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New Found Intercepts 28.4 g/t Au over 13.8m and 25.0 g/t Au over 10.3m at Keats, Provides Exploration Overview

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New Found Gold Corp. (TSX-V: NFG) (OTC: NFGFF) is pleased to announce recently received assay results from drilling at the Keats Zone, 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.




  • Highlights from these results are summarized below and in Figure 1.


Keats Zone Summary Results
Hole No. From (m) To (m) Interval (m)* Au (g/t)
NFGC-20-37 9.0 19.3 10.3 25.0
NFGC-20-38 105.8 111.6 5.8 19.8
NFGC-20-40A 107.4 114.7 7.3 19.3
NFGC-20-45 46.6 60.4 13.8 28.4
and 68.0 71.3 3.3 20.6
and 83.3 85.3 2.0 17.1
NFGC-20-46 112.7 115.6 2.9 13.7
NFGC-20-56 25.6 57.9 32.3 6.18
Including 25.6 31.0 5.4 15.7
Note that the exact orientation of the veins is uncertain but believed to be steeply dipping thus implying true widths of the high-grade zone to be in the 70% to 80% range of reported drill lengths.


  • At Keats while mineralization remains open in all directions, we have observed a clear trend in the highest grade material forming a zone with a shallow plunge to the south along the Keats Baseline Fault.
  • High-grade assay intervals received to date at Keats have correlated directly with the observation of significant visible gold in drill core. The Company is utilizing the observation of visible gold in drill core as the primary method to guide step-out drilling at Queensway.
  • Assay results received from drilling to date have outlined an approximate 115m strike length of a thick, high-grade zone of gold mineralization at Keats. Logging and interpretation of drill core in step out holes to the north and south of this 115m interval have expanded the potential continuation of this zone to at least 260m of strike. This target zone remains open in both directions along strike and to depth.
  • To the north the high-grade zone daylights at rock surface (under approximately 10m of glacial till), where broad intervals of near-surface high grade gold have previously been reported. Hole NFGC-20-41 for example was drilled in this area and returned two near surface intervals: 22.5 g/t Au over 10.4m and 31.4 g/t Au over 15.9m, with the first interval starting at 11.7m down hole (see the Company’s January 11, 2021 news release).


Denis Laviolette, President of New Found, stated: “Drilling to date at Keats is delineating a high grade, near surface zone with significant extent and size potential. We are continuing to step out on it to the north, to the south, and to depth. At the Lotto Zone 2 km north of Keats, step-outs from hole NFGC-20-17  (41.2 g/t Au over 4.75m and 25.4 g/t Au over 5.15 m, see the Company’s October 2, 2020 news release) appear to be delineating a new zone of near surface, high-grade gold. The Company believes that historical exploration at the Knob prospect located 2 km south of Keats which includes a historical resource outlined by Noranda has significant room for expansion and drilling is scheduled to start on this target shortly.  Additional drills are being mobilized to the site to double the rig count from four to eight with the increase focused on exploring some of the more than fifteen high-grade gold zones along the Appleton and JBP faults and the many kilometers of strike along these fault zones that have not been drill tested to date. Numerous high-grade boulders and float samples located along the parallel JBP fault, 5 km to the east have yet to be sourced and recent geophysical interpretations are pointing toward a number of targets along a twelve kilometer section of this fault that warrant drilling.”


Figure 1. Reported and pending holes at Keats Zone  



Fgure 2.  Example gold mineralization from hole NFGC-20-45



Figure 3.  Example gold mineralization from hole NFGC-20-40A



Drill Hole Interval Details


Hole No. From (m) To (m) Interval (m)* Au (g/t) Zone
NFGC-20-37 9.0 19.3 10.3 25.0 Keats Main
And 22.7 28.6 5.9 5.18
And 32.8 40.7 7.9 2.82
And 43.8 45.8 2.0 13.2
And 151.6 153.6 2.0 1.21 Keats FW
NFGC-20-38 90.0 94.8 4.8 0.97 Keats Main
And 101.5 103.8 2.3 1.13
And 105.8 133.2 27.4 5.64
Including 105.8 111.6 5.8 19.8
And 159.4 161.7 2.4 1.33 Keats FW
NFGC-20-40A 93.4 95.7 2.3 1.91 Keats Main
And 107.4 114.7 7.3 19.3
And 120.5 123.4 2.9 1.73
And 129.9 132.2 2.3 5.03
And 144.5 146.8 2.3 3.75
And 171.9 174.0 2.1 1.09 Keats FW
NFGC-20-45 22.5 25.0 2.5 2.1 Keats HW
And 46.6 60.4 13.8 28.4 Keats Main
And 68.0 71.3 3.3 20.6
And 83.3 85.3 2.0 17.1
NFGC-20-46 92.8 95.0 2.2 7.32 Keats Main
And 112.7 115.6 2.9 13.7
Including 114.0 144.5 0.5 59.8
And 133.5 135.5 2.0 5.23
NFGC-20-49 NSV
NFGC-20-53 20.6 23.4 2.8 1.07 Keats Main
And 32.6 35.0 2.4 2.20
And 53.4 55.9 2.5 2.59
And 58.6 62.0 3.4 3.24
And 70.0 74.3 4.3 1.83
And 75.8 78.1 2.3 3.64
And 90.0 92.4 2.4 4.72
NFGC-20-54 69.5 80.5 11.0 1.98 Keats Main
Including 69.5 70.5 1.0 6.68
And 85.4 94.1 8.7 2.02
Including 85.4 85.9 0.5 18.9
NFGC-20-56 25.6 57.9 32.3 6.18 Keats Main
Including 25.6 31.0 5.4 15.7
And 62.3 68.7 6.4 3.52
Including 66.0 68.3 2.3 6.69




Hole No. Azimuth
Dip (°) Length (m) UTM E UTM N
NFGC-20-37 300 -45 344 658224 5427518
NFGC-20-38 300 -45 176 658254 5427461
NFGC-20-40A 300 -45 204 658249 5427453
NFGC-20-45 300 -45 164 658240 5427509
NFGC-20-46 300 -45 169 658267 5427493
NFGC-20-49 300 -45 234 658309 5427468
NFGC-20-53 300 -45 188 658254 5427513
NFGC-20-54 300 -45 198 658160 5427439
NFGC-20-56 300 -45 118 658226 5427505




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. All HQ split core assays reported were obtained by either whole sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia. The whole 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. Any samples that returned over-limit values (>100 g/t silver) were analyzed with the Ag-OG62 procedure (Ag by HF-HNO3 -HClO4 digestion with HCl leach, ICP-AES or AAS finish). 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.


Qualified Person


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.


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 200,000m program, with a planned increase from the current four drills to eight drills 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. Reported and pending holes at Keats Zone (CNW Group/New Found Gold Corp.)

Figure 2. Example gold mineralization from hole NFGC-20-45 (CNW Group/New Found Gold Corp.)

Figure 3. Example gold mineralization from hole NFGC-20-40A (CNW Group/New Found Gold Corp.)


Posted February 11, 2021

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