New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 17 diamond drill holes that were completed as part
of an ongoing systematic drill program exploring a highly
prospective segment of the Appleton Fault Zone (“AFZ”) immediately
north of the Keats Zone. New Found's 100% owned Queensway project
comprises an approximately 1500km2 area, accessible via the
Trans-Canada Highway approximately 15km west of Gander,
Newfoundland and Labrador.
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Figure 1. Keats 3D plan view map
(150m-clipping) (Photo: Business Wire)
Keats North Highlights:
Keats North comprises multiple newly discovered high-grade gold
veins in a corridor covering approximately 630m of strike
northwards from the northern end of Keats Main to the recently
discovered 515 zone, reported on April 13, 2022 (see Figure 1).
Highlight results from recent drilling in this corridor
include:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Prospect
Vein/Zone
NFGC-22-559
131.95
134.00
2.05
13.2
Keats North
Enigma
Including
133.00
134.00
1.00
24.7
Keats North
And
148.00
150.70
2.70
10.7
Keats North
Including
148.00
149.70
1.70
14.9
Keats North
NFGC-22-577
34.20
36.80
2.60
12.9
Keats North
Apogee
Including
36.15
36.80
0.65
48.9
Keats North
NFGC-22-578
22.55
25.30
2.75
45.9
Keats North
Umbra/Keats Main
Including
22.55
23.35
0.80
142.0
NFGC-22-580
52.00
54.20
2.20
24.1
Keats North
Enigma
Including
53.20
53.70
0.50
105.5
NFGC-22-586
48.00
50.00
2.00
40.6
Keats North
Enigma
Including
49.45
50.00
0.55
147.5
Keats North
NFGC-22-610
46.55
48.60
2.05
19.3
Keats North
Umbra/ Keats Main
Including
47.75
48.30
0.55
65.6
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.
- These new results are defining an extensive network of
mineralized veins including Umbra, Penumbra, Apogee, Enigma, and
Perigee/515 over a roughly 630m long x 150m wide area
linking Keats Main and the 515 discovery area (Figure 1). These
veins start at the surface, are generally steeply dipping, and to
date have been drill tested to a maximum vertical depth of
125m.
- Noteworthy intervals in these veins include:
- 45.9 g/t Au over 2.75m in NFGC-22-578 (Umbra);
- 19.3 g/t Au over 2.05m in NFGC-22-610 (Umbra);
- 40.6 g/t Au over 2.00m in NFGC-22-586 (Enigma);
- 24.1 g/t Au over 2.20m in NFGC-22-580 (Enigma);
- and 13.2 g/t Au over 2.05m and 10.7 g/t Au over
2.70m in NFGC-22-559 (Enigma).
- Due to a thin cover of glacial till there is very limited
surface exposure of bedrock along the AFZ corridor including
between Keats Main and Golden Joint, and until recently there had
been essentially no drill testing of this gap. In early 2022 the
Company implemented a program of systematic grid drilling between
Keats and Golden Joint leading to the 515 discovery (43.9
g/t Au over 3.85m in NFGC-22-515 (reported April 13, 2022) and
two near surface intervals of 8.70 g/t Au over 6.75m in
NFGC-22-533 and 275 g/t Au over 2.15m in NFGC-22-538
(reported May 4, 2022).
- The results reported in this release are the initial assays
following up on these discovery holes, with further results
including several high priority holes anticipated in the next
several weeks.
VP of Exploration Melissa Render stated: “Our drilling is
demonstrating that the corridor surrounding the Appleton Fault Zone
is prolifically mineralized via a series of interconnected
structures and vein sets that form a webbing shown to occur within
a few hundred-meter-wide damage zone on either side of the of the
primary, crustal-scale fault. These veins are not constrained by
orientation or stratigraphy, which greatly increases the amount of
strike length and the variety of lithological environments to
explore. In specific areas, blow outs of gold mineralization occur
where veins and structures cross paths, as illustrated at Keats
Main, Lotto, and Golden Joint. The complexity and extent of the
system provides an opportunity for discovery in a very large volume
of prospective host stratigraphy.
We have now ramped up to 14 drills to continue to accelerate our
exploration and rate of discovery. Today’s news outlines an area
roughly equal to the strike length of Keats, connecting two zones
together that were previously separate. Drilling in this area
remains sparse and shallow, with several priority assays
pending.”
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. 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.
The Keats-Baseline Fault Zone (‘KBFZ’) is an extensive brittle
fault zone that lies to the east of the AFZ and runs slightly
oblique to it and has an east-northeast strike (N55°E) and dips to
the southeast at approximately 60°. This fault forms an extensive
damage zone that is discordant to the stratigraphy, and it controls
the development of a complex network of brittle, high-grade gold
vein arrays that are epizonal in character. Gold mineralization is
characterized by the presence of quartz-carbonate veins with vuggy,
stylolitic and/or brecciated textures which often contain trace
amounts of arsenopyrite, chalcopyrite, boulangerite or pyrite, and
which are associated with a NH4 muscovite alteration. A variety of
fault and vein orientations have been encountered within and
surrounding the KBFZ, forming a complex network of high-grade vein
splays bifurcating from the KBFZ and the AFZ. Cross-cutting the
Keats Main zone and forming important constituents of the KBFZ
network are several conjugate brittle faults that are gold-rich and
that create lenses of high-grade gold mineralization. Examples of
such structures are the Umbra, Penumbra, Solstice, Eclipse, and 421
zones (Figure 1). The Umbra and Penumbra structures strike
approximately north-south and have been intersected over a strike
length of approximately 630m and are interpreted to play an
important role for concentrating high-grade gold in the Keats North
region.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Prospect
Vein/Zone
NFGC-22-535A
No Significant Values
Keats North
Keats North
NFGC-22-544
53.00
56.00
3.00
1.6
Keats North
Umbra/Keats Main
And
76.00
78.00
2.00
1.4
And
82.15
84.65
2.50
5.2
Including
83.45
84.10
0.65
12.5
NFGC-22-545
199.70
202.35
2.65
4.7
Keats North
Penumbra
Including
200.00
201.00
1.00
11.1
NFGC-22-559
131.95
134.00
2.05
13.2
Keats North
Enigma
Including
133.00
134.00
1.00
24.7
And
148.00
150.70
2.70
10.7
Including
148.00
149.70
1.70
14.9
And
158.70
161.80
3.10
1.5
NFGC-22-567
95.35
97.55
2.20
1.0
Keats North
Apogee
NFGC-22-571
No Significant Values
Keats North
Umbra/Keats Main
NFGC-22-573
18.70
21.00
2.30
3.0
Keats North
Enigma
NFGC-22-575
21.00
23.45
2.45
1.1
Keats North
Enigma
And
49.00
51.10
2.10
3.1
Including
50.00
50.45
0.45
14.3
NFGC-22-577
34.20
36.80
2.60
12.9
Keats North
Apogee
Including
36.15
36.80
0.65
48.9
NFGC-22-578
22.55
25.30
2.75
45.9
Keats North
Umbra/Keats Main
Including
22.55
23.35
0.80
142.0
And
28.75
30.75
2.00
1.4
And
32.00
34.00
2.00
1.1
NFGC-22-580
11.00
13.00
2.00
2.8
Keats North
Enigma
And
31.00
33.60
2.60
1.4
And
40.50
43.30
2.80
2.7
And
52.00
54.20
2.20
24.1
Including
53.20
53.70
0.50
105.5
NFGC-22-585
No Significant Values
Keats North
Enigma
NFGC-22-586
48.00
50.00
2.00
40.6
Keats North
Enigma
Including
49.45
50.00
0.55
147.5
NFGC-22-602
182.30
184.50
2.20
5.3
Keats North
Perigee/515
Including
183.00
184.00
1.00
10.6
NFGC-22-603
No Significant Values
Keats North
Keats North
NFGC-22-610
46.55
48.60
2.05
19.3
Keats North
Umbra/Keats Main
Including
47.75
48.30
0.55
65.6
And
93.70
95.70
2.00
1.1
NFGC-22-625
33.00
35.00
2.00
4.2
Keats North
Enigma
Including
33.80
34.50
0.70
11.9
Table 2: Summary of composite results
reported in this press release for Keats North
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-22-535A
297
-43
260
658343
5428026
NFGC-22-544
300
-45
188
658270
5427549
NFGC-22-545
299
-47
581
658236
5427684
NFGC-22-559
300
-45
333
658233
5427628
NFGC-22-567
300
-45
368
658288
5427886
NFGC-22-571
300
-45
126
658253
5427573
NFGC-22-573
300
-45
111
658184
5427714
NFGC-22-575
300
-45
85
658178
5427704
NFGC-22-577
300
-45
260
658244
5427852
NFGC-22-578
300
-45
117
658258
5427556
NFGC-22-580
300
-45
110
658188
5427698
NFGC-22-585
300
-45
162
658198
5427692
NFGC-22-586
300
-45
332
658162
5427669
NFGC-22-602
300
-45
335
658339
5427970
NFGC-22-603
120
-45
305
658207
5428162
NFGC-22-610
300
-45
312
658283
5427571
NFGC-22-625
300
-45
353
658176
5427689
Table 3: Details of drill holes reported in
this press release
Queensway 400,000m Drill Program Update
Approximately 56% of the planned 400,000m program at Queensway
has been drilled to date with ~28,000m of the core still pending
assay results. Fourteen (14) core rigs are currently operating
meeting New Found’s targeted drill count for Q2.
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 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 split 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 ALS Canada Ltd. (ALS) for
sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or
Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS
operates under a commercial contract with New Found.
The entire sample is crushed to approximately 70% passing 2 mm.
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.
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 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 5% 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 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
press release dated August 2, 2022, by New Found. Mr. Matheson
certifies that this press 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 56% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $77 million as of August 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, the timing of future drilling
results 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/20220802005505/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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