UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number: 001-39966
| New Found Gold Corp. |
| (Exact name of registrant as specified in its charter) |
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555 Burrard Street, P.O. Box 272
Vancouver,
British Columbia
Canada V7X 1M8 |
| (Address of principal executive office) |
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or 40-F:
Form 20-F o
Form 40-F þ
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto duly
authorized.
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NEW FOUND GOLD CORP. |
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(Registrant) |
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| Date: |
February 11, 2025 |
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By: |
/s/ Keith Boyle |
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Keith Boyle |
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Chief Executive Officer |
EXHIBIT 99.1
NEW FOUND GOLD INTERCEPTS 89.5 G/T AU OVER 5.85M
& 26.2 G/T AU OVER 16.2M AT DROPKICK ZONE AT KINGSWAY & PROVIDES PROJECT UPDATE
Vancouver, BC, February 11, 2025 - New Found Gold
Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results
from five diamond drill holes completed as part of a step-out program at the Dropkick Zone. Dropkick is located at the recently acquired
Kingsway property (“Kingsway”) that now forms the most northern extent of the Queensway Project and is on trend with
numerous discoveries made further south along the Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway
Project comprises a 1,756 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
Highlights:
| Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
| NFGC-24-21934 |
283.85 |
300.00 |
16.15 |
26.15 |
Dropkick |
| Including |
296.00 |
296.35 |
0.35 |
1,128.00 |
| NFGC-24-21974 |
304.85 |
310.70 |
5.85 |
89.48 |
Dropkick |
| Including |
306.60 |
307.60 |
1.00 |
514.09 |
| And Including |
306.60 |
307.00 |
0.40 |
1,067.00 |
Table 1: Drilling Highlights
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. Details of all five drill holes
are included in Table 2 and Table 3 below.
| • | The highlight intervals of 89.5 g/t Au over 5.85m
in NFGC-24-2197 and 26.2 g/t Au over 16.15m in NFGC-24-2193, spaced 25m apart, were intersected in a step-out program that has expanded
the historic Dropkick Zone 75m along strike to the southwest. These intervals are the most significant high-grade results intercepted
to date on the Kingsway block that now forms the most northern extent of the Queensway Project along the AFZ (Figures 2-5). |
| • | The Dropkick Zone is the most northern gold discovery
found to date along the highly prospective AFZ. It is located 11km northeast of the primary discovery area that includes zones such as
Keats, Iceberg and Keats West, indicating that the gold mineral system spans a considerable distance to the north (Figure 5). |
| • | Situated on the west side of the AFZ, and trending
parallel to it, the Dropkick Zone now spans a strike length of 535m. Gold mineralization starts at surface, extends to 200m vertical depth,
and exhibits characteristics similar to the primary discovery area consisting of free coarse gold contained in fault-fill quartz veins
hosted by an interbedded sequence of siltstones and sandstones (Figure 3). |
| • | The high-grade intervals reported today occur
on the southwest extent of the Dropkick Zone and are the first intercepts to indicate the high-grade potential for this segment of the
structure. Drilling along strike to the northeast encountered lower grades accompanied by encouraging characteristics diagnostic of many
of the productive structures identified to date. |
| • | These results are the first received from an
initial phase of drilling with more results expected in the coming weeks. Follow-up expansion drilling is planned at Dropkick as this
structure has limited testing and is open along strike and to depth. |
Figure 1: Photos of mineralization
at Dropkick, Left: at ~296m in NFGC-24-2193 and Right: at ~306.6m in NFGC-24-2197.
^Note that these photos are not intended
to be representative of gold mineralization in NFGC-24-2193 and NFGC-24-2197.
Project Update:
| • | As previously announced, the Company engaged
SLR Consulting (“SLR”) in November 2024 to deliver a maiden resource estimate (“MRE”) and a preliminary
economic assessment (“PEA”) (reference news release November 6, 2024). The MRE work is progressing well with results
expected by early Q2 2025. |
| • | Required work programs are continuing, including
but not limited to, metallurgical test work to support the completion of a PEA which is still targeted for Q2 2025. |
| • | The appointment of SLR to deliver a maiden MRE
and PEA is an important milestone for the Queensway Project as it will provide the first assessment of mineral inventory and project economics,
including cash flows, net present value (“NPV”), internal rate of return (“IRR”), and payback period. |
Keith Boyle, CEO of New Found, stated: “This
initial first-pass program at Dropkick is off to an excellent start and our team is thrilled by this early success. Until now, these grades
and widths have only been observed in the primary discovery area, around the Keats Zone, over 11km to the southeast. Results like these
are a testament to the strength of the gold mineral system associated with the AFZ, and this exploration discovery at Dropkick exemplifies
one of the reasons that drew me to New Found: the ongoing discovery potential and district-scale growth opportunity.
“The acquisition of the Kingsway property
has provided access to an additional 13km of prospective strike along the AFZ. This northern segment of the AFZ has produced several early
discoveries while significant stretches across this high-priority corridor remain unexplored providing a multitude of near-surface targets
and discoveries with growth potential that will be a focus of our 2025 exploration program.”
Figure 2: Plan view map of the AFZ
on Queensway North
Figure 3: Dropkick Zone plan view map
Figure 4: Dropkick Zone Left: 3D
cross-section (+/-25m looking northeast), Right: 3D plan view map
Figure 5: Dropkick longitudinal section
(looking northwest)
Drillhole Details
| Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Waste |
Zone |
| NFGC-24-21764 |
154.00 |
160.90 |
6.90 |
2.50 |
4m |
Dropkick |
| And1 |
178.70 |
184.20 |
5.50 |
3.61 |
4m |
| Including |
181.35 |
181.75 |
0.40 |
31.97 |
4m |
| And4 |
356.00 |
359.10 |
3.10 |
2.90 |
2m |
| NFGC-24-21854 |
52.10 |
54.50 |
2.40 |
1.11 |
4m |
Dropkick |
| And1 |
133.60 |
136.00 |
2.40 |
2.40 |
4m |
| And1 |
146.00 |
148.50 |
2.50 |
1.20 |
4m |
| NFGC-24-21934 |
270.00 |
275.75 |
5.75 |
5.76 |
4m |
Dropkick |
| Including |
272.60 |
273.30 |
0.70 |
19.30 |
4m |
| And4 |
283.85 |
300.00 |
16.15 |
26.15 |
4m |
| Including |
296.00 |
296.35 |
0.35 |
1,128.00 |
4m |
| NFGC-24-21974 |
304.85 |
310.70 |
5.85 |
89.48 |
2m |
Dropkick |
| Including |
306.60 |
307.60 |
1.00 |
514.09 |
2m |
| And Including |
306.60 |
307.00 |
0.40 |
1,067.00 |
2m |
| NFGC-24-22001 |
98.45 |
100.50 |
2.05 |
1.19 |
4m |
Dropkick |
| And1 |
106.60 |
108.60 |
2.00 |
1.32 |
4m |
Table 2: Summary of composite results reported
in this press release for Dropkick zone
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.
| Hole No. |
Azimuth (°) |
Dip (°) |
Length (m) |
UTM E |
UTM N |
Prospect |
| NFGC-24-2176 |
120 |
-45 |
392 |
663299 |
5438411 |
Dropkick |
| NFGC-24-2185 |
300 |
-45 |
380 |
663543 |
5438384 |
Dropkick |
| NFGC-24-2193 |
125 |
-45 |
419 |
663035 |
5438087 |
Dropkick |
| NFGC-24-2197 |
130 |
-46.5 |
356 |
663035 |
5438087 |
Dropkick |
| NFGC-24-2200 |
120 |
-45 |
140 |
663389 |
5438446 |
Dropkick |
Table 3: Details of drill holes reported
in this press release
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 February 11, 2025, 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.
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.
New Found Gold Corp.
Per: “Keith Boyle”
Keith Boyle, Chief Executive Officer
Email: contact@newfoundgold.ca
Phone: +1 (845) 535-1486
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 interpretation of the results and benefits
of the drilling program; future drilling and the timing and expected benefits thereof; the maiden resource estimate and expected timing
and benefits thereof; a PEA and the expected timing and benefits thereof; 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 focus and 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”, “encouraging”, “pending”, “potential”, “goal”,
“objective”, “opportunity”, “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 the Company’s ability to complete the maiden
resource estimate and PEA, the results and timing of the maiden mineral resource and PEA, 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.
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