VANCOUVER, BC, June 30, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (OTC: NFGFF) is pleased to announce assay results from
four holes drilled at the Golden Joint zone, a brand new discovery
located approximately 1km north of the Keats Zone and approximately
850m south of the Lotto Zone.
These holes were drilled as part of the Company's ongoing
200,000m diamond drill program at its
100%-owned Queensway Project ("Queensway"), located on the
Trans-Canada Highway 15km west of Gander, Newfoundland.
Highlights
- Highlight intervals are summarized below. Additional
results are provided in Table 2.
- The intercept of 430.2 g/t Au over 5.25m in hole NFGC-21-241 represents a grade x
width ("metal factor") value of 2,258 g/t Au x meters**, the second
highest value encountered to date on the Queensway project.
Furthermore, over 700 grains of gold were observed in this
5.25m intercept, representing the
most per meter seen to date anywhere at the Queensway Project.
- The new Golden Joint discovery occurs in two to three sub
parallel vein systems located approximately 1km North of the Keats
Zone and 850m South of the Lotto Zone
(see Figures 1, 2, and 3).
- Results from the parallel Golden Joint HW (hanging wall) zone
approximately 150m east of the main
Golden Joint Zone also returned several significant intervals often
including visible gold mineralization, including 12.7 g/t Au over
2.0m in hole NFGC-21-199 (see Figure
2). Drilling will step out on these intervals to further test
the Golden Joint HW Zone. Note that the Golden Joint HW
intervals are not plotted on Figure1.
- Currently two drills rigs are operating at Golden Joint,
focused on stepping out from discovery hole NFGC-21-241. Additional
assays are pending.
* Note that the host
structures are interpreted to be steeply dipping and true widths
are generally estimated to be 70% to 90% of reported intervals.
Intervals are calculated at a 1 g/t Au cut-off grade; grades have
not been capped in the averaging.
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** Note: the reported
grade x width metal factors are not adjusted to an estimated true
width. For estimated true widths equal to 70% to 90% of
reported widths, adjusted metal factors would be 70% to 90% of
unadjusted reported values.
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Greg Matheson, COO of New Found,
stated: "Following a high-grade hole at Lotto reported last
week, the Golden Joint discovery further affirms that the Appleton
Fault is host to multiple areas of high-grade, near surface gold
mineralization. As our team has theorized all along, the Keats zone
is not the only area of significant gold mineralization. Hole
NFGC-21-241 at the Golden Joint appears epizonal in nature and is
very similar to the high-grade gold mineralization observed at the
Keats Zone, which is located 1km to the South."
Photos from Hole NFGC-21-241 high-grade interval
Drillhole Details
Table 2: Summary of results reported in this release
* Note that the host
structures are interpreted to be steeply dipping and true widths
are generally estimated to be 70% to 90% of reported intervals.
Intervals are calculated at a 1 g/t Au cut-off grade; grades have
not been capped in the averaging.
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Table 3: Details of drill holes reported in this
release
Sampling, Sub-sampling and Laboratory
True widths of the intercepts reported in this press release
have yet to be determined but are estimated to be 70% to 90% of
reported core lengths. Reported grades have not been capped.
Assays are uncut, and calculated intervals are reported over a
minimum length of 2m using a lower
cut-off of 1.0 g/t Au. 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. 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 are
performed by qualified persons employing a Quality
Assurance/Quality Control program consistent with National
Instrument 43-101 and 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
5% of sample pulps are sent to secondary laboratories for check
assays.
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 June 30, 2021, 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 200,000m drill program at Queensway. Eight
rigs are currently in operation at Queensway with the drill count
planned to increase to ten rigs by Q3 2021. With a current working
capital balance of approximately $76
million, New Found is well funded for this
program.
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.
New Found Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., Chief
Executive Officer
Email: croberts@newfoundgold.ca
Phone: (604) 562 9664
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 further exploration and drilling on the
Company's Queensway gold project in Newfoundland, interpretation of results of the
drilling program 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," "potential," "goal," "objective,"
"prospective," 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, 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.
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SOURCE New Found Gold Corp.