New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the first set of results from 11 diamond drill holes that were
completed as part of a deep drilling program along the highly
prospective Appleton Fault Zone (“AFZ”) on its 100% owned
Queensway Project (“Queensway”), located on the Trans-Canada
Highway 15km west of Gander, Newfoundland. The Company commenced
deep drilling at Queensway in March to test targets derived from
the initial 3-D seismic interpretation and to date, a total of
14,940m have been completed in 15 drill holes ranging in length
from 550m to 1,270m.
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Figure 1: Photos of mineralization from
Top: NFGC-23-1304 at ~769m, 830.6m and 1115.9m; Bottom:
NFGC-24-2112 at 1016.9m, 830.6m and 773m . ^Note that these photos
are not intended to be representative of gold mineralization in
NFGC-23-1304 and NFGC-24-2112. (Photo: Business Wire)
Initial Deep Program Highlights:
- Initial deep drilling confirms the presence of high-grade
epizonal-style gold mineralization extending to 820m depth,
doubling the vertical extent of the gold mineralized system at
Queensway (Figures 2-4).
- Nine new deep gold zones were intersected in three holes. Six
of the mineralized zones contained visible gold, with individual
gold assay values as high as 42.0 g/t Au and 57.1 g/t Au (Figure
1). These zones occur on both the east and west sides of the AFZ
and occur over a strike length of 3km (Figure 2-4). A detailed
discussion of the mineralized intervals is provided in the
Technical Discussion section below.
- Mineralization encountered at depth exhibits the same
characteristics as the AFZ gold system at surface with broad quartz
vein domains ranging in downhole length from 6m to 66m, visible
gold mineralization, accessory minerals arsenopyrite, boulangerite,
chalcopyrite, NH4 white mica alteration halos, and extensive
deformation (Figures 9-12).
- The same lithological and structural framework has been
confirmed to continue at depth and these initial deep test holes
have provided an important preliminary dataset for interpreting the
3-D seismic data. This information is critical for refining
existing geological models, further enhancing deep targeting
capabilities.
- The directional drilling program utilizing Devico AS, a
division of IMDEX, is now underway that will enable the use of
branch holes to expedite follow-up on these deep discoveries. Assay
results from 11 diamond drill holes have been received to date and
the deep drilling program is ongoing.
Initial Deep Results Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Target Region
NFGC-24-2112
772.05
774.70
2.65
10.98
Keats South Deep
Including
772.75
773.25
0.50
57.12
And
915.40
917.45
2.05
1.98
And
919.25
923.95
4.70
2.17
And
936.70
940.20
3.50
1.69
And
1016.50
1019.20
2.70
7.66
Including
1017.65
1018.30
0.65
28.48
NFGC-23-1304*
768.40
770.55
2.15
3.27
Iceberg-AFZ Deep
Including
768.40
768.75
0.35
13.45
And
829.85
832.00
2.15
12.01
Including
829.85
830.45
0.60
41.97
And
842.60
845.00
2.40
1.01
And
960.30
962.65
2.35
1.16
NFGC-24-2094
594.20
601.20
7.00
1.50
Deep Seismic Target
Table 1: Deep Drilling Highlights
Note that the host structures are interpreted to be moderately
to steeply dipping and true 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. *Drill hole was extended.
Melissa Render, VP of Exploration of New Found, stated: “Initial
deep drilling results has confirmed our overarching thesis that
Queensway is a deep-rooted mineralized gold system with a broad
footprint that extends to depth. With nine new zones intersected,
we have plenty of targets for direct follow up. We are not only
encouraged by the number of mineralized intersections, but also by
the extent of the mineralization, with some zones spanning up to
66m in length. Each of these zones exhibit epizonal-style gold
mineralization characteristic of the multitude of discoveries made
along this segment of the AFZ. Visible gold occurs in six of the
nine zones, at vertical depths ranging from 550m to 820m. These are
the deepest gold intercepts identified to date and double the depth
extent of the gold mineralized footprint.
“Initial deep targets were derived in part from the seismic data
and from our existing geological model where drill holes were
planned to test highly prospective domains of rock in locations
where large gold-bearing structures are known to cross. These holes
have added important geological knowledge at depth, information
that will improve both our understanding of the seismic data and
our geological model assisting with future deep targeting. These
new discoveries, offer an excellent anchor point for testing with
branch holes utilizing directional drilling to more efficiently
test these new gold-bearing structures at depth. With an improved
understanding of the seismic features and utilizing Devico AS’
directional drilling capabilities, New Found’s team is confident
that it can refine its follow up drilling efforts to be faster,
cheaper and more accurate at honing in on gold mineralization at
depth.”
Technical Discussion
Below Keats (NFGC-24-2112):
- At the southern extent of the Keats Baseline Fault Zone
(“KBFZ”), in the highly prospective region near the AFZ, two
holes have been completed. NFGC-24-2112 intersected four distinct
gold-bearing intervals throughout a total downhole length of 258m.
These intervals range in vertical depth from 585-770m (Figures 2,
3, 5 and 6).
- Zone 1 observed visible gold in a quartz vein zone at 773m
grading 11.0 g/t Au over 2.65m, including a high-grade assay of
57.1 g/t Au over 0.50m (Figure 1).
- Zone 2 consists of a broad interval of significant gold
mineralized quartz veining spanning a downhole interval of 66m
starting at 815m, characterized by massive stylolitic, brecciated
and stockwork quartz vein phases with visible gold at 830.6m
(Figure 1). This is accompanied by strong faulting and anomalous
gold from 825-851m (Figure 9).
- Zone 3 is a wide domain of irregular gold mineralized
stylolitic quartz veining and associated deformation reporting 1.98
g/t Au over 2.05m, 2.17 g/t Au over 4.70m and 1.69 g/t Au over
3.50m, extending 25m downhole from 915m (Figure 9).
- Zone 4 is a gold mineralized interval located on the west side
of the AFZ characterized by massive stylolitic quartz veins (Figure
10) containing finely disseminated gold (Figure 1) with the most
significant veining occurring over 15m downhole from 1,016m,
grading 7.66 g/t Au over 2.70m, including a high-grade assay of
28.5 g/t Au over 0.65m.
Iceberg-AFZ (NFGC-23-1304):
- A further 1.2km to the northeast between the Iceberg segment of
the KBFZ and the AFZ the extension of NFGC-23-1304 intercepted four
individual zones of significant gold mineralization. These
intervals range in vertical depth from 550-820m (Figures 2, 3, 5
and 7).
- Zone 1, starting 763m downhole, is characterized by a high
density of gold mineralized quartz veins, some with widths of up to
1m, accompanied by increased deformation that extends a broad
interval spanning 14m in length that is anomalous in gold
throughout. This interval contained two visible gold occurrences
and returned a significant interval of 3.27 g/t Au over 2.15m
including a high-grade assay of 13.5 g/t Au over 0.35m (Figures 1
and 11).
- Zone 2, at 830m downhole, consists of a high-grade vein with
coarse visible gold grading 12.0 g/t Au over 2.15m including 41.2
g/t Au over 0.60m (Figure 1).
- Zone 3 is a domain with an increase of massive stylolitic and
brecciated quartz veins containing anomalous gold throughout and
extending 6m in downhole length from 839m (Figure 11).
- Zone 4 is an interval consisting of high density stockwork and
irregular quartz veins that are locally brecciated and contain
anomalous gold, including one visible gold occurrence extending 13m
downhole from 1,111m (Figure 11).
K2 Extension and AFZ-GSZ (NFGC-24-2094):
- At K2, a further 1.7km to the north, drill hole NFGC-24-2094
was designed to test both the deep extension of the K2 Main gold
structure and a seismic target in a region where the Glenwood Shear
Zone (“GSZ”) is interpreted to intersect the AFZ (Figures 2,
4, 5, and 8). This drillhole was successful in both extending the
K2 structure to depth and identifying a new zone immediately west
of the AFZ in close proximity to the GSZ.
- At a vertical depth of 296m, drilling encountered an increased
percentage of mineralized stacked quartz veinlets transitioning to
thicker and more massive stylolitic veins, typical of the K2
mineralization style. This interval of 13m starts at 334m downhole
and grades 1.11 g/t Au over 2.30m, with anomalous gold throughout
(Figure 12). This is interpreted to be the deep down-dip extension
of the K2 Zone, extending it by 220m down-dip (Figure 8).
- The deep AFZ-GSZ intercept is located at the intersection of
the AFZ-GSZ in the hanging wall to the AFZ and is comprised of a
significant deformation zone with an abundance of quartz veinlets
grading 1.50 g/t Au over 7.00m at a vertical depth of 555m.
Mineralization in this area is akin to mineralization found at the
Keats West Zone (Figure 12).
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-24-2101A
No Significant Values
Keats South Deep Seismic Target
NFGC-24-21124
772.05
774.70
2.65
10.98
Keats South Deep
Including
772.75
773.25
0.50
57.12
And4
915.40
917.45
2.05
1.98
And4
919.25
923.95
4.70
2.17
And4
936.70
940.20
3.50
1.69
And4
1016.50
1019.20
2.70
7.66
Including
1017.65
1018.30
0.65
28.48
NFGC-24-2103B1
7.00
22.45
15.45
3.34
Keats West
Including1
11.00
12.00
1.00
13.67
Including1
15.45
16.20
0.75
14.98
And1
44.00
59.35
15.35
3.71
And
No Significant Values
Keats West Deep
NFGC-24-2103A1**
6.25
13.45
7.20
2.40
Keats West
And1
27.35
32.40
5.05
1.82
And1
44.25
58.10
13.85
2.85
NFGC-22-808*
No Significant Values
Iceberg-AFZ Deep
NFGC-23-1304*4
768.40
770.55
2.15
3.27
Iceberg-AFZ Deep
Including
768.40
768.75
0.35
13.45
And4
829.85
832.00
2.15
12.01
Including
829.85
830.45
0.60
41.97
And4
842.60
845.00
2.40
1.01
And4
960.30
962.65
2.35
1.16
NFGC-24-2080
No Significant Values
Iceberg Deep Seismic Target
NFGC-24-2093A
No Significant Values
Iceberg Deep Seismic Target
NFGC-24-2090A
No Significant Values
Lotto Deep Seismic Target
NFGC-24-2083
No Significant Values
NFGC-24-2092
No Significant Values
Deep Seismic Target
NFGC-24-20944
19.85
22.35
2.50
1.15
Monte Carlo
And4
254.10
256.45
2.35
2.17
Unknown
And1
336.20
338.50
2.30
1.11
K2 Deep
And4
594.20
601.20
7.00
1.50
Deep Seismic Target
Table 2: Summary of composite results
reported in this press release for all deep drillholes received to
date
Note that the host structures are interpreted to be moderately
to steeply dipping and true widths are generally estimated to be
170% to 95%. 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. *Drill
hole extended. **Failed hole.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-808
120
-45
881
658058
5428076
Keats West
NFGC-23-1304
300
-45
1247
658432
5427632
Iceberg
NFGC-24-2080
294
-54
1022
658843
5427624
Iceberg East
NFGC-24-2083
308
-59
945
659509
5429493
Jackpot
NFGC-24-2090A
274
-48
881
659370
5429020
Lotto North
NFGC-24-2092
120
-69
1121
657841
5428443
Little Zone
NFGC-24-2093A
299
-61
986
659107
5427814
Iceberg East
NFGC-24-2094
62
-67
641
658671
5429398
Monte Carlo
NFGC-24-2101A
282
-52.5
833
658075
5426899
Keats South
NFGC-24-2103B
335
-59
563
658102
5427995
Keats West
NFGC-24-2112
320
-50
1157
657840
5426411
Keats South
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 4,830m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
All drilling recovers HQ core. The 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. As of February 2024, gold
analysis at ALS has been performed by photon assay. 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 and
photon assay methods.
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 for fire assay, 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.
Samples submitted to ALS beginning in February 2024, received
gold analysis by photon assay whereby the entire sample is crushed
to approximately 70% passing 2 mm mesh. The sample is then riffle
split and transferred into jars. For “routine” samples that do not
have VG identified and are not within a mineralized zone, one
(300-500g) jar is analyzed by photon assay. If the jar assays
greater than 0.8 g/t, the remaining crushed material is weighed
into multiple jars and submitted for photon assay.
For samples that have VG identified, the entire crushed sample
is riffle split and weighed into multiple jars that are submitted
for photon assay. The assays from all jars are combined on a
weight-averaged basis.
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 0.8 g/t, the remaining crushed material is weighed into
multiple jars and submitted for photon assay.
For samples that have VG identified, the entire crushed sample
is weighed into multiple jars and 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 July 11, 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 $54 million as of July
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; the deep drilling
program and the interpretation of the results and benefits of such
program; the directional drilling program utilizing Devico AS and
the expected benefits of such program, including that it is
expected to refine follow up drilling to be faster, cheaper and
more accurate; assay results; the interpretation of drilling and
assay results, the extent of 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, drilling and assay results, 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/20240711321749/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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