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New Found Gold Corp. (“New Found” or the “Company”) (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 (“AFZ”) and JBP fault zones at its 100% owned ~1500km2 Queensway project, accessible via the Trans-Canada Highway ~15km west of Gander, Newfoundland.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220606005434/en/
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)
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.
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 (‘AFZ’) 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 (“KBFZ”) 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. 2 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.
Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.
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 assay results, exploration and drilling on the Company’s Queensway gold project in Newfoundland, interpretation of the assay results and the results of the drilling program, the discovery of zones of high-grade gold mineralization, follow-up step-out drilling 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," "intends," "estimates," "projects," "aims," “suggests,” "potential," "goal," "objective," "prospective," “possibly,” 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.sedar.com 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/20220606005434/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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