New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 29 diamond drill holes that were completed as part
of a drill program designed to expand on the recently discovered K2
Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of
Keats West on the west side of the highly prospective Appleton
Fault Zone (“AFZ”). New Found’s district-scale 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 from:
Top Left: NFGC-23-1669 at ~79.8m, Top Right NFGC-23-1783 at ~13.2m,
Bottom Left: NFGC-23-1778 at ~17.8m, Bottom Right: NFGC-23-1669 at
~75.5m ^Note that these photos are not intended to be
representative of gold mineralization in NFGC-23-1669,
NFGC-23-1778, and NFGC-23-1783. (Photo: Business Wire)
K2 Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-16301
58.20
66.10
7.90
4.92
K2
Including
58.20
58.55
0.35
26.50
Including
58.90
59.70
0.80
22.10
And
129.75
153.20
23.45
1.82
NFGC-23-16331
24.55
31.35
6.80
2.91
K2
Including
30.00
30.65
0.65
14.75
NFGC-23-16581
43.35
51.00
7.65
4.16
K2
Including
45.00
45.50
0.50
19.90
And
71.60
74.05
2.45
2.90
NFGC-23-16672
162.90
173.60
10.70
1.65
K2
NFGC-23-16691
75.30
93.15
17.85
2.08
K2
Including
79.45
80.00
0.55
41.70
And2
163.40
173.00
9.60
2.49
Including
168.80
169.40
0.60
11.35
NFGC-23-17092
19.40
27.75
8.35
3.01
K2
And2
34.60
44.45
9.85
6.18
Including
39.45
39.95
0.50
47.10
Including
40.55
41.40
0.85
24.58
NFGC-23-17211
32.60
43.15
10.55
1.23
K2
NFGC-23-17291
26.75
36.35
9.60
3.39
K2
And1
55.20
62.20
7.00
27.49
Including
55.20
55.70
0.50
370.00
NFGC-23-17381
87.00
90.00
3.00
19.19
K2
Including
88.25
90.00
1.75
30.92
And1
95.80
107.00
11.20
1.89
NFGC-23-17722
25.00
43.65
18.65
1.55
K2
NFGC-23-17781
17.50
19.50
2.00
12.69
K2
Including
17.50
18.45
0.95
25.90
And1
26.50
41.40
14.90
2.92
Including
36.05
36.60
0.55
34.70
NFGC-23-17791
15.95
23.00
7.05
4.51
K2
Including
22.00
23.00
1.00
12.15
NFGC-23-17832
10.40
35.70
25.30
3.48
K2
Including
10.40
11.00
0.60
12.50
Including
12.90
13.20
0.30
42.30
And1
55.00
57.40
2.40
21.96
Including
56.00
56.40
0.40
130.50
NFGC-23-17861
29.45
41.70
12.25
8.69
K2
Including
29.45
30.15
0.70
18.54
Including
30.75
31.40
0.65
90.69
Including
32.25
33.25
1.00
13.40
NFGC-23-18612
33.25
44.85
11.60
1.23
K2
NFGC-23-19043
72.35
90.80
18.45
3.14
K2
Including
86.60
87.45
0.85
17.40
And2
145.30
162.05
16.75
1.00
NFGC-23-19932
29.45
32.15
2.70
19.41
K2
Including
30.20
30.60
0.40
120.71
Table 1: K2 Drilling Highlights
Note that the host structures are interpreted to be moderately
dipping and true widths are generally estimated to be 170% to 95%,
240% to 70%, 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.
K2 Highlights:
- 27.5 g/t Au over 7.00m and 3.39 g/t Au over 9.60m in
NFGC-23-1729 and 8.69 g/t Au over 12.25m in NFGC-23-1786 were
intersected as part of a program designed to extend a high-grade
domain of the K2 structure back to surface and occur between 22-43m
from surface, with the reported intercept lengths being close to
true width (Figures 1-4).
- Additional near-surface highlight results from ongoing
expansion and definition drilling include 3.48 g/t Au over 25.30m
and 22.0 g/t Au over 2.40m in NFGC-23-1783, 6.18 g/t Au over 9.85m
and 3.01 g/t Au over 8.35m in NFGC-23-1709, 3.14 g/t Au over 18.45m
in NFGC-23-1904, and 19.4 g/t Au over 2.70m in NFGC-23-1993. As
demonstrated in the long section below in Figure 4, all intervals
occur shallowly above 65m vertical depth and demonstrate strong
continuity of gold mineralization across the K2 structure.
- K2 is a gold mineralized system made up of multiple structures
and crosscutting vein orientations that now spans a mineralized
footprint of 490m long x 395m wide. The gold mineralization begins
at surface and has been drill-defined down to a maximum vertical
depth of 250m (Figures 1-4), where it remains open and
untested.
- Much of the gold at K2 is found in the “K2 Main” structure, a
low-angle gold-bearing fault zone starting at surface that dips 40°
to the south and shares a similar orientation to Keats West. K2
Main is made up of a complex network of associated structures
forming a mineralized damage zone that averages 65m in thickness
(Figure 3). Today’s highlight intervals in NFGC-23-1729 and
NFGC-23-1786 both occur within K2 Main.
- The mineralization style at K2 consists of a series of
stockwork and fault-fill style quartz veins with orientations that
parallel K2 Main and crosscut it forming a broad domain of gold
mineralized brittle faults. Many of these veins start at surface
and additional drilling is required to fully define this network
(Figure 3).
Melissa Render, VP of Exploration of New Found, stated: “As we
continue to expand and target specific areas within the K2 fault
network with the drill bit, the results have strengthened and we
have identified multiple domains of high-grade gold in addition to
broad intersections of gold mineralization. Located 2.2km north of
Keats on the west side of the Appleton Fault Zone, K2 and other
significant zones such as Keats West and Monte Carlo demonstrate
the strong prospectivity of this package of rocks. Characterized by
high-grade gold mineralization starting at surface with a shallow
dip, this zone is accessible to explore at depth with minimal
meters as it remains open and continues to deliver encouraging
results.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-10671
207.95
210.50
2.55
2.11
K2
NFGC-23-14341
27.55
29.55
2.00
1.07
K2
And2
111.60
117.35
5.75
1.60
NFGC-23-15791
95.05
97.90
2.85
1.23
K2
And4
164.65
166.85
2.20
1.01
K2
And1
222.70
225.40
2.70
1.33
And1
231.65
234.45
2.80
1.37
NFGC-23-16301
58.20
66.10
7.90
4.92
K2
Including
58.20
58.55
0.35
26.50
Including
58.90
59.70
0.80
22.10
And1
74.25
80.20
5.95
1.38
And1
129.75
153.20
23.45
1.82
And2
165.15
168.15
3.00
3.62
Including
167.60
168.15
0.55
18.20
NFGC-23-16311
12.00
14.55
2.55
3.08
K2
NFGC-23-16331
24.55
31.35
6.80
2.91
K2
Including
30.00
30.65
0.65
14.75
NFGC-23-16581
43.35
51.00
7.65
4.16
K2
Including
45.00
45.50
0.50
19.90
And1
71.60
74.05
2.45
2.90
NFGC-23-16672
137.00
140.70
3.70
1.40
K2
And2
162.90
173.60
10.70
1.65
NFGC-23-16691
65.85
68.75
2.90
1.90
K2
And1
75.30
93.15
17.85
2.08
Including
79.45
80.00
0.55
41.70
And1
104.20
106.35
2.15
1.94
And1
163.40
173.00
9.60
2.49
Including
168.80
169.40
0.60
11.35
NFGC-23-16944
46.10
48.15
2.05
4.71
K2
Including
46.10
46.75
0.65
14.71
And1
94.25
101.45
7.20
1.56
And1
107.05
109.75
2.70
1.47
And1
165.05
167.30
2.25
1.16
And1
170.00
172.25
2.25
2.77
And1
188.60
193.60
5.00
2.10
And1
203.45
210.10
6.65
1.09
NFGC-23-17041
25.55
28.15
2.60
2.98
K2
And1
110.25
112.55
2.30
4.51
Including
111.60
112.00
0.40
20.20
And1
134.35
137.00
2.65
1.64
NFGC-23-17092
19.40
27.75
8.35
3.01
K2
And2
34.60
44.45
9.85
6.18
Including
39.45
39.95
0.50
47.10
Including
40.55
41.40
0.85
24.58
And2
49.75
52.00
2.25
7.79
Including
49.75
50.15
0.40
39.00
NFGC-23-17211
32.60
43.15
10.55
1.23
K2
And1
49.50
56.90
7.40
1.54
And1
64.00
66.00
2.00
1.48
And1
92.30
97.80
5.50
1.32
NFGC-23-17291
26.75
36.35
9.60
3.39
K2
And1
55.20
62.20
7.00
27.49
Including
55.20
55.70
0.50
370.00
NFGC-23-17381
74.55
78.00
3.45
6.53
K2
Including
76.35
77.00
0.65
11.14
And1
87.00
90.00
3.00
19.19
Including
88.25
90.00
1.75
30.92
And1
95.80
107.00
11.20
1.89
And1
116.00
118.35
2.35
1.18
And1
127.85
131.15
3.30
1.17
NFGC-23-17592
25.40
32.95
7.55
1.30
K2
And1
45.30
49.55
4.25
1.00
And1
50.85
53.10
2.25
1.10
NFGC-23-17722
15.85
18.00
2.15
2.63
K2
And2
25.00
43.65
18.65
1.55
NFGC-23-17781
17.50
19.50
2.00
12.69
K2
Including
17.50
18.45
0.95
25.90
And1
26.50
41.40
14.90
2.92
Including
36.05
36.60
0.55
34.70
NFGC-23-17791
15.95
23.00
7.05
4.51
K2
Including
22.00
23.00
1.00
12.15
NFGC-23-17832
10.40
35.70
25.30
3.48
K2
Including
10.40
11.00
0.60
12.50
Including
12.90
13.20
0.30
42.30
And1
55.00
57.40
2.40
21.96
Including
56.00
56.40
0.40
130.50
NFGC-23-17861
29.45
41.70
12.25
8.69
K2
Including
29.45
30.15
0.70
18.54
Including
30.75
31.40
0.65
90.69
Including
32.25
33.25
1.00
13.40
And1
60.00
64.40
4.40
2.04
Including
64.00
64.40
0.40
11.64
NFGC-23-17921
44.15
49.20
5.05
2.85
K2
And4
208.00
211.00
3.00
1.86
NFGC-23-18091
8.00
10.10
2.10
1.62
K2
NFGC-23-18363
65.75
68.15
2.40
2.22
K2
NFGC-23-18442
158.35
166.55
8.20
2.14
K2
And2
174.10
176.65
2.55
1.30
NFGC-23-18612
33.25
44.85
11.60
1.23
K2
NFGC-23-19041
48.00
50.05
2.05
1.39
K2
And1
56.80
64.25
7.45
1.11
And3
72.35
90.80
18.45
3.14
Including
86.60
87.45
0.85
17.40
And1
100.20
106.50
6.30
1.63
And2
119.00
121.00
2.00
1.06
And2
145.30
162.05
16.75
1.00
NFGC-23-1940
No Significant Value
K2
NFGC-23-19932
29.45
32.15
2.70
19.41
K2
Including
30.20
30.60
0.40
120.71
Table 2: Summary of composite results
reported in this press release for K2.
Note that the host structures are interpreted to be moderately
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-22-1067
299
-56
287
658738
5429662
K2
NFGC-23-1434
345
-45
152
659045
5429997
K2
NFGC-23-1579
300
-45
299
659125
5429791
K2
NFGC-23-1630
345
-64
176
659018
5429881
K2
NFGC-23-1631
345
-45
100
658855
5429937
K2
NFGC-23-1633
345
-45
135
658880
5429889
K2
NFGC-23-1658
345
-45
129
658985
5429906
K2
NFGC-23-1667
299
-45.5
248
659148
5429834
K2
NFGC-23-1669
1
-45
218
659029
5429847
K2
NFGC-23-1694
0
-60
308
658993
5429823
K2
NFGC-23-1704
5
-50
161
659049
5429902
K2
NFGC-23-1709
110
-60
95
659049
5429903
K2
NFGC-23-1721
0
-45
119
659059
5429944
K2
NFGC-23-1729
0
-45
110
659064
5429990
K2
NFGC-23-1738
0
-45
149
659071
5429933
K2
NFGC-23-1759
0
-45
89
659080
5429987
K2
NFGC-23-1772
345
-45
68
659015
5430046
K2
NFGC-23-1778
345
-45
65
658995
5430046
K2
NFGC-23-1779
345
-45
59
658978
5430069
K2
NFGC-23-1783
20
-50
95
659052
5430044
K2
NFGC-23-1786
75
-45
131
659091
5430008
K2
NFGC-23-1792
10
-45.5
224
658985
5429906
K2
NFGC-23-1809
25
-55
50
659052
5430109
K2
NFGC-23-1836
207
-55
119
658999
5429765
K2
NFGC-23-1844
237
-61
401
658998
5429766
K2
NFGC-23-1861
65
-65
59
658975
5429719
K2
NFGC-23-1904
17
-58
206
658913
5429819
K2
NFGC-23-1940
55
-67
281
658859
5429589
K2
NFGC-23-1993
70
-53
203
658868
5429773
K2
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 7,000m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
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 4m 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 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.
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. Samples that reached the upper limit of antimony for
this method, were analyzed using atomic absorption spectrometry
(ALS method code Sb-AA08).
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 January 31, 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 $57.3 million as of January
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; 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”, “demonstrates”, “encouraging”,
“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 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/20240131433285/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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