New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from one diamond drill hole that was completed as part
of a program designed to follow up on newly discovered high-grade
gold at Keats West located west of the highly prospective Appleton
Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project
comprises a 1,650km2 area, accessible via the Trans-Canada Highway,
15km west of Gander, Newfoundland and Labrador.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221128005233/en/
Figure 1. Keats West plan view map
(Graphic: Business Wire)
Keats West Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-960
25.35
35.25
9.90
2.08
Keats W
And
39.60
44.20
4.60
1.18
And
49.90
55.15
5.25
2.14
And
145.00
177.00
32.00
42.64
Including
151.35
152.30
0.95
14.05
And Including
156.65
157.55
0.90
86.60
And Including
159.40
161.30
1.90
24.06
And Including
162.05
162.95
0.90
29.68
And Including
163.75
164.35
0.60
24.50
And Including
165.70
167.00
1.30
16.26
And Including2
170.50
177.00
6.50
171.55
And Including
170.50
173.10
2.60
121.57
And Including
173.70
177.00
3.30
241.54
Table 1: Keats West Drilling
Highlights
1Note that the host structures are interpreted to be shallowly
dipping and true widths are generally estimated to be 60-70% 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
Exception to including clause defined above, contains 3.25 g/t Au
over 0.60m.
- Follow-up drilling targeting the new Keats West
discovery area intersected 42.6 g/t Au over 32m in
NFGC-22-960 that contains a higher-grade interval of 171.6 g/t
Au over 6.5m and is situated at a vertical depth of 125m
(Tables 1- 3). This intercept is located 200m down-plunge of
previously reported 18.6 g/t Au over 15.95m in NFGC-22-773
(see November 23, 2022 release) and 25m along strike of
previously reported intercept of 17.9 g/t Au over 4.2m in
NFGC-22-681 (see September 27, 2022 release). These holes are all
interpreted to occur within the same host structure (Figures
1-5).
- NFGC-22-960 also intersected a domain of near-surface,
lower-grade gold mineralization over a cumulative width of
19.8m, within an interval of 29.8m, and demonstrating
grades ranging from 1.18 to 2.14 g/t Au. Broad domains of
lower-grade gold have now been intercepted in multiple holes over a
footprint spanning 280m x 130m at Keats West (Figures 1 and
4).
- Keats West is open along strike and down-dip. Exploration
drilling is ongoing with two drills working to expand on this new
discovery.
Greg Matheson, COO for New Found stated: “Keats West is turning
into a zone of special interest for New Found. Following today’s
release, we have now seen gold grades from low through to high,
both over impressive widths, indicating the presence of a strong
gold mineralizing system.
What makes this 32m intercept notable is the number of
significant assay intervals that are present throughout it.
Nineteen assay intervals exceeded 10 g/t Au as shown in Table 3.
This interval is comprised of a substantial damage zone containing
a high-density of epizonal-style quartz veining throughout
including a massive vein segment spanning a down-hole length of 6m
(Figure 4).”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-960
25.35
35.25
9.90
2.08
Keats W
And
39.60
44.20
4.60
1.18
And
49.90
55.15
5.25
2.14
And
145.00
177.00
32.00
42.64
Including
151.35
152.30
0.95
14.05
And Including
156.65
157.55
0.90
86.60
And Including
159.40
161.30
1.90
24.06
And Including
162.05
162.95
0.90
29.68
And Including
163.75
164.35
0.60
24.50
And Including
165.70
167.00
1.30
16.26
And Including2
170.50
177.00
6.50
171.55
And Including
170.50
173.10
2.60
121.57
And Including
173.70
177.00
3.30
241.54
2: Summary of composite results reported in
this press release for Keats West
1Note that the host structures are interpreted to be shallowly
dipping and true widths are generally estimated to be 60% to 70% 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
Exception to including clause defined above, contains 3.25 g/t Au
over 0.60m.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
NFGC-22-960
145.00
145.80
0.80
1.18
NFGC-22-960
145.80
146.30
0.50
4.72
NFGC-22-960
146.30
147.00
0.70
4.08
NFGC-22-960
147.00
148.00
1.00
1.96
NFGC-22-960
148.00
149.00
1.00
1.17
NFGC-22-960
149.00
150.00
1.00
0.17
NFGC-22-960
150.00
150.60
0.60
1.26
NFGC-22-960
150.60
151.35
0.75
4.87
NFGC-22-960
151.35
152.30
0.95
14.05
NFGC-22-960
152.30
153.00
0.70
1.25
NFGC-22-960
153.00
154.00
1.00
1.25
NFGC-22-960
154.00
154.80
0.80
1.16
NFGC-22-960
154.80
155.80
1.00
4.17
NFGC-22-960
155.80
156.65
0.85
4.14
NFGC-22-960
156.65
157.55
0.90
86.60
NFGC-22-960
157.55
158.10
0.55
4.36
NFGC-22-960
158.10
159.00
0.90
5.85
NFGC-22-960
159.00
159.40
0.40
8.71
NFGC-22-960
159.40
160.05
0.65
35.10
NFGC-22-960
160.05
160.85
0.80
18.20
NFGC-22-960
160.85
161.30
0.45
18.55
NFGC-22-960
161.30
162.05
0.75
1.79
NFGC-22-960
162.05
162.35
0.30
11.25
NFGC-22-960
162.35
162.95
0.60
38.90
NFGC-22-960
162.95
163.75
0.80
6.76
NFGC-22-960
163.75
164.35
0.60
24.50
NFGC-22-960
164.35
165.30
0.95
1.39
NFGC-22-960
165.30
165.70
0.40
0.66
NFGC-22-960
165.70
166.55
0.85
10.10
NFGC-22-960
166.55
167.00
0.45
27.90
NFGC-22-960
167.00
168.00
1.00
1.89
NFGC-22-960
168.00
169.00
1.00
1.64
NFGC-22-960
169.00
170.00
1.00
1.74
NFGC-22-960
170.00
170.50
0.50
1.13
NFGC-22-960
170.50
171.50
1.00
122.00
NFGC-22-960
171.50
171.95
0.45
66.50
NFGC-22-960
171.95
172.35
0.40
368.00
NFGC-22-960
172.35
173.10
0.75
22.60
NFGC-22-960
173.10
173.70
0.60
3.25
NFGC-22-960
173.70
174.70
1.00
144.00
NFGC-22-960
174.70
175.40
0.70
149.50
NFGC-22-960
175.40
176.15
0.75
452.00
NFGC-22-960
176.15
176.55
0.40
468.00
NFGC-22-960
176.55
177.00
0.45
49.40
Table 3: Gold assay sample intervals
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
NFGC-22-960
120
-45
378
657980
5427948
Table 4: Details of the drill hole reported
in this press release
Queensway 400,000m Drill Program Update
Approximately 79% of the planned 400,000m program at Queensway
has been drilled to date with ~65,052m of the core still pending
assay results.
Sampling, Sub-sampling, and Laboratory
True widths of the intercepts reported in this press release
have yet to be determined but are estimated to be 60% to 70% 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 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, sealed and marked with the contents.
NFG submits 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.
Accreditation of the photon assay method at the MSA Val D’Or
laboratory is in progress.
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 two 450g jars for photon assay. The assays reported from
both jars are combined on a weight-averaged basis. If one of the
jars 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 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 November 28, 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 79% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $55 million as of November 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/20221128005233/en/
New Found Gold Corp. Per: "Collin Kettell" Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
New Found Gold (AMEX:NFGC)
Historical Stock Chart
From Mar 2024 to Apr 2024
New Found Gold (AMEX:NFGC)
Historical Stock Chart
From Apr 2023 to Apr 2024