New Found Announces Completion of 3-D Seismic Survey
21 August 2023 - 8:30PM
Business Wire
New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the successful completion of its 3-D seismic survey on its
Queensway Project. 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/20230821840753/en/
Figure 1: Photos of the seismic program
(Photo: Business Wire)
Highlights
- The acquisition phase of the 3-D seismic survey, which was
initially announced on March 7, 2023 and began on June 26, 2023, is
now complete. The survey was finished on schedule and on
budget.
- The survey was conducted by HiSeis, an industry leader in hard
rock seismic surveys, utilizing approximately 20,000 energy source
points spaced at 12.5m intervals along 260km of source lines, as
well as approximately 25,000 geophone receiver stations, generating
3-D seismic data across a 47km2 grid.
- Source lines were spaced at 100m intervals and perpendicular
receiver lines were constructed at 100m interims to optimize
resolution from 200-1,000m in depth, with good resolution
penetrating to 3,000m.
- The final phase of the program consisting of data cleaning,
compilation and interpretation is now underway with a targeted
completion date of October 2023, while more detailed interpretive
work will continue into Q1 2024.
- Upon receipt of the initial interpretation, the Company intends
to generate drill targets for immediate testing in Q4 of 2023.
- New Found today released a video about the seismic survey
that can be viewed by clicking this link.
Greg Matheson, COO of New Found, stated: “The successful
completion of the acquisition phase of the 3-D seismic survey is
the culmination of nearly two years of planning and will provide us
with an industry leading, unparalleled view of the subsurface of
Queensway. Through the knowledge gained by 435,000m of drilling, we
know that Queensway presents a highly faulted and complex plumbing
system that has proven drillhole after drillhole to be host to
high-grade gold. This environment is an ideal candidate for 3-D
seismic and is expected to aid in identifying the plumbing features
of this orogenic system. We anticipate that this product will
greatly benefit our interpretation of the geological environment
beyond the known mineralized zones and represents a long-term
investment into the Queensway Project.”
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 August 21, 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 $47.5 million as of August
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedarplus.ca.
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
the 3-D seismic survey, the benefits and use of the results of the
survey, the interpretation of the results of the survey, and the
final phase of the program, including the timing thereof;
exploration, drilling and mineralization on the Company’s Queensway
gold project in Newfoundland and Labrador; 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 the use
and interpretation of the results of the 3-D seismic survey, the
final phase of the program, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230821840753/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
From Jun 2024 to Jul 2024
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Jul 2023 to Jul 2024