New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 25 diamond drill holes that were completed as part
of a drill program designed to expand on both the newly discovered
Keats West zone, a low-angle thrust fault that dips gently to the
south-southwest and located on the west side of the highly
prospective Appleton Fault Zone (“AFZ”) and from Keats North. 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 from
NFGC-22-911: Left: at ~60.4m Right: at ~62m. ^Note that these
photos are not intended to be representative of gold mineralization
in NFGC-22-911. (Photo: Business Wire)
Keats West and Keats North Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-852
161.95
164.45
2.50
16.00
Keats N
Including
162.90
163.45
0.55
69.10
And
171.50
173.65
2.15
10.76
Including
172.50
173.05
0.55
40.50
NFGC-22-880
173.75
175.85
2.10
14.43
Keats N
Including
174.50
174.95
0.45
64.00
NFGC-22-901
181.65
184.30
2.65
18.17
Keats N
Including
182.80
183.20
0.40
98.70
NFGC-22-946
94.85
97.00
2.15
13.12
Keats FW
Including
95.40
96.40
1.00
27.80
NFGC-22-911
56.00
87.55
31.55
4.27
Keats W
Including
60.70
62.10
1.40
14.66
Including
86.00
87.55
1.55
31.06
NFGC-22-935
105.90
123.50
17.60
2.07
Keats W
Including
114.45
114.85
0.40
10.60
NFGC-22-996
39.40
64.00
24.60
1.28
Keats W
NFGC-22-1049A
66.40
77.35
10.95
1.40
Keats W
And
95.00
107.20
12.20
1.10
NFGC-23-1108
94.00
98.65
4.65
8.42
Keats W
Including
95.00
96.45
1.45
12.47
Including
98.00
98.65
0.65
12.60
Table 1: Keats West and Keats North Drilling
Highlights
1Note at Keats West, host structures are interpreted to be
shallowly dipping and true widths are generally estimated to be 60%
to 95% of reported intervals. At Keats North, true widths are
unknown at this time. At Keats FW host structures are interpreted
to be steeply dipping and true widths are generally estimated to be
40% to 55% 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. 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.
- Step-out drilling has increased the strike length at Keats West
to 250m. The mineralized footprint of Keats West now spans 250m
wide x 305m down dip, averaging approximately 30m
thick.
- Infill drilling at Keats West continues to demonstrate
excellent continuity of the gold mineralization over broad
thicknesses with highlight intervals of 4.27 g/t Au over
31.55m in NFGC-22-911, 8.42 g/t Au over 4.65m in
NFGC-23-1108 and 2.07 g/t Au over 17.60m in NFGC-22-935
(Figures 1 – 3).
- At Keats North, drilling continues to intercept high-grade gold
mineralization throughout this extensive network of veins and
structure with highlight results of 16.0 g/t Au over 2.50m
and 10.8 g/t Au over 2.15m in NFGC-22-852, 18.2 g/t Au
over 2.65m in NFGC-22-901 and 14.4 g/t Au over 2.10m in
NFGC-22-880. As shown in Figure 3, Keats North is located between
Keats West and Iceberg adjacent to the AFZ; this domain is
considered prime territory for making additional high-grade gold
discoveries.
Melissa Render, VP of Exploration for New Found, stated: “Keats
West ranks high amongst the many discoveries made to date at
Queensway. It is also a very unique zone and for many reasons:
- Keats West represents the first major discovery made on the
west side of the AFZ.
- It is the only structure discovered to date with a flat-lying
orientation.
- The consistency of mineralization contained within the host
structure is comparable to that of Keats and Iceberg, and in many
cases is more uniformly and broadly distributed.
- The low-angle orientation has allowed drilling to remain
shallow, still largely focused within the top 100m.
“Yet, despite its uniqueness, Keats West has also delivered two
intercepts that reside on our list of top intervals ever drilled on
the property including 42.6 g/t Au over 32.00m in NFGC-22-960
(released November 28, 2022) and 18.6 g/t Au over 16.00m in
NFGC-22-773 (released on November 23, 2022). This reinforces that
high-grade gold at Queensway can be found in a variety of
structures and geological environments leading to no shortage of
gold targets.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-806
47.00
49.00
2.00
3.67
Keats N
NFGC-22-813
10.30
13.00
2.70
1.97
Keats N
And2
22.00
36.10
14.10
2.13
Including2
22.55
23.60
1.05
15.67
And
47.50
49.70
2.20
1.01
NFGC-22-839
168.80
171.20
2.40
1.02
Keats N
And
257.00
259.40
2.40
1.65
NFGC-22-852
96.70
98.90
2.20
1.49
Keats N
And
161.95
164.45
2.50
16.00
Including
162.90
163.45
0.55
69.10
And
171.50
173.65
2.15
10.76
Including
172.50
173.05
0.55
40.50
And
245.00
247.00
2.00
1.51
NFGC-22-860
191.80
194.00
2.20
1.09
Keats FW
And
216.00
218.00
2.00
7.94
Including
216.60
217.30
0.70
22.20
And
363.30
367.15
3.85
3.23
NFGC-22-864
139.50
141.65
2.15
1.21
Keats N
NFGC-22-880
113.65
116.15
2.50
1.01
Keats N
And
173.75
175.85
2.10
14.43
Including
174.50
174.95
0.45
64.00
NFGC-22-901
52.70
54.85
2.15
1.16
Keats N
And
62.00
64.25
2.25
1.07
And
181.65
184.30
2.65
18.17
Including
182.80
183.20
0.40
98.70
NFGC-22-907
90.00
92.15
2.15
1.97
Keats FW
And
99.00
101.00
2.00
1.19
And
139.60
142.00
2.40
1.17
And
247.15
249.90
2.75
1.67
NFGC-22-909
No Significant Values
Keats N
NFGC-22-911
16.80
24.20
7.40
1.33
Keats W
And
29.00
32.05
3.05
1.41
And
56.00
87.55
31.55
4.27
Including
60.70
62.10
1.40
14.66
Including
86.00
87.55
1.55
31.06
NFGC-22-921
No Significant Values
Keats N
NFGC-22-926
No Significant Values
Keats W
NFGC-22-935
11.00
13.00
2.00
1.14
Keats W
And
39.60
46.00
6.40
1.36
And
63.00
65.00
2.00
1.30
And
70.60
78.00
7.40
2.11
And
86.00
90.00
4.00
2.68
And
105.90
123.50
17.60
2.07
Including
114.45
114.85
0.40
10.60
NFGC-22-936
253.85
255.85
2.00
1.59
Keats N
And
315.00
317.00
2.00
1.85
NFGC-22-946
94.85
97.00
2.15
13.12
Keats FW
Including
95.40
96.40
1.00
27.80
NFGC-22-961
75.90
78.15
2.25
1.57
Keats N
NFGC-22-967
No Significant Values
Keats FW
NFGC-22-978A
24.85
32.35
7.50
2.32
Keats W
And
37.10
44.75
7.65
2.33
And
51.40
54.40
3.00
3.97
And
102.55
105.20
2.65
3.36
And
126.00
136.70
10.70
1.34
And
145.10
148.65
3.55
1.05
NFGC-22-996
23.40
25.75
2.35
2.54
Keats W
And
39.40
64.00
24.60
1.28
NFGC-22-1023
No Significant Values
Keats N
NFGC-22-1036
No Significant Values
Keats N
NFGC-22-1048
No Significant Values
Keats N
NFGC-22-1049A
66.40
77.35
10.95
1.40
Keats W
And
95.00
107.20
12.20
1.10
And
123.00
129.05
6.05
1.40
NFGC-23-1108
56.00
62.30
6.30
2.39
Keats W
And
82.40
84.70
2.30
1.28
And
94.00
98.65
4.65
8.42
Including
95.00
96.45
1.45
12.47
Including
98.00
98.65
0.65
12.60
Table 2: Summary of composite results
reported in this press release for Keats West and Keats
North
1Note at Keats West, host structures are interpreted to be
shallowly dipping and true widths are generally estimated to be 60%
to 95% of reported intervals. At Keats North, true widths are
unknown at this time. At Keats FW host structures are interpreted
to be steeply dipping and true widths are generally estimated to be
40% to 55% 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. 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.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-806
300
-62
188
658233
5427802
Keats N
NFGC-22-813
300
-62
158
658243
5427825
Keats N
NFGC-22-839
299
-45
332
658320
5427837
Keats N
NFGC-22-852
300
-45
281
658256
5427875
Keats N
NFGC-22-860
119
-45
414
657811
5427655
Keats W
NFGC-22-864
300
-45
503
658314
5427869
Keats N
NFGC-22-880
300
-45
416
658278
5427862
Keats N
NFGC-22-901
300
-45
227
658278
5427920
Keats
NFGC-22-907
145
-49
318
657887
5427611
Keats W
NFGC-22-909
300
-45
356
658297
5427909
Keats N
NFGC-22-911
120
-45
352
657991
5428056
Keats W
NFGC-22-921
300
-45
335
658321
5427895
Keats N
NFGC-22-926
300
-45
191
657989
5428057
Keats W
NFGC-22-935
120
-45
302
657962
5428016
Keats W
NFGC-22-936
300
-45
428
658388
5428058
Keats
NFGC-22-946
300
-45
176
658165
5427523
Keats
NFGC-22-961
300
-45
302
658370
5428068
Keats
NFGC-22-967
300
-45
329
658109
5427526
Keats
NFGC-22-978A
118
-50
204
657980
5427948
Keats W
NFGC-22-996
35
-45
93
658124
5427976
Keats W
NFGC-22-1023
300
-45
167
658451
5427964
Keats N
NFGC-22-1036
300
-45
257
658461
5427929
Keats N
NFGC-22-1048
300
-45
275
658430
5427919
Keats N
NFGC-22-1049A
114
-45
315
657909
5427989
Keats W
NFGC-23-1108
55
-47
233
657906
5427818
Keats W
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 60,600m 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 submits 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.
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 April 18, 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 $64 million as of April
2023.
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”, “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.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/20230418005567/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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