New Found (“New Found” or the “Company”) (TSX-V: NFG,
NYSE-A: NFGC) is issuing this press release as a result of a review
by the British Columbia Securities Commission (‘BCSC’) to clarify
its disclosure in its March 24, 2022 news release which has been
amended to include the changes outlined below.
To meet the requirements of section 3.3 (2) of NI 43-101 the
Company has added additional higher-grade intervals within lower
grade intersections to Tables 1, 2 and 3. Additionally, the Company
would like to clarify that the assay data disclosed has been
verified by the Company’s Qualified Person against the original
assay certificates and that 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.
Golden Joint and Lotto Zone Highlights
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-21-243
243.75
245.75
2.00
10.74
Lotto Main
244.50
245.45
0.95
22.49
NFGC-21-289
192.95
195.35
2.40
12.57
Lotto Main
193.25
194.55
1.3
21.58
NFGC-21-295
110.20
112.20
2.00
12.19
Lotto Main
110.55
111.25
0.7
34.81
NFGC-21-296
228.00
230.60
2.60
15.66
Lotto Main
NFGC-21-319
176.60
179.00
2.40
20.01
Lotto Main
Including
176.6
177.7
1.1
43.31
And
315.30
317.35
2.05
23.08
Sunday
NFGC-21-333
61.40
64.00
2.60
11.67
Lotto Main
Including
62.75
63.25
0.50
58.00
NFGC-21-338
282.65
284.80
2.15
25.31
Lotto Main
Including
284.05
284.50
0.45
115.25
Lotto Main
NFGC-21-367A
324.45
326.65
2.20
24.25
Lotto Main
NFGC-21-404A
217.15
219.20
2.05
31.63
Lotto Main
Including
217.45
218.05
0.60
107.50
Lotto Main
NFGC-21-264
102.00
104.10
2.10
13.35
Golden Joint HW
NFGC-21-462
325.75
339.90
14.15
69.15
Golden Joint
Including
325.75
330.70
4.95
40.36
Including
326.30
327.25
0.95
182.50
And Including
333.30
339.90
6.60
117.85
Including
333.30
334.25
0.95
96.10
Including
335.85
337.15
1.30
190.63
Including
338.00
339.90
1.90
228.03
Table 1: Golden Joint and
Lotto Drilling Highlights
1Note that the host structures
are interpreted to be steeply dipping and true widths are generally
estimated to be 70% to 90% 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. Grades have not been
capped in the averaging and intervals are reported as drill
thickness. All composited intervals are provided in Tables 2 and
3.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-21-224
111.30
113.30
2.00
5.83
Lotto Main
And
242.00
244.00
2.00
1.23
NFGC-21-243
243.75
245.75
2.00
10.74
Lotto Main
Including
244.50
245.45
0.95
22.49
NFGC-21-260
320.00
322.00
2.00
2.04
Sunday
And
328.80
331.10
2.30
1.77
NFGC-21-266
No Significant Values
Lotto Main
NFGC-21-271
No Significant Values
Lotto Main
NFGC-21-289
192.95
195.35
2.40
12.57
Lotto Main
Including
193.25
194.55
1.3
21.58
NFGC-21-295
110.20
112.20
2.00
12.19
Lotto Main
Including
110.55
111.25
0.70
34.81
NFGC-21-296
228.00
230.60
2.60
15.66
Lotto Main
NFGC-21-303
253.75
257.50
3.75
6.37
Lotto Main
NFGC-21-319
176.60
179.00
2.40
20.01
Lotto Main
Including
176.6
177.7
1.1
43.31
And
183.60
186.00
2.40
1.17
And
315.30
317.35
2.05
23.08
Sunday
NFGC-21-333
61.40
64.00
2.60
11.67
Lotto Main
Including
62.75
63.25
0.50
58.00
And
78.00
80.80
2.80
1.89
And
124.15
126.45
2.30
3.25
Lotto Main
NFGC-21-338
282.65
284.80
2.15
25.31
Lotto Main
Including
284.05
284.50
0.45
115.25
Lotto Main
NFGC-21-355
394.00
396.85
2.85
1.30
Lotto Main
NFGC-21-367A
324.45
326.65
2.20
24.25
Lotto Main
NFGC-21-379
No Significant Values
Lotto Main
NFGC-21-382A
204.75
206.75
2.00
1.90
Lotto Main
And
213.00
215.10
2.10
1.33
And
218.00
220.10
2.10
2.80
NFGC-21-391
No Significant Values
Lotto Main
NFGC-21-399
No Significant Values
Lotto Main
NFGC-21-404A
202.00
204.10
2.10
1.50
Lotto Main
And
217.15
219.20
2.05
31.63
Including
217.45
218.05
0.60
107.50
And
222.50
224.95
2.45
3.43
NFGC-21-409
230.05
232.20
2.15
3.09
Lotto Main
And
268.75
271.00
2.25
1.05
Table 2: Summary of composite
results reported in this release for Lotto Zone
1Note that the host structures
are interpreted to be steeply dipping and true widths are generally
estimated to be 70% to 90% 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. Grades have not been
capped in the averaging and intervals are reported as drill
thickness.
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-21-249
59.80
64.15
4.35
1.04
Golden Joint HW
NFGC-21-252A
136.80
139.20
2.40
1.53
Golden Joint HW
NFGC-21-262
13.00
15.85
2.85
1.62
Golden Joint HW
And
163.60
165.95
2.35
1.49
Golden Joint
NFGC-21-264
102.00
104.10
2.10
13.35
Golden Joint HW
And
337.35
339.60
2.25
1.08
Golden Joint
And
353.55
355.55
2.00
2.36
NFGC-21-268A
165.15
167.40
2.25
2.12
Golden Joint HW
And
201.65
203.85
2.20
1.58
NFGC-21-281B
228.00
230.50
2.50
1.08
Golden Joint HW
And
238.00
240.00
2.00
2.91
Golden Joint
NFGC-21-287
223.00
225.00
2.00
2.34
Golden Joint HW
NFGC-21-294
No Significant Values
Golden Joint
NFGC-21-301
282.70
284.85
2.15
2.63
Golden Joint
And
288.45
291.60
3.15
2.26
NFGC-21-302
No Significant Values
Golden Joint
NFGC-21-326
No Significant Values
Golden Joint
NFGC-21-332
418.70
421.00
2.30
1.84
Golden Joint
NFGC-21-335
No Significant Values
Golden Joint
NFGC-21-343A
163.00
165.00
2.00
1.52
Golden Joint HW
NFGC-21-344B
No Significant Values
Golden Joint
NFGC-21-353
187.30
189.50
2.20
2.35
Golden Joint
NFGC-21-359
228.50
231.00
2.50
1.72
Golden Joint HW
And
403.60
405.75
2.15
1.77
Golden Joint
NFGC-21-365
No Significant Values
Golden Joint
NFGC-21-373
268.00
270.20
2.20
1.39
Golden Joint
NFGC-21-374
No Significant Values
Golden Joint
NFGC-21-389
294.35
296.60
2.25
5.91
Golden Joint HW
And
302.55
304.60
2.05
2.77
And
307.85
310.20
2.35
1.35
NFGC-21-453
No Significant Values
Golden Joint
NFGC-21-462
325.75
339.9
14.15
69.15
Golden Joint
Including
325.75
330.70
4.95
40.36
Including
326.30
327.25
0.95
182.50
And Including
333.3
339.9
6.60
117.85
Including
333.30
334.25
0.95
96.10
Including
335.85
337.15
1.30
190.63
Including
338.00
339.90
1.90
228.03
Table 3: Summary of composite
results reported in this release for Golden Joint Zone
1Note that the host structures
are interpreted to be steeply dipping and true widths are generally
estimated to be 70% to 90% 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. Grades have not been
capped in the averaging and intervals are reported as drill
thickness.
Qualified Person
The technical content 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
news release dated April 6, 2022, by New Found. Mr. Matheson
certifies that this news release fairly and accurately represents
the information for which he is responsible.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander, Newfoundland, 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 38% complete. The Company is well
funded for this program with a current working capital balance of
approximately $106 million.
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
assay results, exploration and drilling on the Company’s Queensway
gold project in Newfoundland, interpretation of the assay results
and the results of the drilling program, the discovery of zones of
high-grade gold mineralization, follow-up step-out drilling,
funding of the drilling program, the Company’s future technical
disclosure and the Company’s response to the BCSC disclosure
review. 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," "intends," "estimates," "projects," "aims," “suggests,”
"potential," "goal," "objective," "prospective," “possibly,” 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/20220406005482/en/
New Found Gold Corp. Per: "Craig Roberts" Craig Roberts, P.Eng.,
Chief Executive Officer Email: croberts@newfoundgold.ca Phone: +1
(845) 535-1486
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