.10
7.90
6.17
Keats N
Including
52.30
53.75
1.45
19.84
NFGC-23-1471
No Significant Values
Keats N
NFGC-23-14843
59.25
61.45
2.20
1.05
Keats N
NFGC-23-14921
32.00
34.05
2.05
1.16
Keats N
NFGC-23-14971
16.15
18.50
2.35
1.00
Keats N
Table 2: Summary of composite results
reported in this press release for Keats West and Keats
North
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-22-900
41
-54
356
658054
5427905
Keats West
NFGC-22-931
60
-54
231
658003
5427819
Keats West
NFGC-22-975
300
-45
275
658352
5428137
Keats North
NFGC-22-1046
195
-45
107
658222
5427777
Keats North
NFGC-22-1056
147
-45
95
658222
5427776
Keats North
NFGC-22-1073
185
-54
140
658234
5427801
Keats North
NFGC-23-1093
200
-45
155
658234
5427801
Keats North
NFGC-23-1098
62
-59
137
658222
5427780
Keats North
NFGC-23-1107
35
-45
191
658222
5427780
Keats North
NFGC-23-1209
48
-47.5
74
658073
5427952
Keats West
NFGC-23-1461
10
-54
77
658126
5427602
Keats North
NFGC-23-1465
357
-64
89
658126
5427602
Keats North
NFGC-23-1471
357
-79
65
658126
5427601
Keats North
NFGC-23-1484
4
-64
83
658115
5427580
Keats North
NFGC-23-1492
43
-55
68
658115
5427581
Keats North
NFGC-23-1497
41
-84
77
658115
5427580
Keats North
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 30,200m 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.
At-The-Market Quarterly Update
The Company is pleased to provide a quarterly update with
respect to the Company’s at-the-market equity offering program (the
“ATM”) implemented on August 26, 2022, pursuant to an equity
distribution agreement (the “Equity Distribution Agreement”) with
BMO Nesbitt Burns Inc., Paradigm Capital Inc. (together, the
“Canadian Agents”) and BMO Capital Markets Corp. (the “U.S. Agent”
and, together with the Canadian Agents, the “Agents”).
From the commencement of the ATM to September 30, 2023, the
Company issued an aggregate of 4,052,453 common shares in the
capital of the Company (the “ATM Shares”), through the facilities
of the TSX Venture Exchange (the “TSXV”) and NYSE American, at an
average price per ATM Share of C$6.30. From July 1, 2023 to
September 30, 2023, the Company issued 2,061,235 ATM Shares for
aggregate gross proceeds of C$13,149,879.59 and an aggregate net
proceeds of C$12,840,783.11. Pursuant to the Equity Distribution
Agreement, a cash commission of C$309,021.89 was paid to the Agents
in connection with the issuance of the ATM Shares during the last
fiscal quarter.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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 October 4, 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 $29.5 million as of October
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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version on businesswire.com: https://www.businesswire.com/news/home/20231004882247/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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