New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 11 diamond drill holes that were completed as part
of a drill program designed to test the newly discovered Keats West
Zone, a low-angle thrust fault that dips gently to the
south-southwest and is located on the west side of the highly
prospective Appleton Fault Zone (“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.
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Figure 1: Photo of mineralization at
~124.5m in NFGC-23-1091 ^Note that this photo is not intended to be
representative of gold mineralization in NFGC-23-1091. (Photo:
Business Wire)
Keats West Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-10041
36.10
51.50
15.40
2.38
Keats W
Including
41.00
41.65
0.65
13.42
NFGC-23-10912
23.50
60.80
37.30
2.19
Keats W
And
98.00
122.00
24.00
1.73
NFGC-23-11291
14.95
57.30
42.35
3.29
Keats W
Including
31.15
32.00
0.85
11.35
Including
34.00
35.00
1.00
11.10
NFGC-23-11931
78.30
91.25
12.95
2.03
Keats W
Table 1: Keats West Drilling
Highlights
Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 170% to 95%
and 240% 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 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.
- 3.29 g/t Au over 42.35m in NFGC-23-1129 as well as
2.19 g/t Au over 37.30m and 1.73 g/t Au over 24.00m
in NFGC-23-1091 occur just 30m from surface and 80m along
strike from previously reported 42.6 g/t Au over 32.00m in
NFGC-22-960 (November 2022) at Keats West. These holes were
designed to fill significant gaps in the main portion of the Keats
West Zone.
- Keats West has a known footprint spanning 305m long by 315m
wide and starts at surface with all intercepts drilled to date
occurring above 130m vertical depth. The zone has a cumulative
average thickness of 30m (Figures 2-5).
- Today’s highlight intervals are interpreted to be close to true
width, occur near surface, and demonstrate that the gold
mineralization can span cumulative widths greater than 60m
in places. Drilling to date has identified several locations within
the Keats West structure where this occurs with one such example
being the aggregate interval of 1.94 g/t Au over 79.75m in
NFGC-22-833 reported March 21, 2023.
Melissa Render, VP of Exploration of New Found, stated: “Exactly
one year ago today, we announced the discovery of Keats West
(September 27, 2022). At that time, there was little understanding
about the prospectivity of the west side of the Appleton Fault.
Through aggressive drilling in just 12 short months, Keats West has
transformed into one of our most significant zones, spanning 305m
long by 315m wide. This discovery has proven pivotal for New Found,
changing our perspective on the west side of the AFZ and leading to
the discovery of several additional gold zones in this domain such
as K2 and Monte Carlo.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9291
74.65
77.80
3.15
1.27
Keats W
NFGC-22-10041
19.75
25.00
5.25
1.78
Keats W
And1
36.10
51.50
15.40
2.38
Including
41.00
41.65
0.65
13.42
And1
59.00
61.35
2.35
4.32
NFGC-23-10912
23.50
60.80
37.30
2.19
Keats W
And2
98.00
122.00
24.00
1.73
NFGC-23-1102
No Significant Values
Keats W
NFGC-23-11191
13.15
15.55
2.40
2.79
Keats W
And1
38.15
46.80
8.65
1.16
NFGC-23-11291
14.95
57.30
42.35
3.29
Keats W
Including
31.15
32.00
0.85
11.35
Including
34.00
35.00
1.00
11.10
And1
68.00
71.75
3.75
1.60
And1
81.45
84.05
2.60
2.46
And2
100.55
105.00
4.45
1.04
NFGC-23-11931
42.60
50.35
7.75
1.41
Keats W
And1
66.80
68.80
2.00
1.78
And1
78.30
91.25
12.95
2.03
NFGC-23-12444
12.30
19.40
7.10
1.42
Keats W
NFGC-23-1485
No Significant Values
AFZ W Grid
NFGC-23-1508
No Significant Values
AFZ W Grid
NFGC-23-1524
No Significant Values
AFZ W Grid
Table 2: Summary of composite results
reported in this press release for Keats West and the AFZ West
Grid.
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. *Previously reported interval.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-929
60
-45
173
657991
5428056
Keats West
NFGC-22-1004
35
-45
105
658075
5428004
Keats West
NFGC-23-1091
120
-45
296
658005
5427991
Keats West
NFGC-23-1102
15
-63
152
657828
5428035
Keats West
NFGC-23-1119
15
-63
146
657907
5427989
Keats West
NFGC-23-1129
357
-45
170
657989
5427885
Keats West
NFGC-23-1193
42
-50
350
658048
5427940
Keats West
NFGC-23-1244
120
-45
320
657972
5428183
Keats West
NFGC-23-1485
345
-60
257
657673
5428009
Keats West
NFGC-23-1508
73
-45
250
657537
5427973
Keats West
NFGC-23-1524
345
-60
269
657535
5427975
Keats West
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 37,500m 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 September 27, 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 $39.5 million as of
September 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230927865662/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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