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New Found Intercepts 5.81 g/t Au Over 30M at Keats West

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New Found Intercepts 5.81 g/t Au Over 30M at Keats West

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 16 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-22-10431 7.20 26.60 19.40 2.49 Keats W
NFGC-23-11102 19.65 31.00 11.35 3.23
NFGC-23-11491 31.25 43.30 12.05 1.06 Keats W
And1 56.10 86.15 30.05 5.81
Including 56.10 56.85 0.75 23.94
Including 57.90 58.25 0.35 102.04
Including 61.80 63.30 1.50 19.29
Including 80.70 81.65 0.95 31.58
NFGC-23-11841 44.40 54.85 10.45 7.01 Keats W
Including 46.00 48.20 2.20 14.85
Including 49.85 50.95 1.10 19.16

 

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.

  • 5.81 g/t Au over 30.05m in NFGC-23-1149 occurs just 60m below surface and is 110m down-dip of previously reported 18.9 g/t Au over 15.95m in NFGC-22-773 (November 23, 2022) at Keats West. This interval is interpreted to be close to true width and adds to the growing list of broad intervals of gold mineralization at Keats West.
  • 7.01 g/t Au over 10.45m in NFGC-23-1184 was intersected a further 130m down-dip from NFGC-23-1149. 2.49 g/t Au over 19.40m in NFGC-22-1043 and 3.23 g/t Au over 11.35m in NFGC-23-1110 occur in the westernmost panel of the Keats West structure, an area where gold mineralization is located at surface covered by minimal overburden. Several intercepts from this western panel are pending.
  • Keats West has a known 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.

 

Melissa Render, VP of Exploration of New Found, stated: “Keats West remains a pivotal discovery for New Found, not only because it was the first major discovery located on the west side of the AFZ but its close spatial relation to the Keats and Iceberg zones tells us that there is something special about this segment of the AFZ. One area of strong exploration potential lies deeper within this domain surrounding Keats, Iceberg and Keats West. Combining our current knowledge of these zones with the upcoming results of the seismic survey has the potential to quickly grow the known extents of mineralization along the AFZ and our team is eager to pursue it.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m)1 Au (g/t) Zone
NFGC-22-10371 6.45 10.00 3.55 2.44 Keats W
And1 14.45 19.50 5.05 1.44
And1 40.00 47.40 7.40 1.44
NFGC-22-10431 7.20 26.60 19.40 2.49 Keats W
And1 51.00 53.40 2.40 1.42
NFGC-22-10492 16.70 20.20 3.50 1.07 Keats W
NFGC-22-1076 No Significant Values Keats W
NFGC-23-1097 No Significant Values Keats W
NFGC-23-11102 19.65 31.00 11.35 3.23 Keats W
NFGC-23-1118 No Significant Values Keats W
NFGC-23-11313 93.00 95.85 2.85 1.93 Keats W
NFGC-23-1138 No Significant Values Keats W
NFGC-23-11391 67.65 70.55 2.90 1.45 Keats W
NFGC-23-11491 13.55 16.00 2.45 1.42 Keats W
And1 31.25 43.30 12.05 1.06
And1 56.10 86.15 30.05 5.81
Including 56.10 56.85 0.75 23.94
Including 57.90 58.25 0.35 102.04
Including 61.80 63.30 1.50 19.29
Including 80.70 81.65 0.95 31.58
NFGC-23-11841 44.40 54.85 10.45 7.01 Keats W
Including 46.00 48.20 2.20 14.85
Including 49.85 50.95 1.10 19.16
And1 62.75 69.20 6.45 1.09
NFGC-23-12041 9.20 11.20 2.00 1.27 Keats W
And1 33.00 37.25 4.25 1.27
And1 44.65 47.20 2.55 1.19
And2 62.90 65.30 2.40 1.44
NFGC-23-1459 No Significant Values Keats W
NFGC-23-1472 No Significant Values Keats W
NFGC-23-1495 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%, 240% to 70% and 310% to 40% 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.

 

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect
NFGC-22-1037 30 -82 144 657869 5428067 Keats West
NFGC-22-1043 15 -65 84 657871 5428010 Keats West
NFGC-22-1049 115 -45 69 657907 5427989 Keats West
NFGC-22-1076 0 -60 90 657833 5427917 Keats West
NFGC-23-1097 46 -52 245 657946 5427765 Keats West
NFGC-23-1110 120 -45 176 657873 5428009 Keats West
NFGC-23-1118 67 -53 212 657906 5427818 Keats West
NFGC-23-1131 20 -45 110 657827 5428093 Keats West
NFGC-23-1138 348 -74 20 657989 5427885 Keats West
NFGC-23-1139 15 -65 116 657901 5427936 Keats West
NFGC-23-1149 27 -65 115 658004 5427991 Keats West
NFGC-23-1184 31 -45 173 657952 5427849 Keats West
NFGC-23-1204 40 -60 143 657955 5427904 Keats West
NFGC-23-1459 345 -60 251 657810 5427935 Keats West
NFGC-23-1472 75 -45 269 657813 5427934 Keats West
NFGC-23-1495 75 -45 269 657674 5428009 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 42,900m 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 metre 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 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 August 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 $47.5 million as of August 2023.

 

Figure 1: Photos of mineralization from NFGC-23-1149 at ~58m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1149. (Photo: Business Wire)

 

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

 

Figure 3. AFZ West long section (looking northwest) (Graphic: Business Wire)

 

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

Posted August 17, 2023

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