New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 30 diamond drill holes that were completed as part
of a program designed to test the down-plunge extents of the Keats
Main Zone located along the highly prospective Appleton Fault Zone
(“AFZ”). New Found’s 100%-owned Queensway project comprises
a 1500km2 area, accessible via the Trans-Canada Highway, 15km west
of Gander, Newfoundland and Labrador.
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the full release here:
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Figure 1. Keats plan view map (Graphic:
Business Wire)
Keats Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-22-527B
433.00
435.10
2.10
12.87
Including
433.00
434.00
1.00
26.80
NFGC-22-550
444.45
446.70
2.25
45.05
Including
444.45
445.00
0.55
181.50
NFGC-22-608
255.95
258.00
2.05
28.33
NFGC-22-616
265.20
267.25
2.05
68.19
Including
265.60
266.50
0.90
153.50
Table 1: Keats Drilling Highlights
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 60% to 95% 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 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 overall Keats area now spans a strike length of
approximately 1.6km and is comprised of several high-grade
gold discoveries including those made at Keats Main, Keats North,
and most recently, Keats West (reported on September 27,
2022).
- Exploration along the southern extents of Keats Main,
which is defined by gold mineralization hosted within the extensive
damage zone associated with the Keats-Baseline Fault Zone
(“KBFZ”), has extended the strike length of Keats Main Zone
to 1km with high-grade intervals of 12.87 g/t Au over
2.10m in NFGC-22-527B and 45.05 g/t Au over 2.25m in
NFGC-22-550 (Figures 1, 2, 3 and 5).
- Ongoing drill testing working to extend the Keats Main Zone
along strike and at depth has also intersected broad domains of
low-grade gold mineralization at vertical depths of up to
400m as demonstrated by the interval of 2.79 g/t Au over
12.35m in NFGC-22-600. These regions are characterized by
extensive silicification, brecciation, and sulphide mineralization
(Figures 3 and 5).
- Continued exploration drilling in the central portions of the
Keats Main Zone targeting the Equinox Vein, a key component of the
high-grade gold domain that plunges to the southwest within a
segment of the KBFZ has intersected gold-rich portions of the vein,
highlights of which include 28.33 g/t Au over 2.05m in
NFGC-22-608 and 68.19 g/t Au over 2.05m in NFGC-22-616
(Figures 1, 2, 3 and 4). The Equinox Vein to date has been
traced over a strike length of 720m and 120m
down-dip.
Melissa Render, VP Exploration for New Found stated: “The
Keats-Baseline Fault Zone is comprised of an extensive brittle
damage zone adjacent to the Appleton Fault Zone that hosts a
network of high-grade gold veins. Today’s results demonstrate that
this gold-bearing fault persists over a strike length of at least
1km and likely to depths beyond our current drill footprint. The
AFZ is the primary gold-bearing fluid conduit, and the KBFZ is the
structural trap where gold has precipitated. Drilling aimed at
expanding the Keats Main Zone to the south, which is hosted within
the KBFZ, has identified mineralization akin to the characteristic
epizonal mineralization styles found elsewhere within the KBFZ and
with high gold grades to match. Orogenic gold systems are known to
have deep roots, occur in areas of structural complexity, and
demonstrate structural repetition. This is fundamental to the
design of our exploration drill program targeting the deeper
extents of the KBFZ but also where it interacts with the AFZ.
Today’s results give us great encouragement in this region of the
KBFZ and we are eager to continue to explore and expand on this
discovery.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-21-388
26.65
28.90
2.25
1.42
Keats Main
And
59.20
61.70
2.50
1.75
And
76.00
78.00
2.00
1.06
And
86.00
88.25
2.25
1.37
And2
123.00
128.65
5.65
8.98
Including2
126.95
128.30
1.35
31.45
And2
135.75
139.10
3.35
4.15
And2
138.60
139.10
0.50
21.50
And
150.10
153.35
3.25
1.72
And
155.70
161.85
6.15
1.61
NFGC-21-4542
209.55
213.25
3.70
2.74
Keats Main
And
276.00
280.05
4.05
1.35
NFGC-21-4662
169.70
172.05
2.35
10.89
Keats Main
Including2
169.70
170.25
0.55
44.90
And
239.00
241.00
2.00
2.83
And
262.00
264.45
2.45
4.72
Including
262.00
262.85
0.85
12.75
And
314.95
317.40
2.45
5.03
Including
315.90
316.80
0.90
12.40
NFGC-22-4862
35.90
38.00
2.10
11.15
Keats HW
Including2
36.60
37.30
0.70
32.00
And
304.25
306.35
2.10
2.19
Keats Main
Including
305.45
305.80
0.35
10.45
And2
371.40
373.60
2.20
10.53
Including2
371.75
372.45
0.70
31.30
NFGC-22-527B
433.00
435.10
2.10
12.87
Keats Main
Including
433.00
434.00
1.00
26.80
And2
487.25
489.75
2.50
3.24
Keats Main
Including2
487.90
488.50
0.60
11.85
NFGC-22-530
95.00
97.30
2.30
1.16
Keats S
And
NSV
Keats Main
NFGC-22-550
444.45
446.70
2.25
45.05
Keats Main
Including
444.45
445.00
0.55
181.50
NFGC-22-560
NSV
Keats Main
NFGC-22-563
48.00
50.00
2.00
3.26
Keats S
Including
48.80
49.35
0.55
10.40
And
95.00
97.55
2.55
1.46
And
118.35
120.50
2.15
1.14
And
425.00
427.00
2.00
1.08
Keats Main
NFGC-22-564
430.00
432.00
2.00
1.74
Keats S
NFGC-22-569
140.00
142.70
2.70
3.70
Keats S
And
147.00
152.00
5.00
1.78
Keats S
NFGC-22-576
NSV
Keats S
NFGC-22-581
437.75
440.85
3.10
6.80
Keats Main
Including
438.55
439.00
0.45
27.20
And including
440.35
440.85
0.50
12.10
And
449.50
452.00
2.50
1.21
And
456.00
458.00
2.00
6.51
Including
457.00
457.55
0.55
25.80
And
484.00
486.70
2.70
1.05
NFGC-22-583
280.00
282.55
2.55
1.78
Keats Main
NFGC-22-587
NSV
Keats S
NFGC-22-591
61.55
63.90
2.35
1.30
Keats S
And
207.00
209.65
2.65
6.21
Including
207.80
208.55
0.75
19.55
NFGC-22-592
205.15
207.55
2.40
1.93
Keats Main
And
276.30
278.65
2.35
1.38
And
292.00
300.45
8.45
3.56
Including
299.95
300.45
0.50
15.10
NFGC-22-599
54.75
59.00
4.25
1.30
Keats S
NFGC-22-600
430.25
432.25
2.00
1.05
Keats Main
And
437.00
439.70
2.70
2.83
Including
438.40
439.00
0.60
10.15
And
507.00
519.35
12.35
2.79
NFGC-22-608
255.95
258.00
2.05
28.33
Keats Main
NFGC-22-611
NSV
Keats S
NFGC-22-616
197.20
205.70
8.50
1.11
Keats Main
And
222.00
224.00
2.00
1.17
And
226.00
228.60
2.60
1.07
And
265.20
267.25
2.05
68.19
Including
265.60
266.50
0.90
153.50
NFGC-22-619
NSV
Keats S
NFGC-22-623B
166.00
168.00
2.00
2.73
Keats S
And
170.00
172.25
2.25
1.97
NFGC-22-631
57.65
60.30
2.65
1.29
Keats HW
And
183.45
188.90
5.45
3.35
Keats Main
And
203.85
206.20
2.35
3.04
And
210.85
213.00
2.15
3.96
Including
210.85
211.45
0.60
14.10
And
267.75
270.00
2.25
1.10
And
285.00
287.20
2.20
2.71
NFGC-22-649
468.45
470.45
2.00
1.86
Keats Main
And
481.00
484.85
3.85
5.49
NFGC-22-655
316.00
318.00
2.00
5.85
Keats Main
Including
316.55
317.45
0.90
14.35
NFGC-22-669
505.65
507.65
2.00
3.75
Keats Main
Including
506.55
506.90
0.35
20.70
NFGC-22-691
NSV
Keats Main
NFGC-22-721
NSV
Keats Main
Table 2: Summary of composite results
reported in this press release for Keats West
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 60% to 95% 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 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.
2Previously reported interval.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
NFGC-21-388
120
-71
242
657988
5427370
NFGC-21-466
300
-45
338
657942.7
5427161
NFGC-21-454
299
-45.5
401
657988.9
5427163
NFGC-22-486
30
-65
419
657814.7
5427088
NFGC-22-530
18
-59
608
657767
5426977
NFGC-22-527B
294
-47.5
731.4
657945.3
5426843
NFGC-22-550
297
-46
556.7
657887.1
5426789
NFGC-22-560
315
-45
410
657510.4
5426949
NFGC-22-583
65
-80
329
657911.6
5427236
NFGC-22-581
297
-46
587
657896.1
5426754
NFGC-22-576
122
-63
251.15
657511.6
5426948
NFGC-22-569
110
-45
257.4
657512.3
5426948
NFGC-22-564
297
-46
506
657865.3
5426801
NFGC-22-563
10
-52
548
657767.4
5426977
NFGC-22-587
120
-45
215
657513.1
5426946
NFGC-22-592
35
-83
339.4
657911.4
5427236
NFGC-22-591
120
-45
218
657487.6
5426991
NFGC-22-600
299.5
-52
626
657887.7
5426789
NFGC-22-599
120
-45
281
657439.6
5426960
NFGC-22-608
87
-79
303.85
657921.1
5427260
NFGC-22-611
90
-45
197
657510
5426951
NFGC-22-616
60
-81
299
657920.9
5427260
NFGC-22-619
78
-45
206
657509.8
5426952
NFGC-22-623B
105
-47
272.3
657487.6
5426991
NFGC-22-631
38
-84
322.75
657920.2
5427260
NFGC-22-649
297
-46
596
657880.4
5426678
NFGC-22-655
333
-83
392
657914.5
5427235
NFGC-22-669
297
-46
611.8
657900.7
5426724
NFGC-22-691
297
-46
707
657898.7
5426609
NFGC-22-721
300
-45
593
657856.1
5426633
Table 3: Details of drill holes reported in
this press release
Queensway 400,000m Drill Program Update
Approximately 71% of the planned 400,000m program at Queensway
has been drilled to date with approximately 54,344m of the core
still pending assay results.
Sampling, Sub-sampling, Laboratory and Discussion
True widths of the intercepts reported in this press release
have yet to be determined but are estimated to be 60% to 95% of
reported core lengths. 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 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.
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 professional 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. Once all sample intervals
have been chosen, photos of the wet and dry core are taken for
future reference.
Technicians saw the core along the defined cut-line. One-half of
the core is kept as a witness sample and the other half is
submitted for crushing, pulverizing, and assaying. Individual
sample bags are sealed and placed into shipping pails and/or nylon
shipping bags, sealed and marked with the contents.
Drill core samples are shipped to ALS Canada Ltd. (ALS) for
sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or
Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS
operates under a commercial contract with New Found.
The entire sample is crushed to approximately 70% passing 2 mm.
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.
All sample pulps are also analyzed for a multi-element ICP
package (ALS method code ICP61).
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 October 18, 2022, 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 400,000m drill program at
Queensway, now approximately 71% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $62 million as of October 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
exploration, drilling and mineralization on the Company’s Queensway
gold project in Newfoundland and Labrador; results of the drilling
program, the interpretation of drilling results, mineralization and
the discovery of zones of high-grade gold mineralization; plans for
future exploration and drilling and the timing of same; assay
results; 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,” “often,”
“target,” “future,” “likely,” “appears,” “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 the interpretation of
drilling and assay results, possible accidents and other risks
associated with mineral exploration operations, the risk that the
Company will encounter unanticipated geological factors, 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/20221018005598/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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