New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 46 diamond drill holes that were completed as part
of a drill program designed to test the Keats West Zone and
follow-up on new gold mineralization identified at the Cokes Zone
through reconnaissance and targeted drilling. Both prospects are
located on the west side of the highly prospective Appleton Fault
Zone (“AFZ”). New Found’s 100%-owned Queensway project
comprises a 1,662km2 area, accessible via the Trans-Canada Highway,
15km west of Gander, Newfoundland and Labrador.
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Figure 1: Photos of mineralization, Left:
at ~16.5m in NFGC-23-1741, Right: at ~34.2m in NFGC-23-1708 ^Note
that these photos are not intended to be representative of gold
mineralization in NFGC-23-1708 and NFGC-23-1741. (Photo: Business
Wire)
Keats West Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-11441
53.65
69.90
16.25
4.28
Keats W
Including
53.65
54.35
0.70
11.16
Including
55.05
55.80
0.75
12.94
Including
61.85
62.85
1.00
15.90
Including
63.90
64.75
0.85
10.22
And1
74.05
83.05
9.00
2.97
NFGC-23-17081
5.70
49.50
43.80
3.20
Keats W
Including
12.70
13.50
0.80
12.25
Including
34.00
35.20
1.20
34.47
Including
37.50
38.05
0.55
12.10
Including
49.15
49.50
0.35
25.40
NFGC-23-17131
26.00
49.00
23.00
2.97
Keats W
Including
45.80
47.15
1.35
23.99
NFGC-23-17181
9.85
14.15
4.30
4.75
Keats W
And
21.00
23.70
2.70
1.56
And
27.40
31.45
4.05
1.69
And
45.75
48.00
2.25
1.03
And
51.00
53.50
2.50
1.22
NFGC-23-17411
9.00
22.00
13.00
10.27
Keats W
Including
16.10
17.20
1.10
98.15
And1
34.70
40.00
5.30
8.52
Including
36.75
37.55
0.80
47.30
And1
49.10
72.60
23.50
3.22
Including
71.75
72.60
0.85
57.10
NFGC-23-17451
31.30
34.60
3.30
12.79
Keats W
Including
32.30
32.70
0.40
90.10
NFGC-23-17551
50.85
53.00
2.15
16.84
Keats W
Including
51.55
52.10
0.55
62.20
NFGC-23-17651
3.30
26.50
23.20
3.49
Keats W
Including
12.90
13.35
0.45
10.50
Including
14.30
15.00
0.70
15.95
Cokes Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-15212
38.60
51.05
12.45
2.21
Cokes
NFGC-23-16093
39.90
53.40
13.50
2.75
Cokes
NFGC-23-18521
17.10
30.60
13.50
1.94
Cokes
NFGC-23-18704
15.45
26.55
11.10
1.76
Cokes
And4
36.60
45.15
8.55
2.54
And1
49.20
57.10
7.90
3.64
NFGC-23-18911
35.60
47.40
11.80
4.33
Cokes
Table 1: Keats West and Cokes Drilling
Highlights
Note that the host structures are interpreted to be moderately
dipping and true widths are generally estimated to be 170% to 95%,
40%-70%, and 10% 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.
- Three of today’s highlight intervals were drilled into the
westernmost extent of the Keats West zone, intercepting 3.49 g/t Au
over 23.20m in NFGC-23-1765, 12.8 g/t Au over 3.30m in
NFGC-23-1745, and 16.9 g/t Au over 2.15m in NFGC-23-1755. All three
holes hit the structure shallowly starting between 2m and 35m
vertical depth, indicating strong near-surface continuity of
high-grade gold mineralization over a strike length of 315m at
Keats West.
- Further east, within the Keats West structure, additional
results have been received from holes that were designed to test
gaps left from the previous drilling campaign. Several thick
intervals of high-grade mineralization were intercepted including
the highlight intervals 3.20 g/t Au over 43.80m in NFGC-23-1708,
10.3 g/t Au over 13.00m, and 3.22 g/t Au over 23.50m in
NFGC-23-1741, and 2.97 g/t Au over 23.00m in NFGC-23-1713.
- Gold mineralization at Keats West is hosted by a low-angle
thrust fault that dips gently to the south-southwest and has a
drill-defined mineralized footprint spanning 305m long by 315m wide
and starts at surface with all intercepts drilled to date occurring
above 130m vertical depth. The zone has a cumulative average
thickness of 30m.
- At Cokes, a historic showing located 300m southwest of Keats
West on the west side of the AFZ, drilling has successfully
expanded upon the mineralized zone through a combination of grid
and targeted drilling. A first-pass program conducted by New Found
in 2021 returned encouraging results at Cokes including the
highlight interval of 2.40 g/t over 23.70m in NFGC-21-157.
- Today’s results expand the mineralized footprint at Cokes and
define a low-angle and south-dipping gold mineralized structure
that is very similar in orientation to the nearby Keats West.
Several significant intervals were received including 4.33 g/t Au
over 11.80m in NFGC-23-1891, 2.75 g/t Au over 13.50m in
NFGC-23-1609, 3.64 g/t Au over 7.90m, 2.54 g/t Au over 8.55m and
1.76 g/t Au over 11.10m in NFGC-23-1870 that together span a domain
65m wide by 90m long. Additional drilling is required to understand
the mineralizing controls in this area and to expand on this new
discovery.
Melissa Render, VP of Exploration of New Found, stated: “Our
second pass drilling at Cokes has enhanced our understanding of
this zone and allowed us to hone into a higher-grade portion of the
structure that was previously unknown. This success at Cokes is a
great example of where it is often necessary to revisit areas and
take a new approach or persist with the drill to produce an
improved model that can allow for better targeting. Cokes is in
good company with the Keats West structure located just 300m to the
north. At Keats West, we are encouraged by today’s results testing
the far western extents of the zone where it comes to the surface
and continues to produce intervals of near-surface high-grade gold
mineralization.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-11441
18.45
25.30
6.85
1.74
Keats W
And1
32.00
34.00
2.00
1.66
And1
39.65
48.00
8.35
1.25
And1
53.65
69.90
16.25
4.28
Including
53.65
54.35
0.70
11.16
Including
55.05
55.80
0.75
12.94
Including
61.85
62.85
1.00
15.90
Including
63.90
64.75
0.85
10.22
And1
74.05
83.05
9.00
2.97
NFGC-23-17081
5.70
49.50
43.80
3.20
Keats W
Including
12.70
13.50
0.80
12.25
Including
34.00
35.20
1.20
34.47
Including
37.50
38.05
0.55
12.10
Including
49.15
49.50
0.35
25.40
NFGC-23-17131
26.00
49.00
23.00
2.97
Keats W
Including
45.80
47.15
1.35
23.99
And1
55.00
57.90
2.90
1.91
NFGC-23-17181
9.85
14.15
4.30
4.75
Keats W
And1
21.00
23.70
2.70
1.56
And1
27.40
31.45
4.05
1.69
And1
45.75
48.00
2.25
1.03
And1
51.00
53.50
2.50
1.22
NFGC-23-17411
9.00
22.00
13.00
10.27
Keats W
Including
16.10
17.20
1.10
98.15
And1
34.70
40.00
5.30
8.52
Including
36.75
37.55
0.80
47.30
And1
49.10
72.60
23.50
3.22
Including
71.75
72.60
0.85
57.10
NFGC-23-17451
12.70
17.00
4.30
4.95
Keats W
Including
15.00
16.00
1.00
10.90
And1
31.30
34.60
3.30
12.79
Including
32.30
32.70
0.40
90.10
NFGC-23-17511
2.30
5.80
3.50
2.03
Keats W
And1
11.40
16.40
5.00
1.50
NFGC-23-17551
12.00
14.00
2.00
1.07
Keats W
And1
24.80
32.60
7.80
4.423
Including
27.30
27.70
0.40
17.65
And1
42.15
46.05
3.90
1.22
And1
50.85
53.00
2.15
16.84
Including
51.55
52.10
0.55
62.20
NFGC-23-1758
No Significant Values
Keats W
NFGC-23-17651
3.30
26.50
23.20
3.49
Keats W
Including
12.90
13.35
0.45
10.50
Including
14.30
15.00
0.70
15.95
And1
32.55
35.00
2.45
1.02
And1
55.75
62.00
6.25
1.67
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-8031
85.00
88.00
3.00
2.07
Cokes
NFGC-22-819
No Significant Values
Cokes
NFGC-22-849
No Significant Values
Cokes
NFGC-22-857
No Significant Values
Cokes
NFGC-22-9641
29.00
31.40
2.40
2.18
Cokes
And1
35.55
37.60
2.05
1.17
And1
63.00
68.55
5.55
1.92
NFGC-23-1116
No Significant Values
Cokes
NFGC-23-11254
14.00
16.45
2.45
1.85
Cokes
NFGC-23-1133
No Significant Values
Cokes
NFGC-23-1142
No Significant Values
Cokes
NFGC-23-1153
No Significant Values
Cokes
NFGC-23-14491
19.10
21.70
2.60
1.05
Cokes
NFGC-23-14634
13.00
17.25
4.25
1.29
Cokes
NFGC-23-1478
No Significant Values
Cokes
NFGC-23-1506
No Significant Values
Cokes
NFGC-23-15211
12.05
14.20
2.15
4.27
Cokes
And2
38.60
51.05
12.45
2.21
And2
56.25
62.00
5.75
1.37
NFGC-23-1534
No Significant Values
Cokes
NFGC-23-15544
66.65
68.80
2.15
1.80
Cokes
NFGC-23-1563
No Significant Values
Cokes
NFGC-23-1576
No Significant Values
Cokes
NFGC-23-1592
No Significant Values
Cokes
NFGC-23-15961
8.95
11.30
2.35
1.64
Cokes
And1
17.00
19.40
2.40
1.25
And1
23.75
27.40
3.65
2.17
And1
43.15
51.95
8.80
1.48
NFGC-23-1603
No Significant Values
Cokes
NFGC-23-16093
39.90
53.40
13.50
2.75
Cokes
NFGC-23-18351
32.50
34.70
2.20
1.60
Cokes
NFGC-23-1842
No Significant Values
Cokes
NFGC-23-18464
20.00
22.70
2.70
2.06
Cokes
And2
27.55
31.25
3.70
2.86
NFGC-23-18521
17.10
30.60
13.50
1.94
Cokes
NFGC-23-1858
No Significant Values
Cokes
NFGC-23-1860
No Significant Values
Cokes
NFGC-23-1864
No Significant Values
Cokes
NFGC-23-18704
15.45
26.55
11.10
1.76
Cokes
And4
36.60
45.15
8.55
2.54
And1
49.20
57.10
7.90
3.64
NFGC-23-18744
36.6
39
2.4
1.23
Cokes
And4
75.50
77.75
2.25
1.12
NFGC-23-18854
7.90
14.00
6.10
1.43
Cokes
And4
58.65
61.20
2.55
1.69
NFGC-23-18911
35.60
47.40
11.80
4.33
Cokes
NFGC-24-2008
No Significant Values
Cokes
NFGC-24-20254
8.80
12.00
3.20
1.11
Cokes
And4
21.50
23.50
2.00
1.17
And4
26.25
29.05
2.80
3.11
Table 2: Summary of composite results
reported in this press release for Keats West and Cokes
Note that the host structures are interpreted to be moderately
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.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-803
40
-45
243
657632
5427451
Cokes
NFGC-22-819
300
-45
123
657786
5427497
Cokes
NFGC-22-849
58
-61
237
657559
5427459
Cokes
NFGC-22-857
350
-67
192
657558
5427459
Cokes
NFGC-22-964
24
-45
203
657645
5427593
Cokes
NFGC-23-1116
20
-45
179
657496
5427557
Cokes
NFGC-23-1125
80
-45
227
657498
5427558
Cokes
NFGC-23-1133
20
-45
149
657470
5427633
Cokes
NFGC-23-1142
20
-45
296
657565
5427585
Cokes
NFGC-23-1144
58
-52
143
658006
5427991
Keats West
NFGC-23-1153
20
-45
185
657428
5427660
Cokes
NFGC-23-1449
345
-60
248
657568
5427724
Cokes
NFGC-23-1463
75
-45
251
657571
5427720
Cokes
NFGC-23-1478
75
-45
251
657641
5427797
Cokes
NFGC-23-1506
345
-60
257
657640
5427799
Cokes
NFGC-23-1521
75
-45
251
657706
5427645
Cokes
NFGC-23-1534
345
-60
248
657669
5427897
Cokes
NFGC-23-1554
75
-45
248
657670
5427897
Cokes
NFGC-23-1563
345
-60
260
657814
5427712
Cokes
NFGC-23-1576
345
-60
251
657889
5427612
Cokes
NFGC-23-1592
13
-45
47
657817
5427522
Cokes
NFGC-23-1596
335
-45
89
657705
5427646
Cokes
NFGC-23-1603
180
-82
119
657705
5427644
Cokes
NFGC-23-1609
120
-49
200
657706
5427643
Cokes
NFGC-23-1708
55
-55
86
658098
5428023
Keats West
NFGC-23-1713
352
-50
92
658080
5428016
Keats West
NFGC-23-1718
5
-45
95
658063
5428036
Keats West
NFGC-23-1741
45
-47.5
104
658067
5427983
Keats West
NFGC-23-1745
65
-67
71
657905
5428067
Keats West
NFGC-23-1751
65
-67
68
657861
5428087
Keats West
NFGC-23-1755
65
-50
87
657861
5428087
Keats West
NFGC-23-1758
220
-45
73
657860
5428087
Keats West
NFGC-23-1765
65
-67
68
657879
5428036
Keats West
NFGC-23-1835
335
-45
105
657773
5427570
Cokes
NFGC-23-1842
335
-45
138
657695
5427556
Cokes
NFGC-23-1846
75
-50
138
657735
5427672
Cokes
NFGC-23-1852
335
-45
87
657734
5427674
Cokes
NFGC-23-1858
45
-45
75
657776
5427695
Cokes
NFGC-23-1860
335
-45
87
657757
5427708
Cokes
NFGC-23-1864
335
-45
69
657701
5427697
Cokes
NFGC-23-1870
334
-45
95
657792
5427603
Cokes
NFGC-23-1874
51
-45.5
167
657788
5427498
Cokes
NFGC-23-1885
3
-70.5
113
657792
5427603
Cokes
NFGC-23-1891
37
-69
143
657772
5427571
Cokes
NFGC-24-2008
12
-69
137
657787
5427497
Cokes
NFGC-24-2025
335
-46
77
657673
5427673
Cokes
Table 3: 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 2,100m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
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 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.
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. 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
method.
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, 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.
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 1 g/t, the remaining crushed material is weighed into multiple
jars and are submitted for photon assay.
For samples that have VG identified or are within a mineralized
zone, the entire crushed sample is weighed into multiple jars and
are 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 February 22, 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 $53.5 million as of February
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”, “indicate”, “often”, “target”,
“future”, “likely”, “pending”, “potential”, “encouraging”, “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/20240222149872/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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