New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from six diamond drill holes that were completed as
part of a program designed to test the west side of the highly
prospective Appleton Fault Zone (“AFZ”) adjacent to the
Keats Zone. New Found’s 100%-owned Queensway project comprises a
1500km2 area, accessible via the Trans-Canada Highway, 15km west of
Gander, Newfoundland and Labrador.
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Figure 1. Keats West plan view map
(Graphic: Business Wire)
Keats West Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Prospect
NFGC-22-681
116.80
121.00
4.20
17.87
Keats West
Including
116.80
117.25
0.45
15.90
And including
120.30
121.00
0.70
68.80
NFGC-22-686
100.50
111.00
10.50
10.36
Keats West
Including
101.30
102.55
1.25
43.84
And including
103.05
103.45
0.40
88.20
Table 1: Keats West Drilling
Highlights
1Note that the host structures are interpreted to be steeply
dipping and true 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 2m
consecutive dilution. 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.
- A new, near-surface high-grade gold discovery
called “Keats West” has been made west of the AFZ, with
intercepts including 17.87 g/t Au over 4.20m in NFGC-22-681
and 10.36 g/t Au over 10.50m in NFGC-22-686, (see Figures 1
and 3). These two intercepts are located approximately 50m apart
along strike within an extensive brittle fault zone that has now
been intersected over a strike length of approximately 120m
and to a vertical depth of approximately 100m by four holes
released today. Based on current modelling, this new structure
strikes to the northwest, dips moderately to the southwest, and is
open in all directions.
- The discovery of high-grade gold west of the AFZ is a recent
and exciting development, starting with the intercept of 8.70
g/t Au over 6.75m in NFGC-22-533, announced on May 4, 2022. Up
to this point, drilling was focused entirely on the east side of
the AFZ, which is host to Keats, Keats North, Golden Joint, and
Lotto (see Figure 3). This recent discovery of similar high-grade
gold mineralization now opens up a new 9.45km target corridor along
the west side of the AFZ at Queensway North.
- Keats West is located northwest of Keats and along strike of
the recent discoveries made at Keats North. The intensity of
veining and size of the structural zone found at Keats West
displays similar characteristics to the epizonal-style veining
found on the east side of the fault, particularly at Keats Main
Zone. Several drillholes into this new zone are pending assays with
ongoing drilling focused on expanding the Keats West Zone.
Melissa Render, VP Exploration for New Found stated: “The “West
Side Story” plot thickens with the discovery of high-grade
mineralization in a structure akin to the Keats-Baseline Fault and
with similar epizonal characteristics seen elsewhere along the AFZ,
particularly at Keats. This gives us great encouragement that the
stratigraphy on the west side of the Appleton Fault Zone, spanning
+9.45km of strike on Queensway North, shares the same potential as
the east. Currently one drill is operating at Keats West which will
be joined by a second drill shortly, and two more drills are now
testing additional targets on the west side of the AFZ. We are
excited to move into a new territory with proven potential.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-542
35.45
38.00
2.55
2.06
Keats West
NFGC-22-558
56.55
58.55
2.00
1.03
Keats West
And
96.00
98.20
2.20
1.19
NFGC-22-579
109.00
111.00
2.00
1.43
Keats West
And
118.05
120.65
2.60
1.44
NFGC-22-594
32.00
34.20
2.20
2.31
Keats West
And
38.50
41.00
2.50
2.37
And
45.60
47.95
2.35
1.66
And
60.00
68.10
8.10
2.52
And
121.10
123.60
2.50
2.02
NFGC-22-681
116.80
121.00
4.20
17.87
Keats West
Including
116.80
117.25
0.45
15.90
And including
120.30
121.00
0.70
68.80
NFGC-22-686
100.50
111.00
10.50
10.36
Keats West
Including
101.30
102.55
1.25
43.84
And including
103.05
103.45
0.40
88.20
Table 2: Summary of composite results
reported in this press release for Keats West
1Note that the host structures are interpreted to be steeply
dipping and true 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 2m
consecutive dilution. 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
NFGC-22-542
120
-45
296
658003
5427818
NFGC-22-558
120
-45
281
658053
5427904
NFGC-22-579
120
-45
200
657963
5427741
NFGC-22-594
120
-45
263
658104
5427990
NFGC-22-681
120
-63
131
658053
5427905
NFGC-22-686
70
-60
206
658053
5427905
Table 3: Details of drill holes reported in
this press release
Queensway 400,000m Drill Program Update
Approximately 66% of the planned 400,000m program at Queensway
has been drilled to date with ~44,445m of the core still pending
assay results. Fourteen (14) core rigs are currently operating
meeting New Found’s targeted drill count for Q2.
Sampling, Sub-sampling, Laboratory and Discussion
True widths of the intercepts reported in this press release
have yet to be determined and further exploration is required.
Infill veining in secondary structures with multiple orientations
crosscutting the primary host structures are commonly observed in
drill core which could result in additional variability in true
width. 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 2m 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 professional geologist examines the drill core and marks out
the intervals to be sampled and the cutting line. Sample lengths
are mostly 1.0 meter and adjusted to respect lithological and/or
mineralogical contacts and isolate narrow (<1.0m) veins or other
structures that may yield higher grades. Once all sample intervals
have been chosen, photos of the wet and dry core are taken for
future reference.
Technicians saw the core along the defined cut-line. One-half of
the core is kept as a witness sample and the other half is
submitted for crushing, pulverizing, and assaying. Individual
sample bags are sealed and placed into shipping pails and/or nylon
shipping bags, sealed and marked with the contents.
Drill core samples are shipped to ALS Canada Ltd. (ALS) for
sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or
Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS
operates under a commercial contract with New Found.
The entire sample is crushed to approximately 70% passing 2 mm.
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.
All sample pulps are also analyzed for a multi-element ICP
package (ALS method code ICP61).
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 27, 2022, 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 400,000m drill program at
Queensway, now approximately 66% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $71 million as of September 2022.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
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,” “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 through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com 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/20220927005513/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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