The Prospector News

New Found Intercepts 27.5 g/t Au Over 7m & 8.69 g/t Au Over 12m at K2, Extends High-grade to Surface

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

New Found Intercepts 27.5 g/t Au Over 7m & 8.69 g/t Au Over 12m at K2, Extends High-grade to Surface

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 29 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) Zone
NFGC-23-16301 58.20 66.10 7.90 4.92 K2
Including 58.20 58.55 0.35 26.50
Including 58.90 59.70 0.80 22.10
And 129.75 153.20 23.45 1.82
NFGC-23-16331 24.55 31.35 6.80 2.91 K2
Including 30.00 30.65 0.65 14.75
NFGC-23-16581 43.35 51.00 7.65 4.16 K2
Including 45.00 45.50 0.50 19.90
And 71.60 74.05 2.45 2.90
NFGC-23-16672 162.90 173.60 10.70 1.65 K2
NFGC-23-16691 75.30 93.15 17.85 2.08 K2
Including 79.45 80.00 0.55 41.70
And2 163.40 173.00 9.60 2.49
Including 168.80 169.40 0.60 11.35
NFGC-23-17092 19.40 27.75 8.35 3.01 K2
And2 34.60 44.45 9.85 6.18
Including 39.45 39.95 0.50 47.10
Including 40.55 41.40 0.85 24.58
NFGC-23-17211 32.60 43.15 10.55 1.23 K2
NFGC-23-17291 26.75 36.35 9.60 3.39 K2
And1 55.20 62.20 7.00 27.49
Including 55.20 55.70 0.50 370.00
NFGC-23-17381 87.00 90.00 3.00 19.19 K2
Including 88.25 90.00 1.75 30.92
And1 95.80 107.00 11.20 1.89
NFGC-23-17722 25.00 43.65 18.65 1.55 K2
NFGC-23-17781 17.50 19.50 2.00 12.69 K2
Including 17.50 18.45 0.95 25.90
And1 26.50 41.40 14.90 2.92
Including 36.05 36.60 0.55 34.70
NFGC-23-17791 15.95 23.00 7.05 4.51 K2
Including 22.00 23.00 1.00 12.15
NFGC-23-17832 10.40 35.70 25.30 3.48 K2
Including 10.40 11.00 0.60 12.50
Including 12.90 13.20 0.30 42.30
And1 55.00 57.40 2.40 21.96
Including 56.00 56.40 0.40 130.50
NFGC-23-17861 29.45 41.70 12.25 8.69 K2
Including 29.45 30.15 0.70 18.54
Including 30.75 31.40 0.65 90.69
Including 32.25 33.25 1.00 13.40
NFGC-23-18612 33.25 44.85 11.60 1.23 K2
NFGC-23-19043 72.35 90.80 18.45 3.14 K2
Including 86.60 87.45 0.85 17.40
And2 145.30 162.05 16.75 1.00
NFGC-23-19932 29.45 32.15 2.70 19.41 K2
Including 30.20 30.60 0.40 120.71

 

Table 1: K2 Drilling Highlights

Note that the host structures are interpreted to be moderately dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% 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:

  • 27.5 g/t Au over 7.00m and 3.39 g/t Au over 9.60m in NFGC-23-1729 and 8.69 g/t Au over 12.25m in NFGC-23-1786 were intersected as part of a program designed to extend a high-grade domain of the K2 structure back to surface and occur between 22-43m from surface, with the reported intercept lengths being close to true width (Figures 1-4).
  • Additional near-surface highlight results from ongoing expansion and definition drilling include 3.48 g/t Au over 25.30m and 22.0 g/t Au over 2.40m in NFGC-23-1783, 6.18 g/t Au over 9.85m and 3.01 g/t Au over 8.35m in NFGC-23-1709, 3.14 g/t Au over 18.45m in NFGC-23-1904, and 19.4 g/t Au over 2.70m in NFGC-23-1993. As demonstrated in the long section below in Figure 4, all intervals occur shallowly above 65m vertical depth and demonstrate strong continuity of gold mineralization across the K2 structure.
  • K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250m (Figures 1-4), where it remains open and untested.
  • Much of the gold at K2 is found in the “K2 Main” structure, 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 (Figure 3). Today’s highlight intervals in NFGC-23-1729 and NFGC-23-1786 both occur within K2 Main.
  • 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. Many of these veins start at surface and additional drilling is required to fully define this network (Figure 3).

Melissa Render, VP of Exploration of New Found, stated: “As we continue to expand and target specific areas within the K2 fault network with the drill bit, the results have strengthened and we have identified multiple domains of high-grade gold in addition to broad intersections of gold mineralization. Located 2.2km north of Keats on the west side of the Appleton Fault Zone, K2 and other significant zones such as Keats West and Monte Carlo demonstrate the strong prospectivity of this package of rocks. Characterized by high-grade gold mineralization starting at surface with a shallow dip, this zone is accessible to explore at depth with minimal meters as it remains open and continues to deliver encouraging results.”

 

Drillhole Details

 
Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-10671 207.95 210.50 2.55 2.11 K2
NFGC-23-14341 27.55 29.55 2.00 1.07 K2
And2 111.60 117.35 5.75 1.60
NFGC-23-15791 95.05 97.90 2.85 1.23 K2
And4 164.65 166.85 2.20 1.01 K2
And1 222.70 225.40 2.70 1.33
And1 231.65 234.45 2.80 1.37
NFGC-23-16301 58.20 66.10 7.90 4.92 K2
Including 58.20 58.55 0.35 26.50
Including 58.90 59.70 0.80 22.10
And1 74.25 80.20 5.95 1.38
And1 129.75 153.20 23.45 1.82
And2 165.15 168.15 3.00 3.62
Including 167.60 168.15 0.55 18.20
NFGC-23-16311 12.00 14.55 2.55 3.08 K2
NFGC-23-16331 24.55 31.35 6.80 2.91 K2
Including 30.00 30.65 0.65 14.75
NFGC-23-16581 43.35 51.00 7.65 4.16 K2
Including 45.00 45.50 0.50 19.90
And1 71.60 74.05 2.45 2.90
NFGC-23-16672 137.00 140.70 3.70 1.40 K2
And2 162.90 173.60 10.70 1.65
NFGC-23-16691 65.85 68.75 2.90 1.90 K2
And1 75.30 93.15 17.85 2.08
Including 79.45 80.00 0.55 41.70
And1 104.20 106.35 2.15 1.94
And1 163.40 173.00 9.60 2.49
Including 168.80 169.40 0.60 11.35
NFGC-23-16944 46.10 48.15 2.05 4.71 K2
Including 46.10 46.75 0.65 14.71
And1 94.25 101.45 7.20 1.56
And1 107.05 109.75 2.70 1.47
And1 165.05 167.30 2.25 1.16
And1 170.00 172.25 2.25 2.77
And1 188.60 193.60 5.00 2.10
And1 203.45 210.10 6.65 1.09
NFGC-23-17041 25.55 28.15 2.60 2.98 K2
And1 110.25 112.55 2.30 4.51
Including 111.60 112.00 0.40 20.20
And1 134.35 137.00 2.65 1.64
NFGC-23-17092 19.40 27.75 8.35 3.01 K2
And2 34.60 44.45 9.85 6.18
Including 39.45 39.95 0.50 47.10
Including 40.55 41.40 0.85 24.58
And2 49.75 52.00 2.25 7.79
Including 49.75 50.15 0.40 39.00
NFGC-23-17211 32.60 43.15 10.55 1.23 K2
And1 49.50 56.90 7.40 1.54
And1 64.00 66.00 2.00 1.48
And1 92.30 97.80 5.50 1.32
NFGC-23-17291 26.75 36.35 9.60 3.39 K2
And1 55.20 62.20 7.00 27.49
Including 55.20 55.70 0.50 370.00
NFGC-23-17381 74.55 78.00 3.45 6.53 K2
Including 76.35 77.00 0.65 11.14
And1 87.00 90.00 3.00 19.19
Including 88.25 90.00 1.75 30.92
And1 95.80 107.00 11.20 1.89
And1 116.00 118.35 2.35 1.18
And1 127.85 131.15 3.30 1.17
NFGC-23-17592 25.40 32.95 7.55 1.30 K2
And1 45.30 49.55 4.25 1.00
And1 50.85 53.10 2.25 1.10
NFGC-23-17722 15.85 18.00 2.15 2.63 K2
And2 25.00 43.65 18.65 1.55
NFGC-23-17781 17.50 19.50 2.00 12.69 K2
Including 17.50 18.45 0.95 25.90
And1 26.50 41.40 14.90 2.92
Including 36.05 36.60 0.55 34.70
NFGC-23-17791 15.95 23.00 7.05 4.51 K2
Including 22.00 23.00 1.00 12.15
NFGC-23-17832 10.40 35.70 25.30 3.48 K2

 

 

 

 

Including 10.40 11.00 0.60 12.50
Including 12.90 13.20 0.30 42.30
And1 55.00 57.40 2.40 21.96
Including 56.00 56.40 0.40 130.50
NFGC-23-17861 29.45 41.70 12.25 8.69 K2
Including 29.45 30.15 0.70 18.54
Including 30.75 31.40 0.65 90.69
Including 32.25 33.25 1.00 13.40
And1 60.00 64.40 4.40 2.04
Including 64.00 64.40 0.40 11.64
NFGC-23-17921 44.15 49.20 5.05 2.85 K2
And4 208.00 211.00 3.00 1.86
NFGC-23-18091 8.00 10.10 2.10 1.62 K2
NFGC-23-18363 65.75 68.15 2.40 2.22 K2
NFGC-23-18442 158.35 166.55 8.20 2.14 K2
And2 174.10 176.65 2.55 1.30
NFGC-23-18612 33.25 44.85 11.60 1.23 K2
NFGC-23-19041 48.00 50.05 2.05 1.39 K2
And1 56.80 64.25 7.45 1.11  
And3 72.35 90.80 18.45 3.14  
Including 86.60 87.45 0.85 17.40  
And1 100.20 106.50 6.30 1.63  
And2 119.00 121.00 2.00 1.06  
And2 145.30 162.05 16.75 1.00  
NFGC-23-1940 No Significant Value K2
NFGC-23-19932 29.45 32.15 2.70 19.41 K2
Including 30.20 30.60 0.40 120.71  

 

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

 

Note that the host structures are interpreted to be moderately 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-22-1067 299 -56 287 658738 5429662 K2
NFGC-23-1434 345 -45 152 659045 5429997 K2
NFGC-23-1579 300 -45 299 659125 5429791 K2
NFGC-23-1630 345 -64 176 659018 5429881 K2
NFGC-23-1631 345 -45 100 658855 5429937 K2
NFGC-23-1633 345 -45 135 658880 5429889 K2
NFGC-23-1658 345 -45 129 658985 5429906 K2
NFGC-23-1667 299 -45.5 248 659148 5429834 K2
NFGC-23-1669 1 -45 218 659029 5429847 K2
NFGC-23-1694 0 -60 308 658993 5429823 K2
NFGC-23-1704 5 -50 161 659049 5429902 K2
NFGC-23-1709 110 -60 95 659049 5429903 K2
NFGC-23-1721 0 -45 119 659059 5429944 K2
NFGC-23-1729 0 -45 110 659064 5429990 K2
NFGC-23-1738 0 -45 149 659071 5429933 K2
NFGC-23-1759 0 -45 89 659080 5429987 K2
NFGC-23-1772 345 -45 68 659015 5430046 K2
NFGC-23-1778 345 -45 65 658995 5430046 K2
NFGC-23-1779 345 -45 59 658978 5430069 K2
NFGC-23-1783 20 -50 95 659052 5430044 K2
NFGC-23-1786 75 -45 131 659091 5430008 K2
NFGC-23-1792 10 -45.5 224 658985 5429906 K2
NFGC-23-1809 25 -55 50 659052 5430109 K2
NFGC-23-1836 207 -55 119 658999 5429765 K2
NFGC-23-1844 237 -61 401 658998 5429766 K2
NFGC-23-1861 65 -65 59 658975 5429719 K2
NFGC-23-1904 17 -58 206 658913 5429819 K2
NFGC-23-1940 55 -67 281 658859 5429589 K2
NFGC-23-1993 70 -53 203 658868 5429773 K2

 

Table 3: Details of drill holes reported in this press release

 

Queensway 650,000m Drill Program Update

 

The Company is currently undertaking a 650,000m drill program at Queensway and approximately 7,000m 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 meter 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. 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 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 January 31, 2024, 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 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $57.3 million as of January 2024.

 

Figure 1: Photos of mineralization from: Top Left: NFGC-23-1669 at ~79.8m, Top Right NFGC-23-1783 at ~13.2m, Bottom Left: NFGC-23-1778 at ~17.8m, Bottom Right: NFGC-23-1669 at ~75.5m ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1669, NFGC-23-1778, and NFGC-23-1783. (Photo: Business Wire)

 

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

 

Figure 3. K2 3-D cross-section view (looking southeast, +/- 12.5m) (Photo: Business Wire)

 

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

 

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

 

Posted January 31, 2024

Share this news article

MORE or "UNCATEGORIZED"


FIRST QUANTUM ANNOUNCES CLOSING OF $1,150 MILLION BOUGHT DEAL OFFERING, CLOSING OF $1,600 MILLION SENIOR SECURED SECOND LIEN NOTES OFFERING AND UPDATE ON COMPREHENSIVE REFINANCING

First Quantum Minerals Ltd. (TSX: FM) announced that it has compl... READ MORE

February 29, 2024

VIZSLA SILVER ANNOUNCES CLOSING OF $34.5 MILLION BOUGHT DEAL FINANCING

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3)... READ MORE

February 29, 2024

New Found Makes New Discovery With 35 g/t Au Over 17m Including 1,910 g/t Au Over 0.3m at “Vegas Zone”

New Found Gold Corp.  (TSX-V: NFG, NYSE-A: NFGC) is pleased to a... READ MORE

February 29, 2024

Treasury Metals Announces Results from Drilling on Far East Target at the Goliath Gold Complex

Highlights: Continuity of near surface, Goliath-style alteration ... READ MORE

February 29, 2024

Guanajuato Silver Increases Size of Gold Loan Credit Facility to US$13.3M

Guanajuato Silver Company Ltd. (TSX–V:GSVR) (OTCQX:GSVRF) i... READ MORE

February 29, 2024

Copyright 2024 The Prospector News