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New Found Intercepts 49.5 g/t Au Over 2.30M & 20.2 g/t Au Over 3.35M at Knob, 2km South of Keats

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New Found Intercepts 49.5 g/t Au Over 2.30M & 20.2 g/t Au Over 3.35M at Knob, 2km South of Keats

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 23 diamond drill holes that were completed as part of a targeted drill program exploring the highly prospective segment of the Appleton Fault Zone proximal to the Knob 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.

 

Rocket and Quarry Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-9062 192.95 196.30 3.35 20.15 Quarry
Including 192.95 193.25 0.30 215.00
NFGC-22-9501 23.50 25.80 2.30 49.45 Rocket
Including 24.90 25.40 0.50 227.00

Table 1: Rocket and Quarry Drilling Highlights

 

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 95% of reported intervals. 2True 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. 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.

 

  • Exploration drilling taking place 2km south of Keats in the Knob prospect area on the east side of the AFZ has intersected multiple domains of high-grade gold mineralization. Today’s holes were positioned to target known veins in this region including the recently discovered Rocket and Knob-Quarry Veins (Figures 1-4).
  • Drilling at Rocket, an approximately north-south striking, steeply dipping vein immediately north of Knob and 200m east of the AFZ, returned a highlight interval of 49.5 g/t Au over 2.30m in NFGC-22-950. This interval is located 48m along strike of previously released 12.6 g/t Au over 4.45m in NFGC-22-704 (January 18, 2023) and at a vertical depth of just 20m.
  • Drilling at Knob-Quarry, targeting a series of approximately east-west striking structures similar in orientation to the Keats-Baseline Fault Zone (“KBFZ”), has identified significant gold mineralization hosted in and around the greywacke, a coarser-grained sedimentary rock that occurs at Queensway interbedded with the shales and adjacent to the AFZ, with highlight interval NFGC-22-906 returning 20.2 g/t Au over 3.35m. This interval is located 150m from the surface and 250m east of the AFZ.

 

Melissa Render, VP of Exploration of New Found, stated: “We are pleased with the results from our targeted work conducted at Knob, an area located roughly 2km south of Keats that has seen limited drill testing to date. It is encouraging to find repeated east-west trending structures similar in orientation to the KBFZ and hosting high-grade gold this far south along the AFZ. Furthermore, identifying high-grade gold mineralization at distances 200m+ from the AFZ and hosted in the greywackes is a unique characteristic of Knob that will assist us in targeting these domains in other areas. Very limited work has been completed west of the AFZ adjacent to Knob – an area where we plan to drill in the near future.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-882 No Significant Values Gander Outflow
NFGC-22-9063 73.65 75.90 2.25 1.00 Quarry
And3 192.95 196.30 3.35 20.15
Including 192.95 193.25 0.30 215.00
And3 227.15 229.25 2.10 2.79
NFGC-22-915 No Significant Values Knob
NFGC-22-933 No Significant Values Knob
NFGC-22-941 No Significant Values Knob
NFGC-22-957 No Significant Values Knob
NFGC-22-973 No Significant Values Knob
NFGC-22-981 No Significant Values Knob
NFGC-22-10263 34.10 37.60 3.50 1.56 Knob
And3 134.70 137.20 2.50 1.08
NFGC-22-1032 No Significant Values Knob
NFGC-22-10353 56.70 62.00 5.30 1.52 Knob
NFGC-22-1061 No Significant Values Knob
NFGC-22-709 No Significant Values Rocket
NFGC-22-919 No Significant Values Rocket
NFGC-22-9423 101.00 103.00 2.00 1.69 Rocket
NFGC-22-9501 23.50 25.80 2.30 49.45 Rocket
Including 24.90 25.40 0.50 227.00
NFGC-22-958 No Significant Values Rocket
NFGC-22-9622 37.20 39.70 2.50 1.21 Rocket
NFGC-22-9681 No Significant Values Rocket
NFGC-22-9791 67.45 69.70 2.25 1.12 Rocket
NFGC-22-9881 52.45 58.45 6.00 1.76 Rocket
And2 76.00 78.60 2.60 1.00
NFGC-22-10423 9.70 12.00 2.30 2.14 Rocket
NFGC-23-10923 5.00 7.65 2.65 1.10 Rocket

 

Table 2: Summary of composite results reported in this press release for Rocket, Quarry and Knob

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70% of reported intervals. 3True widths are unknown that 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. 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-22-709 100 -62 143 657191 5425868 Rocket
NFGC-22-882 300 -42 734 656638 5424486 Gander Outflow
NFGC-22-906 165 -45 335 657285 5425980 Knob
NFGC-22-915 300 -45 170 656957 5425765 Knob
NFGC-22-919 160 -45 356 657287 5426037 Knob
NFGC-22-933 120 -45 236 656911 5425735 Knob
NFGC-22-941 185 -45 371 656910 5425734 Knob
NFGC-22-942 120 -45 128 657268 5425819 Knob
NFGC-22-950 120 -45 185 657218 5425818 Knob
NFGC-22-957 120 -45 260 656844 5425716 Knob
NFGC-22-958 160 -65 68 657216 5425816 Rocket
NFGC-22-962 60 -70 68 657218 5425819 Knob
NFGC-22-968 135 -45 182 657193 5425868 Rocket
NFGC-22-973 200 -45 134 656844 5425714 Knob
NFGC-22-979 135 -60 209 657192 5425868 Knob
NFGC-22-981 120 -63 149 656912 5425737 Knob
NFGC-22-988 116 -45 146 657193 5425868 Knob
NFGC-22-1026 155 -45 155 656838 5425243 Grouse
NFGC-22-1032 141 -56 173 657285 5425981 Rocket
NFGC-22-1035 180 -45 188 656836 5425243 Grouse
NFGC-22-1042 172 -55 161 657284 5425981 Knob
NFGC-22-1061 140 -45 167 656868 5425252 Grouse
NFGC-23-1092 160 -42 308 657420 5425808 Golden Bullet

 

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

 

Queensway 500,000m Drill Program Update

 

The Company is currently undertaking a 500,000m drill program at Queensway and approximately 61,300m 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, sealed and marked with the contents.

 

New Found submits 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. 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 (VG) 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 (ICP) 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.

 

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 June 20, 2023, 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 500,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $52 million as of June 2023.

 

Figure 1: Photos of mineralization: Left: at ~ 25m from NFGC-22-950, Right: at ~ 193m from NFGC-22-906, ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-950 and NFGC-22-906. (Photo: Business Wire)

 

Figure 2. Knob-Rocket-Quarry plan view map (Graphic: Business Wire)

 

Figure 3. Appleton Fault Zone long section (looking northwest) (Graphic: Business Wire)

 

Figure 4. Knob – Everest plan view map (Graphic: Business Wire)

 

 

 

Posted June 21, 2023

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