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 plan view map (Photo:
Business Wire)
Keats North Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Prospect
Vein/Zone
NFGC-22-570
23.60
26.20
2.60
10.72
Keats N
Enigma
Including
25.00
26.20
1.20
22.80
NFGC-22-665
46.60
52.35
5.75
18.95
Keats N
Enigma
Including
48.25
48.85
0.60
162.5
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.
- Keats North refers to an area of ~630m of strike x
~150m in width immediately north of the Keats Main Zone
comprised of multiple newly discovered mineralized veins and
associated structures that subcrop below a thin cover of glacial
till. Several notable structures hosting gold mineralized veining
are demonstrating excellent geological continuity and remain open
in all directions with very limited drilling below 150m to date
(see Figure 1).
- Multiple high-grade gold intervals have been returned from the
limited drilling completed so far at Keats North. Preliminary
interpretation by the Company demonstrates continuity of high-grade
gold mineralization developing in certain areas within these veins,
which in some cases is correlated to structural intersections.
- Drilling in the “Enigma” Zone area provides one such example
with hole NFGC-22-665 returning 18.95 g/t Au over 5.75m in a
step-out hole ~60m northeast along strike from a previously
reported intercept of 275 g/t Au over 2.15m in NFGC-22-538
(see May 4, 2022, new release).
- Ongoing drilling at Keats North is designed to further define
areas of high-grade mineralization within these gold bearing
structures, which remain open along strike and to depth.
VP of Exploration Melissa Render stated: “We are very encouraged
by the recent discovery of mineralized veins at Keats North, not
only have they been found to span an area of ~630m x ~150m to date,
but there is also a direct relationship between Keats North and
Keats. These prospects are tied together by two approximately
north-south striking fault zones, Umbra and Penumbra, that clearly
play a role in producing the spectacular high grades encountered at
the north end of Keats Main and extend as far north as the 515
discovery (Figure 1). This area is certainly lighting up with a
high success rate in hitting gold mineralization in veining and
commonly including visible gold. With continued drilling, these
zones are proving to have excellent geological continuity, are open
in all directions and with limited drilling below ~150m in this
entire corridor, the area remains sparsely drilled. There is
significant prospective ground remaining to be tested and to put it
into perspective, we are trying to assess an area with a footprint
similar to Keats itself. The Keats North discovery provides further
confirmation of our big picture exploration thesis: that a
substantial damage zone was created in brittle host rocks
surrounding the AFZ and exploration work is designed to continue to
find and define multiple areas of high-grade gold within this
extensive target corridor.”
Exploration Update
- Fourteen drills are turning largely focused along the Queensway
North segment of the AFZ. Of note, two drills are working at Keats
North, three at Keats Main, three along the west side of the AFZ at
various target areas, two south of the Trans-Canada Highway, one at
Lotto, one at Lotto North, and one at Big Dave.
- To date 247,520m have been drilled of a 400,000m program.
Assays are pending for a total of 38,090m of core with 7,018m from
Keats, 8,378m from Keats North, 1,946m from Golden Joint, 1,867m
from Lotto, 4,341m from Lotto North, 3,283m from Big Dave, 4,606m
from TCH, and the balance from several target areas along the AFZ.
The Company will release assays upon receipt of a sufficient number
of results from specific areas and zones.
- This week a barge arrived on site that will allow drill testing
of the projected extension of high-grade gold mineralization to
surface in areas previously inaccessible due to surface water and
associated exploration exclusion zones. These surface constraints
have left considerable areas untested at both Keats and Golden
Joint that will now be easily reached via the barge. Initially,
work from the barge will commence at Golden Joint before proceeding
to Keats.
- The Company is continuing its extensive QA/QC testing of the
Chrysos Photon Assay™ technology. So far, 2,186 samples have been
shipped to MSALABS in Val-d’Or for assay utilizing the Chrysos
Photon Assay™ technology. Subsequent to photon assay, 560 samples
have been submitted to ALS for follow-on screen metallic and fire
assay testing. The MSA test program is nearly complete, and the
Company will announce the results of this test work and provide an
update for its plans for utilizing the Chrysos Photon Assay™
technology in the near future. The benefits of utilizing the
Chrysos Photon Assay™ include preservation of the sample for
additional assay and testing work, faster turnaround time, lower
cost and an environmentally friendly, chemical free, more
sustainable replacement for traditional fire assay methods.
- The Giga Shack is nearing completion with a grand opening and
move-in scheduled for the coming weeks. This new facility’s core
processing capacity will be significantly greater and will allow
for faster turnaround of assay results.
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 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 an 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-22-554
52.45
58.00
5.55
2.05
Keats N
Umbra
NFGC-22-568
33.00
36.85
3.85
1.19
Keats N
Enigma
And
54.75
57.00
2.25
3.77
NFGC-22-570
23.60
26.20
2.60
10.72
Keats N
Enigma
Including
25.00
26.20
1.20
22.80
And
31.50
33.55
2.05
1.03
And
57.00
59.00
2.00
3.30
Including
58.00
58.55
0.55
11.71
NFGC-22-572
12.45
16.85
4.40
3.48
Keats N
Enigma
Including
14.95
15.90
0.95
11.60
And
42.00
44.00
2.00
1.68
NFGC-22-588
50.00
52.00
2.00
1.14
Keats N
Apogee/Umbra
And
116.45
119.00
2.55
1.17
And
128.00
130.45
2.45
1.60
And
215.00
217.00
2.00
1.04
NFGC-22-598
66.40
69.00
2.60
1.94
Keats N
Keats Main/Umbra
And
82.00
84.00
2.00
1.64
And
93.40
95.60
2.20
1.95
NFGC-22-605
22.70
25.00
2.30
1.68
Keats N
Keats Main/Umbra
And
37.60
43.00
5.40
4.64
And
78.30
81.00
2.70
1.15
NFGC-22-6102
46.55
48.60
2.05
19.34
Keats N
Keats Main/Umbra
Including2
47.75
48.30
0.55
65.60
And2
93.70
95.70
2.00
1.12
And
100.30
104.75
4.45
1.30
And
139.55
141.55
2.00
1.02
NFGC-22-612
20.30
22.70
2.40
1.53
Keats N
Keats Main/Apogee
NFGC-22-626
No Significant Values
Keats N
NFGC-22-627
No Significant Values
Keats N
NFGC-22-639
15.60
23.00
7.40
3.34
Keats N
Apogee
Including
22.15
23.00
0.85
15.70
And
65.55
68.45
2.90
2.95
Including
67.95
68.45
0.50
15.05
NFGC-22-640
241.50
243.60
2.10
7.26
Keats N
Enigma
Including
242.85
243.60
0.75
19.55
NFGC-22-641
No Significant Values
Keats N
NFGC-22-663
236.00
238.00
2.00
3.20
Keats N
Penumbra
Including
236.75
237.20
0.45
14.20
NFGC-22-665
46.60
52.35
5.75
18.95
Keats N
Enigma
Including
48.25
48.85
0.60
162.50
And
70.50
73.15
2.65
1.12
And
75.45
77.45
2.00
1.05
NFGC-22-675
43.50
46.00
2.50
1.70
Keats N
Umbra/Keats Main
And
75.65
78.25
2.60
7.40
Including
75.65
76.70
1.05
17.42
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.
2 Previously reported interval.
Hole No.
Azimuth
Dip
Length (m)
UTM E
UTM N
NFGC-22-554
300
-45
314
658293
5427940
NFGC-22-568
300
-45
92.75
658210
5427714
NFGC-22-570
300
-45
71.5
658199
5427720
NFGC-22-572
300
-45
89.45
658188
5427726
NFGC-22-588
300
-45
395
658286
5427839
NFGC-22-598
300
-45
130.5
658271
5427578
NFGC-22-605
300
-45
102
658259
5427584
NFGC-22-610
300
-45
312
658283
5427571
NFGC-22-612
300
-45
305
658215
5427638
NFGC-22-626
300
-45
332
658330
5428004
NFGC-22-627
120
-45
212.2
657934
5427742
NFGC-22-639
300
-45
359
658232
5427802
NFGC-22-640
300
-45
261
658295
5427592
NFGC-22-641
300
-45
425
658197
5427678
NFGC-22-663
299
-46
344
658240
5427653
NFGC-22-665
300
-45
158.7
658226
5427762
NFGC-22-675
299
-46
359
658260
5427642
Table 3: Details of drill holes reported in
this press release
Queensway 400,000m Drill Program Update
Approximately 62% of the planned 400,000m program at Queensway
has been drilled to date with ~38,090m 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 1.0m 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 2mm. A
3,000g 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 30g fire assay with
an inductively-couple plasma spectrometry (“ICP”) finish. If
the initial 30g fire assay gold result is over 1 g/t, the remainder
of the 3,000g 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
(“QA/QC”) and interpretation of results are performed by
qualified persons employing a rigorous QA/QC 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 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 September 1, 2022, 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 400,000m drill program at
Queensway, now approximately 62% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $71 million as of September 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, and mineralization on the
Company’s Queensway gold project in Newfoundland; the
interpretation of assay results, the results of the drilling
program, mineralization, and the discovery of zones of high-grade
gold mineralization; the timing of future drilling results; core
processing capacity; 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,” "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.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/20220901005307/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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