New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 23 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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Figure 1: Photos of mineralization from
Top Left: at ~35.2m in NFGC-23-1088, Top Right: at ~78.8m in
NFGC-23-1517, Bottom Left: at ~46.7m in NFGC-23-1586, Bottom Right:
at ~52.8m in NFGC-23-1599. ^Note that these photos are not intended
to be representative of gold mineralization in NFGC-23-1088,
NFGC-23-1517, NFGC-23-1586 and NFGC-23-1599. (Graphic: Business
Wire)
Iceberg and Iceberg East Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-10881
34.85
43.90
9.05
14.00
Iceberg
Including
35.20
38.75
3.55
31.56
And1
49.70
51.95
2.25
1.23
NFGC-23-15172
42.55
53.25
10.70
1.14
Iceberg East
And1
74.00
79.55
5.55
7.95
Including
74.75
75.10
0.35
50.50
Including
78.15
78.95
0.80
21.40
NFGC-23-15862
43.50
53.60
10.10
6.65
Iceberg East
Including
46.50
47.00
0.50
94.18
NFGC-23-15991
50.55
53.10
2.55
32.37
Iceberg East
Including
52.60
53.10
0.50
162.00
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%
and 240% to 70% 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.
- 14.0 g/t Au over 9.05m in NFGC-23-1088 was drilled just
23m from surface at Iceberg, 16m up-dip of previously
reported 105 g/t Au over 27.05m in NFGC-23-1210 (June 5, 2023) and
135m to the southwest of 29.4 g/t Au over 7.75m in NFGC-23-1380
(August 22, 2023) further demonstrating the high-grade
continuity of Iceberg at very shallow depths (Figures
1-5).
- Drilling at Iceberg East 365m to the east continues to prove
that the Keats-Baseline Fault Zone (‘KBFZ’) high-grade gold system
remains strong with highlight intervals of 32.4 g/t Au over
2.55m in NFGC-23-1599, 6.65 g/t Au over 10.10m in
NFGC-23-1586 and 7.95 g/t Au over 5.55m and 1.14 g/t Au
over 10.70m in NFGC-23-1517. All intervals occur above 65m
vertical depth.
- The high-grade segment of Iceberg-Iceberg East 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
23-65m vertical depth. The Company is actively focused on
step-out drilling east of the Road Zone with the intention of
expanding the near-surface high-grade Iceberg East segment along
strike.
Melissa Render, VP of Exploration of New Found, stated: “We are
very pleased with the results that continue to be received from the
most eastern known extent of the Keats-Baseline Fault Zone at
Iceberg East, located a full 1.9km along strike from where the KBFZ
would intersect the AFZ. We are actively working on a step-out
drill program east of Road to continue to expand this near-surface
high-grade segment further along strike, while deeper drilling will
commence upon the receipt of the results from the 3D seismic. The
KBFZ, host to the Keats, Iceberg and Iceberg East zones, remains
open along strike and to depth while observations made from our
current drilling footprint indicate that the system continues.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-10881
23.25
28.65
5.40
1.53
Iceberg
And1
34.85
43.90
9.05
14.00
Including
35.20
38.75
3.55
31.56
And1
49.70
51.95
2.25
1.23
NFGC-23-13081
21.00
23.35
2.35
4.56
Iceberg East
NFGC-23-1347
No Significant Values
Iceberg
NFGC-23-13493
191.90
194.45
2.55
1.94
Iceberg
And4
269.00
271.00
2.00
1.03
And4
281.70
284.05
2.35
1.25
NFGC-23-1403
No Significant Values
Iceberg East
NFGC-23-1405
No Significant Values
Iceberg East
NFGC-23-14084
212.30
216.35
4.05
1.20
Iceberg
NFGC-23-1412
No Significant Values
Iceberg East
NFGC-23-14564
63.00
65.40
2.40
1.83
Iceberg
And2
78.00
80.45
2.45
6.58
Including
78.00
78.45
0.45
28.80
NFGC-23-14672
51.80
59.35
7.55
1.81
Iceberg
And4
77.00
79.00
2.00
1.01
And2
170.00
175.30
5.30
2.89
Including
170.00
170.55
0.55
10.95
NFGC-23-1477
No Significant Values
Iceberg
NFGC-23-15003
50.80
53.00
2.20
1.00
Iceberg East
NFGC-23-1512
No Significant Values
Iceberg
NFGC-23-15174
16.00
18.30
2.30
1.08
Iceberg East
And4
28.75
31.00
2.25
1.01
And2
42.55
53.25
10.70
1.14
And2
63.00
65.20
2.20
1.43
And1
74.00
79.55
5.55
7.95
Including
74.75
75.10
0.35
50.50
Including
78.15
78.95
0.80
21.40
NFGC-23-1526
No Significant Values
Iceberg
NFGC-23-15381
175.95
178.10
2.15
3.00
Iceberg
NFGC-23-15801
34.15
37.30
3.15
1.39
Iceberg East
And1
39.70
42.45
2.75
1.24
And2
45.55
50.30
4.75
1.27
NFGC-23-15834
8.30
10.50
2.20
1.49
Iceberg East
And2
23.55
26.50
2.95
1.17
And1
58.25
61.00
2.75
1.08
NFGC-23-15862
43.50
53.60
10.10
6.65
Iceberg East
Including
46.50
47.00
0.50
94.18
NFGC-23-1590
No Significant Values
Iceberg East
NFGC-23-1594
No Significant Values
Iceberg East
NFGC-23-15991
50.55
53.10
2.55
32.37
Iceberg East
Including
52.60
53.10
0.50
162.00
NFGC-23-1602
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-23-1088
300
-45
251
658450
5427820
Iceberg
NFGC-23-1308
299
-45.5
278
658801
5428110
Iceberg East
NFGC-23-1347
299
-45.5
392
658502
5427704
Iceberg
NFGC-23-1349
300
-45
302
658571
5427779
Iceberg
NFGC-23-1403
299
-45.5
314
659137
5428550
Iceberg East
NFGC-23-1405
299
-45.5
311
658986
5428290
Iceberg East
NFGC-23-1408
311
-53
281
658559
5427758
Iceberg
NFGC-23-1412
299
-45.5
375
659028
5428151
Iceberg East
NFGC-23-1456
310
-55
191
658338
5427660
Iceberg
NFGC-23-1467
293
-47.5
254
658338
5427659
Iceberg
NFGC-23-1477
288
-56
251
658339
5427659
Iceberg
NFGC-23-1500
260
-67
216
658707
5427990
Iceberg East
NFGC-23-1512
288
-42
311
658677
5427832
Iceberg
NFGC-23-1517
300
-65
129
658707
5428022
Iceberg East
NFGC-23-1526
285
-45
221
658416
5427696
Iceberg
NFGC-23-1538
293
-42
233
658416
5427696
Iceberg
NFGC-23-1580
299
-45.5
78
658743
5428056
Iceberg East
NFGC-23-1583
300
-71
101
658885
5428204
Iceberg East
NFGC-23-1586
300
-60
99
658743
5428055
Iceberg East
NFGC-23-1590
300
-60
114
658764
5428044
Iceberg East
NFGC-23-1594
300
-45
65
658860
5428162
Iceberg East
NFGC-23-1599
299
-45.5
96
658776
5428065
Iceberg East
NFGC-23-1602
300
-69
95
658860
5428161
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 32,000m 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. MSA
is an ISO-17025 accredited laboratory for the photon assay
method.
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 October 25, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025718103/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
New Found Gold (AMEX:NFGC)
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