New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 97 diamond drill holes that were completed as part
of a drill program designed to test targets generated by systematic
grid drilling in proximity to the Monte Carlo Zone located 800m
southwest of the K2 Zone on the west side of 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. Photos of mineralization, Left:
at ~97.60m in NFGC-23-1848, Right: at ~97.60m in NFGC-23-1848 ^Note
that these photos are not intended to be representative of gold
mineralization in NFGC-23-1848. (Photo: Business Wire)
Monte Carlo, Vegas, and Powerline Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-10592
68.75
77.75
9.00
1.93
Monte Carlo
NFGC-22-10641
86.55
88.55
2.00
25.77
Monte Carlo
Including
87.40
87.90
0.50
92.51
NFGC-23-16562
62.00
76.75
14.75
1.23
Monte Carlo
NFGC-23-16661
62.75
66.00
3.25
10.57
Monte Carlo
Including
64.55
65.30
0.75
36.56
NFGC-23-16732
59.45
66.70
7.25
6.87
Monte Carlo
Including
61.00
62.25
1.25
27.76
NFGC-23-17361
140.00
149.25
9.25
1.99
Monte Carlo
NFGC-23-18481
89.70
106.55
16.85
35.24
Vegas
Including
97.40
97.70
0.30
1910.00
NFGC-23-13212
46.00
53.00
7.00
3.32
Powerline / West Grid
And2
58.70
65.00
6.30
1.85
NFGC-23-18842
43.00
53.55
10.55
1.80
Powerline
Table 1: Monte Carlo, Vegas, and Powerline
Drilling Highlights
Note that the host structures are interpreted to be moderately
to steeply dipping and true widths are generally estimated to be
170% to 95% and 240%-70%. 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.
- 35.2 g/t Au over 16.85m in NFGC-23-1848 was intercepted midway
between the Monte Carlo and the K2 Zones on the west side of the
AFZ at a new zone named Vegas. The intercept includes an elevated
high-grade sample running 1,910 g/t Au over 0.30m that exhibits
significant visible gold over a 3cm length, as shown below in
Figure 1. Vegas was discovered through reconnaissance grid drilling
and subsequent, follow-up drilling has identified a high-grade
segment of this moderately northeast-dipping fault that appears to
link between the Monte Carlo and K2 structures. Additional drilling
is planned to expand on this newly identified high-grade
domain.
- Further south at the Monte Carlo Zone (initial discovery
announced May 10, 2023), additional targeted drilling has
intersected multiple high-grade gold intervals including 25.8 g/t
Au over 2.00m in NFGC-22-1064, 10.6 g/t Au over 3.25m in
NFGC-23-1666 and 6.87 g/t Au over 7.25m in NFGC-23-1673. These
results successfully expand the near-surface high-grade
mineralization to cover a strike length of 185m with a depth extent
of 160m. Monte Carlo is an east-west striking, steeply dipping vein
that remains open along strike and to depth.
- Reconnaissance grid drilling on the west side of the AFZ a
further 800 metres south of Monte Carlo encountered a broad gold
mineralized shallowly northeast-dipping shear zone, a new zone
called “Powerline”, with characteristics similar to the
neighbouring Keats West Zone. Powerline was first intercepted by
grid drilling that returned the highlight intervals of 3.32 g/t Au
over 7.00m and 1.85m over 6.30m in NFGC-23-1321. Targeted follow-up
drilling intercepted 1.80 g/t Au over 10.55m in NFGC-23-1884, found
50m along strike of the initial discovery. Highly anomalous and
low-grade mineralization has been defined over a current strike
length of 350m at Powerline and testing has only occurred at
shallow depths.
Melissa Render, VP of Exploration of New Found, stated: “Our
reconnaissance grid drilling campaign conducted on the west side of
the AFZ has uncovered several new structures of interest and has
added to our understanding of the gold mineralized system.
Structural orientations west of the AFZ do tend to be quite
different than zones found on the east, however, the character of
mineralization and its potential appear quite similar. Our list of
targets in the west has now grown and will continue to be an area
of focus in 2024.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-859A1
126.05
128.85
2.80
2.56
Monte Carlo
And1
180.75
183.00
2.25
1.20
NFGC-22-9843
97.35
104.70
7.35
2.57
Monte Carlo
And3
121.80
124.05
2.25
1.38
NFGC-22-10343
61.35
63.65
2.30
1.46
Monte Carlo
NFGC-22-10592
68.75
77.75
9.00
1.93
Monte Carlo
And1
86.20
89.00
2.80
5.88
Including
87.80
88.20
0.40
33.71
NFGC-22-10641
58.00
62.50
4.50
1.76
Monte Carlo
And1
86.55
88.55
2.00
25.77
Including
87.40
87.90
0.50
92.51
NFGC-22-10833
13.85
16.00
2.15
3.44
Monte Carlo
And2
29.65
31.65
2.00
1.63
And1
51.45
53.95
2.50
2.61
NFGC-23-1469
No Significant Values
Monte Carlo
NFGC-23-1490
No Significant Values
Monte Carlo
NFGC-23-15872
171.45
174.55
3.10
2.89
Monte Carlo / West Grid
And1
224.25
226.95
2.70
3.17
NFGC-23-16004
228.70
232.20
3.50
1.84
Monte Carlo
NFGC-23-16562
62.00
76.75
14.75
1.23
Monte Carlo
NFGC-23-16611
69.80
72.25
2.45
2.09
Monte Carlo
NFGC-23-16661
32.90
35.10
2.20
1.37
Monte Carlo
And1
47.45
50.40
2.95
9.33
Including
47.45
48.80
1.35
19.31
And1
62.75
66.00
3.25
10.57
Including
64.55
65.30
0.75
36.56
NFGC-23-16701
155.10
159.30
4.20
1.70
Monte Carlo / West Grid
NFGC-23-16732
59.45
66.70
7.25
6.87
Monte Carlo
Including
61.00
62.25
1.25
27.76
NFGC-23-16751
17.35
22.15
4.80
1.84
Monte Carlo
And1
35.35
37.45
2.10
1.22
And1
57.60
60.00
2.40
8.95
Including
59.00
59.50
0.50
40.26
NFGC-23-16781
17.35
19.45
2.10
1.17
Monte Carlo
And1
28.65
32.10
3.45
1.19
NFGC-23-16912
44.60
52.75
8.15
1.38
Monte Carlo
And1
90.80
93.00
2.20
4.95
Including
91.75
92.25
0.50
16.64
And1
96.00
98.00
2.00
5.54
Including
97.00
97.45
0.45
20.77
NFGC-23-16973
121.65
124.10
2.45
1.32
Monte Carlo / West Grid
NFGC-23-16981
60.60
62.85
2.25
3.40
Cassino / West Grid
Including
60.60
60.95
0.35
17.85
NFGC-23-17034
131.00
133.00
2.00
1.43
Monte Carlo / West Grid
And4
205.00
207.40
2.40
1.28
And4
245.00
247.00
2.00
1.26
NFGC-23-17262
95.45
97.60
2.15
1.15
Monte Carlo
And1
127.00
129.60
2.60
2.65
Including
128.60
129.00
0.40
17.05
And4
173.00
175.50
2.50
1.15
NFGC-23-17364
85.25
91.45
6.20
1.69
Monte Carlo
And1
140.00
149.25
9.25
1.99
NFGC-23-17424
92.75
95.00
2.25
1.19
Monte Carlo
And1
130.05
132.65
2.60
1.29
And1
136.35
139.65
3.30
1.32
And1
151.65
154.10
2.45
1.42
NFGC-23-17521
129.55
139.35
9.80
1.43
Monte Carlo
NFGC-23-1768
No Significant Values
Monte Carlo
NFGC-23-1775
No Significant Values
Monte Carlo
NFGC-23-17844
98.45
104.85
6.40
1.34
Monte Carlo
And1
178.80
181.15
2.35
2.63
NFGC-23-17901
153.60
158.40
4.80
3.26
Monte Carlo
NFGC-23-17974
108.35
110.65
2.30
1.53
Monte Carlo
And2
172.45
174.50
2.05
1.50
NFGC-23-18024
127.75
129.85
2.10
1.69
Monte Carlo
NFGC-23-18112
99.45
108.35
8.90
1.51
Cassino
NFGC-23-18172
108.60
111.40
2.80
1.92
Cassino
NFGC-23-18211
127.45
129.70
2.25
3.61
Cassino / West Grid
NFGC-23-1826
No Significant Values
Cassino
NFGC-23-18333
53.00
55.00
2.00
1.67
Cassino
NFGC-23-18413
75.30
77.40
2.10
5.15
Cassino
And1
118.45
120.75
2.30
3.90
Including
119.85
120.30
0.45
13.99
NFGC-23-18481
89.70
106.55
16.85
35.24
Vegas
Including
97.40
97.70
0.30
1910.00
And4
141.00
143.00
2.00
3.13
NFGC-23-1855
No Significant Values
Cassino
NFGC-23-18761
132.90
135.70
2.80
4.75
Cassino
Including
133.25
133.95
0.70
18.84
NFGC-23-1881
No Significant Values
Cassino
NFGC-23-1899
No Significant Values
Cassino
NFGC-22-10544
52.60
54.90
2.30
1.30
Powerline
NFGC-23-11914
5.10
9.10
4.00
1.06
Little
And4
19.60
22.15
2.55
1.18
And4
26.60
29.15
2.55
1.03
And4
34.70
37.20
2.50
1.44
NFGC-23-11991
20.50
22.85
2.35
1.12
Little
NFGC-23-1202
No Significant Values
Little
NFGC-23-1207
No Significant Values
Little
NFGC-23-1213
No Significant Values
Little
NFGC-23-1215
No Significant Values
Little
NFGC-23-1219
No Significant Values
Powerline
NFGC-23-1224
No Significant Values
Powerline
NFGC-23-1230
No Significant Values
Little
NFGC-23-1234
No Significant Values
Powerline
NFGC-23-1238
No Significant Values
Little
NFGC-23-1257
No Significant Values
Little
NFGC-23-12634
10.00
12.00
2.00
1.13
Little
NFGC-23-1269
No Significant Values
Powerline
NFGC-23-1278
No Significant Values
Little / West Grid
NFGC-23-1284
No Significant Values
Powerline / West Grid
NFGC-23-1291
No Significant Values
Powerline / West Grid
NFGC-23-1300
No Significant Values
Powerline / West Grid
NFGC-23-13111
35.80
38.00
2.20
1.99
Powerline / West Grid
NFGC-23-13212
46.00
53.00
7.00
3.32
Powerline / West Grid
And2
58.70
65.00
6.30
1.85
NFGC-23-13302
19.35
22.40
3.05
1.80
Powerline / West Grid
And2
76.30
79.20
2.90
1.77
NFGC-23-1341
No Significant Values
Powerline / West Grid
NFGC-23-1352
No Significant Values
Little / West Grid
NFGC-23-13564
178.00
180.60
2.60
1.05
Little / West Grid
NFGC-23-1363
No Significant Values
Little / West Grid
NFGC-23-13794
216.20
219.80
3.60
1.83
Little / West Grid
NFGC-23-1388
No Significant Values
Little / West Grid
NFGC-23-1400
No Significant Values
Little / West Grid
NFGC-23-1407
No Significant Values
Little / West Grid
NFGC-23-1417
No Significant Values
Little / West Grid
NFGC-23-1435
No Significant Values
Powerline / West Grid
NFGC-23-1446
No Significant Values
Little / West Grid
NFGC-23-1460
No Significant Values
Powerline / West Grid
NFGC-23-1493
No Significant Values
Powerline / West Grid
NFGC-23-1543
No Significant Values
Powerline / West Grid
NFGC-23-16641
89.00
91.00
2.00
1.02
Powerline
And1
95.00
98.00
3.00
1.07
NFGC-23-1671
No Significant Values
Powerline
NFGC-23-1677
No Significant Values
Powerline
NFGC-23-18651
16.00
18.35
2.35
1.01
Powerline
NFGC-23-1869
No Significant Values
Powerline
NFGC-23-18711
19.40
21.75
2.35
1.38
Powerline
And1
34.20
36.30
2.10
1.07
NFGC-23-1877
No Significant Values
Powerline
NFGC-23-18801
9.60
12.00
2.40
5.33
Powerline
Including
9.60
10.05
0.45
27.10
And1
12.80
15.60
2.80
1.22
NFGC-23-18842
43.00
53.55
10.55
1.80
Powerline
NFGC-23-1888
No Significant Values
Powerline
NFGC-23-1889
No Significant Values
Powerline
NFGC-23-1890
No Significant Values
Powerline
NFGC-23-1898
No Significant Values
Powerline
NFGC-23-1903
No Significant Values
Powerline
NFGC-23-1909
No Significant Values
Powerline
NFGC-23-19131
27.20
29.75
2.55
1.29
Powerline
NFGC-23-19212
28.30
30.65
2.35
1.43
Powerline
NFGC-24-2027
No Significant Values
Little
NFGC-24-2028
No Significant Values
Little
Table 2: Summary of composite results
reported in this press release for Monte Carlo, Vegas, and
Powerline
Note that the host structures are interpreted to be moderately
to 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-22-859A
300
-45
448
658553
5429121
Monte Carlo
NFGC-22-984
110
-45
215
658210
5429221
Monte Carlo
NFGC-22-1034
315
-45
170
658264
5429141
Monte Carlo
NFGC-22-1054
135
-76
224
658384
5428517
Powerline
NFGC-22-1059
315
-80
131
658659
5429190
Monte Carlo
NFGC-22-1064
330
-50
137
658589
5429172
Monte Carlo
NFGC-22-1083
295
-48
117
658613
5429217
Monte Carlo
NFGC-23-1191
80
-45
92
657837
5428477
Little Zone
NFGC-23-1199
80
-45
68
657851
5428514
Little Zone
NFGC-23-1202
80
-45
83
657840
5428449
Little Zone
NFGC-23-1207
108
-45
89
657840
5428448
Little Zone
NFGC-23-1213
80
-45
86
657877
5428374
Little Zone
NFGC-23-1215
82
-67
86
657876
5428373
Little Zone
NFGC-23-1219
75
-45
89
658010
5428395
Powerline
NFGC-23-1224
345
-60
311
658048
5428346
Powerline
NFGC-23-1230
345
-60
260
657907
5428242
Little Zone
NFGC-23-1234
75
-45
332
658050
5428344
Powerline
NFGC-23-1238
75
-45
269
657909
5428242
Little Zone
NFGC-23-1257
347
-59
257
658032
5428264
Little Zone
NFGC-23-1263
345
-59
263
658091
5428303
Little Zone
NFGC-23-1269
75
-45
320
658092
5428304
Powerline
NFGC-23-1278
345
-60
251
657936
5428435
Little Zone
NFGC-23-1284
75
-45
308
657937
5428435
Powerline
NFGC-23-1291
347
-59
251
657995
5428519
Powerline
NFGC-23-1300
75
-46
287
658039
5428492
Powerline
NFGC-23-1311
345
-60
254
658150
5428428
Powerline
NFGC-23-1321
75
-45
251
658152
5428428
Powerline
NFGC-23-1330
75
-45
251
658051
5428601
Powerline
NFGC-23-1341
345
-60
254
658050
5428602
Powerline
NFGC-23-1352
345
-61
254
657611
5428379
Little Zone
NFGC-23-1356
74
-46
260
657616
5428378
Little Zone
NFGC-23-1363
75
-45
260
657741
5428448
Little Zone
NFGC-23-1379
75
-45
251
657652
5428600
Little Zone
NFGC-23-1388
345
-60
272
657651
5428600
Little Zone
NFGC-23-1400
75
-45
251
657741
5428664
Little Zone
NFGC-23-1407
345
-60
245
657739
5428665
Little Zone
NFGC-23-1417
345
-60
266
657875
5428587
Little Zone
NFGC-23-1435
75
-45
251
657877
5428587
Powerline
NFGC-23-1446
345
-60
257
657838
5428369
Little Zone
NFGC-23-1460
345
-60
302
658191
5428634
Powerline
NFGC-23-1469
78
-45
251
658254
5428830
Monte Carlo
NFGC-23-1490
75
-45
251
658234
5428725
Monte Carlo
NFGC-23-1493
345
-60
248
658287
5428580
Powerline
NFGC-23-1543
75
-45
266
658288
5428579
Powerline
NFGC-23-1587
345
-60
263
658486
5428926
Monte Carlo
NFGC-23-1600
75
-45
251
658487
5428926
Monte Carlo
NFGC-23-1656
41
-45
113
658692
5429201
Monte Carlo
NFGC-23-1661
10
-66
143
658691
5429201
Monte Carlo
NFGC-23-1664
195
-57
110
658308
5428508
Powerline
NFGC-23-1666
0
-45
101
658679
5429209
Monte Carlo
NFGC-23-1670
345
-60
249
658618
5429077
Monte Carlo
NFGC-23-1671
155
-47
161
658288
5428476
Powerline
NFGC-23-1673
0
-70
110
658680
5429208
Monte Carlo
NFGC-23-1675
0
-45
104
658664
5429223
Monte Carlo
NFGC-23-1677
255
-45
110
658287
5428477
Powerline
NFGC-23-1678
0
-45
92
658644
5429217
Monte Carlo
NFGC-23-1691
345
-52
152
658632
5429148
Monte Carlo
NFGC-23-1697
345
-60
273
658471
5429051
Monte Carlo
NFGC-23-1698
345
-60
250
658755
5429346
Monte Carlo
NFGC-23-1703
75
-45
270
658472
5429051
Monte Carlo
NFGC-23-1726
5
-45
189
658584
5429103
Monte Carlo
NFGC-23-1736
30
-54
186
658584
5429103
Monte Carlo
NFGC-23-1742
5
-57
219
658584
5429102
Monte Carlo
NFGC-23-1752
17
-50
198
658584
5429103
Monte Carlo
NFGC-23-1768
0
-45
203
658654
5429094
Monte Carlo
NFGC-23-1775
15
-45
251
658631
5429027
Monte Carlo
NFGC-23-1784
350
-47
233
658631
5429027
Monte Carlo
NFGC-23-1790
7
-63
224
658617
5429078
Monte Carlo
NFGC-23-1797
355
-75
179
658553
5429121
Monte Carlo
NFGC-23-1802
0
-58
248
658549
5429020
Monte Carlo
NFGC-23-1811
278
-66
155
658754
5429347
Monte Carlo
NFGC-23-1817
33
-45
125
658758
5429346
Monte Carlo
NFGC-23-1821
345
-60
161
658686
5429273
Monte Carlo
NFGC-23-1826
323
-68
203
658685
5429273
Monte Carlo
NFGC-23-1833
170
-75
179
658546
5429580
Monte Carlo
NFGC-23-1841
210
-63
194
658544
5429579
Monte Carlo
NFGC-23-1848
200
-75
146
658656
5429521
Monte Carlo
NFGC-23-1855
210
-45
212
658771
5429569
Monte Carlo
NFGC-23-1865
220
-45
110
658176
5428425
Powerline
NFGC-23-1869
295
-45
114
658015
5428713
Powerline
NFGC-23-1871
294
-45
99
658050
5428661
Powerline
NFGC-23-1876
312
-45
182
658850
5429309
Monte Carlo
NFGC-23-1877
115
-55
96
658137
5428496
Powerline
NFGC-23-1880
220
-45
135
658136
5428495
Powerline
NFGC-23-1881
314
-60
197
658850
5429308
Monte Carlo
NFGC-23-1884
30
-55
75
658212
5428391
Powerline
NFGC-23-1888
217
-46
111
658211
5428389
Powerline
NFGC-23-1889
339
-53
236
658851
5429309
Powerline
NFGC-23-1890
200
-45
153
658232
5428564
Powerline
NFGC-23-1898
242
-45
138
658231
5428565
Powerline
NFGC-23-1899
318
-45
209
658893
5429377
Monte Carlo
NFGC-23-1903
215
-55
108
658247
5428358
Powerline
NFGC-23-1909
35
-55
33
658247
5428359
Powerline
NFGC-23-1913
225
-45
150
658191
5428634
Powerline
NFGC-23-1921
335
-50
111
658136
5428492
Powerline
NFGC-24-2027
300
-45
71
657838
5428450
Little Zone
NFGC-24-2028
190
-70
80
657837
5428450
Little Zone
Table 3: Details of drill holes reported in
this press release
Queensway 650,000m Drill Program Update
The Company is currently undertaking a 650,000m drill program at
Queensway and approximately 5,200m 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
meter 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 one 450g jar for photon assay. If the jar 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 February 29, 2024, 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 650,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $53.5 million as of February
2024.
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; visible gold; 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”, “encouraging”,
“appears”, “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.sedarplus.ca 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/20240229706569/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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