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New Found Intercepts 167 g/t Au Over 4.70M at Iceberg

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New Found Intercepts 167 g/t Au Over 4.70M at Iceberg

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from nine diamond drill holes that were completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300m northeast of Keats Main 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.

 

Iceberg Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-11571 250.60 255.30 4.70 166.79 Iceberg
Including 251.60 253.35 1.75 440.74
And Including 251.60 252.35 0.75 1,010.00

 

Table 1: Iceberg Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%. 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 200m 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.

 

  • 167 g/t Au over 4.70m in NFGC-23-1157 was intersected 32m down dip of previously reported 19.6 g/t Au over 5.25m in NFGC-23-1217 (May 31, 2023) and 125m along strike to the south of previously reported 105 g/t Au over 27.05m in NFGC-23-1210 (June 5, 2023) at Iceberg. This interval is interpreted to be close to true width and occurs at a vertical depth of 170m demonstrating strong high-grade gold continuity down-dip at depth (Figures 1-5).
  • The Iceberg-Iceberg East segment is defined over a strike length of 665m, with high-grade gold mineralization starting at surface and currently extended to a vertical depth of 170m. Minimal exploration work has been completed below 200m vertical depth with the deepest drilling completed to date intersecting the structure and gold mineralization at 270m vertical.
  • Iceberg and Iceberg East remain open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.

 

Greg Matheson, COO of New Found, stated: “Today’s results provide an excellent example of how high-grade the Queensway veins can be. A ribbon of gold can be seen throughout this particular vein, resulting in a sample assaying over 1,000 g/t Au (Figure 1). The high-grade nature of the Queensway Project has been well represented in our drilling to date and we are encouraged to see these numbers with such strong continuity continue to depth.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-1033 No Significant Values Iceberg
NFGC-23-1095 No Significant Values Iceberg
NFGC-23-11031 45.55 47.95 2.40 1.39 Iceberg
And2 149.60 151.75 2.15 1.16
NFGC-23-11571 250.60 255.30 4.70 166.79 Iceberg
Including 251.60 253.35 1.75 440.74
Including 251.60 252.35 0.75 1,010.00
NFGC-23-12031 185.00 187.80 2.80 1.24 Iceberg
And1 227.90 230.00 2.10 1.27
NFGC-23-1259B1 229.70 231.90 2.20 1.02 Iceberg
And1 270.35 272.95 2.60 8.84
Including 270.35 270.70 0.35 52.90
And4 326.00 328.00 2.00 1.57
NFGC-23-12893 90.50 92.90 2.40 1.56 Iceberg
And2 159.45 161.90 2.45 1.37
NFGC-23-13172 278.45 281.65 3.20 1.12 Iceberg
NFGC-23-13461 261.50 263.75 2.25 2.81 Iceberg

 

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

 

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 200m 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.

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect
NFGC-22-1033 300 -45 500 658411 5427497 Iceberg
NFGC-23-1095 303 -48 206 658298 5427648 Iceberg
NFGC-23-1103 310 -46 179 658307 5427614 Iceberg
NFGC-23-1157 300 -45 350 658459 5427671 Iceberg
NFGC-23-1203 300 -45 323 658461 5427698 Iceberg
NFGC-23-1259B 299 -44.5 380 658481 5427658 Iceberg
NFGC-23-1289 300 -45 275 658442 5427738 Iceberg
NFGC-23-1317 300 -45 401 658452 5427617 Iceberg
NFGC-23-1346 299 -46 449 658495 5427593 Iceberg

 

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 42,700m 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, 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 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 9, 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-23-1157: Left: at ~252m, Right: at ~252m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1157. (Photo: Business Wire)

 

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

 

Figure 3. Iceberg-Keats West cross-section view (+/-12.5m, looking northwest) (Graphic: Business Wire)

 

Figure 4. Keats Main, Iceberg, and Iceberg East zones long section (looking northwest) (Graphic: Business Wire)

 

Figure 5. Knob – Everest plan view map (Graphic: Business Wire)

Posted August 9, 2023

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