New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 37 diamond drill holes that were completed as part
of a drill program designed to expand the high-grade gold
mineralization at the Golden Joint Zone to surface, located 1km
north of Keats on the east 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231023751021/en/
Figure 1: Photos of mineralization, Top
Left: at ~46m in NFGC-23-1482, Top Right: at ~117m in NFGC-23-1535,
Bottom Left: at ~86.5m in NFGC-23-1585, Bottom Right: at ~150.6m in
NFGC-23-1123 ^Note that these photos are not intended to be
representative of gold mineralization in NFGC-23-1123,
NFGC-23-1482, NFGC-23-1535, and NFGC-23-1585. (Photo: Business
Wire)
Golden Joint Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-11232
150.55
152.70
2.15
26.55
Golden Joint
Including
150.55
150.85
0.30
190.24
NFGC-23-14821
15.90
18.00
2.10
24.01
Golden Joint
Including
17.00
17.35
0.35
140.00
And1
44.70
47.35
2.65
66.16
Including
45.95
46.80
0.85
194.00
NFGC-23-15282
86.70
98.70
12.00
2.46
Golden Joint
Including
86.70
87.60
0.90
23.90
NFGC-23-15353
116.50
123.90
7.40
16.54
Golden Joint
Including
116.50
117.10
0.60
165.13
Including
122.15
122.75
0.60
13.09
Including
123.50
123.90
0.40
29.08
NFGC-23-15492
41.85
50.00
8.15
3.98
Golden Joint
Including
45.00
46.15
1.15
17.10
NFGC-23-15853
85.95
88.60
2.65
67.48
Golden Joint
Including
85.95
87.60
1.65
107.98
NFGC-23-15972
170.05
172.20
2.15
21.85
Golden Joint
Including
170.05
171.70
1.65
28.37
Table 1: Golden Joint Drilling
Highlights
Note that the host structures are interpreted to be steeply
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.
- Golden Joint consists of a main, north-south
striking high-grade vein that is situated immediately east of the
AFZ. It has yielded several significant intervals such as 69.2 g/t
Au over 14.15m in NFGC-21-462 (March 24, 2022), 70.7 g/t Au over
5.25m in NFGC-21-386 (January 6, 2022), and 98.1 g/t Au over 3.85m
in NFGC-21-401 (January 19, 2022) and has been defined over a
strike length of 250m and to a depth of 385m vertical.
- Today’s results expand Golden Joint to
surface, infilling a previously unreachable 100m vertical gap
with the use of a barge-supported drill. Initial results received
indicate strong continuity of high-grade gold to surface with the
highlight intervals of 66.2 g/t Au over 2.65m and 24.0
g/t Au over 2.10m in NFGC-23-1482 located 14m and 34m below
surface respectively and 16.5 g/t Au over 7.40m in
NFGC-23-1535 occurring a further 65m below surface.
- The shallow infill drilling program at Golden
Joint is now complete, but with several assays pending. With Golden
Joint now drill defined from surface down to a vertical depth of
385m, future exploration will focus on expanding mineralization to
depth, where it remains open.
Melissa Render, VP of Exploration of New Found, stated: “We are
pleased to report that our first barge-supported drill program went
off without a hitch and allowed us to reach areas not previously
accessible by land. Our geological model suggested that high-grade
mineralization at Golden Joint would extend to surface and today’s
results confirm this while demonstrating strong continuity of
high-grade within this previously untested panel. Upon receipt of
the results from our 3D seismic program, we plan to return to
Golden Joint for additional drilling that will be focused on the
structure at depth.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-7522
8.25
11.25
3.00
1.43
Golden Joint
NFGC-22-8501
137.00
139.10
2.10
1.10
Golden Joint
NFGC-22-920
No Significant Values
Golden Joint
NFGC-22-937
No Significant Values
Golden Joint
NFGC-22-9512
112.80
115.10
2.30
5.75
Golden Joint
Including
114.70
115.10
0.40
31.60
NFGC-22-9834
75.85
78.25
2.40
1.48
Golden Joint
And1
102.10
104.30
2.20
1.24
NFGC-22-9992
120.35
126.00
5.65
1.47
Golden Joint
NFGC-22-1014
No Significant Values
Golden Joint
NFGC-22-1062
No Significant Values
Golden Joint
NFGC-22-1072
No Significant Values
Golden Joint
NFGC-22-10794
55.80
58.45
2.65
1.68
Golden Joint
NFGC-23-11234
28.15
30.20
2.05
1.08
Golden Joint
And2
150.55
152.70
2.15
26.55
Including
150.55
150.85
0.30
190.24
NFGC-23-1134
No Significant Values
Golden Joint
NFGC-23-1143
No Significant Values
Golden Joint
NFGC-23-14243
79.40
82.00
2.60
1.79
Golden Joint
NFGC-23-1432
No Significant Values
Golden Joint
NFGC-23-1439
No Significant Values
Golden Joint
NFGC-23-14511
57.25
60.00
2.75
1.59
Golden Joint
NFGC-23-14622
60.10
71.00
10.90
1.48
Golden Joint
NFGC-23-1473
No Significant Values
Golden Joint
NFGC-23-14821
15.90
18.00
2.10
24.01
Golden Joint
Including
17.00
17.35
0.35
140.00
And1
44.70
47.35
2.65
66.16
Including
45.95
46.80
0.85
194.00
NFGC-23-14941
68.50
70.85
2.35
2.13
Golden Joint
NFGC-23-15191
56.90
59.00
2.10
3.44
Golden Joint
Including
57.90
58.50
0.60
11.29
NFGC-23-15282
76.45
81.15
4.70
3.72
Golden Joint
Including
77.40
77.70
0.30
15.40
Including
80.60
81.15
0.55
13.40
And2
86.70
98.70
12.00
2.46
Including
86.70
87.60
0.90
23.90
NFGC-23-1532
No Significant Values
Golden Joint
NFGC-23-15353
116.50
123.90
7.40
16.54
Golden Joint
Including
116.50
117.10
0.60
165.13
Including
122.15
122.75
0.60
13.09
Including
123.50
123.90
0.40
29.08
NFGC-23-15492
41.85
50.00
8.15
3.98
Golden Joint
Including
45.00
46.15
1.15
17.10
NFGC-23-15511
25.00
27.55
2.55
8.77
Golden Joint
Including
25.60
26.80
1.20
18.39
And4
38.00
41.00
3.00
1.83
NFGC-23-15623
32.55
35.00
2.45
1.72
Golden Joint
NFGC-23-15661
30.75
32.90
2.15
4.30
Golden Joint
NFGC-23-15773
25.10
27.45
2.35
1.33
Golden Joint
NFGC-23-15822
115.00
117.35
2.35
3.35
Golden Joint
NFGC-23-15853
85.95
88.60
2.65
67.48
Golden Joint
Including
85.95
87.60
1.65
107.98
NFGC-23-1588
No Significant Values
Golden Joint
NFGC-23-15932
106.00
110.00
4.00
5.38
Golden Joint
Including
109.40
110.00
0.60
31.00
NFGC-23-15972
170.05
172.20
2.15
21.85
Golden Joint
Including
170.05
171.70
1.65
28.37
NFGC-23-16123
64.65
67.45
2.80
1.42
Golden Joint
And3
81.00
83.00
2.00
2.25
Table 2: Summary of composite results
reported in this press release for Golden Joint
Note that the host structures are interpreted to be steeply
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-22-752
245
-45
330
658502
5428324
Golden Joint
NFGC-22-850
120
-45
302
658309
5428507
Golden Joint
NFGC-22-920
105
-45
191
658403
5428437
Golden Joint
NFGC-22-937
126
-74
245
658403
5428437
Golden Joint
NFGC-22-951
130
-60
122
658407
5428440
Golden Joint
NFGC-22-983
57
-72
193
658403
5428437
Golden Joint
NFGC-22-999
153
-65
181
658381
5428515
Golden Joint
NFGC-22-1014
154
-53
181
658381
5428515
Golden Joint
NFGC-22-1062
130
-69
189
658384
5428516
Golden Joint
NFGC-22-1072
125
-76
183
658404
5428486
Golden Joint
NFGC-22-1079
133
-62
103
658407
5428482
Golden Joint
NFGC-23-1123
32
-45
240
658352
5428137
Golden Joint
NFGC-23-1134
51
-57
192
658352
5428136
Golden Joint
NFGC-23-1143
50
-45
273
658393
5428113
Golden Joint
NFGC-23-1424
155
-78
115
658395
5428410
Golden Joint
NFGC-23-1432
77
-75
101
658387
5428407
Golden Joint
NFGC-23-1439
135
-45
122
658392
5428405
Golden Joint
NFGC-23-1451
115
-65
206
658390
5428406
Golden Joint
NFGC-23-1462
160
-65
185
658387
5428409
Golden Joint
NFGC-23-1473
110
-64
89
658402
5428354
Golden Joint
NFGC-23-1482
150
-66
92
658404
5428351
Golden Joint
NFGC-23-1494
120
-45
92
658403
5428353
Golden Joint
NFGC-23-1519
135
-45
134
658364
5428357
Golden Joint
NFGC-23-1528
122
-51
107
658364
5428357
Golden Joint
NFGC-23-1532
141
-52
119
658365
5428356
Golden Joint
NFGC-23-1535
88
-60
149
658361
5428358
Golden Joint
NFGC-23-1549
84
-45
62
658396
5428325
Golden Joint
NFGC-23-1551
140
-45
128
658401
5428323
Golden Joint
NFGC-23-1562
186
-64
107
658401
5428323
Golden Joint
NFGC-23-1566
126
-75
71
658400
5428324
Golden Joint
NFGC-23-1577
75
-53
59
658426
5428369
Golden Joint
NFGC-23-1582
128
-54
140
658363
5428384
Golden Joint
NFGC-23-1585
355
-44
189
658504
5428381
Golden Joint
NFGC-23-1588
128
-61
161
658363
5428384
Golden Joint
NFGC-23-1593
148
-57
170
658364
5428382
Golden Joint
NFGC-23-1597
280
-48
225
658504
5428381
Golden Joint
NFGC-23-1612
263
-47
195
658504
5428381
Golden Joint
Table 3: Details of drill holes reported in
this press release
Queensway 500,000m Drill Program Update
The Company is currently undertaking a 500,000m drill program at
Queensway and approximately 32,000m 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
metre 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 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 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 October 23, 2023, 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 500,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $29.5 million as of October
2023.
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”, “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 at SEDAR+
(www.sedarplus.ca), the Canadian Securities Administrators'
national system that all market participants use for filings and
disclosure, 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/20231023751021/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 Oct 2024 to Nov 2024
New Found Gold (AMEX:NFGC)
Historical Stock Chart
From Nov 2023 to Nov 2024
