The Prospector News

New Found Makes New Discovery Between Keats and Golden Joint Intersecting 43.9 g/t Au Over 3.85m

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

New Found Makes New Discovery Between Keats and Golden Joint Intersecting 43.9 g/t Au Over 3.85m

 

 

 

 

 

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce a new high-grade gold discovery between the Keats and Golden Joint zones, located approximately 440m north of the Keats Zone. NFGC-22-515 was the first hole drilled as part of a planned systematic program to drill test along the Appleton Fault Zone and returned 9.21g/t over 2.15m and 43.9 g/t over 3.85m. This hole is located in the Keats North area and this discovery has been named the 515 Zone. New Found’s 100% owned Queensway project comprises an approximately 1500km2 area, accessible via the Trans-Canada Highway located approximately 15km west of Gander, Newfoundland.

 

Keats North Highlights

 

Hole No. From (m) To (m) Interval (m)1 Au (g/t)
KEATS NORTH ‘515’
NFGC-22-515 198.50 200.65 2.15 9.21
Including 199.25 199.75 0.50 38.9
And 209.00 212.85 3.85 43.9
Including 209.00 210.65 1.65 76.0
Including 211.35 212.35 1.00 43.1

Table 1: Keats North Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true 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 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.

 

  • In early 2022 New Found began a program of systematic drilling along the AFZ between the Keats and Golden Joint Zones along a roughly 700m gap with limited prior drilling. NFGC-22-515 is the first hole drilled as part of this systematic program intersecting a significant veined zone roughly 260m south of Golden Joint and 440m north of Keats (Figure 3).
  • Gold mineralization in the NFGC-22-515 interval is hosted in vuggy epizonal style veining displaying mineralogy consistent with the nearby Keats and Golden Joint zones over a 14 m downhole interval yielding 9.21 g/t Au over 2.15m and 43.9g/t Au over 3.85m including 76.0 g/t Au over 1.65m and 43.1 g/t over 1.0m.
  • The stratigraphic position of the 515 is proximal to the footwall of the AFZ which is analogous to the Golden Joint and Sunday zones.
  • Follow-up drilling targeting the 515 Zone and the remaining significant gaps between the Keats and Golden Joint remains a priority with three drill rigs active in this area referenced as Keats North (Figure 2).

 

Greg Matheson, COO for New Found, stated: “Earlier this week on April 11 we announced the discovery of a high-grade vein in hole NFGC-22-491 that returned 79.8 g/t Au over 3.00m at the north end of the Keats Zone. This new discovery of 43.9 g/t Au over 3.85 m in NFGC-22-515 is located approximately 440m north of NFGC-22-491. There is very limited drilling in the gap between these two holes and drilling over this area is a high priority. As we continue to see new veins and zones propagating along a 2.7 km segment of the Appleton Fault it starts to become apparent that Lotto, Road, Golden Joint, Sunday, 421, Keats, Keats FW and 515 are all part of the same geological domain and mineral system. Big picture, the Appleton Fault Zone is open to the north and south of the 2.7km segment where our drilling has focused on to date, with numerous occurrences of gold mineralization over 9.45km in total of strike on the Appleton Fault Zone. The depth potential along the fault remains open leaving very significant exploration still to be done.”

 

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. This structural relationship demonstrates the currently defined vein and associated fault orientations based on structural interpretation and drilling to date along the 1km corridor from Golden Joint to Lotto. 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.

 

The Company’s current interpretation is that the high-grade gold mineralization being drilled at Queensway was deposited by gold mineralizing fluids penetrating this highly fractured and deformed meta-sedimentary sequence forming an extensive mineralized corridor surrounding the deep crustal-scale fault network that forms the Appleton Fault Zone. A significant amount of the high-grade gold mineralization is interpreted to be epizonal in nature, having been emplaced when tectonic movements resulted in the explosive tapping of deep gold-rich magmatic fluids that rapidly precipitated gold as they migrated towards surface.

 

Drillhole Details

 

Hole number From (m) To (m) Interval (m)1   Au (g/t)   Zone
NFGC-22-515 198.50 200.65 2.15   9.21   515
Including 199.25 199.75 0.50   38.9  
And 209.00 212.85 3.85   43.9  
Including 209.00 210.65 1.65   76.0  
Including 211.35 212.35 1.00   43.1  

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

1Note that the host structures are interpreted to be steeply dipping and true 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 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.

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N
NFGC-22-515 299 -46 281 658344 5428026

Table 3: Details of drill holes reported in this release

Queensway 400,000m Drill Program Update

 

Approximately 40% of the planned 400,000m program at Queensway has been drilled to date with approximately 19,120m of the core with pending assay results. Eleven 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 and further exploration is required. 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. All HQ split core assays reported were obtained by either complete sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia, or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Newfoundland; both laboratories operate under a commercial contract with New Found. The complete sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than 1.0 g/t Au. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. Approximately 3% of sample pulps are sent to secondary laboratories 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.

 

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 April 13, 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 approximately 40% complete. The Company is well funded for this program with a current working capital balance of approximately $106 million as of April 2022.

 

 

Figure 1: Left: Photo of mineralization from NFGC-22-515 at approximately 199.3m down hole depth Right: Photo of mineralization from NFGC-22-515 at approximately 210.0m down hole depth. Note that these photos are not intended to be representative of gold mineralization in hole NFGC-22-515 (Photo: Business Wire)

 

Figure 2. Keats to Golden Joint long-section (Graphic: Business Wire)

 

Figure 3. Keats – Lotto plan view map (Graphic: Business Wire)

Posted April 13, 2022

Share this news article

MORE or "UNCATEGORIZED"


Hudbay Completes Upsized Bought Deal Equity Offering

Hudbay Minerals Inc. (TSX:HBM) (NYSE: HBM) is pleased to announc... READ MORE

May 24, 2024

PANTHER MINERALS CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Panther Minerals Inc. (CSE: PURR), is pleased to announce that t... READ MORE

May 24, 2024

SILVERCORP REPORTS ADJUSTED NET INCOME OF $39.3 MILLION, $0.22 PER SHARE, AND CASH FLOW FROM OPERATIONS OF $91.6 MILLION FOR FISCAL 2024SILVERCORP REPORTS ADJUSTED NET INCOME OF $39.3 MILLION, $0.22 PER SHARE, AND CASH FLOW FROM OPERATIONS OF $91.6 MILLION FOR FISCAL 2024

Silvercorp Metals Inc.  (TSX: SVM) (NYSE American: SVM) reported... READ MORE

May 24, 2024

Guanajuato Silver Reports Q1 2024 Financial and Operating Results

Guanajuato Silver Company Ltd. (TSX-V:GSVR) (OTCQX:GSVRF) has r... READ MORE

May 24, 2024

ARIS MINING TO INCREASE OWNERSHIP IN SOTO NORTE PROJECT TO 51% AND COMMENCES STUDY TO ASSESS NEW DEVELOPMENT PLAN

Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) announces that... READ MORE

May 24, 2024

Copyright 2024 The Prospector News