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New Found Intersects 9.12 g/t Au Over 8.20m & 42.6 g/t Au Over 11.75m Starting 9m From Surface & 55.1 g/t Au Over 5.10m at the Keats Main Zone

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New Found Intersects 9.12 g/t Au Over 8.20m & 42.6 g/t Au Over 11.75m Starting 9m From Surface & 55.1 g/t Au Over 5.10m at the Keats Main Zone

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce assay results from 39 diamond drill holes designed to further delineate and expand the network of high-grade gold veins and associated structures at the Keats Zone. These holes were drilled as part of the Company’s ongoing 400,000m diamond drill program targeting +20km of prospective strike along the regional-scale Appleton and JBP fault zones at its 100% owned ~1500km2 Queensway project, accessible via the Trans-Canada Highway ~15km west of Gander, Newfoundland.

 

Highlights:

 

Hole No. From (m) To (m) Interval (m)1 Au (g/t) Zone
NFGC-21-364A 216.25 218.30 2.05 56.3 Keats Main
Including 217.05 217.85 0.80 140.5
NFGC-21-388 123.00 128.65 5.65 9.0 Keats Main
Including 126.95 128.30 1.35 31.5
NFGC-21-448 200.50 205.60 5.10 55.1 Keats Main
Including 200.50 200.95 0.45 609.0
NFGC-21-466 169.70 172.05 2.35 10.9 Keats Main
NFGC-22-486 35.90 38.00 2.10 11.2 421
Including 36.60 37.30 0.70 32.0
And 371.40 373.60 2.20 10.1 Keats Main
Including 371.75 372.45 0.70 30.0
NFGC-22-593 8.80 17.00 8.20 9.12 Keats Main
Including 11.15 11.45 0.30 25.9
Including 13.80 14.80 1.00 32.4
Including 16.20 16.60 0.40 55.3
And 20.50 32.25 11.75 42.6
Including 20.50 21.00 0.50 111
Including 21.90 22.20 0.30 338
Including 22.90 23.30 0.40 733
Including 29.60 30.10 0.50 25.8
Including 31.35 32.25 0.90 21.8
And 36.60 42.90 6.30 1.88

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.

 

  • A gap in the drilling at the north end of the Keats Main Zone in a structurally complex portion of the near surface extents of the Keats-Baseline Fault Zone was recently tested with NFGC-22-593 which returned 9.12 g/t Au over 8.20m and 42.6 g/t Au over 11.75m, beginning at 8.8m down hole. This intercept extends the high-grade gold mineralization to surface in this area and indicates that there is a wide domain of high-grade gold veining immediately below the overburden; current modelling suggests that this thickened segment is approximately 125m in strike length and 35m wide (Figures 2, 3 and 4).
  • 55.1 g/t Au over 5.10m in NFGC-21-448, 56.3 g/t Au over 2.05m in NFGC-21-364A, 9.0 g/t Au over 5.65m in NFGC-21-388, 10.9 g/t Au over 2.35m in NFGC-21-466 and 10.1 g/t Au over 2.20 in NFGC-22-486 are all intersections in the Keats Main Zone which to date has been defined over 845m down plunge and intersected at a vertical depth of 375m. The Keats Main Zone consists of a network of veins that is associated with the KBFZ which generally strikes N55°E and dips ~60° to the southeast (Figures 2, 3 and 5).
  • Targeting the 421 Zone at the south end of Keats, NFGC-22-486 intersected 11.2 g/t over 2.10m at ~30m below surface. This high-grade gold mineralization is associated with an extensive moderately southwest dipping brittle fault zone that appears to play a role in localizing gold. The extents of this target area are not well constrained and this fault zone area and its projected intersections with the AFZ and KBFZ are high priorities for the current drilling (Figures 2 and 3).

 

Melissa Render, VP Exploration for New Found, stated: “Drilling continues to advance our understanding of the geometries and potential projections of the high-grade gold veins and faults that comprise the Keats. Our team is working tirelessly to keep the drills focused on expanding the zones discovered to date and concurrently building our understanding of the controls on the high-grade gold mineralization to allow continued optimization of targeting. Six drills are operating in and around Keats, with three working to tackle mineralization correlated to the main plunge and to depth, while an additional three drills are working at Keats North to follow-up on the recent near surface discoveries such as the 275 g/t Au over 2.15m in NFGC-22-538 (reported on May 4, 2022), 8.70 g/t Au over 6.75m in NFGC-22-533 (reported on May 4, 2022) and 43.9 g/t Au over 3.85m in NFGC-22-515 (reported on April 13, 2022) (Figure 3). Meanwhile, six more drills are systematically testing along the north segment of the AFZ. I would like to thank our exploration team for their ongoing dedication and hard work as we continue to advance this discovery.”

 

Discussion

 

Mineralization at the Queensway Project is hosted by a fold-thrust sequence of northeast-striking, steeply dipping turbiditic sedimentary rocks deposited and deformed during the closure of the Iapetus Ocean and subsequent continent-continent collision. During this prolonged period of continued shortening, at least two regional-deformation zones developed and include the Appleton and JBP fault zones. The AFZ is interpreted to be a significant, deep-seated thrust fault, that strikes southwest across the full +100km length of the property and is likely the main conduit for the gold mineralizing fluids, much like the Cadillac-Larder Lake Fault Zone in the Abitibi.

 

As a result of progressive deformation, the brittle host stratigraphy developed an extensive network of gold-bearing fault zones enveloping the AFZ, the extents of which are not yet known. Higher-grades and widths of gold mineralization occur in areas where there was greater mineralizing fluid flow such as at structural intersections, at dilational openings within fault structures, and along lithological contacts where breakage occurs due to rheological differences in the compressional strength of contrasting sedimentary rock units.

 

Keats

 

Mineralization at Keats is associated with a significant east-northeast striking and moderately southeast dipping brittle fault zone, the Keats-Baseline Fault Zone that developed adjacent to and trends at an oblique angle to the AFZ. Situated ~1.8km south of Lotto and 1.2km south of the Golden Joint discoveries, this fault forms an extensive damage zone that is discordant to the northeast striking and steeply dipping stratigraphy and controls the development of a complex network of high-grade gold vein arrays that are epizonal in character and exhibit breccia, stylolitic, and vuggy textures. The host rock units are comprised of an interbedded sequence of turbiditic shales and greywackes where lithological contrasts in part control domains of high-grade gold, however model advancements suggest the larger underlying control are dilational settings that experienced increased fluid flow that typically develop at structural intersections such as intersecting fault or vein segments. The KBFZ expresses itself as a topographic low and interpretation of this low has traced it over ~+2km strike length. At this stage, exploration has been largely focused within close proximity to the AFZ and has delineated a high-grade gold segment of the Keats-Baseline Fault over a strike length of ~660m, the high-grade southwest plunging dilational zone to ~845m while the deepest high-grade gold intercept to date is at a vertical depth of ~375m.

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m)1 Au (g/t) Zone
NFGC-21-364A 216.25 218.30 2.05 56.3 Keats Main
Including 217.05 217.85 0.80 140.5
NFGC-21-388 123.00 128.65 5.65 9.0 Keats Main
Including 126.95 128.30 1.35 31.5
And 135.75 139.10 3.35 4.2
Including 138.60 139.10 0.50 21.5
NFGC-21-405 No Significant Values Keats Main
NFGC-21-406 32.20 34.95 2.75 1.2 Keats HW
And 48.30 51.00 2.70 2.1
And 62.40 65.00 2.60 3.6
And 209.00 211.15 2.15 1.8
And 217.30 219.80 2.50 1.4
And 280.00 282.00 2.00 1.2 Keats Main
NFGC-21-410B 139.65 142.00 2.35 1.2 Keats Main
And 174.20 176.50 2.30 1.8
NFGC-21-413A 424.60 428.80 4.20 1.9 Keats Main
And2 463.05 467.55 4.50 28.2
Including2 463.05 466.00 2.95 41.0
NFGC-21-425 44.65 47.00 2.35 1.4 Keats HW
And 107.35 109.45 2.10 1.3 Keats Main
And 136.15 139.20 3.05 1.0
NFGC-21-426 255.10 257.55 2.45 1.5 Keats FW
NFGC-21-427 26.00 33.50 7.50 2.0 421
And 37.50 39.80 2.30 1.1
And 50.10 52.70 2.60 1.0
And 60.85 63.00 2.15 1.1
And 65.00 67.00 2.00 1.0
And 131.00 133.00 2.00 1.9
And 170.30 172.60 2.30 1.5
And 175.00 177.00 2.00 1.3
And 280.10 283.00 2.90 3.0 Keats Main
And 285.10 288.00 2.90 3.0
NFGC-21-428 17.80 21.30 3.50 1.1 Keats Main
And 57.55 59.55 2.00 1.3
And 158.30 160.50 2.20 7.0 Keats FW
Including 158.30 159.00 0.70 20.5
And 173.90 176.00 2.10 1.2
NFGC-21-433 80.95 83.00 2.05 1.4 Keats HW
And 90.00 93.00 3.00 7.0
Including 92.00 93.00 1.00 19.5
And 228.30 230.35 2.05 1.4 Keats Main
And 237.70 240.00 2.30 2.5
NFGC-21-436 88.10 90.55 2.45 2.1 Keats HW
And 140.70 142.70 2.00 12.9 Keats Main
Including 141.00 141.65 0.65 39.6
NFGC-21-438 168.00 170.60 2.60 2.4 Keats Main
And 204.35 206.85 2.50 9.0
Including 204.35 205.10 0.75 28.5
And 216.15 218.65 2.50 2.1
And 246.85 249.00 2.15 2.2
NFGC-21-440 285.75 288.95 3.20 1.8 Keats Main
And 362.15 365.55 3.40 2.0
NFGC-21-445 No Significant Values Keats Main
NFGC-21-447 87.60 90.50 2.90 3.1 Keats HW
NFGC-21-448 184.70 187.00 2.30 1.3 Keats Main
And 200.50 205.60 5.10 55.1
Including 200.50 200.95 0.45 609.0
And 284.00 286.35 2.35 4.0
NFGC-21-450 No Significant Values Keats Main
NFGC-21-451 121.70 125.10 3.40 1.4 Keats HW
And 130.00 132.15 2.15 1.3
And 161.00 169.55 8.55 1.7
NFGC-21-454 209.55 213.25 3.70 2.7 Keats Main
NFGC-21-458 83.25 86.40 3.15 1.5 Keats HW
And 120.55 122.75 2.20 5.6
Including 121.10 121.65 0.55 21.5
And 369.20 371.40 2.20 1.9 Keats FW
NFGC-21-460 166.40 168.75 2.35 1.1 Keats Main
And 252.00 254.00 2.00 1.0
NFGC-21-466 169.70 172.05 2.35 10.9 Keats FW
NFGC-21-468 258.70 260.70 2.00 2.0 Keats Main
NFGC-22-472 40.00 42.00 2.00 1.9 Keats HW
NFGC-22-475 No Significant Values Keats Main
NFGC-22-483 134.00 136.00 2.00 7.2 Keats Main
Including 134.00 135.00 1.00 14.1
And 138.60 140.90 2.30 3.9
Including 138.60 139.30 0.70 10.9
And 151.75 165.70 13.95 1.9
And 177.30 180.00 2.70 1.1
NFGC-22-484 341.55 344.00 2.45 2.3 Keats Main
And 425.65 428.10 2.45 1.7
And 431.00 435.60 4.60 1.5
NFGC-22-486 35.90 38.00 2.10 11.2 Keats HW
Including 36.60 37.30 0.70 32.0
And 371.40 373.60 2.20 10.1 Keats FW
Including 371.75 372.45 0.70 30.0
NFGC-22-487 134.00 136.40 2.40 1.1 Keats HW
And 250.50 252.85 2.35 3.7
Including 252.15 252.85 0.70 11.0
And 517.50 519.50 2.00 1.2 Keats Main
NFGC-22-491 80.00 82.00 2.00 1.1 Keats Main
And2 92.00 95.00 3.00 79.8
Including2 92.45 94.35 1.90 124.6
And 164.35 171.85 7.50 4.3 Keats FW
Including 170.90 171.85 0.95 24.2
NFGC-22-492 92.15 94.25 2.10 3.8 421
And 391.00 393.95 2.95 3.2 Keats Main
Including 392.90 393.65 0.75 12.6
And 398.15 400.35 2.20 5.1
Including 398.45 399.05 0.60 14.3
NFGC-22-494 No Significant Values Keats East
NFGC-22-511 77.00 79.00 2.00 1.29 Keats HW
And 434.00 436.25 2.25 4.00 Keats Main
Including 435.20 435.70 0.50 17.85 Keats Main
NFGC-22-514 149.00 151.05 2.05 2.06 Keats FW
NFGC-22-527B 487.25 489.75 2.50 3.2 Keats Main
Including 487.90 488.50 0.60 11.9
NFGC-22-537 No Significant Values Keats East
NFGC-22-593 8.80 17.00 8.20 9.12 Keats Main
Including 11.15 11.45 0.30 25.9
Including 13.80 14.80 1.00 32.4
Including 16.20 16.60 0.40 55.3
And 20.50 32.25 11.75 42.59
Including 20.50 21.00 0.50 111
Including 21.90 22.20 0.30 338
Including 22.90 23.30 0.40 733
Including 29.60 30.10 0.50 25.8
Including 31.35 32.25 0.90 21.8
And 36.60 42.90 6.30 1.88

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

 

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. Previously reported interval.

 

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N
NFGC-21-364A 120 -80 299 657971 5427338
NFGC-21-388 120 -71 242 657988 5427370
NFGC-21-405 300 -45 308 658056 5427182
NFGC-21-406 325 -56 396 657853 5427066
NFGC-21-410B 297 -46.5 257 658075 5427285
NFGC-21-413A 296 -57 515 658086 5427134
NFGC-21-425 299 -45.5 269 658031 5427311
NFGC-21-426 120 -50 335 657804 5427529
NFGC-21-427 325 -56 431 657841 5427083
NFGC-21-428 299 -42.5 238 657976 5427343
NFGC-21-433 299 -45.5 314 658009 5427209
NFGC-21-436 300 -45 350 657970 5427232
NFGC-21-438 299 -45.5 350 658094 5427246
NFGC-21-440 119 -47 425 657748 5427446
NFGC-21-445 298 -57 344 658280 5427369
NFGC-21-447 300 -45 371 657999 5427158
NFGC-21-448 299 -45.5 329 658074 5427257
NFGC-21-450 298 -57 371 658418 5427406
NFGC-21-451 325 -56 434 657810 5427057
NFGC-21-454 299 -45.5 401 657989 5427163
NFGC-21-458 325 -56 455 657814 5427087
NFGC-21-460 299 -45.5 356 657956 5427182
NFGC-21-466 300 -45 338 657943 5427161
NFGC-21-468 300 -45 527 657997 5427129
NFGC-22-472 325 -56 494 657836 5427050
NFGC-22-475 298 -57 527 658249 5427215
NFGC-22-480 120 -45 425 657864 5427742
NFGC-22-483 299 -45.5 235 658214 5427379
NFGC-22-484 240 -45 470 658030 5427310
NFGC-22-486 30 -65 419 657815 5427088
NFGC-22-487 245 -42 574 657996 5427136
NFGC-22-491 299 -45.5 206 658300 5427503
NFGC-22-492 23 -64 440 657811 5427057
NFGC-22-494 299 -45.5 266 658907 5427777
NFGC-22-511 22 -60 470 657778 5427033
NFGC-22-514 299 -45.5 205 658295 5427493
NFGC-22-527B 294 -47.5 731 657945 5426843
NFGC-22-537 299 -45.5 212 658867 5427859
NFGC-22-593 300 -45 119 658214 5427523

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

 

Queensway 400,000m Drill Program Update

 

Approximately 48% of the planned 400,000m program at Queensway has been drilled to date with ~21,700m of the core with pending assay results. Twelve core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs.

 

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 spit 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 either ALS Canada Ltd. (ALS) for sample preparation in Sudbury, Ontario or Eastern Analytical Ltd. (EAL) in Springdale, Newfoundland. Both laboratories are ISO-17025 accredited. All assay laboratories operate under a commercial contract with New Found.

 

At both laboratories the entire sample is crushed to ~80% passing 2 mm. At ALS, 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 50-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 50-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.

 

EAL receives routine samples. A 250-g split of the crushed material is pulverized, and a 30-g subsample is fire assayed for gold with an atomic absorption spectrometry (AAS) finish.

 

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 is 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 laboratories 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 ~2% of the drilled intervals. In addition, ~3% 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 technical content 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 news release dated June 6, 2022, by New Found. Mr. Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.

 

About New Found Gold Corp.

 

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, 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 ~43% complete. The Company is well funded for this program with cash and marketable securities of $87-million as of June 2022.

 

Figure 1. Photo of mineralization from NFGC-22-593 at ~22m down hole depth. ^Note that these photos are not intended to be representative of gold mineralization in hole NFGC-22-593. (Photo: Business Wire)

 

Figure 2. 421, Keats Main and Keats North zones long-section. (Graphic: Business Wire)

 

Figure 3. Keats plan view map (150m clipping, looking down). (Graphic: Business Wire)

 

Figure 4. Keats cross-section NFGC-22-593 (Looking NE, +/- 10 m). (Graphic: Business Wire)

 

Figure 5. Keats cross-section NFGC-21-448 (Looking NE, +/- 20 m). (Graphic: Business Wire)

 

Posted June 6, 2022

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