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New Found Intercepts 68.19 g/t Au Over 2.05m & 45.05 g/t Au Over 2.25m, Extends Keats Main Zone to Over 1km Along Strike

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New Found Intercepts 68.19 g/t Au Over 2.05m & 45.05 g/t Au Over 2.25m, Extends Keats Main Zone to Over 1km Along Strike

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 30 diamond drill holes that were completed as part of a program designed to test the down-plunge extents of the Keats Main Zone located along the highly prospective Appleton Fault Zone, New Found’s 100%-owned Queensway project comprises a 1500km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

Keats Highlights:

 

Hole No. From (m) To (m) Interval (m)1 Au (g/t)
NFGC-22-527B 433.00 435.10 2.10 12.87
Including 433.00 434.00 1.00 26.80
NFGC-22-550 444.45 446.70 2.25 45.05
Including 444.45 445.00 0.55 181.50
NFGC-22-608 255.95 258.00 2.05 28.33
NFGC-22-616 265.20 267.25 2.05 68.19
Including 265.60 266.50 0.90 153.50

Table 1: Keats Drilling Highlights

 

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 95% 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 2m 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.

 

  • The overall Keats area now spans a strike length of approximately 1.6km and is comprised of several high-grade gold discoveries including those made at Keats Main, Keats North, and most recently, Keats West (reported on September 27, 2022).
  • Exploration along the southern extents of Keats Main, which is defined by gold mineralization hosted within the extensive damage zone associated with the Keats-Baseline Fault Zone, has extended the strike length of Keats Main Zone to 1km with high-grade intervals of 12.87 g/t Au over 2.10m in NFGC-22-527B and 45.05 g/t Au over 2.25m in NFGC-22-550 (Figures 1, 2, 3 and 5).
  • Ongoing drill testing working to extend the Keats Main Zone along strike and at depth has also intersected broad domains of low-grade gold mineralization at vertical depths of up to 400m as demonstrated by the interval of 2.79 g/t Au over 12.35m in NFGC-22-600. These regions are characterized by extensive silicification, brecciation, and sulphide mineralization (Figures 3 and 5).
  • Continued exploration drilling in the central portions of the Keats Main Zone targeting the Equinox Vein, a key component of the high-grade gold domain that plunges to the southwest within a segment of the KBFZ has intersected gold-rich portions of the vein, highlights of which include 28.33 g/t Au over 2.05m in NFGC-22-608 and 68.19 g/t Au over 2.05m in NFGC-22-616 (Figures 1, 2, 3 and 4)The Equinox Vein to date has been traced over a strike length of 720m and 120m down-dip.

 

Melissa Render, VP Exploration for New Found stated: “The Keats-Baseline Fault Zone is comprised of an extensive brittle damage zone adjacent to the Appleton Fault Zone that hosts a network of high-grade gold veins. Today’s results demonstrate that this gold-bearing fault persists over a strike length of at least 1km and likely to depths beyond our current drill footprint. The AFZ is the primary gold-bearing fluid conduit, and the KBFZ is the structural trap where gold has precipitated. Drilling aimed at expanding the Keats Main Zone to the south, which is hosted within the KBFZ, has identified mineralization akin to the characteristic epizonal mineralization styles found elsewhere within the KBFZ and with high gold grades to match. Orogenic gold systems are known to have deep roots, occur in areas of structural complexity, and demonstrate structural repetition. This is fundamental to the design of our exploration drill program targeting the deeper extents of the KBFZ but also where it interacts with the AFZ. Today’s results give us great encouragement in this region of the KBFZ and we are eager to continue to explore and expand on this discovery.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m)1 Au (g/t) Zone
NFGC-21-388 26.65 28.90 2.25 1.42 Keats Main
And 59.20 61.70 2.50 1.75
And 76.00 78.00 2.00 1.06
And 86.00 88.25 2.25 1.37
And2 123.00 128.65 5.65 8.98
Including2 126.95 128.30 1.35 31.45
And2 135.75 139.10 3.35 4.15
And2 138.60 139.10 0.50 21.50
And 150.10 153.35 3.25 1.72
And 155.70 161.85 6.15 1.61
NFGC-21-4542 209.55 213.25 3.70 2.74 Keats Main
And 276.00 280.05 4.05 1.35
NFGC-21-4662 169.70 172.05 2.35 10.89 Keats Main
Including2 169.70 170.25 0.55 44.90
And 239.00 241.00 2.00 2.83
And 262.00 264.45 2.45 4.72
Including 262.00 262.85 0.85 12.75
And 314.95 317.40 2.45 5.03
Including 315.90 316.80 0.90 12.40
NFGC-22-4862 35.90 38.00 2.10 11.15 Keats HW
Including2 36.60 37.30 0.70 32.00
And 304.25 306.35 2.10 2.19 Keats Main
Including 305.45 305.80 0.35 10.45
And2 371.40 373.60 2.20 10.53
Including2 371.75 372.45 0.70 31.30
NFGC-22-527B 433.00 435.10 2.10 12.87 Keats Main
Including 433.00 434.00 1.00 26.80
And2 487.25 489.75 2.50 3.24 Keats Main
Including2 487.90 488.50 0.60 11.85
NFGC-22-530 95.00 97.30 2.30 1.16 Keats S
And NSV Keats Main
NFGC-22-550 444.45 446.70 2.25 45.05 Keats Main
Including 444.45 445.00 0.55 181.50
NFGC-22-560 NSV Keats Main
NFGC-22-563 48.00 50.00 2.00 3.26 Keats S
Including 48.80 49.35 0.55 10.40
And 95.00 97.55 2.55 1.46
And 118.35 120.50 2.15 1.14
And 425.00 427.00 2.00 1.08 Keats Main
NFGC-22-564 430.00 432.00 2.00 1.74 Keats S
NFGC-22-569 140.00 142.70 2.70 3.70 Keats S
And 147.00 152.00 5.00 1.78 Keats S
NFGC-22-576 NSV Keats S
NFGC-22-581 437.75 440.85 3.10 6.80 Keats Main
Including 438.55 439.00 0.45 27.20
And including 440.35 440.85 0.50 12.10
And 449.50 452.00 2.50 1.21
And 456.00 458.00 2.00 6.51
Including 457.00 457.55 0.55 25.80
And 484.00 486.70 2.70 1.05
NFGC-22-583 280.00 282.55 2.55 1.78 Keats Main
NFGC-22-587 NSV Keats S
NFGC-22-591 61.55 63.90 2.35 1.30 Keats S
And 207.00 209.65 2.65 6.21
Including 207.80 208.55 0.75 19.55
NFGC-22-592 205.15 207.55 2.40 1.93 Keats Main
And 276.30 278.65 2.35 1.38
And 292.00 300.45 8.45 3.56
Including 299.95 300.45 0.50 15.10
NFGC-22-599 54.75 59.00 4.25 1.30 Keats S
NFGC-22-600 430.25 432.25 2.00 1.05 Keats Main
And 437.00 439.70 2.70 2.83
Including 438.40 439.00 0.60 10.15
And 507.00 519.35 12.35 2.79
NFGC-22-608 255.95 258.00 2.05 28.33 Keats Main
NFGC-22-611 NSV Keats S
NFGC-22-616 197.20 205.70 8.50 1.11 Keats Main
And 222.00 224.00 2.00 1.17
And 226.00 228.60 2.60 1.07
And 265.20 267.25 2.05 68.19
Including 265.60 266.50 0.90 153.50
NFGC-22-619 NSV Keats S
NFGC-22-623B 166.00 168.00 2.00 2.73 Keats S
And 170.00 172.25 2.25 1.97
NFGC-22-631 57.65 60.30 2.65 1.29 Keats HW
And 183.45 188.90 5.45 3.35 Keats Main
And 203.85 206.20 2.35 3.04
And 210.85 213.00 2.15 3.96
Including 210.85 211.45 0.60 14.10
And 267.75 270.00 2.25 1.10
And 285.00 287.20 2.20 2.71
NFGC-22-649 468.45 470.45 2.00 1.86 Keats Main
And 481.00 484.85 3.85 5.49
NFGC-22-655 316.00 318.00 2.00 5.85 Keats Main
Including 316.55 317.45 0.90 14.35
NFGC-22-669 505.65 507.65 2.00 3.75 Keats Main
Including 506.55 506.90 0.35 20.70
NFGC-22-691 NSV Keats Main
NFGC-22-721 NSV Keats Main

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

 

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 95% 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 2m 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.
2Previously reported interval.

 

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N
NFGC-21-388 120 -71 242 657988 5427370
NFGC-21-466 300 -45 338 657942.7 5427161
NFGC-21-454 299 -45.5 401 657988.9 5427163
NFGC-22-486 30 -65 419 657814.7 5427088
NFGC-22-530 18 -59 608 657767 5426977
NFGC-22-527B 294 -47.5 731.4 657945.3 5426843
NFGC-22-550 297 -46 556.7 657887.1 5426789
NFGC-22-560 315 -45 410 657510.4 5426949
NFGC-22-583 65 -80 329 657911.6 5427236
NFGC-22-581 297 -46 587 657896.1 5426754
NFGC-22-576 122 -63 251.15 657511.6 5426948
NFGC-22-569 110 -45 257.4 657512.3 5426948
NFGC-22-564 297 -46 506 657865.3 5426801
NFGC-22-563 10 -52 548 657767.4 5426977
NFGC-22-587 120 -45 215 657513.1 5426946
NFGC-22-592 35 -83 339.4 657911.4 5427236
NFGC-22-591 120 -45 218 657487.6 5426991
NFGC-22-600 299.5 -52 626 657887.7 5426789
NFGC-22-599 120 -45 281 657439.6 5426960
NFGC-22-608 87 -79 303.85 657921.1 5427260
NFGC-22-611 90 -45 197 657510 5426951
NFGC-22-616 60 -81 299 657920.9 5427260
NFGC-22-619 78 -45 206 657509.8 5426952
NFGC-22-623B 105 -47 272.3 657487.6 5426991
NFGC-22-631 38 -84 322.75 657920.2 5427260
NFGC-22-649 297 -46 596 657880.4 5426678
NFGC-22-655 333 -83 392 657914.5 5427235
NFGC-22-669 297 -46 611.8 657900.7 5426724
NFGC-22-691 297 -46 707 657898.7 5426609
NFGC-22-721 300 -45 593 657856.1 5426633

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

 

Queensway 400,000m Drill Program Update

 

Approximately 71% of the planned 400,000m program at Queensway has been drilled to date with approximately 54,344m of the core still pending assay results.

 

Sampling, Sub-sampling, Laboratory and Discussion

 

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 60% to 95% of reported core lengths. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. 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 2m 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 professional 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. Once all sample intervals have been chosen, photos of the wet and dry core are taken for future reference.

 

Technicians saw the core along the defined cut-line. One-half of the core is kept as a witness sample and the other half is submitted for crushing, pulverizing, and assaying. Individual sample bags are sealed and placed into shipping pails and/or nylon shipping bags, sealed and marked with the contents.

 

Drill core samples are shipped to ALS Canada Ltd. (ALS) for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS operates under a commercial contract with New Found.

 

The entire sample is crushed to approximately 70% passing 2 mm. 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.

 

All sample pulps are also analyzed for a multi-element ICP package (ALS method code ICP61).

 

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 October 18, 2022, 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 400,000m drill program at Queensway, now approximately 71% complete. The Company is well funded for this program with cash and marketable securities of approximately $62 million as of October 2022.

 

Figure 1. Keats plan view map (Graphic: Business Wire)

 

Figure 2. Photos of mineralization from L: at ~445m in NFGC-22-550, R: at ~266.25m in NFGC-22-616. (Photo: Business Wire)

 

Figure 3. Keats Main Zone long-section (Graphic: Business Wire)

 

Figure 4. Keats Main Zone central cross-section (+/- 12.5m, Looking NE) (Graphic: Business Wire)

 

Figure 5. Keats Main Zone south cross-section (+/- 12.5m, Looking NE) (Graphic: Business Wire)

 

Posted October 18, 2022

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