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

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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 announce the results from 97 diamond drill holes that were completed as part of a drill program designed to test targets generated by systematic grid drilling in proximity to the Monte Carlo Zone located 800m southwest of the K2 Zone on the west side of the highly prospective Appleton Fault Zone. New Found’s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

Monte Carlo, Vegas, and Powerline Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-10592 68.75 77.75 9.00 1.93 Monte Carlo
NFGC-22-10641 86.55 88.55 2.00 25.77 Monte Carlo
Including 87.40 87.90 0.50 92.51
NFGC-23-16562 62.00 76.75 14.75 1.23 Monte Carlo
NFGC-23-16661 62.75 66.00 3.25 10.57 Monte Carlo
Including 64.55 65.30 0.75 36.56
NFGC-23-16732 59.45 66.70 7.25 6.87 Monte Carlo
Including 61.00 62.25 1.25 27.76
NFGC-23-17361 140.00 149.25 9.25 1.99 Monte Carlo
NFGC-23-18481 89.70 106.55 16.85 35.24 Vegas
Including 97.40 97.70 0.30 1910.00
NFGC-23-13212 46.00 53.00 7.00 3.32 Powerline / West Grid
And2 58.70 65.00 6.30 1.85
NFGC-23-18842 43.00 53.55 10.55 1.80 Powerline

Table 1: Monte Carlo, Vegas, and Powerline Drilling Highlights

 

Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 170% to 95% and 240%-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.

  • 35.2 g/t Au over 16.85m in NFGC-23-1848 was intercepted midway between the Monte Carlo and the K2 Zones on the west side of the AFZ at a new zone named Vegas. The intercept includes an elevated high-grade sample running 1,910 g/t Au over 0.30m that exhibits significant visible gold over a 3cm length, as shown below in Figure 1. Vegas was discovered through reconnaissance grid drilling and subsequent, follow-up drilling has identified a high-grade segment of this moderately northeast-dipping fault that appears to link between the Monte Carlo and K2 structures. Additional drilling is planned to expand on this newly identified high-grade domain.
  • Further south at the Monte Carlo Zone (initial discovery announced May 10, 2023), additional targeted drilling has intersected multiple high-grade gold intervals including 25.8 g/t Au over 2.00m in NFGC-22-1064, 10.6 g/t Au over 3.25m in NFGC-23-1666 and 6.87 g/t Au over 7.25m in NFGC-23-1673. These results successfully expand the near-surface high-grade mineralization to cover a strike length of 185m with a depth extent of 160m. Monte Carlo is an east-west striking, steeply dipping vein that remains open along strike and to depth.
  • Reconnaissance grid drilling on the west side of the AFZ a further 800 metres south of Monte Carlo encountered a broad gold mineralized shallowly northeast-dipping shear zone, a new zone called “Powerline”, with characteristics similar to the neighbouring Keats West Zone. Powerline was first intercepted by grid drilling that returned the highlight intervals of 3.32 g/t Au over 7.00m and 1.85m over 6.30m in NFGC-23-1321. Targeted follow-up drilling intercepted 1.80 g/t Au over 10.55m in NFGC-23-1884, found 50m along strike of the initial discovery. Highly anomalous and low-grade mineralization has been defined over a current strike length of 350m at Powerline and testing has only occurred at shallow depths.

 

Melissa Render, VP of Exploration of New Found, stated: “Our reconnaissance grid drilling campaign conducted on the west side of the AFZ has uncovered several new structures of interest and has added to our understanding of the gold mineralized system. Structural orientations west of the AFZ do tend to be quite different than zones found on the east, however, the character of mineralization and its potential appear quite similar. Our list of targets in the west has now grown and will continue to be an area of focus in 2024.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-859A1 126.05 128.85 2.80 2.56 Monte Carlo
And1 180.75 183.00 2.25 1.20
NFGC-22-9843 97.35 104.70 7.35 2.57 Monte Carlo
And3 121.80 124.05 2.25 1.38
NFGC-22-10343 61.35 63.65 2.30 1.46 Monte Carlo
NFGC-22-10592 68.75 77.75 9.00 1.93 Monte Carlo
And1 86.20 89.00 2.80 5.88
Including 87.80 88.20 0.40 33.71
NFGC-22-10641 58.00 62.50 4.50 1.76 Monte Carlo
And1 86.55 88.55 2.00 25.77
Including 87.40 87.90 0.50 92.51
NFGC-22-10833 13.85 16.00 2.15 3.44 Monte Carlo
And2 29.65 31.65 2.00 1.63
And1 51.45 53.95 2.50 2.61
NFGC-23-1469 No Significant Values Monte Carlo
NFGC-23-1490 No Significant Values Monte Carlo
NFGC-23-15872 171.45 174.55 3.10 2.89 Monte Carlo / West Grid
And1 224.25 226.95 2.70 3.17
NFGC-23-16004 228.70 232.20 3.50 1.84 Monte Carlo
NFGC-23-16562 62.00 76.75 14.75 1.23 Monte Carlo
NFGC-23-16611 69.80 72.25 2.45 2.09 Monte Carlo
NFGC-23-16661 32.90 35.10 2.20 1.37 Monte Carlo
And1 47.45 50.40 2.95 9.33
Including 47.45 48.80 1.35 19.31
And1 62.75 66.00 3.25 10.57
Including 64.55 65.30 0.75 36.56
NFGC-23-16701 155.10 159.30 4.20 1.70 Monte Carlo / West Grid
NFGC-23-16732 59.45 66.70 7.25 6.87 Monte Carlo
Including 61.00 62.25 1.25 27.76
NFGC-23-16751 17.35 22.15 4.80 1.84 Monte Carlo
And1 35.35 37.45 2.10 1.22
And1 57.60 60.00 2.40 8.95
Including 59.00 59.50 0.50 40.26
NFGC-23-16781 17.35 19.45 2.10 1.17 Monte Carlo
And1 28.65 32.10 3.45 1.19
NFGC-23-16912 44.60 52.75 8.15 1.38 Monte Carlo
And1 90.80 93.00 2.20 4.95
Including 91.75 92.25 0.50 16.64
And1 96.00 98.00 2.00 5.54
Including 97.00 97.45 0.45 20.77
NFGC-23-16973 121.65 124.10 2.45 1.32 Monte Carlo / West Grid
NFGC-23-16981 60.60 62.85 2.25 3.40 Cassino / West Grid
Including 60.60 60.95 0.35 17.85
NFGC-23-17034 131.00 133.00 2.00 1.43 Monte Carlo / West Grid
And4 205.00 207.40 2.40 1.28
And4 245.00 247.00 2.00 1.26
NFGC-23-17262 95.45 97.60 2.15 1.15 Monte Carlo
And1 127.00 129.60 2.60 2.65
Including 128.60 129.00 0.40 17.05
And4 173.00 175.50 2.50 1.15
NFGC-23-17364 85.25 91.45 6.20 1.69 Monte Carlo
And1 140.00 149.25 9.25 1.99
NFGC-23-17424 92.75 95.00 2.25 1.19 Monte Carlo
And1 130.05 132.65 2.60 1.29
And1 136.35 139.65 3.30 1.32
And1 151.65 154.10 2.45 1.42
NFGC-23-17521 129.55 139.35 9.80 1.43 Monte Carlo
NFGC-23-1768 No Significant Values Monte Carlo
NFGC-23-1775 No Significant Values Monte Carlo
NFGC-23-17844 98.45 104.85 6.40 1.34 Monte Carlo
And1 178.80 181.15 2.35 2.63
NFGC-23-17901 153.60 158.40 4.80 3.26 Monte Carlo
NFGC-23-17974 108.35 110.65 2.30 1.53 Monte Carlo
And2 172.45 174.50 2.05 1.50
NFGC-23-18024 127.75 129.85 2.10 1.69 Monte Carlo
NFGC-23-18112 99.45 108.35 8.90 1.51 Cassino
NFGC-23-18172 108.60 111.40 2.80 1.92 Cassino
NFGC-23-18211 127.45 129.70 2.25 3.61 Cassino / West Grid
NFGC-23-1826 No Significant Values Cassino
NFGC-23-18333 53.00 55.00 2.00 1.67 Cassino
NFGC-23-18413 75.30 77.40 2.10 5.15 Cassino
And1 118.45 120.75 2.30 3.90
Including 119.85 120.30 0.45 13.99
NFGC-23-18481 89.70 106.55 16.85 35.24 Vegas
Including 97.40 97.70 0.30 1910.00
And4 141.00 143.00 2.00 3.13
NFGC-23-1855 No Significant Values Cassino
NFGC-23-18761 132.90 135.70 2.80 4.75 Cassino
Including 133.25 133.95 0.70 18.84
NFGC-23-1881 No Significant Values Cassino
NFGC-23-1899 No Significant Values Cassino
         
NFGC-22-10544 52.60 54.90 2.30 1.30 Powerline
NFGC-23-11914 5.10 9.10 4.00 1.06 Little
And4 19.60 22.15 2.55 1.18
And4 26.60 29.15 2.55 1.03
And4 34.70 37.20 2.50 1.44
NFGC-23-11991 20.50 22.85 2.35 1.12 Little
NFGC-23-1202 No Significant Values Little
NFGC-23-1207 No Significant Values Little
NFGC-23-1213 No Significant Values Little
NFGC-23-1215 No Significant Values Little
NFGC-23-1219 No Significant Values Powerline
NFGC-23-1224 No Significant Values Powerline
NFGC-23-1230 No Significant Values Little
NFGC-23-1234 No Significant Values Powerline
NFGC-23-1238 No Significant Values Little
NFGC-23-1257 No Significant Values Little
NFGC-23-12634 10.00 12.00 2.00 1.13 Little
NFGC-23-1269 No Significant Values Powerline
NFGC-23-1278 No Significant Values Little / West Grid
NFGC-23-1284 No Significant Values Powerline / West Grid
NFGC-23-1291 No Significant Values Powerline / West Grid
NFGC-23-1300 No Significant Values Powerline / West Grid
NFGC-23-13111 35.80 38.00 2.20 1.99 Powerline / West Grid
NFGC-23-13212 46.00 53.00 7.00 3.32 Powerline / West Grid
And2 58.70 65.00 6.30 1.85
NFGC-23-13302 19.35 22.40 3.05 1.80 Powerline / West Grid
And2 76.30 79.20 2.90 1.77
NFGC-23-1341 No Significant Values Powerline / West Grid
NFGC-23-1352 No Significant Values Little / West Grid
NFGC-23-13564 178.00 180.60 2.60 1.05 Little / West Grid
NFGC-23-1363 No Significant Values Little / West Grid
NFGC-23-13794 216.20 219.80 3.60 1.83 Little / West Grid
NFGC-23-1388 No Significant Values Little / West Grid
NFGC-23-1400 No Significant Values Little / West Grid
NFGC-23-1407 No Significant Values Little / West Grid
NFGC-23-1417 No Significant Values Little / West Grid
NFGC-23-1435 No Significant Values Powerline / West Grid
NFGC-23-1446 No Significant Values Little / West Grid
NFGC-23-1460 No Significant Values Powerline / West Grid
NFGC-23-1493 No Significant Values Powerline / West Grid
NFGC-23-1543 No Significant Values Powerline / West Grid
NFGC-23-16641 89.00 91.00 2.00 1.02 Powerline
And1 95.00 98.00 3.00 1.07
NFGC-23-1671 No Significant Values Powerline
NFGC-23-1677 No Significant Values Powerline
NFGC-23-18651 16.00 18.35 2.35 1.01 Powerline
NFGC-23-1869 No Significant Values Powerline
NFGC-23-18711 19.40 21.75 2.35 1.38 Powerline
And1 34.20 36.30 2.10 1.07
NFGC-23-1877 No Significant Values Powerline
NFGC-23-18801 9.60 12.00 2.40 5.33 Powerline
Including 9.60 10.05 0.45 27.10
And1 12.80 15.60 2.80 1.22
NFGC-23-18842 43.00 53.55 10.55 1.80 Powerline
NFGC-23-1888 No Significant Values Powerline
NFGC-23-1889 No Significant Values Powerline
NFGC-23-1890 No Significant Values Powerline
NFGC-23-1898 No Significant Values Powerline
NFGC-23-1903 No Significant Values Powerline
NFGC-23-1909 No Significant Values Powerline
NFGC-23-19131 27.20 29.75 2.55 1.29 Powerline
NFGC-23-19212 28.30 30.65 2.35 1.43 Powerline
NFGC-24-2027 No Significant Values Little
NFGC-24-2028 No Significant Values Little

 

Table 2: Summary of composite results reported in this press release for Monte Carlo, Vegas, and Powerline

 

Note that the host structures are interpreted to be moderately to 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-22-859A 300 -45 448 658553 5429121 Monte Carlo
NFGC-22-984 110 -45 215 658210 5429221 Monte Carlo
NFGC-22-1034 315 -45 170 658264 5429141 Monte Carlo
NFGC-22-1054 135 -76 224 658384 5428517 Powerline
NFGC-22-1059 315 -80 131 658659 5429190 Monte Carlo
NFGC-22-1064 330 -50 137 658589 5429172 Monte Carlo
NFGC-22-1083 295 -48 117 658613 5429217 Monte Carlo
NFGC-23-1191 80 -45 92 657837 5428477 Little Zone
NFGC-23-1199 80 -45 68 657851 5428514 Little Zone
NFGC-23-1202 80 -45 83 657840 5428449 Little Zone
NFGC-23-1207 108 -45 89 657840 5428448 Little Zone
NFGC-23-1213 80 -45 86 657877 5428374 Little Zone
NFGC-23-1215 82 -67 86 657876 5428373 Little Zone
NFGC-23-1219 75 -45 89 658010 5428395 Powerline
NFGC-23-1224 345 -60 311 658048 5428346 Powerline
NFGC-23-1230 345 -60 260 657907 5428242 Little Zone
NFGC-23-1234 75 -45 332 658050 5428344 Powerline
NFGC-23-1238 75 -45 269 657909 5428242 Little Zone
NFGC-23-1257 347 -59 257 658032 5428264 Little Zone
NFGC-23-1263 345 -59 263 658091 5428303 Little Zone
NFGC-23-1269 75 -45 320 658092 5428304 Powerline
NFGC-23-1278 345 -60 251 657936 5428435 Little Zone
NFGC-23-1284 75 -45 308 657937 5428435 Powerline
NFGC-23-1291 347 -59 251 657995 5428519 Powerline
NFGC-23-1300 75 -46 287 658039 5428492 Powerline
NFGC-23-1311 345 -60 254 658150 5428428 Powerline
NFGC-23-1321 75 -45 251 658152 5428428 Powerline
NFGC-23-1330 75 -45 251 658051 5428601 Powerline
NFGC-23-1341 345 -60 254 658050 5428602 Powerline
NFGC-23-1352 345 -61 254 657611 5428379 Little Zone
NFGC-23-1356 74 -46 260 657616 5428378 Little Zone
NFGC-23-1363 75 -45 260 657741 5428448 Little Zone
NFGC-23-1379 75 -45 251 657652 5428600 Little Zone
NFGC-23-1388 345 -60 272 657651 5428600 Little Zone
NFGC-23-1400 75 -45 251 657741 5428664 Little Zone
NFGC-23-1407 345 -60 245 657739 5428665 Little Zone
NFGC-23-1417 345 -60 266 657875 5428587 Little Zone
NFGC-23-1435 75 -45 251 657877 5428587 Powerline
NFGC-23-1446 345 -60 257 657838 5428369 Little Zone
NFGC-23-1460 345 -60 302 658191 5428634 Powerline
NFGC-23-1469 78 -45 251 658254 5428830 Monte Carlo
NFGC-23-1490 75 -45 251 658234 5428725 Monte Carlo
NFGC-23-1493 345 -60 248 658287 5428580 Powerline
NFGC-23-1543 75 -45 266 658288 5428579 Powerline
NFGC-23-1587 345 -60 263 658486 5428926 Monte Carlo
NFGC-23-1600 75 -45 251 658487 5428926 Monte Carlo
NFGC-23-1656 41 -45 113 658692 5429201 Monte Carlo
NFGC-23-1661 10 -66 143 658691 5429201 Monte Carlo
NFGC-23-1664 195 -57 110 658308 5428508 Powerline
NFGC-23-1666 0 -45 101 658679 5429209 Monte Carlo
NFGC-23-1670 345 -60 249 658618 5429077 Monte Carlo
NFGC-23-1671 155 -47 161 658288 5428476 Powerline
NFGC-23-1673 0 -70 110 658680 5429208 Monte Carlo
NFGC-23-1675 0 -45 104 658664 5429223 Monte Carlo
NFGC-23-1677 255 -45 110 658287 5428477 Powerline
NFGC-23-1678 0 -45 92 658644 5429217 Monte Carlo
NFGC-23-1691 345 -52 152 658632 5429148 Monte Carlo
NFGC-23-1697 345 -60 273 658471 5429051 Monte Carlo
NFGC-23-1698 345 -60 250 658755 5429346 Monte Carlo
NFGC-23-1703 75 -45 270 658472 5429051 Monte Carlo
NFGC-23-1726 5 -45 189 658584 5429103 Monte Carlo
NFGC-23-1736 30 -54 186 658584 5429103 Monte Carlo
NFGC-23-1742 5 -57 219 658584 5429102 Monte Carlo
NFGC-23-1752 17 -50 198 658584 5429103 Monte Carlo
NFGC-23-1768 0 -45 203 658654 5429094 Monte Carlo
NFGC-23-1775 15 -45 251 658631 5429027 Monte Carlo
NFGC-23-1784 350 -47 233 658631 5429027 Monte Carlo
NFGC-23-1790 7 -63 224 658617 5429078 Monte Carlo
NFGC-23-1797 355 -75 179 658553 5429121 Monte Carlo
NFGC-23-1802 0 -58 248 658549 5429020 Monte Carlo
NFGC-23-1811 278 -66 155 658754 5429347 Monte Carlo
NFGC-23-1817 33 -45 125 658758 5429346 Monte Carlo
NFGC-23-1821 345 -60 161 658686 5429273 Monte Carlo
NFGC-23-1826 323 -68 203 658685 5429273 Monte Carlo
NFGC-23-1833 170 -75 179 658546 5429580 Monte Carlo
NFGC-23-1841 210 -63 194 658544 5429579 Monte Carlo
NFGC-23-1848 200 -75 146 658656 5429521 Monte Carlo
NFGC-23-1855 210 -45 212 658771 5429569 Monte Carlo
NFGC-23-1865 220 -45 110 658176 5428425 Powerline
NFGC-23-1869 295 -45 114 658015 5428713 Powerline
NFGC-23-1871 294 -45 99 658050 5428661 Powerline
NFGC-23-1876 312 -45 182 658850 5429309 Monte Carlo
NFGC-23-1877 115 -55 96 658137 5428496 Powerline
NFGC-23-1880 220 -45 135 658136 5428495 Powerline
NFGC-23-1881 314 -60 197 658850 5429308 Monte Carlo
NFGC-23-1884 30 -55 75 658212 5428391 Powerline
NFGC-23-1888 217 -46 111 658211 5428389 Powerline
NFGC-23-1889 339 -53 236 658851 5429309 Powerline
NFGC-23-1890 200 -45 153 658232 5428564 Powerline
NFGC-23-1898 242 -45 138 658231 5428565 Powerline
NFGC-23-1899 318 -45 209 658893 5429377 Monte Carlo
NFGC-23-1903 215 -55 108 658247 5428358 Powerline
NFGC-23-1909 35 -55 33 658247 5428359 Powerline
NFGC-23-1913 225 -45 150 658191 5428634 Powerline
NFGC-23-1921 335 -50 111 658136 5428492 Powerline
NFGC-24-2027 300 -45 71 657838 5428450 Little Zone
NFGC-24-2028 190 -70 80 657837 5428450 Little Zone

 

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 5,200m 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 one 450g jar for photon assay. If the jar 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 press 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 29, 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, Left: at ~97.60m in NFGC-23-1848, Right: at ~97.60m in NFGC-23-1848 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1848. (Photo: Business Wire)

 

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

 

Figure 3. 3D Cross-Section of AFZ West (looking east, +/- 35m) (Graphic: Business Wire)

 

Figure 4. Monte Carlo long section (looking north) (Graphic: Business Wire)

 

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

Posted February 29, 2024

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