New Found Gold Corp. (TSX-V: NFG) (OTC: NFGFF) is pleased to announce partial assay results from intervals in five holes drilled at the Keats Zone. These holes were drilled as part of the Company’s ongoing 200,000m diamond drill program at its 100%-owned Queensway Project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.
|* Note that the host structures are interpreted to be steeply dipping and true widths are estimated to be 70% to 80% of reported intervals. Except as noted, reported intervals are calculated at a 1 g/t Au cut-off grade. Grades have not been capped in the averaging. **Includes intervening intervals assaying below the 1g/t Au cut-off grade.
Greg Matheson, Chief Operating Officer of New Found, stated: “Holes 52 and 80 provide further confirmation of the impressive widths of high-grade, near surface gold mineralization in the Keats Baseline Fault. Drilling is now focused on stepping out to the north, south and to depth. Drilling to date at Keats has also encountered multiple veins in the footwall of the Keats Baseline Fault, typically returning assays in the 0.5 to +3.0g/t range. The high-grade intervals recently encountered in this secondary veining is very encouraging. The initial high-grade discovery hole (92.9g/t over 19m in NFGC-19-01) in the Keats Baseline Fault was drilled below veining that returned multi-gram assays and that occurred within much longer intervals (up to +100m) of halo gold mineralization. In addition to the high-grade assays reported, Hole NFGC-20-73 returned a cumulative 125m that assayed above 0.1 g/t, indicating a broad anomalous gold halo within the Keats Baseline footwall. We will continue to step-out on these intervals to test for additional zones of high-grade gold mineralization between the Keats Baseline fault and the Appleton Fault.”
Table 2: Summary of results reported in this news release
|Hole No.||From (m)||To (m)|| Interval
|*Note that the host structures are interpreted to be steeply dipping and true widths are estimated to be 70% to 80% of reported intervals. Reported intervals are calculated at a 1 g/t Au cut-off grade. Grades have not been capped in the averaging.|
Table 3: Details of drill holes reported on in this news release
|Hole No.||Azimuth (°)||Dip (°)||Length (m)||UTM E||UTM N|
|NFGC-20-48||300||-45||198||658 247||5 427 430|
|NFGC-20-49||300||-45||234||658 309||5 427 468|
|NFGC-20-52||300||-45||192||658 243||5 427 445|
|NFGC-20-73||300||-45||297||658 058||5 427 383|
|NFGC-21-80||300||-45||200||658 239||5 427 486|
Sampling, Sub-sampling and Laboratory
True widths of the new exploration intercepts reported in this press release have yet to be determined but are estimated to be 70% to 80% of reported core lengths. 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 with exception of drill hole NFGC-20-73 which terminated in mineralization. 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. 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 March 10, 2021 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$68M the Company is well financed to continue its current 200,000-m drill program, with a planned increase from the current six drill rigs to eight 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%).
Figure 1. Keats plan view (CNW Group/New Found Gold Corp.)
Figure 2. Keats Baseline Fault long-section (CNW Group/New Found Gold Corp.)
Figure 3. Visible Gold Mineralization in Quartz – NFGC-21-80 at 82.35m depth (CNW Group/New Found Gold Corp.)
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We acknowledge the [financial] support of the Government of Canada.