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New Found Gold Intercepts 45.3 g/t Au over 13.1m and 25.0 g/t Au over 16.85m in Step-Out Drilling at Keats Zone, Queensway Project, Newfoundland

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New Found Gold Intercepts 45.3 g/t Au over 13.1m and 25.0 g/t Au over 16.85m in Step-Out Drilling at Keats Zone, Queensway Project, Newfoundland

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (OTC: NFGFF) is pleased to announce partial results from six additional holes drilled at the Keats Zone drilled as part of the Company’ ongoing 100,000m diamond drill program at its 100% owned Queensway Project, 15 km west of Gander, Newfoundland.

 

Highlights

 

  • Intervals displaying significant quartz veining, sulfide mineralization and/or visible gold are assayed on a rush basis. Recent results received for six holes are Keats are summarized below and in Figure 1.

 

           
    Grade Interval Targeting Relative
    (g/t Au) (m) to NFGC-19-01  
           
  NFGC-20-32 45.3 13.1 10m south, 10m below
  NFGC-20-29 25.0 16.9 10m south  
  NFGC-20-28 40.1 4.1 10m south, 10m above
  NFGC-20-25 7.3 2.2 10m above  
  NFGC-20-34 29.3 2.4 25m below 19-01
  NFGC-20-30 10.3 6.1 50m south of 19-01
           
  NFGC-19-01 92.9 19.0 Previously reported

 

  • These intervals reported above start at down-hole depths ranging from 80m to 132m.
  • The interval reported in hole NFGC-20-30 is 50m south of NFGC-19-01 and is the second interval reported on this fence line. This intercept is approximately 50m vertically below the interval of 44.5 g/t Au over 6.85m previously reported in hole 20-26 (see November 16, 2020 news release).
  • Intervals from holes completed 50m north of NFGC-19-01 (fence line 4850N) have been submitted on a rush basis and the Company anticipates reporting these results by early January.
  • Of 36 holes completed to date at the Keats Zone the Company has now received full or partial results for 12 holes (including NFGC-19-01), including the six holes reported in this release.  For other Keats Zone results please refer to the Company’s October 27 and November 16, 2020 news releases.

 

Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: “Veining observed in drill holes to date at Keats is characterized by quartz-sulfide mineralization displaying thicknesses typically in the 20m to 40m range with good continuity between holes. Intervals displaying visible gold have consistently been encountered within these broader vein intervals. Assays received to date have typically returned high-grade results albeit with some variability in thickness and grades likely due to the nugget effect. The Keats Zone has been confirmed by geophysics, surface sampling, and wide spaced drilling over more than 300m of strike and remains open along strike in both directions and to depth.  Our current drill program continues to step-out and test this zone laterally and to depth.”

 

 

Drill Collar and Interval Summaries

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N
NFGC-20-25 300 -45 147 658217 5427459
NFGC-20-28 300 -45 150 658213 5427450
NFGC-20-29 300 -45 186 658222 5427445
NFGC-20-30 300 -45 167 658195 5427419
NFGC-20-32 300 -45 269 658151 5427444
NFGC-20-34 300 -45 213 658258 5427440
NFGC-19-01 300 -45 199 658226 5427453
           
Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-20-25 80 85.7 5.7 1.5 Keats Main
NFGC-20-25 99.8 101.95 2.15 7.31 Keats Main
incl. 101.65 101.95 0.3 25.8
NFGC-20-28 88.5 93 4.5 1.64 Keats Main
NFGC-20-28 106.95 111 4.05 40.1 Keats Main
incl. 109.4 110.4 1 119.8
NFGC-20-29 104 120.85 16.85 25 Keats Main
incl. 113.65 117.55 3.9 103.2
NFGC-20-30 97.4 129.4 32 2.59 Keats Main
incl. 119.65 125.75 6.1 10.3
incl. 120.25 122.25 2 26.1
NFGC-20-32 103 132 29 20.8 Keats Main
incl. 118.9 132 13.1 45.3
incl. 119.9 125.35 5.45 82.7
NFGC-20-34 109.4 152.6 43.2 2.39 Keats Main
incl. 120.1 122.45 2.35 29.3

 

Note that the exact orientation of the veins is uncertain but believed to be steeply dipping thus implying true widths of the high-grade zone to be in the 70% to 80% range of reported drill lengths.

 

Table 1.  Drill hole collar and interval summaries.

 

QA/QC

 

True widths of the new exploration 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 cutoff of 1.0 g/t Au. All HQ split core assays reported were obtained by either whole sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia. The whole 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.

 

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. With working capital of approximately C$61.5 million the Company is well financed for aggressive exploration with an initial planned drill program of 100,000 meters. New Found has a proven capital markets and mining team with major shareholders include Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%), Rob McEwen (7%), other institutional ownership (8%), and management, directors and insiders (4%). Approximately 65% of the Company’s issued and outstanding shares are subject to escrow or 180-day lock up agreements.

 

 

Figure 1. Drill hole collar and interval locations (CNW Group/New Found Gold Corp.)

 

 


Figure 2. Example gold mineralization in Keats hole NFGC-20-28 (note this is not intended to be representative of the gold mineralization in this hole) (CNW Group/New Found Gold Corp.)

 

Posted December 15, 2020

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