New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 51 diamond drill holes that were completed as part
of an ongoing systematic and targeted drill program exploring the
highly prospective segment of the Appleton Fault Zone
(“AFZ”) from the south end of the Keats Main Zone to the
Knob Zone. New Found’s 100% owned Queensway project comprises an
approximately 1,650km2 area, accessible via the Trans-Canada
Highway approximately 15km west of Gander, Newfoundland and
Labrador.
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Figure 1: Photos of mineralization from:
Top L: at ~427.5m in NFGC-22-863, Top R: at ~88.2m in NFGC-22-704,
Bottom L: at ~23m in NFGC-22-733, Bottom R: at ~380.25 in
NFGC-22-774. ^Note that these photos are not intended to be
representative of gold mineralization in holes NFGC-22-704,
NFGC-22-733, NFGC-22-774 and NFGC-22-863.
Keats Main South, TCH and Rocket Highlights:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-733
22.30
24.60
2.30
10.45
421
Including
22.80
23.30
0.50
46.80
NFGC-22-774
364.00
366.45
2.45
25.31
Keats Main S
Including
365.00
366.00
1.00
60.50
And
379.80
382.00
2.20
72.66
Including
379.80
380.35
0.55
290.00
NFGC-22-845
115.00
129.90
14.90
4.59
Keats Main S/
421
Including
120.00
121.00
1.00
26.17
Including
129.00
129.90
0.90
11.50
NFGC-22-642
303.45
305.90
2.45
10.45
TCH
Including
303.80
304.35
0.55
14.46
Including
305.40
305.90
0.50
32.43
NFGC-22-703
183.00
193.70
10.70
1.02
TCH
NFGC-22-863
427.10
429.10
2.00
79.62
TCH
Including
427.10
427.80
0.70
226.46
NFGC-22-704
86.60
91.05
4.45
12.63
Knob
(Rocket Vein)
Including
88.00
88.45
0.45
118.50
Table 1: Keats Main South, TCH and Rocket
Drilling Highlights
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 60% to 90% of
the reported interval. 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.
- Systematic and targeted drilling along the highly prospective
AFZ corridor has continued to delineate high-grade gold
mineralization now extending 1.5km south of Keats, including the
discovery of the new TCH Zone, and new veins and structures around
existing zones. Importantly, the high-grade corridor of gold
along the AFZ has now been tracked over 4.1km from Lotto North/Zone
36 down to Knob, with much of this area remaining underexplored
(Figure 1).
- At the southern extension of the Keats Main Zone
(Keats Main South) the Company continues to intersect
high-grade gold mineralization following up on its October 18,
2022. release. Highlight intercepts include 25.31 g/t Au over
2.45m and 72.7 g/t Au over 2.20m in NFGC-22-774 and
4.59 g/t Au over 14.90m in NFGC-22-845. The high-grade gold
associated with the Keats-Baseline Fault Zone, the structure that
hosts the Keats Main Zone, has now been traced over a strike length
of 1.1km and down to a vertical depth of 400m
(Figures 1- 4).
- Systematic reconnaissance grid drilling south of the
Trans-Canada highway along the eastern side of the AFZ identified a
new gold-bearing zone called “TCH (Trans Canada Highway)”
with intercepts of 79.6 g/t Au over 2.00m in NFGC-22-863,
10.5 g/t Au over 2.45m in NFGC-22-642 and 1.02 g/t Au
over 10.70m in NFGC-22-703. This structure is located in the
footwall to the AFZ and has been intersected over a strike length
of 190m and down to a vertical depth of 300m (Figures
1-4).
- At Knob, a new vein called “Rocket” has been
discovered 100m to the east, with a highlight interval of 12.63
g/t Au over 4.45m in NFGC-22-704 intersected at a vertical
depth of 65m. The Knob zone is a historical discovery with
mineralization hosted within an east-west striking structure
largely constrained to greywacke which has been traced over a
strike length of 160m and has seen minimal modern-day
drilling (Figures 1, 2 and 4).
- Additional drilling into the 421 Zone, a moderately
southwest-dipping structure that runs at an oblique angle to the
Keats Main Zone has intersected the highlight interval of 10.5
g/t Au over 2.30m in NFGC-22-733. This structure likely plays a
role in concentrating high-grade gold where it interacts with the
Keats-Baseline Fault (Figures 1 and 4).
Melissa Render, VP Exploration for New Found stated: “From the
Rocket Vein at Knob to Lotto North measures an impressive 4.1km
stretch of the AFZ that continues to produce new discoveries both
on the east and west side of this regional-scale fault. It is a lot
of ground to cover but from a first pass of drilling, results
indicate that the system’s strength continues. We will persist with
aggressive follow-up drilling which involves tracing the structures
that are known to host high-grade gold and determining the controls
responsible for producing both high and low-grade gold domains from
which we can expand on.”
Drillhole Details
Keats Main Zone South:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-712
31.10
36.40
5.30
1.13
421
And
332.50
335.50
3.00
4.01
Keats Main
NFGC-22-733
22.30
24.60
2.30
10.45
421
Including
22.80
23.30
0.50
46.80
And
424.40
427.00
2.60
1.76
Keats Main
NFGC-22-756
431.50
433.55
2.05
9.14
Keats Main S
And
432.85
433.25
0.40
45.20
NFGC-22-774
79.40
81.70
2.30
1.05
Keats S
And
364.00
366.45
2.45
25.31
Keats Main S
Including
365.00
366.00
1.00
60.50
And
379.80
382.00
2.20
72.66
Including
379.80
380.35
0.55
290.00
NFGC-22-778
439.00
441.55
2.55
2.84
Keats Main S
Including
439.80
440.15
0.35
20.10
And
488.00
490.80
2.80
1.40
And
496.00
498.00
2.00
1.13
And
509.00
514.55
5.55
1.45
NFGC-22-790
453.00
455.00
2.00
1.30
Keats Main S
NFGC-22-804
439.00
441.45
2.45
2.08
Keats Main S
NFGC-22-807
548.45
551.10
2.65
2.01
Keats Main S
And
601.00
605.00
4.00
1.08
NFGC-22-821
370.00
372.45
2.45
1.18
Keats Main S
NFGC-22-826
132.00
137.65
5.65
1.50
Keats Main S
NFGC-22-835
77.85
80.80
2.95
2.18
421
And
162.00
164.85
2.85
3.76
Keats Main S
NFGC-22-837
355.35
357.70
2.35
1.37
Keats Main S
And
386.00
388.60
2.60
8.73
Including
388.10
388.60
0.50
34.88
NFGC-22-845
52.50
55.00
2.50
1.17
Keats Main S/ 421
And
115.00
129.90
14.90
4.59
Including
120.00
121.00
1.00
26.17
Including
129.00
129.90
0.90
11.50
And
135.00
137.15
2.15
2.89
And
143.00
145.00
2.00
2.05
And
188.00
190.00
2.00
2.42
NFGC-22-853
No Significant Values
Keats Main S
NFGC-22-871
No Significant Values
Keats Main S
TCH Results:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-513
246.60
251.00
4.40
1.41
TCH
NFGC-22-569
140.00
142.70
2.70
3.70
TCH
And
147.00
152.00
5.00
1.78
NFGC-22-604
No Significant Values
TCH
NFGC-22-621
No Significant Values
TCH
NFGC-22-632
No Significant Values
TCH
NFGC-22-642
243.00
245.00
2.00
1.01
TCH
And
290.85
293.00
2.15
2.00
And
303.45
305.90
2.45
10.45
Including
303.80
304.35
0.55
14.46
Including
305.40
305.90
0.50
32.43
NFGC-22-671
223.95
226.45
2.50
1.10
TCH
NFGC-22-679
No Significant Values
TCH
NFGC-22-694
165.90
168.70
2.80
1.16
TCH
And
227.00
231.00
4.00
1.21
NFGC-22-703
109.30
111.70
2.40
1.63
TCH
And
131.00
133.00
2.00
1.63
And
183.00
193.70
10.70
1.02
NFGC-22-715
No Significant Values
TCH
NFGC-22-724
88.00
93.00
5.00
1.29
TCH
And
97.40
101.20
3.80
1.05
And
193.40
196.25
2.85
1.44
NFGC-22-737
No Significant Values
TCH
NFGC-22-749
No Significant Values
TCH
NFGC-22-763
59.00
61.00
2.00
1.09
TCH
NFGC-22-782
No Significant Values
TCH
NFGC-22-797
No Significant Values
TCH
NFGC-22-824
No Significant Values
TCH
NFGC-22-831
No Significant Values
TCH
NFGC-22-863
307.00
309.40
2.40
3.38
TCH
And
427.10
429.10
2.00
79.62
TCH
Including
427.10
427.80
0.70
226.46
NFGC-22-885
278.60
280.80
2.20
7.06
TCH
Including
279.50
280.20
0.70
22.01
Rocket Results:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-638
No Significant Values
Rocket
NFGC-22-654
No Significant Values
Rocket
NFGC-22-662
No Significant Values
Rocket
NFGC-22-670
No Significant Values
Rocket
NFGC-22-687
No Significant Values
Rocket
NFGC-22-699
No Significant Values
Rocket
NFGC-22-704
65.00
67.00
2.00
1.02
Rocket
And
86.60
91.05
4.45
12.63
Including
88.00
88.45
0.45
118.50
NFGC-22-713
No Significant Values
Rocket
NFGC-22-725
No Significant Values
Rocket
NFGC-22-731
92.25
94.65
2.40
1.13
Rocket
NFGC-22-735
No Significant Values
Rocket
NFGC-22-741
No Significant Values
Rocket
NFGC-22-745
No Significant Values
Rocket
NFGC-22-751
No Significant Values
Rocket
NFGC-22-760
No Significant Values
Rocket
Table 2: Summary of composite results
reported in this press release for Keats Main South, TCH and
Rocket
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 60% to 90% of
the reported interval. 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 Number
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-513
299
-45.5
401
657596
5426437
TCH
NFGC-22-569
110
-45
257
657512
5426948
TCH
NFGC-22-604
300
-45
343
657589
5426614
TCH
NFGC-22-621
300
-45
200
657619
5426596
TCH
NFGC-22-632
300
-45
293
657588
5426557
TCH
NFGC-22-638
300
-45
344
657247
5426118
Rocket
NFGC-22-642
300
-45
500
657636
5426511
TCH
NFGC-22-654
300
-45
203
657251
5426173
Rocket
NFGC-22-662
300
-45
233
657252
5426232
Rocket
NFGC-22-670
300
-45
242
657239
5426008
Rocket
NFGC-22-671
299
-42
302
657637
5426510
TCH
NFGC-22-679
300
-45
191
657193
5425976
Rocket
NFGC-22-687
300
-45
338
657186
5425865
Rocket
NFGC-22-694
300
-45
284
657539
5426527
TCH
NFGC-22-699
70
-50
179
657191
5425870
Rocket
NFGC-22-703
300
-45
284
657594
5426495
TCH
NFGC-22-704
100
-50
107
657192
5425868
Rocket
NFGC-22-712
356
-68
497
657842
5427082
Keats
NFGC-22-713
250
-45
323
657288
5426093
Rocket
NFGC-22-715
300
-45
281
657536
5426471
TCH
NFGC-22-724
300
-45
233
657494
5426496
TCH
NFGC-22-725
110
-45
95
657192
5425919
Rocket
NFGC-22-731
120
-70
104
657191
5425919
Rocket
NFGC-22-733
354
-66
485
657841
5427082
Keats
NFGC-22-735
50
-45
155
657192
5425920
Rocket
NFGC-22-737
300
-45
215
657489
5426441
TCH
NFGC-22-741
5
-45
89
657193
5425927
Rocket
NFGC-22-745
45
-45
143
657148
5425948
Rocket
NFGC-22-749
306
-55
557
657596
5426436
TCH
NFGC-22-751
300
-45
293
657192
5425915
Rocket
NFGC-22-756
297
-46
538
657813
5426658
Keats
NFGC-22-760
5
-45
122
657146
5425949
Rocket
NFGC-22-763
300
-45
329
657397
5426378
TCH
NFGC-22-774
300
-45
458
657770
5426683
Keats
NFGC-22-778
298
-52
665
657902
5426724
Keats
NFGC-22-782
300
-45
290
657350
5426348
TCH
NFGC-22-790
300
-45
563
657837
5426702
Keats
NFGC-22-797
300
-45
305
657303
5426318
TCH
NFGC-22-804
334
-55
575
657599
5426439
TCH
NFGC-22-807
297
-45
701
658003
5426722
Keats
NFGC-22-821
297
-45
416
657794
5426728
Keats
NFGC-22-824
300
-45
251
657295
5426205
TCH
NFGC-22-826
330
-45.5
240
657799
5427004
Keats
NFGC-22-831
300
-45
572
657426
5426131
TCH
NFGC-22-835
300
-45
216
657799
5427004
Keats
NFGC-22-837
297
-46
452
657818
5426771
Keats
NFGC-22-845
300
-45
216
657767
5426977
Keats
NFGC-22-853
297
-46
452
657783
5426791
Keats
NFGC-22-863
300
-45
472
657573
5426335
TCH
NFGC-22-871
297
-46
548
657786
5426497
Keats
NFGC-22-885
120
-70
329
657272
5426509
TCH
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. Approximately 51,000m of core is currently pending assay
results.
Sampling, Sub-sampling, and Laboratory
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 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. (“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 January 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 $90-million as of January
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/20230118005370/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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