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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Found Gold Corporation | AMEX:NFGC | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.64% | 3.16 | 3.23 | 3.10 | 3.10 | 291,814 | 01:00:00 |
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 85 diamond drill holes that were completed as part of multiple drill programs designed to expand and follow up on high-grade gold mineralization across several discovery areas located on the east side of the highly prospective Appleton Fault Zone (“AFZ”) spanning a 3km corridor from Golden Joint to Everest. New Found’s 100%-owned Queensway project comprises a 1,665 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417765998/en/
Figure 1: Photos of mineralization from Left: at ~160m in NFGC-23-1627, Right: at ~129m in NFGC-23-1886 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1627(Jackpot) and NFGC-23-1886 (Honeypot). (Photo: Business Wire)
Jackpot, Honeypot, and Everest Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-8961
227.85
241.60
13.75
1.24
Everest
NFGC-23-14181
14.50
16.50
2.00
43.11
Jackpot
Including
15.00
16.20
1.20
70.71
NFGC-23-16272
156.85
160.50
3.65
11.27
Jackpot
Including
159.95
160.50
0.55
67.60
NFGC-23-16682
200.00
213.95
13.95
1.02
Jackpot
NFGC-23-17962
79.80
90.70
10.90
2.24
Honeypot
Including
80.35
80.90
0.55
25.60
NFGC-23-1806A1
57.70
62.20
4.50
7.25
Honeypot
Including
57.70
58.60
0.90
12.05
Including
59.05
60.00
0.95
17.15
NFGC-23-18861
128.60
130.85
2.25
10.15
Honeypot
Including
129.10
129.85
0.75
29.20
NFGC-23-19451
163.75
166.40
2.65
5.07
Honeypot
Including
166.00
166.40
0.40
16.85
NFGC-24-20631
167.35
172.35
5.00
14.83
Honeypot
Including
167.35
168.25
0.90
70.06
Table 1: Jackpot, Honeypot and Everest 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%. 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.
Golden Joint Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-1501A1
40.30
48.35
8.05
4.91
Golden Joint
Including
40.30
42.00
1.70
17.50
NFGC-23-15591
23.50
26.00
2.50
14.41
Golden Joint
Including
23.90
24.60
0.70
51.19
NFGC-23-19753
112.00
122.60
10.60
1.85
Golden Joint
Including
112.00
112.75
0.75
11.20
Table 2: Golden Joint Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 310% to 40%. 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.
Lotto and Lotto North Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-10092
85.40
87.85
2.45
10.48
Lotto N
Including
85.40
85.95
0.55
35.89
And1
99.00
101.00
2.00
12.21
Including
99.00
99.90
0.90
26.95
NFGC-23-11122
97.65
110.80
13.15
1.49
Lotto Main
NFGC-23-11564
89.20
99.15
9.95
1.64
Lotto N
NFGC-23-16813
245.00
247.00
2.00
16.63
Lotto FW
Including
245.00
246.00
1.00
29.53
Table 3: Lotto and Lotto North 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%. 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.
Dome Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-19994
34.35
36.35
2.00
19.36
Dome
Including
34.35
35.35
1.00
38.70
Table 4: Dome Highlights
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.
Melissa Render, VP of Exploration of New Found, stated: “Honeypot and Jackpot were two discoveries that were somewhat of a surprise in terms of their mineralizing strength and continuity given they are 300m and 340m east of the AFZ, respectively. Akin to the neighbouring Lotto discovery, they can concentrate considerable high grade gold. These are important structures, and both are visible in the seismic data where they appear to persist to depth. We are actively using the seismic data to look for structural anomalies along these faults to target with deeper drilling. Both shoots remain open both laterally and vertically, where shallow growth targets will also be tested. We also continue to reevaluate other discovery areas such as Dome, Lotto, and Golden Joint, where initial programs did not close off the mineralization, and in some cases overstepped prospective regions due to broad-spaced drilling. The prospective window around the AFZ has grown producing an expansive region for continued exploration.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9744
55.45
58.00
2.55
1.01
Golden Joint
And1
107.80
110.75
2.95
1.41
NFGC-23-1254
No Significant Values
Keats W
And4
289.65
291.65
2.00
3.48
Golden Joint
NFGC-23-14861
41.75
45.00
3.25
1.33
Golden Joint
NFGC-23-1501A1
40.30
48.35
8.05
4.91
Golden Joint
Including
40.30
42.00
1.70
17.50
NFGC-23-15441
51.35
59.95
8.60
1.13
Golden Joint
NFGC-23-15591
23.50
26.00
2.50
14.41
Golden Joint
Including
23.90
24.60
0.70
51.19
And2
63.20
65.45
2.25
1.70
NFGC-23-1571
No Significant Values
Golden Joint
NFGC-23-16064
99.80
102.00
2.20
1.07
Golden Joint
NFGC-23-19753
112.00
122.60
10.60
1.85
Golden Joint
Including
112.00
112.75
0.75
11.20
NFGC-23-1981
No Significant Values
Golden Joint
NFGC-23-1987
No Significant Values
Golden Joint
NFGC-23-1990
No Significant Values
Golden Joint
NFGC-22-8834
69.75
72.20
2.45
5.68
Lotto N
Including
69.75
70.70
0.95
14.47
And4
94.00
102.00
8.00
1.16
NFGC-22-9701
78.00
80.00
2.00
2.58
Lotto N
And1
129.80
132.00
2.20
1.10
NFGC-22-980
No Significant Values
Lotto N
NFGC-22-9942
53.10
55.20
2.10
1.46
Lotto N
And2
59.00
61.25
2.25
1.87
And1
121.90
125.35
3.45
1.99
NFGC-22-10092
85.40
87.85
2.45
10.48
Lotto N
Including
85.40
85.95
0.55
35.89
And1
99.00
101.00
2.00
12.21
Including
99.00
99.90
0.90
26.95
NFGC-22-10184
42.20
44.70
2.50
5.95
Lotto N
Including
43.10
43.70
0.60
13.15
And2
101.00
103.00
2.00
1.91
And2
106.80
108.80
2.00
1.16
And4
194.15
197.60
3.45
1.30
And2
227.20
229.40
2.20
2.31
NFGC-22-1029
No Significant Values
Lotto N
NFGC-22-1071
No Significant Values
Lotto N
NFGC-23-10864
27.50
30.00
2.50
1.26
Lotto N
NFGC-23-1105
No Significant Values
Lotto N
NFGC-23-11122
97.65
110.80
13.15
1.49
Lotto Main
And4
125.00
127.40
2.40
1.02
NFGC-23-11242
67.10
69.20
2.10
1.19
Lotto N
And2
206.30
209.00
2.70
2.32
K2
NFGC-23-11564
89.20
99.15
9.95
1.64
Lotto N
And1
117.00
121.30
4.30
2.12
Including
120.50
120.90
0.40
10.88
NFGC-23-1163
No Significant Values
Lotto N
NFGC-23-1245
No Significant Values
Lotto Main
NFGC-23-1483
No Significant Values
Lotto N
NFGC-23-15784
202.25
205.00
2.75
1.12
Lotto N
And4
317.60
320.10
2.50
1.82
NFGC-23-16814
129.35
132.20
2.85
1.29
Monte Carlo
And3
245.00
247.00
2.00
16.63
Lotto FW
Including
245.00
246.00
1.00
29.53
NFGC-23-17051
41.00
43.40
2.40
1.69
Lotto N
NFGC-23-17121
42.40
45.35
2.95
3.14
Lotto N
Including
42.40
42.90
0.50
10.55
NFGC-23-17144
203.65
206.00
2.35
1.24
Lotto FW
NFGC-23-17311
101.30
103.75
2.45
4.82
Lotto N
Including
102.15
102.90
0.75
13.64
NFGC-23-17351
88.35
95.50
7.15
1.08
Lotto N
NFGC-23-1743
No Significant Values
Lotto N
NFGC-23-1748
No Significant Values
Lotto N
NFGC-23-1756
No Significant Values
Lotto N
NFGC-23-1764
No Significant Values
Lotto N
NFGC-23-1773
No Significant Values
Lotto N
NFGC-23-1837
No Significant Values
Lotto Main
NFGC-23-18471
157.40
159.60
2.20
1.09
Lotto FW
And4
161.75
163.85
2.10
1.19
NFGC-23-1807
No Significant Values
Dome
NFGC-23-1853
No Significant Values
Dome
NFGC-23-19994
34.35
36.35
2.00
19.36
Dome
Including
34.35
35.35
1.00
38.70
NFGC-23-2002
No Significant Values
Dome
NFGC-22-8962
187.00
189.15
2.15
1.06
Everest
And1
227.85
241.60
13.75
1.24
NFGC-22-10382
47.65
53.05
5.40
1.54
Honeypot
NFGC-23-13091
157.70
160.45
2.75
1.04
Jackpot
NFGC-23-13832
216.15
218.85
2.70
1.20
Honeypot
NFGC-23-14181
14.50
16.50
2.00
43.11
Jackpot
Including
15.00
16.20
1.20
70.71
NFGC-23-15581
81.90
89.35
7.45
1.26
Jackpot
NFGC-23-16272
156.85
160.50
3.65
11.27
Jackpot
Including
159.95
160.50
0.55
67.60
NFGC-23-16321
135.95
138.40
2.45
1.16
Jackpot
NFGC-23-16391
112.55
115.35
2.80
1.61
Jackpot
NFGC-23-16441
116.35
118.95
2.60
1.57
Jackpot
NFGC-23-16492
175.80
184.20
8.40
1.43
Jackpot
NFGC-23-1657
No Significant Values
Jackpot
NFGC-23-16682
200.00
213.95
13.95
1.02
Jackpot
And2
216.40
219.00
2.60
1.00
NFGC-23-16892
165.10
167.20
2.10
1.70
Jackpot
And2
176.50
178.70
2.20
2.01
NFGC-23-17241
249.35
253.20
3.85
1.87
Jackpot
NFGC-23-1734
No Significant Values
Jackpot
NFGC-23-1747
No Significant Values
Jackpot
NFGC-23-1762
No Significant Values
Jackpot
NFGC-23-17962
79.80
90.70
10.90
2.24
Honeypot
Including
80.35
80.90
0.55
25.60
NFGC-23-18012
90.00
96.80
6.80
3.12
Honeypot
Including
92.90
93.45
0.55
27.90
NFGC-23-1806
No Significant Values
Honeypot
NFGC-23-1806A1
57.70
62.20
4.50
7.25
Honeypot
Including
57.70
58.60
0.90
12.05
Including
59.05
60.00
0.95
17.15
NFGC-23-18231
114.75
120.75
6.00
3.23
Honeypot
NFGC-23-18861
128.60
130.85
2.25
10.15
Honeypot
Including
129.10
129.85
0.75
29.20
NFGC-23-19192
181.60
184.15
2.55
1.01
Honeypot
NFGC-23-19451
163.75
166.40
2.65
5.07
Honeypot
Including
166.00
166.40
0.40
16.85
NFGC-23-19651
199.00
203.00
4.00
2.48
Honeypot
NFGC-23-19821
230.10
233.00
2.90
1.50
Honeypot
NFGC-24-2049
No Significant Values
Jackpot
NFGC-24-20534
76.85
81.00
4.15
1.05
Jackpot
And4
88.00
91.80
3.80
1.32
NFGC-24-2056
No Significant Values
Jackpot
NFGC-24-2058
No Significant Values
Honeypot
NFGC-24-2061
No Significant Values
Honeypot
NFGC-24-20632
149.55
151.55
2.00
1.01
Honeypot
And4
167.35
172.35
5.00
14.83
Including
167.35
168.25
0.90
70.06
NFGC-24-20674
157.25
159.90
2.65
1.19
Honeypot
NFGC-24-20701
120.30
128.00
7.70
1.36
Honeypot
NFGC-24-20744
119.95
122.00
2.05
1.07
Honeypot
NFGC-24-20762
252.65
254.95
2.30
2.13
Honeypot
NFGC-24-20811
39.70
42.50
2.80
1.75
Honeypot
And4
182.00
184.10
2.10
1.91
Table 5: Summary of composite results reported in this press release for Golden Joint, Dome, Lotto, Lotto North, Jackpot and Honeypot
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. *Previously reported interval.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-1009
78
-58
201
658945
5429457
Lotto North
NFGC-22-1018
122
-65
279
658946
5429456
Lotto North
NFGC-22-1029
65
-45
216
658970
5429492
Lotto North
NFGC-22-1038
300
-45
258
659386
5430023
Everest
NFGC-22-1071
90
-45
189
658983
5429273
Lotto North
NFGC-22-883
70
-45
288
658794
5429201
Lotto North
NFGC-22-896
300
-45
347
659544
5430450
Everest
NFGC-22-970
90
-45
249
658946
5429411
Lotto North
NFGC-22-974
85
-65
184
658402
5428434
Golden Joint
NFGC-22-980
90
-45
300
658939
5429298
Lotto North
NFGC-22-994
88
-45
297
658946
5429457
Lotto North
NFGC-23-1086
95
-53
249
658849
5429213
Lotto North
NFGC-23-1105
90
-45
168
658980
5429218
Lotto North
NFGC-23-1112
47
-67
246
658882
5429100
Lotto
NFGC-23-1124
282
-51
234
659089
5429559
Jackpot
NFGC-23-1156
250
-45
201
659036
5429590
Lotto North
NFGC-23-1163
293
-45
162
659036
5429590
Lotto North
NFGC-23-1245
85
-60
390
658783
5428927
Lotto
NFGC-23-1254
75
-45
320
658042
5428144
Keats West
NFGC-23-1309
300
-45
300
659544
5429815
Jackpot
NFGC-23-1383
300
-45
276
659473
5429913
Honeypot
NFGC-23-1418
348
-45.5
60
659418
5429889
Jackpot
NFGC-23-1483
300
-45
299
659393
5429324
Lotto North
NFGC-23-1486
155
-53
86
658405
5428351
Golden Joint
NFGC-23-1501A
135
-45
122
658413
5428386
Golden Joint
NFGC-23-1544
152
-45
92
658393
5428333
Golden Joint
NFGC-23-1558
300
-50
174
659505
5429864
Jackpot
NFGC-23-1559
170
-45
104
658402
5428321
Golden Joint
NFGC-23-1571
155
-45
59
658432
5428366
Golden Joint
NFGC-23-1578
300
-45
431
659211
5429373
Lotto North
NFGC-23-1606
272
-48
201
658503
5428380
Golden Joint
NFGC-23-1627
356
-60
189
659369
5429743
Jackpot
NFGC-23-1632
355
-51
165
659369
5429743
Jackpot
NFGC-23-1639
327
-42
156
659368
5429743
Jackpot
NFGC-23-1644
300
-45
153
659366
5429744
Jackpot
NFGC-23-1649
357
-66
213
659368
5429743
Jackpot
NFGC-23-1657
330
-65
216
659367
5429743
Jackpot
NFGC-23-1668
13
-67
249
659369
5429743
Jackpot
NFGC-23-1681
75
-45
258
658618
5429077
Monte Carlo
NFGC-23-1689
306
-67
219
659369
5429743
Jackpot
NFGC-23-1705
300
-45
167
659222
5429540
Lotto North
NFGC-23-1712
280
-45
152
659221
5429539
Lotto North
NFGC-23-1714
75
-45
252
658594
5428977
Lotto
NFGC-23-1724
348
-66
291
659362
5429686
Jackpot
NFGC-23-1731
284
-45
149
659219
5429483
Lotto North
NFGC-23-1734
311
-64
300
659361
5429685
Jackpot
NFGC-23-1735
300
-45
152
659214
5429429
Lotto North
NFGC-23-1743
300
-45
122
659169
5429398
Lotto North
NFGC-23-1747
351
-76
165
659395
5429802
Jackpot
NFGC-23-1748
318
-49
119
659175
5429511
Lotto North
NFGC-23-1756
274
-51
101
659174
5429510
Lotto North
NFGC-23-1762
312
-57
132
659394
5429803
Jackpot
NFGC-23-1764
285
-42
206
659261
5429459
Lotto North
NFGC-23-1773
263
-45
200
659260
5429458
Lotto North
NFGC-23-1796
351
-63
116
659435
5430057
Honeypot
NFGC-23-1801
345
-70
125
659434
5430058
Honeypot
NFGC-23-1806
293
-57
8
659437
5430057
Honeypot
NFGC-23-1806A
293
-57
92
659437
5430057
Honeypot
NFGC-23-1807
325
-70
462
658758
5428535
Dome
NFGC-23-1823
315
-47
140
659521
5430060
Honeypot
NFGC-23-1837
348
-55
185
658783
5428929
Lotto
NFGC-23-1847
335
-57
197
658783
5428928
Lotto
NFGC-23-1853
340
-79.5
440
658676
5428513
Dome
NFGC-23-1886
308
-58
159
659521
5430060
Honeypot
NFGC-23-1919
314
-62
216
659565
5430034
Honeypot
NFGC-23-1945
310
-55
195
659566
5430034
Honeypot
NFGC-23-1965
312
-50
222
659542
5429990
Honeypot
NFGC-23-1975
59
-65
164
658355
5428176
Golden Joint
NFGC-23-1981
62
-60
155
658356
5428176
Golden Joint
NFGC-23-1982
336
-66
261
659543
5429989
Honeypot
NFGC-23-1987
70
-45
128
658357
5428176
Golden Joint
NFGC-23-1990
82
-58
107
658356
5428175
Golden Joint
NFGC-23-1999
25
-45
149
658778
5428728
Dome
NFGC-23-2002
60
-45
161
658687
5428810
Dome
NFGC-24-2049
200
-45
95
659112
5429770
Jackpot
NFGC-24-2053
255
-45
152
659160
5429773
Jackpot
NFGC-24-2056
187
-51
107
659124
5429790
Jackpot
NFGC-24-2058
270
-45
51
659403
5430064
Honeypot
NFGC-24-2061
339
-45.5
50
659404
5430065
Honeypot
NFGC-24-2063
282
-71.5
200
659554
5430100
Honeypot
NFGC-24-2067
290
-67.5
182
659554
5430100
Honeypot
NFGC-24-2070
328
-55
140
659523
5430062
Honeypot
NFGC-24-2074
301
-45.5
149
659439
5430108
Honeypot
NFGC-24-2076
300
-45.5
296
659429
5429998
Honeypot
NFGC-24-2081
300
-45
224
659553
5430150
Honeypot
Table 6: 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 3,200m of core is currently pending assay results.
Sampling, Sub-sampling, and Laboratory
All drilling recovers HQ core. The 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. As of February 2024, gold analysis at ALS has been performed by photon assay. 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 and photon assay methods.
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 for fire assay, 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.
Samples submitted to ALS beginning in February 2024 received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For “routine” samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.
For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.
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 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.
For samples that have VG identified, the entire crushed sample is weighed into multiple jars and 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 April 17, 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 $53.6 million as of April 2024.
Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.
Acknowledgements
New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Contact
To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “demonstrates”, “encouraging”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240417765998/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486
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