VANCOUVER, BC, Sept. 8, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (OTC: NFGFF) is pleased to announce recently received
assay results from seven holes drilled at the Lotto Zone
("Lotto"), located approximately 2 km north of the Keats
Zone discovery. These holes were completed as part of the
Company's ongoing 200,000 m diamond
drill program at its 100% owned Queensway Project
("Queensway"), located on the Trans-Canada Highway 15 km
west of Gander, Newfoundland.
Highlights
- Highlight intervals are summarized below. Additional
results are provided in Table 2.
|
|
|
|
|
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Au
(g/t)
|
Zone
|
NFGC-21-233
|
169.20
|
171.85
|
2.65
|
111.36
|
Lotto
Main
|
NFGC-21-278
|
131.35
|
133.40
|
2.05
|
15.54
|
Lotto
Main
|
NFGC-21-311
|
294.65
|
297.45
|
2.80
|
76.81
|
Lotto
Main
|
Including
|
294.65
|
296.55
|
1.90
|
112.51
|
*
|
Note that the true
width of the mineralization is uncertain, but host structures are
interpreted to be steeply dipping implying true widths in the range
of 80% to 90% of reported intercepts. Intervals are calculated at a
1 g/t Au cut-off grade and minimum width of 2 m; grades have not
been capped in the averaging.
|
- The interval of 76.81 g/t Au over 2.80
m in NFGC-21-311 is almost 90
m vertically deeper than the previously reported interval in
NFGC-21-201 which yielded 683.1 g/t Au over 2.45 m (see press release dated June 23, 2021) and has doubled the depth of the
Main Vein to over 200 m vertically,
starting at surface and open to depth.
- The high-grade intervals reported to date occur in a steeply
(78°) east-dipping vein that is part of a network of north-south
striking vein arrays that are spatially associated with the Lotto
Baseline Fault Zone, a splay of the Appleton Fault Zone.
Recent drilling has defined the vein network over a 340 m x 325 m area
that remains open in all directions (see the plan view, 2D cross
section, 3D composite cross section and long section in Figures 1,
2, 3 and 4 below).
- The Company continues to test new targets at Lotto with current
exploration focused on extending the Lotto Main Vein to depth and
along strike.
- The mineralization drilled at Lotto is often characterized by
massive and vuggy textured veins containing very fine visible gold,
arsenopyrite, chalcopyrite, boulangerite and ammonium-illite which
are common traits found in epizonal systems, similar to the
high-grade gold mineralization encountered at Keats (Figure
5).
Greg Matheson, P.Geo. COO of New
Found, stated: "The Lotto Main Vein structure continues to show
strong continuity and consistent widths of high-grade gold
mineralization from two to ten plus meters width downhole (note
that true widths are estimated at 80% to 90% of reported drill
interval widths). While numerous secondary mineralized structures
exist outside the Main Vein structure, we have started to target
expansion of the Main Vein at depth with significant intercepts of
111.36 g/t over 2.65 m (NFGC-21-233)
and 76.81 g/t Au over 2.80 m
(NFGC-21-311). NFGC-21-311 is the deepest hole drilled to date and
demonstrates significant persistence of continuity of the Lotto
Main Vein to depth. The grades and widths at Lotto are
outstanding and we are very excited to be consistently hitting
these high-grade intervals as we step out to depth and along
strike."
Drill-hole Details
|
|
|
|
|
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Au
(g/t)
|
Zone
|
NFGC-21-109
|
146.55
|
148.60
|
2.05
|
6.17
|
Lotto
|
And**
|
152.70
|
161.50
|
8.80
|
19.30
|
Lotto
Main
|
Including
|
154.20
|
157.40
|
3.20
|
51.30
|
And
|
179.00
|
181.00
|
2.00
|
1.03
|
Lotto
|
NFGC-21-205
|
216.00
|
219.00
|
3.00
|
4.75
|
Lotto
Main
|
NFGC-21-211
|
|
|
|
NSV
|
Lotto
Main
|
NFGC-21-233
|
169.20
|
171.85
|
2.65
|
111.36
|
Lotto
Main
|
NFGC-21-278
|
131.35
|
133.40
|
2.05
|
15.54
|
Lotto
Main
|
NFGC-21-285
|
163.40
|
167.30
|
3.90
|
6.99
|
Lotto
Main
|
NFGC-21-311
|
294.65
|
297.45
|
2.80
|
76.81
|
Lotto
Main
|
Including
|
294.65
|
296.55
|
1.90
|
112.51
|
Table 2: Summary of results reported in this release
*
|
Note that the true
width of the mineralization is uncertain, but host structures are
interpreted to be steeply dipping implying true widths in the range
of 80% to 90% of reported intercepts. Intervals are calculated at a
1 g/t Au cut-off grade and minimum width of 2m, grades have not
been capped in the averaging. ** Results released on March 23,
2021, from NFGC-21-109 updated with additional secondary zone
results.
|
|
|
|
|
|
|
Hole
No.
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
UTM
E
|
UTM
N
|
NFGC-21-109
|
300
|
-45
|
252
|
659012
|
5428912
|
NFGC-21-205
|
299
|
-46
|
254
|
659059
|
5428890
|
NFGC-21-211
|
297
|
-45.5
|
426
|
658943
|
5428864
|
NFGC-21-233
|
298
|
-45.5
|
342
|
659024
|
5428935
|
NFGC-21-278
|
299
|
-45.5
|
207
|
658984
|
5428985
|
NFGC-21-285
|
298
|
-45.5
|
201
|
659006
|
5428970
|
NFGC-21-311
|
299
|
-45.5
|
321
|
659107
|
5428914
|
Table 3: Details of drill holes reported in this
release
Photos of Drill Core
Note that these
photos are not intended to be representative of gold mineralization
in hole NFGC-21-311.
|
Queensway 200,000m Drill
Program Update
Approximately 38 percent of the 200,000
meters have been drilled to date with approximately 21,000 meters
of core pending assay results. Nine core rigs are currently
operating, with a tenth scheduled to start in Q3 2021.
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 80% to 90% of reported core
lengths. 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 calculated intervals are
reported over a minimum length of 2 meters 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 is
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
Sept 8, 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 15 km west of
Gander, Newfoundland, and just 18
km 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
200,000 m drill program at
Queensway. Nine rigs are currently in operation at Queensway
with the drill count planned to increase to ten rigs in Q3 2021.
With a current working capital balance of approximately
$115 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.