The Prospector News

New Found Intercepts Significant High-Grade Intervals at K2, Expands Mineralized Footprint of Zone to 490M X 395M

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

New Found Intercepts Significant High-Grade Intervals at K2, Expands Mineralized Footprint of Zone to 490M X 395M

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 43 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone. New Found’s district-scale Queensway Project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

K2 Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-9282 16.40 38.35 21.95 2.22 K2
Including 27.50 28.50 1.00 19.71
And1 46.45 58.00 11.55 1.92
NFGC-23-14261 29.05 51.00 21.95 1.77 K2
NFGC-23-15522 222.20 239.85 17.65 3.23 K2
Including 227.55 228.30 0.75 25.20
And2 246.10 256.55 10.45 1.60
And3 266.05 283.30 17.25 1.45
And3 288.15 295.60 7.45 1.55
NFGC-23-16261 28.30 39.05 10.75 5.28 K2
Including 37.65 39.05 1.40 30.88
NFGC-23-16282 190.55 200.75 10.20 1.86 K2
NFGC-23-16351 46.50 49.35 2.85 28.99 K2
Including 47.85 48.40 0.55 138.68
NFGC-23-16361 264.60 281.00 16.40 2.79 K2
Including 265.25 266.00 0.75 10.28
Including 270.70 271.50 0.80 10.18
NFGC-23-16631 53.50 63.65 10.15 1.77 K2
And1 98.60 101.00 2.40 22.24
Including 99.35 100.00 0.65 81.88
NFGC-23-17151 107.85 119.60 11.75 3.08  
Including 111.70 112.45 0.75 19.76
NFGC-23-17331 35.30 47.65 12.35 5.58 K2
Including 35.30 36.20 0.90 19.95
Including 40.70 41.45 0.75 13.86
Including 46.75 47.65 0.90 29.47
NFGC-23-17441 30.30 50.10 19.80 1.41  
NFGC-23-18683 16.35 18.80 2.45 40.02 K2
Including 17.00 17.75 0.75 127.83

 

Table 1: K2 Drilling Highlights

 

Note that the host structures are interpreted to be steeply 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 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.

 

K2 Highlights:

  • K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490m long x 395m wide, representing an increase of 80m in a down-dip direction. The gold mineralization begins at surface and has been drill-defined down to a maximum depth of 250m.
  • Much of the gold at K2 is found in the “K2 Main” structure (shown in red in Figure 3), a low-angle gold-bearing fault zone starting at surface that dips 40° to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness.
  • The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults, (shown in orange and purple in Figure 3). Many of these veins start at surface and additional drilling is required to fully define this network.
  • This network of cross-cutting veins form thick domains of gold mineralization, which is well demonstrated by several of the highlight intervals reported today including 5.58 g/t Au over 12.35m in NFGC-23-1733 located just 29m from surface adjacent to the AFZ, 3.23 g/t Au over 17.65m, 1.45 g/t Au over 17.25m and 1.60 g/t Au over 10.45m in NFGC-23-1552 located a further 220m down-dip and 5.28 g/t Au over 10.75m in NFGC-23-1626 situated 230m along strike, all hosted by the K2 Main structure.
  • Several of the cross-cutting structures are high-grade in nature, examples of this are the highlight intervals of 40.0 g/t Au over 2.45m in NFGC-23-1868 and 29.0 g/t Au over 2.85m in NFGC-23-1635. These cross-cutting high-grade gold-bearing structures are important for concentrating gold mineralization where they interact with the main K2 Main structure, a relationship the Company is actively testing.
  • The K2 structure remains open down dip with limited drilling testing these internal domains of high-grade gold mineralization. Exploration continues to expand on this important new discovery.

 

Melissa Render, VP of Exploration of New Found, stated: “Today’s results from K2 are very encouraging and we are now getting a better handle on the complexity of this new discovery and the key relationships between the various structural constituents that are important for concentrating gold mineralization. We have increased confidence in our geological model from the drilling we have completed to date, and we are well positioned to target with this knowledge in hand to better expand on the multitude of thick gold-bearing zones hosted by the K2 Main structure. This new discovery is expanding rapidly, and we are quite excited by how well the model is holding up and the continued success we are having at K2.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-8743 39.00 41.10 2.10 1.47 Everest
And4 109.00 111.40 2.40 1.51
And3 253.70 256.00 2.30 1.76 K2
And2 270.50 272.55 2.05 1.07
And4 303.55 307.25 3.70 1.61
NFGC-22-8844 264.45 266.55 2.10 1.11 K2
And2 308.90 311.00 2.10 1.39
And2 323.35 325.55 2.20 1.41
And2 337.75 340.00 2.25 2.19
NFGC-22-9101 43.00 48.55 5.55 2.44 K2
NFGC-22-9282 16.40 38.35 21.95 2.22 K2
Including 27.50 28.50 1.00 19.71
And1 46.45 58.00 11.55 1.92
And1 63.60 67.40 3.80 1.52
And1 71.85 80.75 8.90 1.94
NFGC-22-10391 166.45 168.65 2.20 1.07 K2
And1 171.95 174.50 2.55 2.40
And4 236.00 240.00 4.00 1.18
NFGC-22-1057 No Significant Values K2
NFGC-22-10811 75.00 77.15 2.15 1.97 K2
And1 181.80 187.25 5.45 1.14
NFGC-23-1250 No Significant Values K2
NFGC-23-1332 No Significant Values K2
NFGC-23-13362 269.40 277.05 7.65 2.96 K2
Including 269.40 269.80 0.40 34.80
And2 286.10 288.90 2.80 1.05
NFGC-23-13644 219.00 221.60 2.60 6.74 K2
Including 219.00 219.75 0.75 23.00
NFGC-23-13851 16.20 20.25 4.05 4.16 K2
Including 18.40 19.35 0.95 11.25
NFGC-23-14011 164.40 171.20 6.80 1.87 K2
NFGC-23-14061 26.00 28.00 2.00 8.93 K2
Including 26.45 26.85 0.40 29.90
And1 43.15 45.80 2.65 4.55
NFGC-23-14111 61.80 64.80 3.00 2.84 K2
NFGC-23-14141 11.95 20.00 8.05 2.12 K2
NFGC-23-14212 23.70 30.25 6.55 3.12 K2
NFGC-23-14261 29.05 51.00 21.95 1.77 K2
NFGC-23-1438 No Significant Values K2
NFGC-23-1452 No Significant Values K2
NFGC-23-1507 No Significant Values K2 West
NFGC-23-1530 No Significant Values K2 West
NFGC-23-1539 No Significant Values K2 West
NFGC-23-15522 222.20 239.85 17.65 3.23 K2
Including 227.55 228.30 0.75 25.20
And2 246.10 256.55 10.45 1.60
And3 266.05 283.30 17.25 1.45
And3 288.15 295.60 7.45 1.55
NFGC-23-1584 No Significant Values K2
NFGC-23-1620 No Significant Values K2
NFGC-23-16261 28.30 39.05 10.75 5.28 K2
Including 37.65 39.05 1.40 30.88
NFGC-23-16282 190.55 200.75 10.20 1.86 K2
And4 210.05 212.40 2.35 1.45
And1 226.60 234.00 7.40 1.64
And1 241.45 248.20 6.75 1.25
NFGC-23-16351 46.50 49.35 2.85 28.99 K2
Including 47.85 48.40 0.55 138.68
And1 62.90 65.10 2.20 4.06
And1 98.00 100.00 2.00 1.99
And3 127.55 129.85 2.30 7.19
Including 128.80 129.10 0.30 54.58
NFGC-23-16361 264.60 281.00 16.40 2.79 K2
Including 265.25 266.00 0.75 10.28
Including 270.70 271.50 0.80 10.18
NFGC-23-1637 No Significant Values K2
NFGC-23-16531 44.60 46.65 2.05 1.12 K2
NFGC-23-16544 90.35 93.05 2.70 1.62 K2
Including 91.50 91.85 0.35 11.57
NFGC-23-16631 53.50 63.65 10.15 1.77 K2
And1 75.00 77.15 2.15 1.27
And1 89.35 94.40 5.05 2.79
Including 89.35 90.30 0.95 11.70
And1 98.60 101.00 2.40 22.24
Including 99.35 100.00 0.65 81.88
And4 118.35 121.90 3.55 1.47
NFGC-23-16824 28.35 31.00 2.65 1.66 K2
And1 72.35 75.00 2.65 2.09
And1 94.50 96.50 2.00 4.06
NFGC-23-17151 38.50 41.30 2.80 1.33 K2
And1 107.85 119.60 11.75 3.08
Including 111.70 112.45 0.75 19.76
NFGC-23-17331 35.30 47.65 12.35 5.58 K2
Including 35.30 36.20 0.90 19.95
Including 40.70 41.45 0.75 13.86
Including 46.75 47.65 0.90 29.47
And1 51.70 54.40 2.70 2.20
NFGC-23-17441 21.95 24.10 2.15 1.12 K2
And1 30.30 50.10 19.80 1.41
NFGC-23-17501 22.20 27.10 4.90 3.99 K2
Including 22.20 23.20 1.00 11.09
NFGC-23-17541 15.25 18.35 3.10 9.28 K2
Including 15.25 16.00 0.75 18.54
Including 17.00 17.65 0.65 10.38
NFGC-23-17631 112.00 114.00 2.00 1.02 K2
And1 167.00 172.15 5.15 1.73
And4 194.00 196.40 2.40 1.47
And4 202.70 205.00 2.30 1.97
NFGC-23-17711 11.00 18.15 7.15 3.64 K2
And1 28.75 34.55 5.80 1.88
And4 41.00 45.15 4.15 3.80
NFGC-23-18683 16.35 18.80 2.45 40.02 K2
Including 17.00 17.75 0.75 127.83
And3 45.10 47.35 2.25 1.56

 

Table 2: Summary of composite results reported in this press release for K2.

 

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True 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 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-22-874 300 -45 345 659192 5429788 K2
NFGC-22-884 300 -45 349 659239 5429818 K2
NFGC-22-910 300 -45 368 658938 5429868 K2
NFGC-22-928 300 -45 206 659051 5429922 K2
NFGC-22-1039 15 -45 326 658739 5429664 K2
NFGC-22-1057 329 -64 254 658738 5429663 K2
NFGC-22-1081 355 -53 248 658738 5429665 K2
NFGC-23-1250 75 -45 293 659156 5430387 K2
NFGC-23-1332 344 -59 248 658841 5429992 K2
NFGC-23-1336 75 -45 311 658641 5429645 K2
NFGC-23-1364 345 -60 254 658741 5429820 K2
NFGC-23-1385 345 -45 50 658957 5430057 K2
NFGC-23-1401 80 -45 206 658910 5429971 K2
NFGC-23-1406 345 -45 77 658909 5429973 K2
NFGC-23-1411 27 -45 95 658910 5429973 K2
NFGC-23-1414 345 -45 128 659033 5430049 K2
NFGC-23-1421 345 -46 80 658998 5429987 K2
NFGC-23-1426 345 -45 98 659082 5430012 K2
NFGC-23-1438 330 -45 251 658438 5429734 K2
NFGC-23-1452 35 -45 194 658440 5429735 K2
NFGC-23-1507 20 -45.5 251 657935 5429657 K2 West
NFGC-23-1530 20 -45 152 657947 5429718 K2 West
NFGC-23-1539 345 -45 200 657896 5429653 K2 West
NFGC-23-1552 300 -45 338 659160 5429773 K2
NFGC-23-1584 355 -45 95 658793 5429894 K2
NFGC-23-1620 345 -45 99 658872 5429980 K2
NFGC-23-1626 345 -45 130 658893 5429932 K2
NFGC-23-1628 300 -45 257 659139 5429668 K2
NFGC-23-1635 40 -45 221 659019 5429882 K2
NFGC-23-1636 300 -47 296 659139 5429668 K2
NFGC-23-1637 345 -45 159 658929 5429898 K2
NFGC-23-1653 345 -45 132 658785 5429838 K2
NFGC-23-1654 70 -45 104 659081 5429967 K2
NFGC-23-1663 2 -45 150 659018 5429882 K2
NFGC-23-1682 35 -45 152 659029 5429848 K2
NFGC-23-1715 0 -45 143 659042 5429945 K2
NFGC-23-1733 0 -45 110 659104 5429987 K2
NFGC-23-1744 0 -45 99 659091 5430009 K2
NFGC-23-1750 345 -45 71 659018 5430020 K2
NFGC-23-1754 345 -45 71 659039 5430023 K2
NFGC-23-1763 21 -67 206 658993 5429824 K2
NFGC-23-1771 345 -45 50 659051 5430044 K2
NFGC-23-1868 116 -66 110 658975 5429718 K2

 

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 25,000m 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 (“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. Samples that reached the upper limit of antimony for this method were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08).

 

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 November 29, 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 $71.4 million as of November 6, 2023.

 

Figure 1: Photos of mineralization from: Left: NFGC-23-1868 at ~17.3m, Right: NFGC-23-1552 at ~227.6m, ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1552, and NFGC-23-1868. (Photo: Business Wire)

 

Figure 2. K2 area plan view map (Graphic: Business Wire)

 

Figure 3. K2 inclined 3-D view (looking southeast) (Graphic: Business Wire)

 

Figure 4. K2 long section (looking northwest) (Graphic: Business Wire)

 

Figure 5. Grouse – Everest plan view map (Graphic: Business Wire)

Posted November 29, 2023

Share this news article

MORE or "UNCATEGORIZED"


FIRST QUANTUM ANNOUNCES CLOSING OF $1,150 MILLION BOUGHT DEAL OFFERING, CLOSING OF $1,600 MILLION SENIOR SECURED SECOND LIEN NOTES OFFERING AND UPDATE ON COMPREHENSIVE REFINANCING

First Quantum Minerals Ltd. (TSX: FM) announced that it has compl... READ MORE

February 29, 2024

VIZSLA SILVER ANNOUNCES CLOSING OF $34.5 MILLION BOUGHT DEAL FINANCING

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3)... READ MORE

February 29, 2024

New Found Makes New Discovery With 35 g/t Au Over 17m Including 1,910 g/t Au Over 0.3m at “Vegas Zone”

New Found Gold Corp.  (TSX-V: NFG, NYSE-A: NFGC) is pleased to a... READ MORE

February 29, 2024

Treasury Metals Announces Results from Drilling on Far East Target at the Goliath Gold Complex

Highlights: Continuity of near surface, Goliath-style alteration ... READ MORE

February 29, 2024

Guanajuato Silver Increases Size of Gold Loan Credit Facility to US$13.3M

Guanajuato Silver Company Ltd. (TSX–V:GSVR) (OTCQX:GSVRF) i... READ MORE

February 29, 2024

Copyright 2024 The Prospector News