New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
a new high-grade gold discovery between the Keats and Golden Joint
zones, located approximately 440m north of the Keats Zone.
NFGC-22-515 was the first hole drilled as part of a planned
systematic program to drill test along the Appleton Fault Zone
(“AFZ”) and returned 9.21g/t over 2.15m and 43.9
g/t over 3.85m. This hole is located in the Keats North area
and this discovery has been named the 515 Zone ('515'). New Found's
100% owned Queensway project comprises an approximately 1500km2
area, accessible via the Trans-Canada Highway located approximately
15km west of Gander, Newfoundland.
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Figure 1: Left: Photo of mineralization
from NFGC-22-515 at approximately 199.3m down hole depth Right:
Photo of mineralization from NFGC-22-515 at approximately 210.0m
down hole depth. Note that these photos are not intended to be
representative of gold mineralization in hole NFGC-22-515 (Photo:
Business Wire)
Keats North Highlights
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
KEATS NORTH ‘515’
NFGC-22-515
198.50
200.65
2.15
9.21
Including
199.25
199.75
0.50
38.9
And
209.00
212.85
3.85
43.9
Including
209.00
210.65
1.65
76.0
Including
211.35
212.35
1.00
43.1
Table 1: Keats North Drilling
Highlights
1Note that the host structures are interpreted
to be 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 2m consecutive dilution. 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.
- In early 2022 New Found began a program of systematic drilling
along the AFZ between the Keats and Golden Joint Zones along a
roughly 700m gap with limited prior drilling. NFGC-22-515 is the
first hole drilled as part of this systematic program intersecting
a significant veined zone roughly 260m south of Golden Joint and
440m north of Keats (Figure 3).
- Gold mineralization in the NFGC-22-515 interval is hosted in
vuggy epizonal style veining displaying mineralogy consistent with
the nearby Keats and Golden Joint zones over a 14 m downhole
interval yielding 9.21 g/t Au over 2.15m and 43.9g/t Au
over 3.85m including 76.0 g/t Au over 1.65m and 43.1 g/t over
1.0m.
- The stratigraphic position of the 515 is proximal to the
footwall of the AFZ which is analogous to the Golden Joint and
Sunday zones.
- Follow-up drilling targeting the 515 Zone and the remaining
significant gaps between the Keats and Golden Joint remains a
priority with three drill rigs active in this area referenced as
Keats North (Figure 2).
Greg Matheson, COO for New Found, stated: “Earlier this week on
April 11 we announced the discovery of a high-grade vein in hole
NFGC-22-491 that returned 79.8 g/t Au over 3.00m at the north end
of the Keats Zone. This new discovery of 43.9 g/t Au over 3.85 m in
NFGC-22-515 is located approximately 440m north of NFGC-22-491.
There is very limited drilling in the gap between these two holes
and drilling over this area is a high priority. As we continue to
see new veins and zones propagating along a 2.7 km segment of the
Appleton Fault it starts to become apparent that Lotto, Road,
Golden Joint, Sunday, 421, Keats, Keats FW and 515 are all part of
the same geological domain and mineral system. Big picture, the
Appleton Fault Zone is open to the north and south of the 2.7km
segment where our drilling has focused on to date, with numerous
occurrences of gold mineralization over 9.45km in total of strike
on the Appleton Fault Zone. The depth potential along the fault
remains open leaving very significant exploration still to be
done.”
Discussion
Mineralization at the Queensway Project is hosted by a
fold-thrust sequence of northeast-striking, steeply dipping
turbiditic sedimentary rocks deposited and deformed during the
closure of the Iapetus Ocean and subsequent continent-continent
collision. During this prolonged period of continued shortening, at
least two regional-deformation zones developed and include the
Appleton and JBP fault zones. The AFZ is interpreted to be a
significant, deep-seated thrust fault, that strikes southwest
across the full 100km+ length of the property and is likely the
main conduit for the gold mineralizing fluids, much like the
Cadillac-Larder Lake Fault Zone in the Abitibi.
As a result of progressive deformation, the brittle host
stratigraphy developed an extensive network of gold-bearing fault
zones enveloping the AFZ, the extents of which are not yet known.
This structural relationship demonstrates the currently defined
vein and associated fault orientations based on structural
interpretation and drilling to date along the 1km corridor from
Golden Joint to Lotto. Higher-grades and widths of gold
mineralization occur in areas where there was greater mineralizing
fluid flow such as at structural intersections, at dilational
openings within fault structures, and along lithological contacts
where breakage occurs due to rheological differences in the
compressional strength of contrasting sedimentary rock units.
The Company’s current interpretation is that the high-grade gold
mineralization being drilled at Queensway was deposited by gold
mineralizing fluids penetrating this highly fractured and deformed
meta-sedimentary sequence forming an extensive mineralized corridor
surrounding the deep crustal-scale fault network that forms the
Appleton Fault Zone. A significant amount of the high-grade gold
mineralization is interpreted to be epizonal in nature, having been
emplaced when tectonic movements resulted in the explosive tapping
of deep gold-rich magmatic fluids that rapidly precipitated gold as
they migrated towards surface.
Drillhole Details
Hole number
From (m)
To (m)
Interval (m)1
Au (g/t)
Zone
NFGC-22-515
198.50
200.65
2.15
9.21
515
Including
199.25
199.75
0.50
38.9
And
209.00
212.85
3.85
43.9
Including
209.00
210.65
1.65
76.0
Including
211.35
212.35
1.00
43.1
Table 2: Summary of composite results
reported in this release for Keats Zone
1Note that the host structures are interpreted
to be 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 2m consecutive dilution. 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
NFGC-22-515
299
-46
281
658344
5428026
Table 3: Details of drill holes reported in
this release
Queensway 400,000m Drill Program Update
Approximately 40% of the planned 400,000m program at Queensway
has been drilled to date with approximately 19,120m of the core
with pending assay results. Eleven core rigs are currently
operating and New Found is targeting an increase in the drill count
to 14 rigs.
Sampling, Sub-sampling, Laboratory and Discussion
True widths of the intercepts reported in this press release
have yet to be determined and further exploration is required.
Infill veining in secondary structures with multiple orientations
crosscutting the primary host structures are commonly observed in
drill core which could result in additional variability in true
width. Assays are uncut, and composite intervals are calculated
using a minimum weighted average of 1 g/t Au diluted over a minimum
core length of 2m. All HQ split core assays reported were obtained
by either complete sample metallic screen/fire assay or standard
30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver,
British Columbia, or by entire sample screened metallic screen fire
assay at Eastern Analytical in Springdale, Newfoundland; both
laboratories operate under a commercial contract with New Found.
The complete sample metallic screen assay method is selected by the
geologist when samples contain coarse gold or any samples
displaying gold initial fire assay values greater than 1.0 g/t Au.
Drill program design, Quality Assurance/Quality Control and
interpretation of results is performed by qualified persons
employing a Quality Assurance/Quality Control program consistent
with industry best practices. Standards and blanks are included
with every 20 samples for Quality Assurance/Quality Control
purposes by the Company as well as the lab. Approximately 3% of
sample pulps are sent to secondary laboratories 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.
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 13, 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 40% complete. The Company is well
funded for this program with a current working capital balance of
approximately $106 million as of April 2022.
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 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," "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/20220413005393/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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