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New Found Intercepts 198 G/t Au Over 2M, Defines 410M X 395M Mineralized Footprint at K2 Zone

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New Found Intercepts 198 G/t Au Over 2M, Defines 410M X 395M Mineralized Footprint at K2 Zone

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 36 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone. New Found’s district-scale Queensway Project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

K2 Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Sb (%) Zone
NFGC-22-9522 187.00 189.00 2.00 197.78   K2
Including 188.20 188.60 0.40 988.70  
NFGC-22-10021 132.30 143.90 11.60 1.62   K2
NFGC-22-10131 202.95 209.00 6.05 6.47 <0.01 K2
Including 204.50 205.20 0.70 27.50 <0.01
NFGC-23-13031 22.35 35.30 12.95 4.50 0.95 K2
Including 23.20 24.35 1.15 21.12 1.12
Including 25.00 25.45 0.45 12.05 10.45
NFGC-23-13101 30.00 42.55 12.55 2.32 <0.01 K2
Including 40.85 41.60 0.75 10.10 <0.01
NFGC-23-13151 22.00 35.00 13.00 2.38 <0.01 K2
Including 34.30 35.00 0.70 10.75 <0.01
NFGC-23-13871 19.90 24.95 5.05 6.51 0.02 K2
Including 22.85 23.55 0.70 27.70 0.05
NFGC-23-13911 6.00 9.90 3.90 13.72 0.04 K2
Including 7.50 8.00 0.50 20.60 0.21
Including 8.50 9.90 1.40 26.93 0.02
 

Table 1: K2 Drilling Highlights

 

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. 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.

 

 

K2 Highlights:

  • K2 is host to an impressive and complex system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 410m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum depth of 250m.
  • Much of the gold at K2 is found in the “K2 Main” structure (shown in red in Figure 3), a low-angle gold-bearing fault zone starting at surface that dips 40° to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness.
  • The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults, (shown in orange and purple in Figure 3). These veins are extensive – many of them are projected to make their way to surface and additional drilling is required to fully define this network.
  • One such vein constituent of the greater K2 structure is “Stibnite” vein (shown in purple in Figure 3) that has returned several significant intervals including 4.50 g/t Au over 12.95m in NFGC-23-1303, 6.51 g/t Au over 5.05m in NFGC-23-1387 and 13.7 g/t Au over 3.90m in NFGC-23-1391. Stibnite is a near-surface high-grade vein that has been traced over a current strike length of 105m. This vein contains significant amounts of stibnite, an antimony-bearing sulphide mineral as reflected by the antimony assay results of 0.95% Sb over 12.95m in NFGC-23-1303 and 0.04% Sb over 3.90m in NFGC-23-1391. This is the first time this mineral association has been observed at Queensway North.
  • 198 g/t Au over 2.00m in NFGC-22-952 is found in a crosscutting vein that occurs immediately west of the AFZ and forms another important constituent of the greater K2 mineralized footprint. This interval demonstrates the high-grade potential of the K2 structure.

 

Melissa Render, VP of Exploration of New Found, stated: “Drilling at K2 has led to the discovery of a significant gold-bearing structural zone with a large and growing footprint that includes an array of veining and strong associated gold grades. Like Keats West, K2 is located west of the AFZ and gold is generally hosted in a low-angle, gently dipping structure, with the majority of mineralization found close to surface. With minimal drilling into this new zone, it is already apparent that the complexity and sheer number of associated veins at K2 far exceeds the system at Keats West. Additionally, the overall K2 zone shares many similarities with Keats Main, including general orientation and the presence of numerous, steeply dipping cross-structures. It is these complex environments that create opportune hosts for high-grade gold deposition and today’s highlight interval of 198 g/t Au over 2m gives us great enthusiasm that, like our flagship zones found 2.5km to the south, K2 can also host high-grade gold.

 

“The introduction of stibnite at K2 provides one additional curiosity; high-grade concentrations of stibnite are commonly observed at Fosterville near to high-grade epizonal gold zones. Through further drilling, we look forward to seeing if a similar association presents itself at Queensway. Exploration will remain focussed on expanding K2, which remains open in all directions and at depth, where limited drilling has been conducted below 150m vertical.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-9241 77.70 83.05 5.35 3.65 K2
And1 102.35 110.35 8.00 2.08
And1 122.85 125.00 2.15 1.21
NFGC-22-9524 46.00 48.20 2.20 6.54 Everest
Including 46.00 46.55 0.55 26.11
And2 179.00 181.00 2.00 1.47 K2
And2 187.00 189.00 2.00 197.78
Including 188.20 188.60 0.40 988.70
NFGC-22-9722 5.30 7.55 2.25 7.08 K2
Including 6.20 7.20 1.00 14.84
And1 139.15 141.35 2.20 2.54
And2 237.80 239.85 2.05 2.82
NFGC-22-987 No Significant Values K2
NFGC-22-10021 132.30 143.90 11.60 1.62 K2
NFGC-22-10134 53.00 55.35 2.35 4.46 K2
Including 54.50 55.35 0.85 10.35
And4 78.50 80.85 2.35 1.12
And4 158.00 160.00 2.00 4.15
And4 177.85 180.10 2.25 1.07
And1 202.95 209.00 6.05 6.47
Including 204.50 205.20 0.70 27.50
And1 217.05 219.35 2.30 4.21
Including 218.45 219.35 0.90 10.60
NFGC-22-10241 69.00 71.00 2.00 1.80 K2
And1 184.30 186.70 2.40 2.99
NFGC-23-12274 91.00 93.10 2.10 2.09 K2
NFGC-23-1256 No Significant Values K2
NFGC-23-12581 321.00 323.00 2.00 1.17 K2
NFGC-23-1270 No Significant Values K2
NFGC-23-1276 No Significant Values K2
NFGC-23-12821 78.45 80.65 2.20 1.04 K2
NFGC-23-1296 No Significant Values K2
NFGC-23-13031 22.35 35.30 12.95 4.50 K2
Including 23.20 24.35 1.15 21.12
Including 25.00 25.45 0.45 12.05
NFGC-23-1305 No Significant Values K2
NFGC-23-13104 5.55 7.75 2.20 1.59 K2
And1 30.00 42.55 12.55 2.32
Including 40.85 41.60 0.75 10.10
NFGC-23-13131 23.90 28.20 4.30 1.53 K2
And1 31.80 34.05 2.25 1.56
NFGC-23-1314 No Significant Values K2
NFGC-23-13151 22.00 35.00 13.00 2.38 K2
Including 34.30 35.00 0.70 10.75
NFGC-23-13191 37.55 46.60 9.05 1.29 K2
NFGC-23-13224 58.00 60.00 2.00 4.64 K2
NFGC-23-13291 195.40 197.40 2.00 1.39 K2
And1 221.85 228.60 6.75 2.32
NFGC-23-1338 No Significant Values K2
NFGC-23-13441 5.00 8.70 3.70 1.67 K2
NFGC-23-13454 75.55 77.55 2.00 1.71 K2
NFGC-23-13511 5.00 8.70 3.70 1.03 K2
NFGC-23-13554 185.40 188.75 3.35 1.22 K2
And3 231.00 233.30 2.30 1.22
NFGC-23-13701 178.85 181.00 2.15 1.34 K2
And1 182.60 184.65 2.05 1.01
And1 185.60 188.45 2.85 1.02
NFGC-23-1377 No Significant Values K2
NFGC-23-13871 19.90 24.95 5.05 6.51 K2
Including 22.85 23.55 0.70 27.70
NFGC-23-13911 6.00 9.90 3.90 13.72 K2
Including 7.50 8.00 0.50 20.60
Including 8.50 9.90 1.40 26.93
NFGC-23-13921 26.25 28.25 2.00 1.00 K2
And1 32.60 37.00 4.40 2.38
NFGC-23-13981 32.75 36.15 3.40 5.99 K2
Including 35.00 35.70 0.70 20.60
NFGC-23-1522 No Significant Values K2 West
NFGC-23-1546 No Significant Values K2 West
 

Table 2: Summary of composite results reported in this press release for K2.

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-22-924 300 -45 227 659018 5429879 K2
NFGC-22-952 300 -45 360 659249 5429986 K2
NFGC-22-972 272 -52 308 658964 5429766 K2
NFGC-22-987 300 -45 339 659252 5430042 K2
NFGC-22-1002 320 -60 194 658974 5429719 K2
NFGC-22-1013 320 -60 317 659000 5429765 K2
NFGC-22-1024 330 -45 239 658738 5429664 K2
NFGC-23-1227 345 -60 260 659140 5430512 K2
NFGC-23-1256 345 -60 251 659157 5430388 K2
NFGC-23-1258 320 -45 456 658988 5429388 K2
NFGC-23-1270 345 -60 305 659171 5430264 K2
NFGC-23-1276 75 -45 302 659071 5430206 K2
NFGC-23-1282 75 -45 395 658940 5430164 K2
NFGC-23-1296 75 -45 263 658891 5430078 K2
NFGC-23-1303 345 -60 227 658956 5430041 K2
NFGC-23-1305 345 -59 290 658655 5429522 K2
NFGC-23-1310 25 -45 65 658957 5430041 K2
NFGC-23-1313 15 -78 80 658956 5430041 K2
NFGC-23-1314 75 -45 263 658658 5429521 K2
NFGC-23-1315 270 -60 53 658956 5430041 K2
NFGC-23-1319 75 -45 386 658957 5430041 K2
NFGC-23-1322 75 -45 251 658772 5429570 K2
NFGC-23-1329 345 -60 299 658771 5429570 K2
NFGC-23-1338 75 -45.5 257 658843 5429992 K2
NFGC-23-1344 345 -59 251 659084 5430081 K2
NFGC-23-1345 344 -59 260 658642 5429645 K2
NFGC-23-1351 75 -45 254 659086 5430081 K2
NFGC-23-1355 74 -45.5 317 658741 5429818 K2
NFGC-23-1370 75 -45 251 658626 5429769 K2
NFGC-23-1377 345 -60 257 658626 5429769 K2
NFGC-23-1387 345 -45 50 658939 5430042 K2
NFGC-23-1391 345 -45 53 658907 5430027 K2
NFGC-23-1392 345 -45 104 658980 5429955 K2
NFGC-23-1398 345 -45 113 659021 5429957 K2
NFGC-23-1522 20 -45 212 658014 5429658 K2 West
NFGC-23-1546 353 -45 215 658015 5429656 K2 West
 

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 39,400m of core is currently pending assay results.

 

Sampling, Sub-sampling, and Laboratory

 

Assays are uncut, and composite intervals are calculated using 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.

 

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. Samples that reached the upper limit of antimony for this method, were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08).

 

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 August 28, 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: Top Left: NFGC-22-952 at ~188.3m, Top Right NFGC-23-1303 at ~24m, Bottom Left: NFGC-23-1315 at ~41m, Bottom Right: NFGC-23-1391 at ~8.6m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-952, NFGC-23-1303, NFGC-23-1315 and NFGC-23-1391. (Photo: Business Wire)

 

Figure 2. K2 area plan view map (Photo: Business Wire)

 

Figure 3. K2 inclined 3-D view (looking southeast) (Photo: Business Wire)

 

Figure 4. K2 long section (looking northwest) (Photo: Business Wire)

 

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

Posted August 28, 2023

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