New Found Gold Corp. (TSX-V: NFG) (OTC: NFGFF) is pleased to announce recently received drill results from the Lotto Zone, drilled as part of the Company’s ongoing 200,000 m diamond drill program at its 100% owned Queensway Project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland (Figure 1).
Table 1: Lotto summary results
* 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% 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, maximum dilution allowed is 2m.
Greg Matheson, Chief Operating Officer of New Found, stated: “Hole NFGC-21-100 returned some of the highest grades found to date at Queensway and as such is an outstanding result. Multiple high grade drill intervals have now been encountered in a network of secondary structures, with high grade interpreted to be focused on fault splays and structural intersections. This interpretation is guiding the step out drilling on high grade intervals at Lotto as well as helping to identify additional targets of this type. This network of secondary faults has been projected over an approximately 300m x 200m area at Lotto and remains open in all directions.
The Lotto Baseline Fault appears analogous to the Keats Baseline Fault and we continue to pursue possible high grade mineralization in this broader, more primary structure. Drilling at Queensway will continue to test a corridor up to 500 m wide encompassing +12 high-grade targets identified along the east side of the Appleton Fault Zone from Lotto to the Keats discovery 2 km to the south, and then another 2km south to the area of Knob (see Figure 1). The understanding of controls on high-grade mineralization being advanced at Lotto and Keats will help guide us as we explore this 4km corridor.”
Figure 1: Lotto Zone location and other target areas along the Appleton Fault Zone
Figure 2: Interpreted faults, veining and assay results at Lotto
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% 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, maximum dilution allowed is 2m.|
|** Interval previously released on January 14, 2021.|
Table 3: Details of drill holes reported in this release
Expansion of Queensway Drill Program
New Found also announces that a fifth drill is now operating on the Queensway Project, with three additional drills expected to arrive over the next several weeks.
Sampling, Sub-sampling and Laboratory
True width of the mineralization is uncertain, but host structures are interpreted to be steeply dipping implying true widths in the range of 70% of reported intercepts. Selected intervals were submitted on a rush basis including the reported interval for NFGC-21-100. Additional assays for these holes will be reported once received. Assays are uncut, and calculated intervals are reported over a minimum length of 2 meters using a lower cutoff 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 announcement dated 23
February by New Found Gold. Mr Matheson certifies that this announcement 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 15 km west of Gander, Newfoundland, and just 18 km 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. With working capital of approximately C$72M the Company is well financed to continue its current 200,000-m drill program, with a planned increase from the current four drill rigs to eight drill rigs in Q1, 2021. New Found has a proven capital markets and mining team with major shareholders including Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%), Rob McEwen (7%), other institutional ownership (8%), and management, directors, and insiders (4%).
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