New Found Gold Corp. (TSX-V: NFG) (OTC: NFGFF) is pleased to announce recently received assay results from four holes drilled at the Lotto Zone, located approximately 2km north of the Keats Zone discovery. These holes were completed as part of the Company’s ongoing 200,000m diamond drill program at its 100% owned Queensway Project, located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
|* Note that the true width of the mineralization is uncertain, but host structures are interpreted to be steeply dipping implying true widths in the range of 70% to 90% of reported intercepts. Intervals are calculated at a 1 g/t Au cut-off grade and minimum width of 2m, grades have not been capped in the averaging.|
Greg Matheson, P.Geo., COO of New Found, stated: “The outstanding result from hole NFGC-21-201 demonstrates the potential for the definition of a significant discovery at Lotto. The grade x width of 1,728 g/t Au x m in NFGC-21-201 interval is comparable to the original high-grade discovery hole drilled in late 2019 at the Keats Zone 2km to the south of Lotto (hole NFGC-19-01: 92.9 g/t Au over 19.0m, or a grade x width of 1,764g/t Au x m). We are continuing to test the high-grade zone at Lotto with step-out drilling along strike and to depth.
Lotto and Keats are just two of several high priority targets identified over 7.8km of strike along the Appleton Fault on the northern portion of the Queensway project. As we continue to explore these showings, we now have demonstrated that the high-grade intercepts are not isolated to just the Keats Zone and this takes us a significant step further in confirming the presence of repeated zones of high grade epizonal style mineralization along the Appleton Fault Zone.”
Table 2: Summary of results reported in this release
|* Note that the true width of the mineralization is uncertain, but host structures are interpreted to be steeply dipping implying true widths in the range of 70%to 90% of reported intercepts. Intervals are calculated at a 1 g/t Au cut-off grade and minimum width of 2m, grades have not been capped in the averaging.|
Table 3: Details of drill holes reported in this release
Photos of Drill Core
Figure 4a. Photos of mineralization from NFGC-21-201, approximately 207m down hole depth Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-201. (CNW Group/New Found Gold Corp.)
Figure 4b. Photos of mineralization from NFGC-21-201, approximately 207m down hole depth Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-201. (CNW Group/New Found Gold Corp.)
Queensway 200,000m Drill Program Update
Approximately 55,000m of the 200,000m have been drilled to date; roughly 28,000m of core is pending assays. Eight rigs are currently turning, with a ninth on site and tenth to arrive by end of July.
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 60% to 80% of reported core lengths. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. Assays are uncut, and calculated intervals are reported over a minimum length of 2m 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.
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 June 23, 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 15km west of Gander, Newfoundland, 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 200,000m drill program at Queensway. Eight rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by July 2021. With a current working capital balance of approximately $82 million, New Found is well funded for this program.
Figure 1. Lotto Plan View (CNW Group/New Found Gold Corp.)
Figure 2. Lotto Cross Section (looking north, 20m clipping, see A-A’ on Plan View, Figure 1) (CNW Group/New Found Gold Corp.)
Figure 3. Lotto Long Section (see B-B’ on Plan View, Figure 1) (CNW Group/New Found Gold Corp.)
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We acknowledge the [financial] support of the Government of Canada.