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New Found Intercepts 430.2 g/t Au Over 5.25m in New Discovery at Golden Joint Zone, 1km North of Keats

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New Found Intercepts 430.2 g/t Au Over 5.25m in New Discovery at Golden Joint Zone, 1km North of Keats

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (OTC: NFGFF) is pleased to announce assay results from four holes drilled at the Golden Joint zone, a brand new discovery located approximately 1km north of the Keats Zone and approximately 850m south of the Lotto 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 15km west of Gander, Newfoundland.

 

Highlights

 

 

  • Highlight intervals are summarized below.  Additional results are provided in Table 2.
  • The intercept of 430.2 g/t Au over 5.25m in hole NFGC-21-241 represents a grade x width (“metal factor”) value of 2,258 g/t Au x meters**, the second highest value encountered to date on the Queensway project. Furthermore, over 700 grains of gold were observed in this 5.25m intercept, representing the most per meter seen to date anywhere at the Queensway Project.
  • The new Golden Joint discovery occurs in two to three sub parallel vein systems located approximately 1km North of the Keats Zone and 850m South of the Lotto Zone (see Figures 1, 2, and 3).
  • Results from the parallel Golden Joint HW (hanging wall) zone approximately 150m east of the main Golden Joint Zone also returned several significant intervals often including visible gold mineralization, including 12.7 g/t Au over 2.0m in hole NFGC-21-199 (see Figure 2).  Drilling will step out on these intervals to further test the Golden Joint HW Zone.  Note that the Golden Joint HW intervals are not plotted on Figure1.
  • Currently two drills rigs are operating at Golden Joint, focused on stepping out from discovery hole NFGC-21-241. Additional assays are pending.
* Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging.
** Note: the reported grade x width metal factors are not adjusted to an estimated true width.  For estimated true widths equal to 70% to 90% of reported widths, adjusted metal factors would be 70% to 90% of unadjusted reported values.

 

Greg Matheson, COO of New Found, stated: “Following a high-grade hole at Lotto reported last week, the Golden Joint discovery further affirms that the Appleton Fault is host to multiple areas of high-grade, near surface gold mineralization. As our team has theorized all along, the Keats zone is not the only area of significant gold mineralization. Hole NFGC-21-241 at the Golden Joint appears epizonal in nature and is very similar to the high-grade gold mineralization observed at the Keats Zone, which is located 1km to the South.”

 

Photos from Hole NFGC-21-241 high-grade interval

 

Figure 4. Example gold mineralization from NFGC-21-241 (207.85 to 213.1 m) Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-241. (CNW Group/New Found Gold Corp.)

 

Figure 4 (continued). Example gold mineralization from NFGC-21-241 (207.85 to 213.1 m) Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-241. (CNW Group/New Found Gold Corp.)

 

Figure 4 (continued). Example gold mineralization from NFGC-21-241 (207.85 to 213.1 m) Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-241. (CNW Group/New Found Gold Corp.)

 

Figure 4 (continued). Example gold mineralization from NFGC-21-241 (207.85 to 213.1 m) Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-241. (CNW Group/New Found Gold Corp.)

 

Drillhole Details

 

Table 2: Summary of results reported in this release

* Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. 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 in this release

 

Sampling, Sub-sampling and Laboratory 

 

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 70% to 90% of reported core lengths. Reported grades have not been capped.  Assays are uncut, and calculated intervals are reported over a minimum length of 2m using a lower cut-off 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 are 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. Mr. Matheson consents to the publication of this news release dated June 30, 2021, by New Found. Mr. Matheson certifies that this news release 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 15km west of Gander, Newfoundland, 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 200,000m drill program at Queensway.  Eight rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by Q3 2021. With a current working capital balance of approximately $76 million, New Found is well funded for this program.

 

Figure 1. Golden Joint location and long-section Note: Golden Joint HW intervals not included on this long-section (see Table 2) (CNW Group/New Found Gold Corp.)

 


Figure 2. Golden Joint Main and Golden Joint HW plan view (CNW Group/New Found Gold Corp.)

 


Figure 3. Golden Joint location along the Appleton Fault Zone (CNW Group/New Found Gold Corp.)

 

Posted June 30, 2021

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