New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 46 diamond drill holes that were completed as part of a drill program designed to test the newly discovered Monte Carlo Zone, an east-west striking, steeply dipping high-grade vein located on the west side of the highly prospective Appleton Fault Zone (“AFZ”), as well as from systematic grid drilling on the west side of the AFZ. 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231011001207/en/

Figure 1: Photos of mineralization, Left: at ~52m in NFGC-23-1683, Right: at ~167m in NFGC-23-1690 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1683 and NFGC-23-1690. (Photo: Business Wire)

Monte Carlo Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-10252

10.95

21.05

10.10

2.67

Monte Carlo

And3

50.90

59.85

8.95

2.25

NFGC-22-10452

32.35

35.15

2.80

14.91

Monte Carlo

Including

32.35

34.30

1.95

19.13

NFGC-22-10703

13.00

28.25

15.25

1.66

Monte Carlo

NFGC-23-11351

49.30

55.55

6.25

7.49

Monte Carlo

Including

49.30

49.65

0.35

40.00

Including

54.30

55.05

0.75

33.00

NFGC-23-16831

36.20

38.25

2.05

23.52

Monte Carlo

Including

36.20

36.75

0.55

80.95

And1

51.55

54.25

2.70

18.85

Including

52.00

52.35

0.35

131.10

NFGC-23-16871

103.70

105.85

2.15

18.95

Monte Carlo

Including

104.90

105.40

0.50

77.73

NFGC-23-16902

166.75

168.75

2.00

91.86

Monte Carlo

Including

166.75

167.85

1.10

166.89

Table 1: Monte Carlo Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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 when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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.

  • Targeted drilling at the Monte Carlo discovery, initially announced on May 10, 2023, has intersected multiple high-grade gold intervals including 91.9 g/t Au over 2.00m in NFGC-23-1690, 23.5 g/t Au over 2.05m and 18.9 g/t Au over 2.70m in NFGC-23-1683, and 14.9 g/t Au over 2.80m in NFGC-22-1045 (Figures 1-4).
  • Monte Carlo is a high-grade gold zone located adjacent to Lotto on the west side of the AFZ and is hosted in an east-west striking steeply dipping fault zone that has been intercepted over a strike length of 520m and down to a vertical depth of 160m. Today’s drilling has expanded upon a high-grade segment of Monte Carlo that starts at surface and has a strike length that now spans 135m.
  • Exploration continues at Monte Carlo with a focus on expanding the highest-grade segment of the fault down dip, which currently remains open.

Melissa Render, VP of Exploration of New Found, stated: “We are pleased with today’s results from Monte Carlo highlighting a high-grade gold domain within the host structure. This high-grade domain shares several characteristics with Lotto and Golden Joint in terms of mineralization strength, as well as style and continuity. With several assays pending, and an expansive strike length that remains open to depth, exploration drilling will continue with the aim of developing this zone down-dip. Meanwhile, targeted and grid drilling continues on the west side of the AFZ – drilling that has led to multiple discoveries including Keats West, K2, and Monte Carlo. This western corridor has proven to be equally as prospective as the east side, which is home to the Keats, Keats North, Iceberg, Iceberg East, Golden Joint, Lotto, Jackpot, and Everest discoveries.”

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-9971

6.75

12.20

5.45

2.19

Monte Carlo

NFGC-22-1008

No Significant Values

Monte Carlo

NFGC-22-1021

No Significant Values

Monte Carlo

NFGC-22-10252

10.95

21.05

10.10

2.67

Monte Carlo

And3

50.90

59.85

8.95

2.25

NFGC-22-10452

32.35

35.15

2.80

14.91

Monte Carlo

Including

32.35

34.30

1.95

19.13

NFGC-22-10703

13.00

28.25

15.25

1.66

Monte Carlo

And4

45.80

51.90

6.10

2.36

And2

166.80

169.00

2.20

2.46

NFGC-22-10771

18.20

20.45

2.25

2.59

Monte Carlo

NFGC-23-10904

11.65

13.90

2.25

1.06

Monte Carlo

And1

39.25

41.45

2.20

1.19

And1

55.95

58.15

2.20

1.16

NFGC-23-10941

30.25

33.85

3.60

1.33

Monte Carlo

NFGC-23-10962

40.00

43.10

3.10

1.46

Monte Carlo

And1

95.45

97.70

2.25

1.45

NFGC-23-11013

79.00

85.15

6.15

1.29

Monte Carlo

And3

92.00

94.75

2.75

1.10

And2

132.95

141.35

8.40

2.99

Including

134.35

134.80

0.45

12.11

NFGC-23-1113A1

90.00

92.90

2.90

1.11

Monte Carlo

And4

200.00

203.15

3.15

1.87

NFGC-23-1122

No Significant Values

Monte Carlo

NFGC-23-11351

49.30

55.55

6.25

7.49

Monte Carlo

Including

49.30

49.65

0.35

40.00

Including

54.30

55.05

0.75

33.00

And1

67.10

69.10

2.00

7.80

Including

68.45

69.10

0.65

22.30

NFGC-23-11791

138.00

145.15

7.15

3.12

Monte Carlo

Including

144.00

144.40

0.40

12.39

And1

163.80

166.00

2.20

1.56

NFGC-23-11871

160.15

162.15

2.00

1.16

Monte Carlo

NFGC-23-11961

95.80

102.35

6.55

1.29

Monte Carlo

And1

232.65

235.25

2.60

8.13

Including

232.65

232.95

0.30

65.00

NFGC-23-1205

No Significant Values

Monte Carlo

NFGC-23-12164

150.00

152.65

2.65

1.70

Monte Carlo

And1

167.00

171.00

4.00

2.72

NFGC-23-1221

No Significant Values

Monte Carlo

NFGC-23-12281

188.00

190.20

2.20

1.06

Monte Carlo

NFGC-23-12371

141.20

143.50

2.30

1.90

Monte Carlo

NFGC-23-12714

29.00

31.10

2.10

3.15

Monte Carlo

NFGC-23-12804

111.15

113.25

2.10

1.08

Monte Carlo

And4

163.25

165.80

2.55

1.05

And4

167.00

169.00

2.00

1.02

And2

183.70

187.75

4.05

1.70

And4

296.00

298.45

2.45

1.67

NFGC-23-12903

143.90

152.25

8.35

1.59

Monte Carlo

And4

188.75

190.85

2.10

1.59

NFGC-23-12984

26.70

30.40

3.70

1.08

Monte Carlo

And2

106.40

109.15

2.75

1.18

And2

116.90

119.15

2.25

2.63

And3

177.10

181.50

4.40

3.77

Including

179.15

179.65

0.50

12.65

NFGC-23-13534

79.50

82.40

2.90

1.01

Monte Carlo

And2

109.75

114.00

4.25

1.53

NFGC-23-13624

173.70

176.25

2.55

1.12

Monte Carlo

NFGC-23-13694

90.35

93.00

2.65

1.47

Monte Carlo

And4

106.00

108.00

2.00

1.90

And4

127.00

131.55

4.55

1.66

And4

160.00

162.00

2.00

1.23

NFGC-23-1381

No Significant Values

Monte Carlo

NFGC-23-13901

54.00

56.45

2.45

1.51

Monte Carlo

And4

236.00

238.00

2.00

4.26

NFGC-23-13994

199.50

201.65

2.15

2.50

Monte Carlo

NFGC-23-14104

21.30

24.20

2.90

1.66

Monte Carlo

NFGC-23-14204

8.55

12.15

3.60

1.29

Monte Carlo

And4

78.65

83.20

4.55

1.13

NFGC-23-1431

No Significant Values

Monte Carlo

NFGC-23-14414

263.15

265.35

2.20

1.27

Monte Carlo

NFGC-23-14421

54.40

56.90

2.50

3.91

Monte Carlo

And1

75.65

77.95

2.30

1.38

NFGC-23-14554

54.20

57.00

2.80

1.36

Monte Carlo

NFGC-23-1481

No Significant Values

Monte Carlo

NFGC-23-1503

No Significant Values

Monte Carlo

NFGC-23-1518

No Significant Values

Monte Carlo

NFGC-23-1531

No Significant Values

Monte Carlo

NFGC-23-1569

No Significant Values

Monte Carlo

NFGC-23-16831

36.20

38.25

2.05

23.52

Monte Carlo

Including

36.20

36.75

0.55

80.95

And1

51.55

54.25

2.70

18.85

Including

52.00

52.35

0.35

131.10

NFGC-23-16872

54.40

59.00

4.60

3.21

Monte Carlo

And1

103.70

105.85

2.15

18.95

Including

104.90

105.40

0.50

77.73

NFGC-23-16902

156.05

160.70

4.65

1.01

Monte Carlo

And2

166.75

168.75

2.00

91.86

Including

166.75

167.85

1.10

166.89

Table 2: Summary of composite results reported in this press release for Monte Carlo

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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 when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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

Prospect

NFGC-22-997

265

-45

128

658333

5429276

Monte Carlo

NFGC-22-1008

300

-45

245

658363

5429428

Monte Carlo

NFGC-22-1021

120

-45

101

658359

5429317

Monte Carlo

NFGC-22-1025

315

-45

182

658278

5429116

Monte Carlo

NFGC-22-1045

120

-45

242

658658

5429190

Monte Carlo

NFGC-22-1070

280

-45

230

658588

5429172

Monte Carlo

NFGC-22-1077

330

-45

140

658613

5429217

Monte Carlo

NFGC-23-1090

30

-45

107

658547

5429198

Monte Carlo

NFGC-23-1094

305

-45

80

658546

5429198

Monte Carlo

NFGC-23-1096

355

-45.5

149

658543

5429155

Monte Carlo

NFGC-23-1101

68

-45

158

658543

5429155

Monte Carlo

NFGC-23-1113A

0

-48

218

658553

5429122

Monte Carlo

NFGC-23-1122

120

-45

269

658552

5429120

Monte Carlo

NFGC-23-1135

332

-45

185

658657

5429192

Monte Carlo

NFGC-23-1179

325

-45

198

658765

5429131

Monte Carlo

NFGC-23-1187

358

-57

204

658766

5429124

Monte Carlo

NFGC-23-1196

325

-45

267

658790

5429180

Monte Carlo

NFGC-23-1205

330

-45

294

658830

5429181

Monte Carlo

NFGC-23-1216

330

-45

228

658811

5429244

Monte Carlo

NFGC-23-1221

311

-45

234

658811

5429243

Monte Carlo

NFGC-23-1228

347

-60

252

658812

5429243

Monte Carlo

NFGC-23-1237

345

-47

297

658765

5429124

Monte Carlo

NFGC-23-1271

345

-61

263

658670

5429397

West Grid

NFGC-23-1280

75

-45

371

658671

5429397

West Grid

NFGC-23-1290

75

-45

248

658541

5429472

West Grid

NFGC-23-1298

345

-59

289

658541

5429472

West Grid

NFGC-23-1353

75

-45

254

658557

5429348

West Grid

NFGC-23-1362

345

-60

266

658556

5429348

West Grid

NFGC-23-1369

75

-45

254

658441

5429298

West Grid

NFGC-23-1381

345

-60

254

658441

5429298

West Grid

NFGC-23-1390

345

-59.5

266

658455

5429176

West Grid

NFGC-23-1399

75

-45

254

658343

5429031

West Grid

NFGC-23-1410

75

-45

240

658227

5428948

West Grid

NFGC-23-1420

345

-60

257

658225

5428950

West Grid

NFGC-23-1431

345

-60

263

658370

5428878

West Grid

NFGC-23-1441

78

-45

269

658371

5428876

West Grid

NFGC-23-1442

10

-47

101

658692

5429201

West Grid

NFGC-23-1455

345

-60

254

658252

5428830

West Grid

NFGC-23-1481

345

-60

263

658231

5428725

West Grid

NFGC-23-1503

345

-60

251

658386

5428753

West Grid

NFGC-23-1518

75

-45

260

658388

5428753

West Grid

NFGC-23-1531

345

-60

263

658363

5428651

West Grid

NFGC-23-1569

345

-60

290

658497

5428802

Monte Carlo

NFGC-23-1683

0

-45

80

658625

5429206

Monte Carlo

NFGC-23-1687

325

-42

146

658632

5429149

Monte Carlo

NFGC-23-1690

25

-45

219

658618

5429078

Monte Carlo

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 33,000m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

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, which are then sealed and marked with the contents.

New Found 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. 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 2% 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 press 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 11, 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 $29.5 million as of October 2023.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

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 at SEDAR+ (www.sedarplus.ca), the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, for a more complete discussion of such risk factors and their potential effects.

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 Jan 2024 bis Feb 2024 Click Here for more National Fuel Gas Charts.
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
Von Feb 2023 bis Feb 2024 Click Here for more National Fuel Gas Charts.