New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from nine diamond drill holes that were completed as
part of an infill and step-out drill program testing the Lotto Main
Vein located 2km north of the Keats Zone along the highly
prospective Appleton Fault Zone (“AFZ”). 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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the full release here:
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Figure 1. Keats - Lotto plan view map
(Graphic: Business Wire)
Lotto Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Prospect
Vein/Zone
NFGC-22-664
66.40
70.00
3.60
16.13
Lotto
Lotto Main
Including
68.80
69.35
0.55
92.60
NFGC-22-673
206.15
210.00
3.85
152.08
Lotto
Lotto Main
Including
206.15
208.90
2.75
211.91
NFGC-22-684
211.45
226.40
14.95
12.98
Lotto
Lotto Main
Including
216.30
217.00
0.70
25.30
Including
224.30
226.40
2.10
72.35
Lotto Drilling Highlights
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 40% to 90% 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.
- At the Lotto prospect, diamond drilling is progressing
on a work program designed to step out and expand the known extents
of the high-grade gold bearing Lotto Main Vein and to also
infill in areas for better definition of the very high-grade gold
domains which will help with understanding the mineralization
controls and ultimately guide future exploration efforts.
- The Lotto Main Vein contains high-grade gold
mineralization that has now been defined over a strike length of
220m with the intercept of 16.13 g/t Au over 3.60m in
NFGC-22-664 and to a depth of 225m. This intercept is 190m north of
the previously reported 150.3 g/t over 11.5m in NFGC-21-201
(reported on June 23, 2021). The Lotto Main Vein target is not
closed off in any direction along strike or to depth (Figures 1, 3,
and 4).
- Infill drilling at the Lotto Main Vein is targeting a
“roll”, an area where there is a drastic change in the vein
orientation, interpreted to be a location of dilation and
potentially correlated to the emplacement of high-grade gold
mineralization. The current drill results have provided further
confirmation of this interpretation with the intercepts of 152.1
g/t Au over 3.85m in NFGC-22-673 and 12.98 g/t Au over
14.95m in NFGC-22-684 (Figures 1, 3, 4, and 5).
- This exploration work supports the current geological model and
has also contributed to the understanding of the mineralization
controls at Lotto. This improved understanding will allow for
efficient testing of this high-grade corridor going forward as gold
mineralization remains open in all directions.
Melissa Render, VP Exploration for New Found stated: “These
results affirm the richness and potential of the Lotto Main Vein.
After a short hiatus to focus on near-surface targets in this area,
drilling has resumed testing this target area to depth,
successfully expanding segments of the Lotto Main Vein that contain
very high-grade gold. The Lotto Main Vein is open in all directions
and ongoing exploration continues to capture critical information
important to the understanding of the mineralization controls,
namely that these sites of complexity are often the locations of
high-grade gold mineralization thus representing high-priority
target areas for future testing.”
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.
A majority of the exploration drilling to date at Lotto has been
focused on testing the Main Vein. Like the Golden Joint Main Vein,
it too strikes north-south but is steeply dipping to the east. This
specific vein also occurs approximately 200m east of the AFZ, has
been defined to a vertical depth of 325m and over a length of 225m
(Figures 1 and 4) and contains a high-grade segment now defined to
a depth of 225m and over a strike length of 220m. The Lotto Main
Vein is spatially associated with a brittle fault zone and is
developed in close proximity to a narrow bed of greywacke. The
Lotto Main Vein is often massive and vuggy with localized domains
of brecciation. There is also an apparent high-grade domain that is
interpreted to steeply plunge to the northeast. The vein at this
location crosscuts the thin bed of greywacke, but also, the
presence of late brecciated vein phases suggests that there is a
fault intersection at this location. Continued exploration drilling
in this area will focus on expanding the Lotto Main Vein high-grade
domain but will also shift to systematic drill testing stepping
north into untouched regions along the AFZ.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Prospect
Vein/Zone
NFGC-22-556
50.95
53.45
2.50
4.47
Lotto
Bridge
Including
53.05
53.45
0.40
16.85
And
137.75
140.25
2.50
5.66
Tuesday
Including
139.35
140.25
0.90
14.45
NFGC-22-574
216.95
219.00
2.05
1.66
Lotto
And
254.40
258.90
4.50
1.22
NFGC-22-590
No Significant Values
Lotto
Tuesday
NFGC-22-618
61.00
64.40
3.40
2.01
Lotto
Tuesday
And
150.60
152.95
2.35
3.24
NFGC-22-636
No Significant Values
Lotto
NFGC-22-647
51.40
53.60
2.20
1.12
Lotto
Lotto Main
And
54.60
57.10
2.50
1.33
And
72.10
78.00
5.90
1.09
NFGC-22-664
66.40
70.00
3.60
16.13
Lotto
Lotto Main
Including
68.80
69.35
0.55
92.60
NFGC-22-673
106.75
108.80
2.05
8.29
Lotto
Lotto Main
Including
106.75
107.50
0.75
22.00
And
206.15
210.00
3.85
152.08
Including
206.15
208.90
2.75
211.91
And
239.80
242.70
2.90
7.92
Including
241.15
241.80
0.65
15.55
NFGC-22-684
206.00
208.65
2.65
1.41
Lotto
Lotto Main
And
211.45
226.40
14.95
12.98
Including
216.30
217.00
0.70
25.30
Including
224.30
226.40
2.10
72.35
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 generally estimated to be 40% to 90% 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.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
NFGC-22-684
258
-69
237
5429072
658983
NFGC-22-673
263
-68
258
5429097
658990
NFGC-22-664
300
-61
174
5429139
658919
NFGC-22-647
308
-45
213
5429139
658919
NFGC-22-636
355
-60
234
5429048
658824
NFGC-22-618
320
-56
168
5429026
658810
NFGC-22-590
300
-45
156
5428992
658819
NFGC-22-574
300
-45
276
5429100
658881
NFGC-22-556
299
-45.5
264
5428989
658875
Table 3: Details of drill holes reported in
this press release
Queensway 400,000m Drill Program Update
Approximately 63% of the planned 400,000m program at Queensway
has been drilled to date with ~38,840m 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 but are estimated to be 40% to 90% 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
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 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 13, 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 63% 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
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,” “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.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/20220913005571/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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