New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 37 diamond drill holes that were completed as part
of a program designed to follow up on newly discovered high-grade
gold at Keats West located west of the highly prospective Appleton
Fault Zone (“AFZ”) and from expansion drilling at Keats
North. 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230124005503/en/
Figure 1: Photos of mineralization from:
Left: at ~208m in NFGC-22-766, Right: at ~118m in NFGC-22-855.
^Note that these photos are not intended to be representative of
gold mineralization in NFGC-22-766 and NFGC-22-855. (Photo:
Business Wire)
Keats West and Keats North Highlights:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-660
9.00
12.00
3.00
1.97
Keats W
And
22.20
26.30
4.10
2.22
And
36.45
40.90
4.45
1.27
And
43.90
46.05
2.15
1.67
And
52.25
68.10
15.85
2.01
Including
67.45
68.10
0.65
11.30
NFGC-22-759
66.80
80.05
13.25
1.82
Keats W
NFGC-22-784
13.40
37.40
24.00
6.68
Keats W
Including
18.95
20.45
1.50
37.43
Including
20.85
21.55
0.70
14.90
Including
26.00
27.50
1.50
24.70
Including
36.45
37.40
0.95
12.75
NFGC-22-808
44.00
49.00
5.00
13.90
Keats W
Including
44.00
45.80
1.80
23.40
Including
46.95
47.35
0.40
20.10
Including
47.70
48.35
0.65
12.05
And
55.00
62.00
7.00
2.01
NFGC-22-868
78.20
94.45
16.25
2.12
Keats W
NFGC-22-992
17.50
24.15
6.65
2.85
Keats W
And
27.00
29.00
2.00
1.44
And
32.00
39.20
7.20
1.98
NFGC-22-813
22.00
36.10
14.10
2.13
Keats N
Including
22.55
23.60
1.05
15.67
NFGC-22-855
117.55
121.00
3.45
28.82
Keats N
Including
117.55
118.65
1.10
85.85
And
376.40
378.40
2.00
1.12
NFGC-22-7662
206.85
209.30
2.45
50.30
Golden Joint
And2
207.20
208.15
0.95
129.50
Table 1: Keats West and Keats North Drilling
Highlights
1Note that the host structures are interpreted to be shallowly
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. 2 True
widths are unknown at this time.
- At Keats West, ongoing drilling up-dip of NFGC-22-960
that intercepted 42.6 g/t Au over 32m continues to intersect
expansive zones of gold mineralization including 6.68 g/t Au
over 24.00m in NFGC-22-784, 13.9 g/t Au over 5.00m and
2.01 g/t Au over 7.00m in NFGC-22-808, and 2.12 g/t Au
over 16.25m in NFGC-22-868. These intercepts all occur near
surface and demonstrate the robustness and continuity of this gold
system (Figures 2-5). Follow-up drilling results exploring along
strike and down-dip of NFGC-22-960 are pending.
- The Keats West structure is interpreted to be a thrust
fault that dips gently to the south-southwest and hosts both low
and high-grade gold mineralization over a considerable thickness
with cumulative widths ranging from 10-30m. This fault zone
occurs on the west side of the AFZ and contains a series of stacked
veins that contain the gold mineralization. Drilling initially
focused within a panel of the structure where gold mineralization
has been intersected over an area of 280m x 130m and ongoing
drilling is designed to extend this zone along strike to the west
and down-dip (Figures 2-5).
- Across the AFZ to the east is Keats North where an
extensive array of brittle faults host to high-grade gold have been
discovered and traced over an area 150m wide x 630m in
strike. A combination of systematic and targeted drilling is
being used to test this area and expand on several gold domains
identified to date with a focus on the top 200m of vertical depth.
Highlight results from this drilling include 28.8 g/t Au over
3.45m in NFGC-22-855 and 2.13 g/t Au over 14.10m in
NFGC-22-813 (Figures 1, 2, 3 and 5).
- A new high-grade vein has been discovered between Keats
North and Golden Joint reporting a grade of 50.3 g/t Au over
2.45m in NFGC-22-766. The vein occurs at the greywacke-shale
contact roughly midway between Golden Joint and Keats North as
illustrated in Figure 2. Limited drilling has been done in this
area and follow-up drilling is underway.
Melissa Render, VP Exploration of New Found, stated: “These
latest results into Keats West reveal strong continuity of grades
and widths within the host structure. Intercepts such as 42.6 g/t
Au over 32.00m (reported on November 28, 2022) and 18.6 g/t Au over
15.95m (reported on November 23, 2022), in addition to several hits
grading on average, 2 g/t Au over 10m and up to 30m, increases our
confidence that this fault resembles the strength of the
Keats-Baseline Fault. So far, this structure has been tested to
just 110m vertical depth and remains open down dip and along strike
to the west. Identifying this new structural orientation, a
low-angle thrust fault, has also influenced the way we explore,
particularly on the west side of the AFZ, where we currently have
five drills operating.
“East of the AFZ at Keats North we continue to see high-grade
intervals with mineralization starting at surface down to vertical
depths of 200m and I’m thrilled that further north we’ve now
intersected another new vein situated midway between Keats North
and Golden Joint that contains coarse gold (Figure 1). It is
located in an underexplored gap of the project and follow-up
drilling is underway to expand this new discovery.”
Drillhole Details
Cokes Results:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-798
No Significant Values
Cokes
NFGC-22-811
33.20
37.50
4.30
2.22
Cokes
And
89.80
92.60
2.80
1.50
And
115.30
119.05
3.75
2.01
NFGC-22-822
No Significant Values
Cokes
NFGC-22-828
46.00
50.50
4.50
1.20
Cokes
Keats North and Keats West Results:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-635
115.00
117.90
2.90
2.78
Keats W
NFGC-22-659
27.25
29.60
2.35
1.38
Keats N
And
104.40
106.65
2.25
2.94
Including
104.40
104.75
0.35
18.78
And
123.75
126.00
2.25
5.90
Including
123.75
124.30
0.55
23.01
NFGC-22-660
9.00
12.00
3.00
1.97
Keats W
And
22.20
26.30
4.10
2.22
And
36.45
40.90
4.45
1.27
And
43.90
46.05
2.15
1.67
And
52.25
68.10
15.85
2.01
Including
67.45
68.10
0.65
11.30
NFGC-22-667
8.00
16.00
8.00
2.74
Keats W
And
18.10
20.20
2.10
1.10
NFGC-22-683
47.40
52.00
4.60
1.03
Keats N
NFGC-22-702
6.80
9.00
2.20
1.24
Keats N
And
16.10
18.10
2.00
1.45
NFGC-22-710
25.00
27.00
2.00
1.14
Keats N
And
47.90
52.00
4.10
1.09
And
60.45
62.60
2.15
1.32
And
193.80
196.90
3.10
2.15
NFGC-22-718
15.05
18.00
2.95
2.12
Keats N
NFGC-22-726
111.65
114.00
2.35
1.63
Keats W
NFGC-22-732
39.00
41.00
2.00
1.06
Keats W
NFGC-22-738
6.00
8.65
2.65
1.55
Keats Main
And
18.80
21.00
2.20
1.42
NFGC-22-739
99.20
104.30
5.10
1.70
Keats W
And
108.00
110.75
2.75
1.79
And
153.85
156.35
2.50
2.35
Keats N
NFGC-22-755
165.40
167.65
2.25
1.62
Keats FW
NFGC-22-759
66.80
80.05
13.25
1.82
Keats W
NFGC-22-7622
52.50
54.65
2.15
36.49
Keats N
Including2
53.35
54.00
0.65
115.00
And
125.40
128.00
2.60
2.56
NFGC-22-770
No Significant Values
Keats N
NFGC-22-780
No Significant Values
Keats N
NFGC-22-784
9.65
11.90
2.25
1.10
Keats W
And
13.40
37.40
24.00
6.68
Including
18.95
20.45
1.50
37.43
Including
20.85
21.55
0.70
14.90
Including
26.00
27.50
1.50
24.70
Including
36.45
37.40
0.95
12.75
NFGC-22-787
41.55
44.15
2.60
1.10
Keats N
NFGC-22-799
63.00
65.00
2.00
5.55
Keats N
Including
64.00
65.00
1.00
11.05
And
73.05
76.20
3.15
1.11
And
101.70
104.40
2.70
1.24
NFGC-22-801
22.55
24.60
2.05
5.42
Keats W
And
30.00
34.00
4.00
1.20
And
37.00
41.00
4.00
1.69
NFGC-22-808
32.85
34.85
2.00
1.07
Keats W
And
44.00
49.00
5.00
13.90
Including
44.00
45.80
1.80
23.40
Including
46.95
47.35
0.40
20.10
Including
47.70
48.35
0.65
12.05
And
55.00
62.00
7.00
2.01
NFGC-22-809
11.00
13.30
2.30
1.50
Keats Main
And
72.80
75.65
2.85
1.07
NFGC-22-810
251.55
253.90
2.35
4.10
Keats FW
Including
252.45
253.25
0.80
11.90
NFGC-22-813
22.00
36.10
14.10
2.13
Keats N
Including
22.55
23.60
1.05
15.67
NFGC-22-817
No Significant Values
Keats W
And
No Significant Values
Keats N
NFGC-22-820
57.00
59.90
2.90
1.04
Keats N
And
72.00
74.10
2.10
2.28
And
77.05
79.55
2.50
1.01
NFGC-22-830
No Significant Values
Keats W
NFGC-22-855
117.55
121.00
3.45
28.82
Keats N
Including
117.55
118.65
1.10
85.85
And
376.40
378.40
2.00
1.12
NFGC-22-868
78.20
94.45
16.25
2.12
Keats W
NFGC-22-891
120.45
123.00
2.55
9.56
Keats N
Including
121.45
122.00
0.55
40.32
And
136.10
138.35
2.25
1.13
And
161.50
164.00
2.50
1.36
And
165.00
167.55
2.55
1.05
NFGC-22-992
17.50
24.15
6.65
2.85
Keats W
And
27.00
29.00
2.00
1.44
And
32.00
39.20
7.20
1.98
Golden Joint Results:
Hole Number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-7663
21.60
23.90
2.30
1.01
Golden Joint
And3
27.60
29.65
2.05
1.27
And3
61.80
64.55
2.75
2.98
Including3
63.35
63.75
0.40
14.10
And3
206.85
209.30
2.45
50.30
Including3
207.20
208.15
0.95
129.50
Table 2: Summary of composite results
reported in this press release for Cokes, Keats West, Keats North
and Golden Joint
1Note that the host structures are interpreted to be shallowly
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. 2
Previously reported interval.3 True widths are unknown at this
time.
Hole number
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-635
119
-46
200
657947
5427765
Keats West
NFGC-22-659
300
-45
279
658327
5427689
Keats North
NFGC-22-660
57
-45
281
658101
5427993
Keats West
NFGC-22-667
45
-53
20
658101
5427994
Keats FW
NFGC-22-683
300
-45
251
658231
5427744
Keats North
NFGC-22-702
300
-45
176
658205
5427745
Keats North
NFGC-22-710
300
-45
224
658239
5427711
Keats North
NFGC-22-718
300
-45
371
658261
5427699
Keats North
NFGC-22-726
143
-53
185
658052
5427903
Keats West
NFGC-22-732
92
-45
158
658054
5427905
Keats West
NFGC-22-738
300
-45
416
658282
5427629
Keats North
NFGC-22-739
101
-58
158
658053
5427904
Keats West
NFGC-22-755
300
-45
353
658143
5427624
Keats North
NFGC-22-759
76
-45
146
658092
5427940
Keats West
NFGC-22-762
300
-45
245
658261
5427727
Keats North
NFGC-22-766
230
-45
327
658523
5428283
Golden Joint
NFGC-22-770
300
-45
226
658282
5427715
Keats North
NFGC-22-780
300
-46
182
658292
5427767
Keats North
NFGC-22-784
75
-46
230
658098
5428052
Keats West
NFGC-22-787
300
-45
278
658243
5427752
Keats North
NFGC-22-798
300
-45
99
657730
5427538
Cokes
NFGC-22-799
315
-42
143
658243
5427753
Keats North
NFGC-22-801
70
-45
203
658056
5428077
Keats West
NFGC-22-808
120
-45
149
658058
5428076
Keats West
NFGC-22-809
299
-46
356
658236
5427569
Keats North
NFGC-22-810
120
-46
467
657816
5427711
Keats West
NFGC-22-811
300
-45
165
657773
5427569
Cokes
NFGC-22-813
300
-62
159
658243
5427825
Keats North
NFGC-22-817
87
-45
359
658012
5428102
Keats West
NFGC-22-820
300
-45
221
658311
5427784
Keats North
NFGC-22-822
95
-45
141
657671
5427225
Cokes
NFGC-22-828
45
-45
207
657637
5427314
Cokes
NFGC-22-830
45
-46
89
658012
5428102
Keats West
NFGC-22-855
300
-45
410
658180
5427572
Keats
NFGC-22-868
67
-46
266
658048
5427939
Keats West
NFGC-22-891
300
-45
296
658305
5427847
Keats North
NFGC-22-992
35
-45
117
658138
5428009
Cokes
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 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 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. High-grade intercepts included 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
metre 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 has submitted 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 and 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 24, 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/20230124005503/en/
New Found Gold Corp. Per: “Collin Kettell’ Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
Von Apr 2023 bis Apr 2024