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New Found Intercepts 101 g/t Au Over 2.75m & 11.5 g/t Au Over 8.9m at “421 Zone” at Keats Main

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New Found Intercepts 101 g/t Au Over 2.75m & 11.5 g/t Au Over 8.9m at “421 Zone” at Keats Main

 

 

 

 

 

New Found Gold Corp(TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from eight diamond drill holes that were completed as part of a follow-up drill program targeting the 421 Zone, a high-grade gold-bearing structure that crosscuts the southern end of the Keats Main Zone along the highly prospective Appleton Fault Zone. 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.

 

421 Zone Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-10891 158.15 160.90 2.75 100.65 421
Including 158.15 158.65 0.50 549.19
NFGC-23-11822 185.45 194.35 8.90 11.50 421
Including 187.00 188.00 1.00 80.80

 

Table 1: 421 Zone Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 40% to 70% of reported intervals. 2True 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 carrying a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. 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.

  • At 421 Zone, the highlight results of 101 g/t Au over 2.75m in NFGC-23-1089 and 11.5 g/t Au over 8.90m in NFGC-23-1182 were intersected as part of a follow-up program targeting the previously reported high-grade interval of 4.59 g/t Au over 14.90m in NFGC-22-845 (January 18, 2023). These three intervals span a domain 75m long and range in vertical depth from 85m-130m.
  • Initially discovered in April 2022, and located at the south end of the Keats Main Zone, this domain of high-grade gold is controlled by the intersection of a series of south-to-southwest dipping gold-bearing structures that cover an area 160m wide known as 421 with the Keats-Baseline Fault Zone (“KBFZ”), the fault that hosts the Keats Main Zone, as well as Iceberg and Iceberg East, and the AFZ (Figures 1-4).

 

Melissa Render, VP of Exploration of New Found, stated: “We initially discovered the 421 Zone in April 2022. Ensuing exploration has yielded encouraging results and uncovered an extensive domain of crosscutting gold-bearing structures that join with the Keats-Baseline Fault Zone (“KBFZ”). Our initial discovery at Keats and more recently at Iceberg has shone a light on the significance of the KBFZ as a primary host to high-grade gold mineralization at Queensway. Therefore, significant interest and consideration are being given to any associated or crosscutting structures such as 421 that directly interact with the KBFZ. These are the kinds of structures we believe to be prospective for high-grade gold mineralization and where we could expect to find additional discoveries as we trace the plumbing outward and to depth.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-8513 191.00 193.00 2.00 1.42 Keats S
And2 217.90 220.05 2.15 3.39
Including 219.45 220.05 0.60 10.31
And No Significant Values Keats Main
NFGC-22-10032 449.45 453.00 3.55 4.59 421
Including 449.45 450.30 0.85 14.00
NFGC-23-10893 63.10 65.75 2.65 1.19 Keats S
And1 86.00 88.70 2.70 2.23
And2 158.15 160.90 2.75 100.65 421
Including 158.15 158.65 0.50 549.19
NFGC-23-11483 43.00 45.25 2.25 1.33 Keats S
And3 53.70 56.35 2.65 1.35
NFGC-23-11601 83.75 86.50 2.75 2.04 421
And2 138.45 142.00 3.55 6.42
Including 141.00 142.00 1.00 16.65
NFGC-23-11683 7.00 9.25 2.25 2.04 Keats S
And3 69.30 71.65 2.35 1.18
And3 104.70 107.30 2.60 1.31
And3 211.55 213.65 2.10 1.10 Keats Main
NFGC-23-11822 108.25 111.10 2.85 3.61 421
Including 109.25 110.10 0.85 12.00
And1 169.05 171.90 2.85 3.46
And3 185.45 194.35 8.90 11.50
Including 187.00 188.00 1.00 80.80
NFGC-23-11943 79.60 82.00 2.40 2.66 Keats S

 

Table 2: Summary of composite results reported in this press release for 421 Zone

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. 3True 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. 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-22-851 300 -45 315 657822 5426970 Keats
NFGC-22-1003 308 -52 713 657887 5426790 Keats
NFGC-23-1089 300 -45 308 657755 5426956 Keats
NFGC-23-1148 300 -45 206 657776 5427016 Keats
NFGC-23-1160 300 -45 206 657798 5427022 Keats
NFGC-23-1168 300 -45 303 657776 5426944 Keats
NFGC-23-1182 332 -45 322 657775 5426945 Keats
NFGC-23-1194 270 -45 362 657784 5426943 Keats

 

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 48,700m 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 5% 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 news 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 July 24, 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 million as of July 2023.

 

Figure 1: Photos of mineralization from NFGC-23-1089 at ~158.5m ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1089. (Photo: Business Wire)

 

Figure 2. Keats area plan view map (Photo: Business Wire)

 

Figure 3. TCH, Keats Main, and Iceberg long section (looking northwest) (Photo: Business Wire)

 

Figure 4. Knob – Everest plan view map (Photo: Business Wire)

Posted July 24, 2023

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