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New Found Intercepts 7.56 g/t Au Over 13.4m & 15.4 g/t Au Over 5.0m, Extends the Near-surface High-grade Segment of Iceberg-Iceberg East to 655m

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New Found Intercepts 7.56 g/t Au Over 13.4m & 15.4 g/t Au Over 5.0m, Extends the Near-surface High-grade Segment of Iceberg-Iceberg East to 655m

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 19 diamond drill holes that were completed as part of a follow-up drill program at Iceberg East, a high-grade zone located 300m northeast of Keats along the highly prospective Appleton Fault Zone. New Found’s 100%-owned Queensway project comprises a 1,662 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

Iceberg East Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-12351 103.00 116.35 13.35 7.56 Iceberg East
Including 105.70 106.50 0.80 91.75
NFGC-23-14372 77.45 92.20 14.75 2.44 Iceberg East
Including 84.50 85.30 0.80 22.26
And1 105.45 112.25 6.80 7.53
Including 106.50 107.60 1.10 38.85
NFGC-23-16081 40.95 46.00 5.05 15.38 Iceberg East
Including 41.65 42.70 1.05 63.73
NFGC-23-16112 52.70 56.15 3.45 18.55 Iceberg East
Including 52.70 54.05 1.35 42.12
NFGC-23-16252 33.45 47.70 14.25 5.55 Iceberg East
Including 38.15 39.15 1.00 48.60
NFGC-23-19422 45.95 49.40 3.45 14.82 Iceberg East
Including 46.75 47.50 0.75 63.71
NFGC-23-19571 13.45 17.00 3.55 11.08 Iceberg East
Including 16.10 17.00 0.90 33.40

 

Table 1: Iceberg East Drilling Highlights

 

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. 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 when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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 intervals of 15.4 g/t Au over 5.05m in NFGC-23-1608, 18.6 g/t Au over 3.45m in NFGC-23-1611, and 5.55 g/t Au over 14.25m in NFGC-23-1625 are located in the eastern extent of Iceberg East, nearly 500m east of the AFZ and start at vertical depths ranging between 30-50m.
  • Today’s results have successfully increased the near-surface Iceberg-Iceberg East high-grade segment of the Keats-Baseline Fault Zone to 655m, an increase of 85m. When combined with the 400m high-grade segment of Keats Main, this near-surface, high-grade corridor now covers over 1km of strike. This domain of high-grade occurs within the overall KBFZ, a gold mineralized damage zone that is drill defined over 1.9km of strike, where it remains open.
  • Additional infill results such as 7.56 g/t Au over 13.35m in NFGC-23-1235, 13.4g/t Au over 3.80m in NFGC-23-1942, and 11.1 g/t Au over 3.55m in NFGC-23-1957 have also been received from Iceberg East, all drilled shallowly within the top 100m vertical and further define this high-grade segment of the KBFZ that exhibits strong continuity. Exploration will shift to deeper drilling in this area utilizing seismic data as the structure is open at depth.

 

Melissa Render, VP of Exploration of New Found, stated: “This first phase of near surface exploration drilling is complete at Iceberg East, and we are very pleased with the success of this shallow program that extended the KBFZ to 1.9km of strike and identified new zones of continuous high-grade near-surface gold mineralization. With only a few assays pending we are now ready to expand on what we know and target the Keats-Baseline Fault deeper down. There is currently over 1.9km of strike to test at depth and the Company will be utilizing the recently acquired seismic data to identify locations of interest within the KBFZ for drilling.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-12351 103.00 116.35 13.35 7.56 Iceberg East
Including 105.70 106.50 0.80 91.75
NFGC-23-1376 No Significant Values Iceberg East
NFGC-23-1393 No Significant Values Iceberg East
NFGC-23-14372 50.55 54.00 3.45 1.52 Iceberg East
And2 77.45 92.20 14.75 2.44
Including 84.50 85.30 0.80 22.26
And1 105.45 112.25 6.80 7.53
Including 106.50 107.60 1.10 38.85
NFGC-23-16081 40.95 46.00 5.05 15.38 Iceberg East
Including 41.65 42.70 1.05 63.73
NFGC-23-16112 52.70 56.15 3.45 18.55 Iceberg East
Including 52.70 54.05 1.35 42.12
NFGC-23-16141 44.00 48.00 4.00 1.19 Iceberg East
NFGC-23-16172 66.05 68.15 2.10 3.36 Iceberg East
NFGC-23-16192 71.35 77.35 6.00 2.04 Iceberg East
Including 73.45 73.85 0.40 13.90
NFGC-23-16211 8.30 12.85 4.55 2.18 Iceberg East
NFGC-23-16232 28.10 30.60 2.50 1.58 Iceberg East
And2 32.90 35.40 2.50 1.33
And1 41.90 46.35 4.45 1.12
And1 52.00 54.90 2.90 1.49
NFGC-23-16252 33.45 47.70 14.25 5.55 Iceberg East
Including 38.15 39.15 1.00 48.60
NFGC-23-17401 59.40 62.20 2.80 1.63 Iceberg East
NFGC-23-19351 36.90 39.45 2.55 8.10 Iceberg East
Including 36.90 37.50 0.60 11.30
Including 38.80 39.45 0.65 20.82
NFGC-23-19422 45.95 49.40 3.45 14.82 Iceberg East
Including 46.75 47.50 0.75 63.71
And2 54.85 57.20 2.35 1.37
And1 62.70 67.15 4.45 1.26
NFGC-23-19571 13.45 17.00 3.55 11.08 Iceberg East
Including 16.10 17.00 0.90 33.40
NFGC-23-1957B No Significant Values Iceberg East
NFGC-23-19602 13.80 15.90 2.10 5.85 Iceberg East
Including 14.15 14.95 0.80 11.90
And1 24.30 26.30 2.00 1.72
NFGC-23-1964 No Significant Values Iceberg East

 

Table 2: Summary of composite results reported in this press release for Iceberg East

 

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%. 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 when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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-23-1235 300 -45 198 658680 5427948 Iceberg East
NFGC-23-1376 300 -45 339 658940 5428201 Iceberg East
NFGC-23-1393 299 -45.5 305 659080 5428466 Iceberg East
NFGC-23-1437 0 -90 153 658603 5427964 Iceberg East
NFGC-23-1608 299 -45.5 78 658789 5428087 Iceberg East
NFGC-23-1611 299 -66 135 658789 5428087 Iceberg East
NFGC-23-1614 299 -45.5 93 658818 5428099 Iceberg East
NFGC-23-1617 299 -57 182 658857 5428106 Iceberg East
NFGC-23-1619 300 -75 138 658819 5428098 Iceberg East
NFGC-23-1621 300 -45 59 658816 5428135 Iceberg East
NFGC-23-1623 300 -60 80 658824 5428123 Iceberg East
NFGC-23-1625 300 -73 83 658824 5428123 Iceberg East
NFGC-23-1740 300 -60 95 658623 5427951 Iceberg East
NFGC-23-1935 305 -45 104 658686 5428004 Iceberg East
NFGC-23-1942 338 -52 83 658688 5428005 Iceberg East
NFGC-23-1957 300 -45 47 658768 5428095 Iceberg East
NFGC-23-1957B 300 -45 32 658768 5428095 Iceberg East
NFGC-23-1960 300 -45 65 658661 5428016 Golden Joint
NFGC-23-1964 300 -70 134 658858 5428106 Iceberg East

 

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

 

Queensway 650,000m Drill Program Update

 

The Company is currently undertaking a 650,000m drill program at Queensway and approximately 3,000m 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, 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 (“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. MSA is an ISO-17025 accredited laboratory for the photon assay method.

 

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 2% 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 February 14, 2024, 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 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $53.5 million as of February 2024.

 

Figure 1: Photos of mineralization from Top Left: at ~16.9m in NFGC-23-1957, Top Right: at ~41.7 in NFGC-23-1608, Bottom Left: at ~52.7 in NFGC-23-1611, Bottom Right: at ~106.6m in NFGC-23-1437. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1437, NFGC-23-1608, NFGC-23-1611, and NFGC-23-1957. (Photo: Business Wire)

 

Figure 2. Iceberg-Iceberg East plan view map (Graphic: Business Wire)

 

Figure 3. Keats Main, Iceberg, and Iceberg East zones long section (looking northwest) (Graphic: Business Wire)

 

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

Posted February 14, 2024

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