New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provide
an update on surface trenching at the Keats Zone at its Queensway
Project. 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: Keats trench plan view map with
location of strong visible gold mineralization in the E-W Vein
(Graphic: Business Wire)
Trench Highlights:
- Excavation of the Keats trench began in mid-August and is
now complete, exposing a 200m long by 70m wide area roughly
corresponding to the known surface expression of the high-grade
segment of the Keats-Baseline Fault Zone, which includes a plethora
of veins and vein sets that make up the Keats Zone (Figure 1).
- One particularly notable vein called the East-West Vein (“E-W
Vein”) has been uncovered over a 100m long surface expression
including a 25m segment that is host to a significant amount of
visible gold as shown in Figures 1 & 2. Through drilling, the
E-W Vein has been intercepted over a strike length of 300m and down
to a vertical depth of 150m, forming an important constituent of
the Keats-Baseline Fault Zone. This particularly well-mineralized
vein is associated with several key previously disclosed
intercepts, shown below in Table 1.
- Prior to the Keats trench, the Keats Zone had only been
observed through drill core and modelled in 3D, forming the basis
of the Company’s geological model. A high-level first pass mapping
program has been completed, broadly confirming the original
interpretation but with added structural details not previously
recognized in drill-core. This initial phase of work has enhanced
the Company’s understanding of the Keats Zone and the controls on
high-grade mineralization as seen in the E-W Vein as one
example.
- A phase II program of detailed trench mapping and sampling will
commence in the spring of 2024, which will lend further validation
to the geological model, as well as provide critical insights into
the genesis of the Keats Zone and assist in future targeting along
the Appleton Fault Zone.
- The Keats Zone starts 3m below surface at bedrock and has been
drill-defined over 1.1km of strike and to a depth of 400m. The
shallow portion of Keats demonstrates robust grades over
significant thicknesses, a hallmark characteristic of the
zone.
Greg Matheson, COO of New Found, stated: “Now that the trench is
fully excavated, we can see the vein network of this portion of the
Keats-Baseline Fault exposed in its entirety. The E-W Vein was one
of the last areas to be revealed and provides one of the best
demonstrations of gold deposition at Keats. This exposure of the
E-W Vein is notable; the consistency and amount of visible gold
mineralization found throughout this 25m long segment provides good
validation of our model and explains the encouraging results
encountered along the vein at depth (Table 1). This vein is well
mineralized across its 300m strike length yet forms just a small
portion of the overall Keats Main Zone. For reasons we don’t yet
understand, the 25m long segment of the E-W Vein highlighted today
is particularly enriched and with additional study work, we aim to
garner additional insights into why – knowledge that will sharpen
our ability for continued successful targeting at Queensway.”
Hole No.
From (m)
To (m)
Length (m)
Au (g/t)
Zone
NFGC-20-231
82.65
124.00
41.35
22.3
Keats Main
Including
93.65
108.2
14.55
57.4
Including
93.65
94.00
0.35
1120
Including
101.80
104.40
2.60
140.8
Including
118.85
123.40
4.55
15.2
NFGC-20-372
9.00
19.30
10.30
25.0
Keats Main
NFGC-20-412
11.70
22.10
10.40
22.5
Keats Main
Including
13.00
16.70
3.70
58.9
NFGC-20-592
38.65
43.30
4.65
131.1
Keats Main
NFGC-21-801
49.45
88.50
39.05
25.8
Keats Main
Including
62.70
72.80
10.10
58.5
Including
78.65
88.50
9.85
39.5
Table 1: Keats E-W vein
associated intervals
Note that the host structures are
interpreted to be steeply dipping and true widths are generally
estimated to be 170% to 95% and 240% 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. Grades have not been capped in
the averaging and intervals are reported as drill thickness. Full
details of drill holes previously released: NFGC-20-23 (see press
release October 27, 2020); NFGC-20-37 (see press release February
11, 2021); NFGC-20-41 (see press release January 11, 2021);
NFGC-20-59 (see press release May 4, 2021); NFGC-21-80 (see press
release March 10, 2021).
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 17, 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 $71.4 million as of November
6, 2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR+ profile at www.sedarplus.ca.
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
surface trenching at the Keats Zone, excavation of the Keats
trench, the detailed mapping and sampling program, and the timing
and benefits of same; exploration, drilling and mineralization on
the Company’s Queensway gold project in Newfoundland and Labrador;
the interpretation of drilling and exploration 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
exploration and drilling programs, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231117444784/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer ckettell@newfoundgold.ca +1 (845) 535-1486
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