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Keats Infill Drilling Returns 261.3 g/t Au over 7.2m, Queensway Program Expanded to 10 Drills

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Keats Infill Drilling Returns 261.3 g/t Au over 7.2m, Queensway Program Expanded to 10 Drills

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (OTC: NFGFF) is pleased to announce assay results from an additional seven holes drilled at the Keats Zone. These holes were drilled as part of the Company’s ongoing 200,000m diamond drill program at its 100%-owned Queensway Project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.

 

Highlights

  • Highlights include:

 

Hole No. From (m) To (m) Interval
(m)*
Au (g/t)
NFGC-20-57 71.00 73.45 2.45 19.25
NFGC-20-60 136.90 140.30 3.40 8.46
NFGC-20-62 NSR
NFGC-21-103 236.50 240.00 3.50 19.28
NFGC-21-106 220.70 223.20 2.50 9.49
NFGC-21-114 212.35 214.50 2.15 15.58
NFGC-21-137 71.50 78.70 7.20 261.33
*Note that the host structures are interpreted to be steeply dipping and true widths are estimated to be 70% to 80% of reported intervals. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging. This table shows highlight intervals, a number of these holes returned additional intervals of gold mineralization and as reported in Table 2 below.
  • The outstanding interval of 261.3 g/t Au over 7.2m in Hole NFGC-21-137 yields a grade x width of 1,882 m*g/t Au which is the highest result to date from the Keats drilling in terms of this metric, exceeding the 1,761 m*g/t Au from the 92.7 g/t Au over 19.0m intersected in NFGC-19-01.
  • Holes NFGC-21-137 and NFGC-20-57 provide further confirmation of the vertical extent of high-grade mineralization at shallow depths above the interpreted south-plunging dilational zone (Figure 1).
  • Holes NFGC-20-60, 103, 106, and 114 continue build definition of high-grade gold mineralization to depth within the host Keats baseline fault zone (Figure 1).
  • The Company has decided to increase the drill count at Queensway North from 8 to 10 drills. The 8th and 9th drills are on site and scheduled to start by the end of April, with the 10th drill anticipated to start by mid-May.

 

Denis Laviolette, President of New Found, stated: “The 261.3 g/t Au over 7.2 m in NFGC-21-137 is an exceptional and exciting result further defining the extent of a wide zone of near-surface high-grade gold mineralization at Keats. Drilling at Keats has defined a thickened, south plunging dilational zone infilled with veining and high-grade gold mineralization within the plane of the Keats Baseline Fault and open to depth. Drilling is also indicating that veining and high-grade gold mineralization continues outside of this dilational zone within the broad host fault zone, particularly between this dilational zone and surface.  Mineralization remains open in all directions and drilling continues to step-out and infill at Keats.”

Note: Au g/t x m calculations include all Keats Main intervals for each hole as reported in Table 2.

 

Drillhole Details

 

Hole No. From (m) To (m) Interval
(m)*
Au (g/t) Zone
NFGC-20-57 71.00 73.45 2.45 19.3  Keats Main
Within 69.70 73.45 3.75 12.9
And 129.00 132.85 3.85 2.9  Keats FW
And 142.10 144.45 2.35 1.8
And 146.45 148.50 2.05 8.8
NFGC-20-60 136.90 140.30 3.40 8.5  Keats Main
Within 136.90 160.35 23.45 2.4
NFGC-20-62  NSR  Keats
NFGC-21-103 192.00 206.55 14.55 2.4  Keats Main
And 216.90 219.50 2.60 2.0
And 236.50 240.00 3.50 19.3
Within 235.15 245.40 10.25 8.9
NFGC-21-106 220.70 223.20 2.50 9.5  Keats Main
Within 218.75 227.35 8.60 3.6
And 286.40 288.80 2.40 1.2  Keats FW
NFGC-21-114 212.35 214.50 2.15 15.6  Keats Main
Within 212.35 216.85 4.50 8.1
NFGC-21-137 71.50 78.70 7.20 261.3  Keats Main
And 87.50 92.50 5.00 4.1
And 114.00 116.00 2.00 1.6  Keats FW
And 135.00 137.00 2.00 3.5

 

Table 2: Summary of results reported in this release.

*Note that the host structures are interpreted to be steeply dipping and true widths are estimated to be 70% to 80% of reported intervals. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging.

 

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N
NFGC-20-57 300 -45 150 658145 5427436
NFGC-20-60 300 -45 200 658256 5427425
NFGC-20-62 300 -45 218 658291 5427537
NFGC-21-103 300 -45 261 658227 5427328
NFGC-21-106 300 -45 326 658221 5427289
NFGC-21-114 300 -45 264 658249 5427316
NFGC-21-137 300 -45 152 658185 5427454

Table 3: Location details of drill holes reported on in this release.

 

Drilling Update, Expansion to 10 Drills

 

Since commencing its 200,000m drill program in August 2020, New Found has completed 160 diamond drill holes for a total of 35,756 meters. There are currently 7 drills operating on the Queensway Project. To support the planned grid drilling at the Keats and Lotto discoveries and to pursue the planned drilling of multiple targets along 7.8km of the Appleton Fault Zone and 12.4km along the JBP Fault Zone, as well as to execute on the planned regional drilling along these corridors, the Company has decided to increase the drill count at Queensway North to 10 drills. The 8th and 9th drills are on site and anticipated to start by the end of April, with the 10th drill anticipated to start by mid-May.

 

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 70% to 80% of reported core lengths. Assays are uncut, and calculated intervals are reported over a minimum length of 2 meters using a lower cut-off of 1.0 g/t Au. All HQ split core assays reported were obtained by either complete sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia, or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Newfoundland. The complete sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than 1.0 g/t Au. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with National Instrument 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.

 

Qualified Person

 

The technical content 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 news release dated April 20, 2021 by New Found. Mr. Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.

 

About New Found Gold Corp.

 

New Found holds a 100% interest in the Queensway Project, located 15 km west of Gander, Newfoundland, and just 18 km 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 200,000-m drill program at Queensway.  Seven rigs are currently in operation with the eighth expected to start in the next several weeks. With a current working capital balance of approximately $75 million, New Found is well funded for this program.

 


Long Section – Keats Results Released vs Pending Assay (CNW Group/New Found Gold Corp.)

 

 


Figure 1. Keats Main Zone Long Section (CNW Group/New Found Gold Corp.)

 

 


Figure 2. Keats Plan View (CNW Group/New Found Gold Corp.)

 

Posted April 20, 2021

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