New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results of its Chrysos PhotonAssayTM method test program in
addition to assay results from 14 diamond drill holes completed as
part of a program designed to test the Keats Main Zone located
along the highly prospective Appleton Fault Zone (“AFZ”).
New Found’s 100%-owned Queensway project comprises a 1,650km2 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 Drilling Highlights:
- The Company is pleased to report high-grade intervals of
85.7 g/t Au over 5.65m and 13.4 g/t Au over 9.05m in
NFGC-22-705 and 56.8 g/t Au over 2.15m in NFGC-22-672 from
drilling at the Keats Main Zone that was designed to expand
on mineralization hosted within the Keats-Baseline Fault Zone
(“KBFZ”) and to target specific high-grade gold vein
orientations and vein intersections not previously well-tested.
These holes were drilled at a low angle to the KBFZ to target the
less well-constrained vein orientations and to identify new veins
hosted within it (Figures 1, 2 and 3).
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-672
54.65
56.80
2.15
56.83
Keats Main
Including
55.10
55.55
0.45
270.00
NFGC-22-705
26.40
32.05
5.65
85.67
Keats Main
Including
28.90
30.50
1.60
298.93
And
51.50
60.55
9.05
13.42
Including
52.05
53.20
1.15
47.19
And Including
54.80
56.10
1.30
40.74
Table 1: Keats Drilling
Highlights
1Note that the host structures are
interpreted to be steeply dipping and true widths are generally
estimated to be 10% to 70% 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.
Chrysos PhotonAssayTM Highlights:
- Following detailed testwork and a quality control program, the
Company and its consultants have found the Chrysos
PhotonAssayTM (“photon assay”) method to be an
appropriate technique for determining gold content in Queensway
Project samples. Over the past several months, the Company tested
hundreds of samples in the low, mid, and high-grade range,
comparing the results of the photon assay method to traditional
fire assay, and found a very strong correspondence of the
results.
- Moving forward, the Company will use the photon assay method at
MSALABS’ (“MSA”) Val-d’Or facility as well as ALS Minerals’
(“ALS”) Vancouver laboratory for traditional fire assay and
screen fire determination, to ensure the most efficient turnaround
times on assays. The ongoing quality control (QC) program will
include analysis of some samples by both methods to monitor
accuracy.
- Mineralization reported today provided the photon assay test
program with the ultra-high-grade (+100 g/t) gold material that is
often found in the Keats Main Zone and provided an important
component of the QAQC test work program.
Melissa Render, VP Exploration for New Found stated: “Today’s
results are impressive and continue to outline high-grade gold
mineralization that can be found in multiple orientations at Keats.
We are also excited to debut the use of the Chrysos PhotonAssayTM
method following several months of testwork, clearing the way for
New Found to begin shipping a steady flow of material to MSALABS
for assaying. The photon assay method is efficient,
non-destructive, cost effective, and environmentally friendly.
These are important attributes that we strive to incorporate into
all aspects of exploration at New Found Gold and we are excited to
partner with Chrysos and MSALABS to apply this technology at
Queensway.”
“Prior to releasing photon assay results, New Found conducted a
thorough evaluation of the method by doing extensive testing
against fire assay determinations. Even though over 3 million
photon assays have been reported worldwide to date, it was
important to prove to management that the method does not bias gold
results with respect to fire assay for Queensway samples,” reports
Lynda Bloom, a sampling and assay expert that has assisted New
Found with its QC programs and who has evaluated photon assay data
for several other projects.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-551
42.55
45.50
2.95
1.88
Keats Main
Including
45.20
45.50
0.30
10.61
And
50.00
52.00
2.00
1.14
And
77.50
83.40
5.90
5.07
Including
77.50
78.05
0.55
12.52
Including
80.20
80.70
0.50
10.99
Including
81.80
82.40
0.60
16.86
And
129.10
131.45
2.35
2.29
Including
129.65
130.15
0.50
10.19
NFGC-22-562
54.20
59.85
5.65
2.05
Keats Main
And
74.50
76.50
2.00
8.35
Including
75.50
76.50
1.00
16.63
And
94.40
96.40
2.00
1.05
NFGC-22-589
25.10
27.40
2.30
1.87
Keats Main
NFGC-22-620
108.00
111.00
3.00
2.32
Keats Main
NFGC-22-624
40.60
43.00
2.40
1.02
Keats Main
And
76.00
78.00
2.00
2.14
And
93.00
95.20
2.20
1.13
NFGC-22-637
22.00
24.45
2.45
2.12
Keats Main
And
26.00
28.00
2.00
1.22
And
44.00
47.40
3.40
1.69
NFGC-22-648
70.60
72.90
2.30
1.53
Keats Main
NFGC-22-672
54.65
56.80
2.15
56.83
Keats Main
Including
55.10
55.55
0.45
270.00
And
88.65
91.55
2.90
4.87
Including
88.65
89.00
0.35
38.60
NFGC-22-680
104.00
109.30
5.30
1.55
Keats Main
And
124.05
127.50
3.45
2.37
And
150.10
153.00
2.90
1.47
NFGC-22-698
10.20
12.85
2.65
3.54
Keats Main
And
73.45
75.75
2.30
1.02
NFGC-22-705
26.40
32.05
5.65
85.67
Keats Main
Including
28.90
30.50
1.60
298.93
And
51.50
60.55
9.05
13.42
Including
52.05
53.20
1.15
47.19
Including
54.80
56.10
1.30
40.74
And
63.00
65.45
2.45
5.79
Including
65.00
65.45
0.45
25.17
And
68.00
80.00
12.00
1.51
And
83.80
90.00
6.20
2.17
And
126.80
131.00
4.20
1.48
And
163.30
165.40
2.10
1.10
NFGC-22-714
12.90
15.00
2.10
1.39
Keats Main
And
36.60
45.30
8.70
1.39
And
48.65
51.00
2.35
1.85
And
55.80
58.00
2.20
2.95
Including
55.80
56.30
0.50
10.35
And
73.90
76.00
2.10
1.21
And
176.15
178.60
2.45
3.49
Including
178.00
178.30
0.30
13.60
NFGC-22-722
29.90
32.25
2.35
1.01
Keats Main
NFGC-22-785
8.55
13.00
4.45
1.35
Keats Main
And
52.75
56.05
3.30
1.37
And
62.80
64.90
2.10
1.01
Table 2: Summary of composite
results reported in this press release for Keats
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 10% to 70% 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.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
NFGC-22-551
300
-45
284
658274
5427561
NFGC-22-562
299
-45.5
141
658264
5427567
NFGC-22-589
300
-45
129
658247
5427562
NFGC-22-620
300
-45
123
658289
5427581
NFGC-22-624
300
-45
111
658278
5427588
NFGC-22-637
300
-45
93
658267
5427595
NFGC-22-648
300
-45
141
658284
5427598
NFGC-22-672
133
-70
213
658052
5427473
NFGC-22-680
127
-60
231
658052
5427474
NFGC-22-698
134
-67
231
658063
5427496
NFGC-22-705
131
-68
219
658028
5427429
NFGC-22-722
24
-69
99
658052
5427474
NFGC-22-714
138
-77
216
658028
5427429
NFGC-22-785
300
-45
273
657918
5427265
Table 3: Details of drill
holes reported in this press release
Discussion
- The Chrysos PhotonAssayTM method has been in development for
nearly 15 years and was originally developed at Australia’s
national science agency, CSIRO.
- The Chrysos PhotonAssayTM method uses high-energy X-rays to
excite atomic nuclei which emanate a unique signature that can be
measured allowing the rapid analysis of gold in approximately two
minutes. Further information regarding the photon assay method can
be found on the following website:
https://chrysoscorp.com/photonassay/.
- Chrysos PhotonAssayTM machines have been commissioned by some
of the largest commercial assay laboratories including Intertek's
laboratory facility in Perth, Australia. The method has been used
by a broad spectrum of gold mining and exploration companies for
over five years, primarily in Australia, for mine control to
disclosure of resource estimates. Kirkland Lake Gold (now Agnico
Eagle) has a unit installed at its Fosterville Mine in Victoria,
Australia, and Barrick Gold with MSALABS’ operates a unit at its
Bulyanhulu mine in Tanzania.
- The benefits of utilizing the Chrysos PhotonAssayTM method
include a more cost-effective analysis of larger samples that are
nearly 15 times the size of a standard 30-g fire assay and better
turnaround times. It is non-destructive which allows the same
material to be re-assayed by other methods for gold or other
testwork. It is an environmentally friendly alternative to
traditional fire assay methods that utilize lead in the
process.
- The test program included a total of 651 approximately 450-g
samples that were initially analysed using the Chrysos
PhotonAssayTM method at MSALABS in Val-d’Or and then subsequently
shipped to ALS Minerals in Vancouver for follow-on screen metallic
fire assay or standard fire assay method for comparison. The
results from the test program demonstrate that the two methods
agree well, and the Company and its consultants concluded that the
photon assay method is appropriate for Queensway samples.
Queensway 400,000m Drill Program Update
Approximately 76% of the planned 400,000m program at Queensway
has been drilled to date with approximately 65,635m of the core
still pending assay results.
Sampling, Sub-sampling, and Laboratory
True widths of the intercepts reported in this press release
have yet to be determined but are estimated to be 10% to 70% 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 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, sealed and marked with the contents.
NFG submits samples for gold determination by fire assay to ALS
Canada Ltd. and by photon assay to MSALABS 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 November 16, 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 76% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $55 million as of November 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; results
of the Company’s Chrysos PhotonAssayTM method test program; the
merits and benefits of the photon assay method and the Company’s
plans to use the method in the future; 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/20221116005410/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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