New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from eighteen diamond drill holes that were completed
as part of an ongoing systematic drill program exploring highly
prospective segments of the Appleton Fault Zone (“AFZ”)
north of the Lotto and proximal to the Dome prospects. New Found’s
100%-owned Queensway project comprises an approximate 1500km2 area,
accessible via the Trans-Canada Highway approximately 15km west of
Gander, Newfoundland and Labrador.
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Figure 1. Keats – Lotto North plan view
map (Graphic: Business Wire)
Lotto North Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-661
74.65
77.00
2.35
33.79
Lotto N
Including
74.95
75.30
0.35
225.00
NFGC-22-690
69.45
71.55
2.10
37.36
Lotto N
Including
70.15
70.85
0.70
109.00
NFGC-22-717
49.80
52.00
2.20
22.18
Lotto N
Including
49.80
50.80
1.00
48.74
Table 1: Lotto North 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.
- Systematic drilling along the east side of the AFZ north of
Lotto has intersected a new, shallow brittle fault zone that hosts
high-grade, epizonal-style gold mineralization, named “Lotto
North” (Figure 1). This new discovery is hosted by a
north-south striking open-ended structure, slightly off trend of
the Lotto Main Vein.
- Initial drilling at Lotto North intersected near-surface,
high-grade gold mineralization over a strike length of 175m
including highlight intervals of 33.79 g/t Au over 2.35m in
NFGC-22-661, 37.36 g/t Au over 2.10m in NFGC-22-690, and
22.18 g/t Au over 2.20m in NFGC-22-717 (Figures 1-4).
- Only four holes have been received to date from Lotto North and
several priority assays are pending. Exploration drilling will
continue to expand on this new high-grade zone, which remains open
in all directions and to depth.
- The Lotto-Lotto North segment of the AFZ now demonstrates a
combined strike length of 1km, situated within the overall
Keats-Lotto corridor that now exceeds 3.2km in strike
length.
Melissa Render, VP Exploration for New Found stated: “We are
very pleased with the results of our systematic reconnaissance
drilling that has been designed to make new discoveries within the
+200m wide highly prospective window surrounding the AFZ. The
program is working, adding more discoveries along this 3.2km long
section of the fault. With today’s announcement of high-grade gold
at Lotto North and the recent discovery made at Keats West (see
September 27, 2022 release), we continue to gain appreciation for
the size of this system and its numerous expressions of near
surface, high-grade gold, hosted in an extensive network of fault
hosted veining.”
Drillhole Details
Lotto And Lotto North Results:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-5742
217
219
2.05
1.66
Lotto FW
And
228.6
230.85
2.25
1.30
And2
254.4
258.9
4.5
1.22
NFGC-22-609
95.00
97.55
2.55
8.03
Lotto FW
Including
97.00
97.55
0.55
37.20
And
99.85
102.00
2.15
1.11
NFGC-22-629
62.35
65.00
2.65
2.66
Lotto FW
Including
63.00
63.35
0.35
17.10
NFGC-22-661
74.65
77.00
2.35
33.79
Lotto N
Including
74.95
75.30
0.35
225.00
And
80.60
83.00
2.40
1.26
And
87.00
89.00
2.00
1.28
And
113.00
119.50
6.50
1.54
NFGC-22-664
60.25
62.85
2.6
1.14
Lotto Main
And2
66.4
70
3.6
16.13
Including2
68.8
69.35
0.55
92.60
NFGC-22-673
79.6
82.35
2.75
1.38
Lotto Main
And2
106.8
108.8
2.05
8.29
Including2
106.8
107.5
0.75
22.00
And2
206.2
210
3.85
152.08
Including2
206.2
208.9
2.75
211.91
And2
239.8
242.7
2.9
7.92
Including2
241.2
241.8
0.65
15.55
NFGC-22-676
88.3
94.05
5.75
3.12
Lotto N
And
133.9
137
3.1
1.20
NFGC-22-684
184
186
2
3.53
Lotto Main
And2
206.00
208.65
2.65
1.41
And2
211.45
226.40
14.95
12.98
Including2
216.30
217.00
0.70
25.30
And Including2
224.30
226.40
2.10
72.35
NFGC-22-690
69.45
71.55
2.1
37.36
Lotto N
Including
70.15
70.85
0.7
109.00
And
121.6
123.85
2.3
6.15
Including
123.3
123.85
0.6
15.95
And
157.9
160
2.1
5.51
Including
158.8
159.6
0.8
10.75
NFGC-22-717
49.8
52
2.2
22.18
Lotto N
Including
49.8
50.8
1
48.74
Dome Results:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-548
183.45
186.00
2.55
2.96
Dome
NFGC-22-566
No Significant Values
Dome
NFGC-22-584
No Significant Values
Dome
NFGC-22-595
212.15
214.20
2.05
3.81
Dome
NFGC-22-606
No Significant Values
Dome
NFGC-22-607
250.10
253.35
3.25
1.10
Dome
NFGC-22-622
No Significant Values
Dome
NFGC-22-633
214.00
216.55
2.55
1.21
Dome
And
216.90
220.10
3.20
3.38
And
231.00
233.00
2.00
1.18
Table 2: Summary of composite results
reported in this press release for Lotto, Lotto North and
Dome
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.
2Previously reported interval with host structures interpreted
to be steeply dipping and true widths are generally estimated to be
40% to 90% of the reported interval.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM North
Prospect
NFGC-22-548
305
-50
279
658583
5428522
Dome
NFGC-22-566
318
-64
354
658583
5428522
Dome
NFGC-22-574
300
-45
276
658881
5429100
Lotto
NFGC-22-584
300
-45
276
658592
5428575
Dome
NFGC-22-595
300
-45
219
658635
5428665
Dome
NFGC-22-606
300
-45
462
658757
5428535
Dome
NFGC-22-607
300
-45
348
658655
5428770
Dome
NFGC-22-609
278
-56
123
658810
5429026
Lotto
NFGC-22-622
300
-45
156
658732
5428841
Dome
NFGC-22-629
300
-45
144
658788
5429040
Lotto
NFGC-22-633
300
-45
273
658629
5428612
Dome
NFGC-22-661
285
-45
396
659079
5429391
Lotto North
NFGC-22-664
300
-61
174
658919
5429139
Lotto
NFGC-22-673
263
-68
258
658990
5429097
Lotto
NFGC-22-676
300
-45
278
659083
5429446
Lotto North
NFGC-22-684
258
-69
237
658983
5429072
Lotto
NFGC-22-690
270
-42
264
659083
5429446
Lotto North
NFGC-22-717
300
-45
213
659089
5429559
Lotto North
Table 3: Details of drill holes reported in
this press release
Queensway 400,000m Drill Program Update
Approximately 74% of the planned 400,000m program at Queensway
has been drilled to date with ~60,000m of the core still pending
assay results.
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 November 2, 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 74% complete, and is well funded for
this program with cash and marketable securities of approximately
$55 million as of November 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/20221102005465/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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