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New Found Intercepts 5.16 g/t Au Over 28.65m & 4.02 g/t Au Over 14.65m at Keats West

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New Found Intercepts 5.16 g/t Au Over 28.65m & 4.02 g/t Au Over 14.65m at Keats West

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from nine diamond drill holes that were completed as part of a drill program designed to test the newly discovered Keats West zone, a low-angle thrust fault that dips gently to the south-southwest and is 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-23-11581 53.25 63.40 10.15 2.71 Keats W
And1 70.80 83.65 12.85 1.71
NFGC-23-11621 88.75 105.80 17.05 2.55 Keats W
Including 102.05 103.00 0.95 11.50
NFGC-23-11642 60.00 71.35 11.35 1.15 Keats W
NFGC-23-11711 29.00 57.65 28.65 5.16 Keats W
Including 37.20 38.45 1.25 11.43
Including 40.35 43.25 2.90 15.73
NFGC-23-11801 61.95 75.05 13.10 1.58 Keats W
NFGC-23-11891 68.00 82.65 14.65 4.02 Keats W
Including 72.00 72.60 0.60 14.55
Including 82.10 82.65 0.55 38.82
Table 1: Keats West Drilling Highlights

 

Note host structures are interpreted to be shallowly dipping and true widths are generally estimated to be 170% to 95% and 240% to 70%, 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. 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.

  • Keats West is a shallow zone of gold mineralization starting at surface, with all intercepts drilled to date occurring above 130m vertical depth. It is defined by continuous gold mineralization over an area spanning 305m long x 250m wide that averages 30m in thickness (Figures 1 – 3).
  • Today’s highlight intervals continue to demonstrate excellent continuity of high-grade gold mineralization over considerable thicknesses as seen in NFGC-23-1171 grading 5.16 g/t Au over 28.65m and in NFGC-23-1189 grading 4.02 g/t Au over 14.65m. NFGC-23-1171 occurs 60m along strike of previously released interval of 10.1 g/t Au over 22.50m in NFGC-22-945 (March 21, 2023) and NFGC-23-1189 occurs 25m along strike of previously released interval of 17.2 g/t Au over 22.90m and 12.0 g/t Au over 18.40m in NFGC-22-1040 (April 25, 2023).
  • Additional intervals released today such as 2.71 g/t Au over 10.15m and 1.71 g/t Au over 12.85m in NFGC-23-1158, 2.55 g/t Au over 17.05m in NFGC-23-1162, and 1.58 g/t Au over 13.10m in NFGC-23-1180 are characteristic of the broad domains of gold found at Keats West, with true widths of these intercepts estimated to be between 70-95%.

 

Melissa Render, VP of Exploration of New Found, stated: “These are exceptional results from Keats West; with interval lengths near true width, occurring at or near surface, and impressive consistency of grade and thickness from hole to hole, this discovery west of the AFZ remains one of our greatest discovery achievements. With 64,000 meters pending assay results along both sides of the Appleton Fault Zone, we are eager to see what comes next at Queensway.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-11581 17.80 20.25 2.45 3.20 Keats W
And1 53.25 63.40 10.15 2.71
And1 70.80 83.65 12.85 1.71
NFGC-23-11621 26.45 31.45 5.00 1.91 Keats W
And1 38.70 40.90 2.20 2.61
And1 76.25 84.70 8.45 2.98
Including 80.35 81.05 0.70 15.45
And1 88.75 105.80 17.05 2.55
Including 102.05 103.00 0.95 11.50
NFGC-23-11641 12.55 19.25 6.70 1.56 Keats W
And1 31.00 36.80 5.80 1.01
And2 60.00 71.35 11.35 1.15
NFGC-23-11691 23.45 27.00 3.55 1.51 Keats W
And1 40.00 45.50 5.50 1.05
And3 141.00 143.00 2.00 2.38 Keats N
Including 141.65 142.00 0.35 13.20
And2 203.75 206.00 2.25 3.67
Including 204.50 205.00 0.50 10.50
NFGC-23-11711 29.00 57.65 28.65 5.16 Keats W
Including 37.20 38.45 1.25 11.43
Including 40.35 43.25 2.90 15.73
And1 61.85 67.00 5.15 1.12
NFGC-23-11801 61.95 75.05 13.10 1.58 Keats W
NFGC-23-11892 53.00 55.40 2.40 3.90 Keats W
And1 68.00 82.65 14.65 4.02
Including 72.00 72.60 0.60 14.55
Including 82.10 82.65 0.55 38.82
NFGC-23-12182 39.85 44.20 4.35 1.99 Keats W
NFGC-23-1265 No Significant Values Keats W
Table 2: Summary of composite results reported in this press release for Keats West

 

Note host structures are interpreted to be shallowly dipping and true widths are generally estimated to be 170% to 95% and 240% to 70%, of reported intervals. 3True 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.

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect
NFGC-23-1158 0 -56 122 658003 5427993 Keats West
NFGC-23-1162 32 -54 137 657981 5427949 Keats West
NFGC-23-1164 10 -45 119 658034 5428034 Keats West
NFGC-23-1169 56 -54 251 658125 5427976 Keats West
NFGC-23-1171 16 -61 155 657952 5427848 Keats West
NFGC-23-1180 3 -42 155 657951 5427848 Keats West
NFGC-23-1189 324 -60 197 658002 5427820 Keats West
NFGC-23-1218 355 -45 81 657895 5428151 Keats West
NFGC-23-1265 345 -60 239 658040 5428143 Keats West
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 64,400m 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 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 May 17, 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 $60 million as of May 2023.

 

Figure 1: Photos of mineralization from NFGC-23-1171: Left: at ~42.5m Right: at ~43m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1171.

 

Figure 2. Keats West plan view map.

 

Figure 3. Keats West 3-D view (looking east).

 

Figure 4. Knob – Everest plan view map.

 

Posted May 17, 2023

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