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New Found Intercepts 104 g/t Au Over 2.75M at Keats Footwall

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New Found Intercepts 104 g/t Au Over 2.75M at Keats Footwall

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 14 diamond drill holes that were completed as part of a program that re-entered and extended several drill holes originally targeting the Keats Main Zone into the Keats Footwall domain, the area between the Keats Baseline Fault Zone and 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.

 

Keats FW and Keats Main Zone Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-21-393 EXT2 450.00 452.75 2.75 104.36 Keats FW
Including 452.00 452.75 0.75 380.00
NFGC-22-8724 362.55 365.00 2.45 14.44 Keats Main
Including 362.55 363.05 0.50 68.20

 

Table 1: Keats FW and Keats Main Drilling Highlights

 

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 250m 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.

 

  • 104 g/t Au over 2.75m in NFGC-21-393 EXT was intersected in the Keats FW Zone at a vertical depth of 300m. This domain of high-grade located immediately east of the AFZ is known as the “Paradox” vein. Other notable intervals from this vein include 119 g/t Au over 2.40m in NFGC-21-375 (April 11, 2022) located 190m up-dip, 6.66 g/t Au over 5.90m in NFGC-21-342 (April 11, 2022) located 220m up-dip and 25m along strike to the northeast and 21.9 g/t Au over 2.50m in NFGC-20-73 (March 10, 2021) located a further 25m to the northeast (Figure 2).
  • Previous exploration efforts in this area were focused on delineating the Keats Main Zone while only a few holes extended beyond, crossing the Paradox vein. Today’s holes are the result of a program that utilized existing drill holes and extended them to cover this highly prospective domain between the KBFZ and the AFZ. The Paradox vein parallels the AFZ and remains open in all directions while several drill holes from this extension program are pending assays.

 

Melissa Render, VP of Exploration of New Found, stated: “The Keats FW region, a wedge of rock sandwiched between the two most important structures known to date on the Queensway Project, the AFZ and the KBFZ, ranks high on the Company’s target priority list. With early attention heavily focussed on the Keats Main Zone, little drilling was ever conducted in this area until now. Early indications show strong continuity of high-grade hosted by the Paradox vein and its associated fault. These intercepts, while still shallow in the context of an orogenic system, will dovetail nicely with our highly anticipated 3D seismic survey, which is set to wrap up later this month. Today’s results provide us with an example of a discreet, yet very high-grade gold bearing vein at a depth of roughly 300m, which will assist in training the seismic dataset to see if Paradox is recognized, how it interplays with the network of veins adjacent to the AFZ, and where other similar and undrilled structures may exist nearby for further testing.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-20-57 EXT1* 69.70 73.45 3.75 12.88 Keats Main
Including* 71.00 71.90 0.90 17.05
Including* 72.85 73.45 0.60 51.90
And1* 129.00 132.85 3.85 2.88 Keats FW
And2* 142.10 144.45 2.35 1.79
And2* 146.45 148.95 2.50 7.36
Including* 147.65 148.50 0.85 20.40
And4 191.00 193.55 2.55 4.14
Including 191.50 192.25 0.75 13.16
NFGC-21-81 EXT1* 19.40 21.70 2.30 1.72 Keats HW
And1* 46.55 49.40 2.85 1.19 Keats Main
And1* 65.90 68.30 2.40 1.00
And2* 136.00 138.15 2.15 1.33 Keats FW
And4 423.00 425.30 2.30 1.90
And4 464.25 466.70 2.45 1.06
NFGC-21-127 EXT1* 37.00 51.00 14.00 1.47 Keats Main
And2 172.60 175.10 2.50 2.12 Keats FW
NFGC-21-312 EXT1* 113.60 115.65 2.05 2.28 Keats HW
And1* 150.10 156.60 6.50 17.59 Keats Main
Including* 155.60 156.60 1.00 105.38
And1* 160.00 163.20 3.20 1.14
And4 257.50 262.00 4.50 2.18 Keats FW
Including 261.35 262.00 0.65 12.65
And4 297.30 299.85 2.55 5.26
Including 299.30 299.85 0.55 21.60
And2 337.10 340.00 2.90 3.21
Including 337.85 338.50 0.65 13.85
And4 488.15 490.40 2.25 1.20
And4 559.35 562.60 3.25 1.09
And4 571.30 573.40 2.10 1.88
And4 579.70 583.65 3.95 4.97
Including 579.70 580.60 0.90 19.85
And4 588.40 592.50 4.10 1.05
NFGC-21-324 EXT1* 96.20 99.45 3.25 2.14 Keats Main
And1* 103.00 105.00 2.00 1.34
And1* 115.70 119.20 3.50 2.48
And4 314.90 317.30 2.40 9.68
Including 315.90 316.40 0.50 46.35
And4 329.90 333.30 3.40 1.57 Keats FW
And4 336.20 340.55 4.35 1.31
And4 344.15 346.70 2.55 2.18
And4 352.00 354.70 2.70 3.23
NFGC-21-393 EXT1* 193.80 196.05 2.25 1.28 Keats Main
And1* 241.60 244.55 2.95 1.19
And4 398.75 402.40 3.65 2.05 Keats FW
And2 450.00 452.75 2.75 104.36
Including 452.00 452.75 0.75 380.00
And4 665.20 667.40 2.20 1.10
NFGC-22-8404 271.60 274.00 2.40 5.45 Keats Main
Including 271.60 272.45 0.85 13.90
NFGC-22-867 No Significant Values Keats FW
NFGC-22-8721 93.70 96.00 2.30 1.34 Keats Main
And1 147.20 151.00 3.80 1.19
And4 362.55 365.00 2.45 14.44
Including 362.55 363.05 0.50 68.20
NFGC-22-8794 10.70 12.80 2.10 1.17 Keats FW
And3 147.00 151.80 4.80 2.58
And4 314.00 316.00 2.30 1.06
And4 345.00 347.00 2.00 1.59
And4 348.00 350.40 2.40 1.10
NFGC-22-9444 163.00 165.00 2.00 1.09 Keats Main
And4 238.00 240.00 2.00 1.59
NFGC-22-965 No Significant Values Keats Main
NFGC-22-1050 No Significant Values Keats Main

 

Table 2: Summary of composite results reported in this press release for Keats Main and Keats FW zones

 

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 250m 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. Azi (°) Dip (°) Length (m) UTM E UTM N Prospect
NFGC-20-57 300 -45 546 658145 5427436 Keats
NFGC-21-81 300 -45 666 658104 5427414 Keats
NFGC-21-127 300 -45 269 658246 5427534 Keats
NFGC-21-305 299 -45.5 605 658081 5427225 Keats
NFGC-21-312 299 -46.5 669 658110 5427324 Keats
NFGC-21-324 299 -45.5 515 658067 5427348 Keats
NFGC-21-393 299 -45.5 702 658119 5427261 Keats
NFGC-22-840 120 -45 315 657640 5427313 Cokes
NFGC-22-867 300 -45 335 658205 5427557 Keats
NFGC-22-872 116 -46 417 657887 5427611 Keats West
NFGC-22-879 300 -45 386 658114 5427581 Keats
NFGC-22-944 284 -47 315 657911 5427179 Keats
NFGC-22-965 285 -48 243 657943 5427161 Keats
NFGC-22-1050 0 -90 287 658040 5427250 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 42,100m 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, 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 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 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 August 2, 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.

 

Figure 1: Photos of mineralization from NFGC-21-393 EXT at ~452m ^Note that these photos are not intended to be representative of gold mineralization in NFGC-21-393 EXT. (Photo: Business Wire)

 

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

 

Figure 3. Keats 3-D cross-section, +/-15m (looking northwest) (Graphic: Business Wire)

 

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

 

Figure 5. Appleton Fault Zone long section (looking northwest) (Graphic: Business Wire)

Posted August 2, 2023

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