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New Found Intercepts 3.2 g/t Au Over 43.8m and 10.3 g/t Au Over 13m at Keats West & Defines a New Gold Domain at Cokes Zone

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New Found Intercepts 3.2 g/t Au Over 43.8m and 10.3 g/t Au Over 13m at Keats West & Defines a New Gold Domain at Cokes Zone

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 46 diamond drill holes that were completed as part of a drill program designed to test the Keats West Zone and follow-up on new gold mineralization identified at the Cokes Zone through reconnaissance and targeted drilling. Both prospects are located on the west side of the highly prospective Appleton Fault Zone. New Found’s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

Keats West Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-11441 53.65 69.90 16.25 4.28 Keats W
Including 53.65 54.35 0.70 11.16
Including 55.05 55.80 0.75 12.94
Including 61.85 62.85 1.00 15.90
Including 63.90 64.75 0.85 10.22
And1 74.05 83.05 9.00 2.97
NFGC-23-17081 5.70 49.50 43.80 3.20 Keats W
Including 12.70 13.50 0.80 12.25
Including 34.00 35.20 1.20 34.47
Including 37.50 38.05 0.55 12.10
Including 49.15 49.50 0.35 25.40
NFGC-23-17131 26.00 49.00 23.00 2.97 Keats W
Including 45.80 47.15 1.35 23.99
NFGC-23-17181 9.85 14.15 4.30 4.75 Keats W
And 21.00 23.70 2.70 1.56
And 27.40 31.45 4.05 1.69
And 45.75 48.00 2.25 1.03
And 51.00 53.50 2.50 1.22
NFGC-23-17411 9.00 22.00 13.00 10.27 Keats W
Including 16.10 17.20 1.10 98.15
And1 34.70 40.00 5.30 8.52
Including 36.75 37.55 0.80 47.30
And1 49.10 72.60 23.50 3.22
Including 71.75 72.60 0.85 57.10
NFGC-23-17451 31.30 34.60 3.30 12.79 Keats W
Including 32.30 32.70 0.40 90.10
NFGC-23-17551 50.85 53.00 2.15 16.84 Keats W
Including 51.55 52.10 0.55 62.20
NFGC-23-17651 3.30 26.50 23.20 3.49 Keats W
Including 12.90 13.35 0.45 10.50
Including 14.30 15.00 0.70 15.95

 

 

Cokes Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-15212 38.60 51.05 12.45 2.21 Cokes
NFGC-23-16093 39.90 53.40 13.50 2.75 Cokes
NFGC-23-18521 17.10 30.60 13.50 1.94 Cokes
NFGC-23-18704 15.45 26.55 11.10 1.76 Cokes
And4 36.60 45.15 8.55 2.54
And1 49.20 57.10 7.90 3.64
NFGC-23-18911 35.60 47.40 11.80 4.33 Cokes

 

Table 1: Keats West and Cokes Drilling Highlights

Note that the host structures are interpreted to be moderately dipping and true widths are generally estimated to be 170% to 95%, 40%-70%, and 10% to 40%. 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.

  • Three of today’s highlight intervals were drilled into the westernmost extent of the Keats West zone, intercepting 3.49 g/t Au over 23.20m in NFGC-23-1765, 12.8 g/t Au over 3.30m in NFGC-23-1745, and 16.9 g/t Au over 2.15m in NFGC-23-1755. All three holes hit the structure shallowly starting between 2m and 35m vertical depth, indicating strong near-surface continuity of high-grade gold mineralization over a strike length of 315m at Keats West.
  • Further east, within the Keats West structure, additional results have been received from holes that were designed to test gaps left from the previous drilling campaign. Several thick intervals of high-grade mineralization were intercepted including the highlight intervals 3.20 g/t Au over 43.80m in NFGC-23-1708, 10.3 g/t Au over 13.00m, and 3.22 g/t Au over 23.50m in NFGC-23-1741, and 2.97 g/t Au over 23.00m in NFGC-23-1713.
  • Gold mineralization at Keats West is hosted by a low-angle thrust fault that dips gently to the south-southwest and has a drill-defined mineralized footprint spanning 305m long by 315m wide and starts at surface with all intercepts drilled to date occurring above 130m vertical depth. The zone has a cumulative average thickness of 30m.
  • At Cokes, a historic showing located 300m southwest of Keats West on the west side of the AFZ, drilling has successfully expanded upon the mineralized zone through a combination of grid and targeted drilling. A first-pass program conducted by New Found in 2021 returned encouraging results at Cokes including the highlight interval of 2.40 g/t over 23.70m in NFGC-21-157.
  • Today’s results expand the mineralized footprint at Cokes and define a low-angle and south-dipping gold mineralized structure that is very similar in orientation to the nearby Keats West. Several significant intervals were received including 4.33 g/t Au over 11.80m in NFGC-23-1891, 2.75 g/t Au over 13.50m in NFGC-23-1609, 3.64 g/t Au over 7.90m, 2.54 g/t Au over 8.55m and 1.76 g/t Au over 11.10m in NFGC-23-1870 that together span a domain 65m wide by 90m long. Additional drilling is required to understand the mineralizing controls in this area and to expand on this new discovery.

 

 

Melissa Render, VP of Exploration of New Found, stated: “Our second pass drilling at Cokes has enhanced our understanding of this zone and allowed us to hone into a higher-grade portion of the structure that was previously unknown. This success at Cokes is a great example of where it is often necessary to revisit areas and take a new approach or persist with the drill to produce an improved model that can allow for better targeting. Cokes is in good company with the Keats West structure located just 300m to the north. At Keats West, we are encouraged by today’s results testing the far western extents of the zone where it comes to the surface and continues to produce intervals of near-surface high-grade gold mineralization.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-11441 18.45 25.30 6.85 1.74 Keats W
And1 32.00 34.00 2.00 1.66
And1 39.65 48.00 8.35 1.25
And1 53.65 69.90 16.25 4.28
Including 53.65 54.35 0.70 11.16
Including 55.05 55.80 0.75 12.94
Including 61.85 62.85 1.00 15.90
Including 63.90 64.75 0.85 10.22
And1 74.05 83.05 9.00 2.97
NFGC-23-17081 5.70 49.50 43.80 3.20 Keats W
Including 12.70 13.50 0.80 12.25
Including 34.00 35.20 1.20 34.47
Including 37.50 38.05 0.55 12.10
Including 49.15 49.50 0.35 25.40
NFGC-23-17131 26.00 49.00 23.00 2.97 Keats W
Including 45.80 47.15 1.35 23.99
And1 55.00 57.90 2.90 1.91
NFGC-23-17181 9.85 14.15 4.30 4.75 Keats W
And1 21.00 23.70 2.70 1.56
And1 27.40 31.45 4.05 1.69
And1 45.75 48.00 2.25 1.03
And1 51.00 53.50 2.50 1.22
NFGC-23-17411 9.00 22.00 13.00 10.27 Keats W
Including 16.10 17.20 1.10 98.15
And1 34.70 40.00 5.30 8.52
Including 36.75 37.55 0.80 47.30
And1 49.10 72.60 23.50 3.22
Including 71.75 72.60 0.85 57.10
NFGC-23-17451 12.70 17.00 4.30 4.95 Keats W
Including 15.00 16.00 1.00 10.90
And1 31.30 34.60 3.30 12.79
Including 32.30 32.70 0.40 90.10
NFGC-23-17511 2.30 5.80 3.50 2.03 Keats W
And1 11.40 16.40 5.00 1.50
NFGC-23-17551 12.00 14.00 2.00 1.07 Keats W
And1 24.80 32.60 7.80 4.423
Including 27.30 27.70 0.40 17.65
And1 42.15 46.05 3.90 1.22
And1 50.85 53.00 2.15 16.84
Including 51.55 52.10 0.55 62.20
NFGC-23-1758 No Significant Values Keats W
NFGC-23-17651 3.30 26.50 23.20 3.49 Keats W
Including 12.90 13.35 0.45 10.50
Including 14.30 15.00 0.70 15.95
And1 32.55 35.00 2.45 1.02
And1 55.75 62.00 6.25 1.67
Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-8031 85.00 88.00 3.00 2.07 Cokes
NFGC-22-819 No Significant Values Cokes
NFGC-22-849 No Significant Values Cokes
NFGC-22-857 No Significant Values Cokes
NFGC-22-9641 29.00 31.40 2.40 2.18 Cokes
And1 35.55 37.60 2.05 1.17
And1 63.00 68.55 5.55 1.92
NFGC-23-1116 No Significant Values Cokes
NFGC-23-11254 14.00 16.45 2.45 1.85 Cokes
NFGC-23-1133 No Significant Values Cokes
NFGC-23-1142 No Significant Values Cokes
NFGC-23-1153 No Significant Values Cokes
NFGC-23-14491 19.10 21.70 2.60 1.05 Cokes
NFGC-23-14634 13.00 17.25 4.25 1.29 Cokes
NFGC-23-1478 No Significant Values Cokes
NFGC-23-1506 No Significant Values Cokes
NFGC-23-15211 12.05 14.20 2.15 4.27 Cokes
And2 38.60 51.05 12.45 2.21
And2 56.25 62.00 5.75 1.37
NFGC-23-1534 No Significant Values Cokes
NFGC-23-15544 66.65 68.80 2.15 1.80 Cokes
NFGC-23-1563 No Significant Values Cokes
NFGC-23-1576 No Significant Values Cokes
NFGC-23-1592 No Significant Values Cokes
NFGC-23-15961 8.95 11.30 2.35 1.64 Cokes
And1 17.00 19.40 2.40 1.25
And1 23.75 27.40 3.65 2.17
And1 43.15 51.95 8.80 1.48
NFGC-23-1603 No Significant Values Cokes
NFGC-23-16093 39.90 53.40 13.50 2.75 Cokes
NFGC-23-18351 32.50 34.70 2.20 1.60 Cokes
NFGC-23-1842 No Significant Values Cokes
NFGC-23-18464 20.00 22.70 2.70 2.06 Cokes
And2 27.55 31.25 3.70 2.86
NFGC-23-18521 17.10 30.60 13.50 1.94 Cokes
NFGC-23-1858 No Significant Values Cokes
NFGC-23-1860 No Significant Values Cokes
NFGC-23-1864 No Significant Values Cokes
NFGC-23-18704 15.45 26.55 11.10 1.76 Cokes
And4 36.60 45.15 8.55 2.54
And1 49.20 57.10 7.90 3.64
NFGC-23-18744 36.6 39 2.4 1.23 Cokes
And4 75.50 77.75 2.25 1.12
NFGC-23-18854 7.90 14.00 6.10 1.43 Cokes
And4 58.65 61.20 2.55 1.69
NFGC-23-18911 35.60 47.40 11.80 4.33 Cokes
NFGC-24-2008 No Significant Values Cokes
NFGC-24-20254 8.80 12.00 3.20 1.11 Cokes
And4 21.50 23.50 2.00 1.17
And4 26.25 29.05 2.80 3.11

 

Table 2: Summary of composite results reported in this press release for Keats West and Cokes

 

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-22-803 40 -45 243 657632 5427451 Cokes
NFGC-22-819 300 -45 123 657786 5427497 Cokes
NFGC-22-849 58 -61 237 657559 5427459 Cokes
NFGC-22-857 350 -67 192 657558 5427459 Cokes
NFGC-22-964 24 -45 203 657645 5427593 Cokes
NFGC-23-1116 20 -45 179 657496 5427557 Cokes
NFGC-23-1125 80 -45 227 657498 5427558 Cokes
NFGC-23-1133 20 -45 149 657470 5427633 Cokes
NFGC-23-1142 20 -45 296 657565 5427585 Cokes
NFGC-23-1144 58 -52 143 658006 5427991 Keats West
NFGC-23-1153 20 -45 185 657428 5427660 Cokes
NFGC-23-1449 345 -60 248 657568 5427724 Cokes
NFGC-23-1463 75 -45 251 657571 5427720 Cokes
NFGC-23-1478 75 -45 251 657641 5427797 Cokes
NFGC-23-1506 345 -60 257 657640 5427799 Cokes
NFGC-23-1521 75 -45 251 657706 5427645 Cokes
NFGC-23-1534 345 -60 248 657669 5427897 Cokes
NFGC-23-1554 75 -45 248 657670 5427897 Cokes
NFGC-23-1563 345 -60 260 657814 5427712 Cokes
NFGC-23-1576 345 -60 251 657889 5427612 Cokes
NFGC-23-1592 13 -45 47 657817 5427522 Cokes
NFGC-23-1596 335 -45 89 657705 5427646 Cokes
NFGC-23-1603 180 -82 119 657705 5427644 Cokes
NFGC-23-1609 120 -49 200 657706 5427643 Cokes
NFGC-23-1708 55 -55 86 658098 5428023 Keats West
NFGC-23-1713 352 -50 92 658080 5428016 Keats West
NFGC-23-1718 5 -45 95 658063 5428036 Keats West
NFGC-23-1741 45 -47.5 104 658067 5427983 Keats West
NFGC-23-1745 65 -67 71 657905 5428067 Keats West
NFGC-23-1751 65 -67 68 657861 5428087 Keats West
NFGC-23-1755 65 -50 87 657861 5428087 Keats West
NFGC-23-1758 220 -45 73 657860 5428087 Keats West
NFGC-23-1765 65 -67 68 657879 5428036 Keats West
NFGC-23-1835 335 -45 105 657773 5427570 Cokes
NFGC-23-1842 335 -45 138 657695 5427556 Cokes
NFGC-23-1846 75 -50 138 657735 5427672 Cokes
NFGC-23-1852 335 -45 87 657734 5427674 Cokes
NFGC-23-1858 45 -45 75 657776 5427695 Cokes
NFGC-23-1860 335 -45 87 657757 5427708 Cokes
NFGC-23-1864 335 -45 69 657701 5427697 Cokes
NFGC-23-1870 334 -45 95 657792 5427603 Cokes
NFGC-23-1874 51 -45.5 167 657788 5427498 Cokes
NFGC-23-1885 3 -70.5 113 657792 5427603 Cokes
NFGC-23-1891 37 -69 143 657772 5427571 Cokes
NFGC-24-2008 12 -69 137 657787 5427497 Cokes
NFGC-24-2025 335 -46 77 657673 5427673 Cokes

 

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 2,100m of core is currently pending assay results.

 

Sampling, Sub-sampling, and Laboratory

 

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. (“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. MSA is an ISO-17025 accredited laboratory for the photon assay method.

 

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 one 450g jar for photon assay. If the jar 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.

 

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 2% 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 press 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 February 22, 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 $53.5 million as of February 2024.

 

Figure 1: Photos of mineralization, Left: at ~16.5m in NFGC-23-1741, Right: at ~34.2m in NFGC-23-1708 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1708 and NFGC-23-1741. (Photo: Business Wire)

 

Figure 2. Keats West and Cokes plan view map (Graphic: Business Wire)

 

Figure 3. Inclined 3D View (looking southwest) (Graphic: Business Wire)

 

Figure 4. AFZ West long section (looking northwest) (Graphic: Business Wire)

 

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

 

Posted February 25, 2024

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