New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
two new high-grade gold near surface discoveries hosted by two
separate structures within ~65m of the north end of the Keats Zone.
Both holes were drilled as part of a planned systematic program to
drill test along the Appleton Fault Zone (“AFZ”). New
Found's 100% owned Queensway project comprises an approximately
1500km2 area, accessible via the Trans-Canada Highway approximately
15km west of Gander, Newfoundland.
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Figure 1: Photo of mineralization from
NFGC-22-538 at approximately 33.5m down hole depth. Note that these
photos are not intended to be representative of gold mineralization
in hole NFGC-22-538 (Photo: Business Wire)
Keats North Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-22-533
98.25
105.00
6.75
8.70
Including
100.65
101.50
0.85
53.3
And
127.40
129.55
2.15
1.60
NFGC-22-538
32.45
34.60
2.15
275
Including
33.10
33.90
0.80
738
Table 1: Keats 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.
- The systematic drill program launched in early 2022 to test the
~700m gap between the Keats and Golden Joint zones has now
discovered three new and separate structures hosting high-grade
gold mineralization: the two new discoveries reported in this
release and the 515 Zone discovery of 43.9 g/t Au over
3.85m reported on April 13, 2022 (Figures 2 and 3).
- Drillhole NFGC-21-538, which intercepted 275 g/t Au over
2.15 at a vertical depth of 22m is located 65m north of
the Keats Zone and is hosted within a newly discovered structure
adjacent to the AFZ (Figures 2, 3 and 4).
- The intercept of 8.70 g/t Au over 6.75m in NFGC-22-533
located at a vertical depth of 65m is an important discovery
as it is hosted by a sequence of black shales that occur on the
west side of the AFZ. To date, the majority of mineralization found
along this 2.7km segment of the AFZ from Keats to Lotto has been
hosted by the sedimentary stratigraphy on the east side of the AFZ.
This discovery opens a new prospective domain that is largely
unexplored. This high-grade gold interval is associated with a
broad domain of deformation interpreted in part to be the AFZ and
likely another intervening fault zone.
- The high-grade gold mineralization at the three new discoveries
is similar to the epizonal character of the Keats, Golden Joint and
Lotto zones that occur along this segment of the AFZ (Figure
1).
- Three drills are actively following up on these new
discoveries, within the Keats – Golden Joint gap.
Melissa Render, VP Exploration for New Found, stated: “Momentum
is building. We have made three new high-grade discoveries over the
past two months, all occurring in newly identified structures and
located in different stratigraphic positions north of Keats. We are
very encouraged by these results and excited to expand on these new
high-grade gold discoveries and determine how they fit into the
overall structural network of gold bearing faults that is emerging
adjacent to the AFZ. The frequency of these new high-grade
discoveries is a testament to the strength and scale of the gold
system at Queensway. Our growing understanding of this segment of
the AFZ is guiding our interpretation and exploration efforts along
the 9.5km of strike length at Queensway North and an additional
+80km of unexplored strike length at Queensway South which will see
an initial drill program commence in the coming months with a focus
on the AFZ southern extension.”
Discussion
Mineralization at the Queensway Project is hosted by a
fold-thrust sequence of northeast-striking, steeply dipping
turbiditic sedimentary rocks deposited and deformed during the
closure of the Iapetus Ocean and subsequent continent-continent
collision. During this prolonged period of continued shortening, at
least two regional-deformation zones developed and include the
Appleton and JBP fault zones. The AFZ is interpreted to be a
significant, deep-seated thrust fault, that strikes southwest
across the full 100km+ length of the property and is likely the
main conduit for the gold mineralizing fluids, much like the
Cadillac-Larder Lake Fault Zone in the Abitibi.
As a result of progressive deformation, the brittle host
stratigraphy developed an extensive network of gold-bearing fault
zones enveloping the AFZ, the extents of which are not yet known.
This structural relationship demonstrates the currently defined
vein and associated fault orientations based on structural
interpretation and drilling to date along the 1km corridor from
Golden Joint to Lotto. Higher-grades and widths of gold
mineralization occur in areas where there was greater mineralizing
fluid flow such as at structural intersections, at dilational
openings within fault structures, and along lithological contacts
where breakage occurs due to rheological differences in the
compressional strength of contrasting sedimentary rock units.
The Company’s current interpretation is that the high-grade gold
mineralization being drilled at Queensway was deposited by gold
mineralizing fluids penetrating this highly fractured and deformed
meta-sedimentary sequence forming an extensive mineralized corridor
surrounding the deep crustal-scale fault network that forms the
Appleton Fault Zone. A significant amount of the high-grade gold
mineralization is interpreted to be epizonal in nature, having been
emplaced when tectonic movements resulted in the explosive tapping
of deep gold-rich magmatic fluids that rapidly precipitated gold as
they migrated towards surface.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-22-533
98.25
105.00
6.75
8.70
Including
100.65
101.50
0.85
53.3
And
127.40
129.55
2.15
1.60
NFGC-22-538
32.45
34.60
2.15
275
Including
33.10
33.90
0.80
738
Table 2: Summary of composite results
reported in this release for Keats North
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-22-538
300
-45
386
658193
5427710
NFGC-22-533
120
-45
320
657951
5427748
Table 3: Details of drill holes reported in
this release
Queensway 400,000m Drill Program Update
Approximately 43% of the planned 400,000m program at Queensway
has been drilled to date with ~20,000m of the core with pending
assay results. Eleven core rigs are currently operating and New
Found is targeting an increase in the drill count to 14 rigs.
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. All HQ split core assays reported were obtained
by either complete or 3.0kg sample metallic screen/fire assay or
standard 30-gram fire-assaying with ICP finish at ALS Minerals in
Vancouver, British Columbia, ALS is under a commercial contract
with New Found. The metallic screen assay method is selected by the
geologist when samples contain coarse gold or any samples
displaying gold initial fire assay values greater than 1.0 g/t Au.
Drill program design, Quality Assurance/Quality Control and
interpretation of results is performed by qualified persons
employing a Quality Assurance/Quality Control program consistent
with industry best practices. Standards and blanks are included
with every 20 samples for Quality Assurance/Quality Control
purposes by the Company as well as the lab. Approximately 3% of
sample pulps are sent to secondary laboratories 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.
Qualified Person
The technical content 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
news release dated May 4, 2022, by New Found. Mr. Matheson
certifies that this news release fairly and accurately represents
the information for which he is responsible.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander, Newfoundland, 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 43% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $100 million as of May 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
assay results, exploration and drilling on the Company’s Queensway
gold project in Newfoundland, interpretation of the assay results
and the results of the drilling program, the discovery of zones of
high-grade gold mineralization, follow-up step-out drilling 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," "intends," "estimates," "projects,"
"aims," “suggests,” "potential," "goal," "objective,"
"prospective," “possibly,” 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/20220504005384/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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