VANCOUVER, BC, Sept. 15, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (OTC: NFGFF) is pleased to announce recently received
assay results from twenty-nine holes drilled at the Keats Zone
("Keats"), located along the Appleton Fault Zone.
These holes were completed 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 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-21-145
|
39.00
|
41.50
|
2.50
|
21.29
|
Keats
Main
|
NFGC-21-170
|
101.55
|
106.40
|
4.85
|
31.80
|
Keats
Main
|
NFGC-21-184
|
140.25
|
143.25
|
3.00
|
36.52
|
Keats
Main
|
NFGC-21-250
|
170.75
|
177.80
|
7.05
|
32.65
|
Keats
Main
|
NFGC-21-251
|
227.00
|
229.00
|
2.00
|
137.49
|
Keats
Main
|
NFGC-21-257
|
229.50
|
232.55
|
3.05
|
24.12
|
Keats
Main
|
NFGC-21-310
|
279.25
|
281.45
|
2.20
|
104.59
|
Keats
Main
|
* 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 85% to 95% 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.
|
- The interval of 104.59 g/t Au over 2.20m in NFGC-21-310 is the furthest south drill
interval reported to date along the south-westerly plunging core
dilatational zone extending drill definition of this zone (see
Figures 1 and 2).
- Recent intercept highlights of 31.80 g/t Au over 4.85m in NFGC-21-170 and 36.52 g/t Au over
3.00m in NFGC-21-184 up dip of the
core dilatational zone within the Keats fault demonstrate strong
vertical continuity of the Keats Main Zone to surface.
- The Keats high-grade zone vertical profile now exceeds
200m up dip of the core dilatational
zone and is open to surface and along strike to the northeast and
southwest.
- Drill hole NFGC-21-257 intersected a new zone of high-grade
gold mineralization in the hanging wall of the Keats fault near
surface; the interval graded 9.18g/t Au over 2.70m.
- Future exploration at Keats will continue to expand the Keats
Main zone along strike and down plunge but also focus on targeting
specific zones in both the hanging wall and foot wall of the Keats
fault.
Denis Laviolette, President of
New Found, stated: "The high-grade zones along the Appleton Fault
continue to see significant expansion. Today's announcement
demonstrates further continuity of high-grade gold mineralization
at Keats including between the core dilatational zone and surface;
a vertical distance of 200m.
Last week we announced that we doubled the drilled depth of
the high-grade Lotto vein system with strong vertical continuity,
and we are now seeing similar vertical continuity at Keats above
the plunging dilation zone. We are pleased to see high-grade zones
that start at surface and extend for these distances along strike
and to depth, remaining open in all directions for further
expansion. The addition of a new hanging wall zone at Keats near
surface adds to the growing list of discoveries made this past year
along the Appleton Fault. These discoveries continue to
support our belief in the high potential for additional discoveries
along approximately 7.8km of strike on the Appleton Fault, within a
prospective corridor of approximately 500m on each side of the Appleton Fault."
Drill-hole Details
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Au
(g/t)
|
Zone
|
NFGC-21-92
|
176.00
|
178.00
|
2.00
|
1.92
|
Keats
South
|
NFGC-21-120**
|
9.65
|
21.70
|
12.05
|
12.65
|
Keats
Main
|
Including
|
9.65
|
13.25
|
3.60
|
35.76
|
And**
|
22.90
|
25.00
|
2.10
|
1.33
|
And**
|
28.20
|
33.00
|
4.80
|
1.98
|
And**
|
36.00
|
38.00
|
2.00
|
2.66
|
And**
|
40.30
|
46.00
|
5.70
|
5.16
|
And
|
95.00
|
98.00
|
3.00
|
1.69
|
Keats
FW
|
NFGC-21-140
|
95.50
|
103.45
|
7.95
|
3.59
|
Keats
Main
|
Including
|
100.15
|
102.45
|
2.30
|
9.69
|
And
|
164.25
|
166.60
|
2.35
|
1.01
|
Keats
FW
|
NFGC-21-145
|
39.00
|
41.50
|
2.50
|
21.29
|
Keats
Main
|
And
|
81.00
|
83.35
|
2.35
|
13.04
|
Keats
FW
|
NFGC-21-148A
|
233.50
|
256.35
|
22.85
|
1.15
|
Keats
Main
|
NFGC-21-149
|
48.05
|
53.60
|
5.55
|
2.46
|
Keats
Main
|
And
|
62.55
|
67.35
|
4.80
|
9.22
|
And
|
72.80
|
77.45
|
4.65
|
1.82
|
NFGC-21-163
|
73.80
|
85.40
|
11.60
|
4.92
|
Keats
Main
|
Including
|
77.65
|
80.65
|
3.00
|
13.30
|
And
|
154.00
|
156.75
|
2.75
|
1.40
|
Keats
FW
|
NFGC-21-164
|
247.80
|
250.00
|
2.20
|
1.37
|
Keats
Main
|
And
|
261.00
|
263.00
|
2.00
|
1.23
|
And
|
267.45
|
270.00
|
2.55
|
1.65
|
And
|
272.30
|
277.20
|
4.90
|
1.77
|
NFGC-21-170
|
70.00
|
72.70
|
2.70
|
1.96
|
Keats
Main
|
And
|
90.70
|
93.00
|
2.30
|
1.02
|
And
|
101.55
|
106.40
|
4.85
|
31.80
|
NFGC-21-173
|
115.60
|
117.80
|
2.20
|
1.39
|
Keats
Main
|
And
|
126.90
|
128.95
|
2.05
|
4.09
|
NFGC-21-174
|
273.60
|
277.05
|
3.45
|
1.79
|
Keats
Main
|
And
|
300.00
|
306.00
|
6.00
|
1.57
|
And
|
340.90
|
343.00
|
2.10
|
1.85
|
Keats
FW
|
NFGC-21-184
|
140.25
|
143.25
|
3.00
|
36.52
|
Keats
Main
|
And
|
151.30
|
154.00
|
2.70
|
1.02
|
NFGC-21-188A
|
NSV
|
Keats
Main
|
NFGC-21-194
|
NSV
|
Keats
North
|
NFGC-21-198
|
141.85
|
144.30
|
2.45
|
1.03
|
Keats
Main
|
And
|
154.50
|
156.55
|
2.05
|
4.23
|
NFGC-21-200
|
NSV
|
Keats
Main
|
NFGC-21-203
|
157.35
|
162.15
|
4.80
|
2.71
|
Keats
Main
|
Including
|
157.35
|
159.90
|
2.55
|
4.14
|
And
|
173.50
|
176.00
|
2.50
|
1.08
|
And
|
242.60
|
245.65
|
3.05
|
1.12
|
Keats
FW
|
NFGC-21-212
|
71.60
|
74.75
|
3.15
|
2.64
|
Keats
Main
|
And
|
90.00
|
92.65
|
2.65
|
1.77
|
NFGC-21-222
|
242.00
|
245.70
|
3.70
|
1.20
|
Keats
Main
|
And
|
260.00
|
262.85
|
2.85
|
1.33
|
And
|
290.95
|
293.20
|
2.25
|
1.19
|
And
|
334.95
|
337.00
|
2.05
|
1.51
|
NFGC-21-223
|
21.00
|
23.65
|
2.65
|
1.05
|
Keats
Main
|
And
|
88.40
|
90.60
|
2.20
|
1.23
|
Keats
FW
|
NFGC-21-227
|
42.30
|
44.30
|
2.00
|
1.71
|
Keats
Main
|
NFGC-21-229
|
NSV
|
Keats
Main
|
NFGC-21-236
|
48.75
|
51.05
|
2.30
|
2.28
|
Keats
Main
|
And
|
61.65
|
64.00
|
2.35
|
1.91
|
NFGC-21-247
|
43.55
|
45.90
|
2.35
|
1.01
|
Keats
Main
|
And
|
51.35
|
62.00
|
10.65
|
3.37
|
Including
|
52.85
|
55.05
|
2.20
|
10.10
|
And
|
64.40
|
66.50
|
2.10
|
1.46
|
And
|
77.00
|
79.60
|
2.60
|
1.31
|
And
|
83.55
|
85.55
|
2.00
|
1.30
|
And
|
90.65
|
93.00
|
2.35
|
1.05
|
Keats
FW
|
And
|
160.00
|
162.05
|
2.05
|
2.02
|
NFGC-21-250
|
170.75
|
177.80
|
7.05
|
32.65
|
Keats
Main
|
Including
|
171.60
|
175.90
|
4.30
|
52.36
|
And
|
183.05
|
188.80
|
5.75
|
2.01
|
NFGC-21-251
|
227.00
|
229.00
|
2.00
|
137.49
|
Keats
Main
|
NFGC-21-257
|
62.30
|
65.00
|
2.70
|
9.18
|
Keats
HW
|
And
|
229.50
|
236.00
|
6.50
|
16.04
|
Keats
Main
|
Including
|
229.50
|
232.55
|
3.05
|
24.12
|
NFGC-21-283
|
235.40
|
237.55
|
2.15
|
1.05
|
Keats
Main
|
And
|
239.30
|
246.85
|
7.55
|
1.21
|
And
|
253.40
|
255.45
|
2.05
|
1.08
|
And
|
268.55
|
270.95
|
2.40
|
1.10
|
And
|
272.35
|
274.55
|
2.20
|
6.96
|
NFGC-21-310
|
279.25
|
281.45
|
2.20
|
104.59
|
Keats
Main
|
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 85% to 95% 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 July 5, 2021,
from NFGC-21-120 updated with additional secondary zone
results.
|
Hole
No.
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
UTM
E
|
UTM
N
|
NFGC-21-92
|
300
|
-45
|
346
|
657836
|
5427049
|
NFGC-21-120
|
300
|
-45
|
109
|
658228
|
5427529
|
NFGC-21-140
|
300
|
-45
|
182
|
658159
|
5427410
|
NFGC-21-145
|
300
|
-45
|
209
|
658117
|
5427435
|
NFGC-21-148A
|
300
|
-45
|
333
|
658182
|
5427224
|
NFGC-21-149
|
300
|
-45
|
141
|
658158
|
5427455
|
NFGC-21-163
|
300
|
-45
|
233
|
658092
|
5427392
|
NFGC-21-164
|
300
|
-45
|
288
|
658204
|
5427216
|
NFGC-21-170
|
300
|
-45
|
171
|
658114
|
5427379
|
NFGC-21-173
|
300
|
-45
|
188
|
658135
|
5427367
|
NFGC-21-174
|
300
|
-45
|
366
|
658205
|
5427215
|
NFGC-21-184
|
300
|
-45
|
196
|
658157
|
5427354
|
NFGC-21-188A
|
300
|
-45
|
269
|
658292
|
5427337
|
NFGC-21-194
|
300
|
-45
|
365
|
658587
|
5427560
|
NFGC-21-198
|
300
|
-45
|
227
|
658164
|
5427343
|
NFGC-21-200
|
297
|
-55
|
395
|
658170
|
5427203
|
NFGC-21-203
|
300
|
-45
|
314
|
658144
|
5427333
|
NFGC-21-212
|
298.5
|
-45.5
|
194
|
658126
|
5427401
|
NFGC-21-222
|
297
|
-55
|
350
|
658133
|
5427195
|
NFGC-21-223
|
299
|
-45.5
|
112
|
658241
|
5427551
|
NFGC-21-227
|
299
|
-45.5
|
146
|
658253
|
5427545
|
NFGC-21-229
|
297
|
-55.5
|
356
|
658130
|
5427165
|
NFGC-21-236
|
299
|
-45.5
|
251
|
658130
|
5427457
|
NFGC-21-247
|
299
|
-45.5
|
182
|
658147
|
5427476
|
NFGC-21-250
|
298
|
-46
|
205
|
658207
|
5427368
|
NFGC-21-251
|
118
|
-75
|
334
|
657951
|
5427310
|
NFGC-21-257
|
118
|
-78
|
346
|
657951
|
5427310
|
NFGC-21-283
|
300
|
-45
|
392
|
658148
|
5427216
|
NFGC-21-310
|
300
|
-45
|
386
|
658112
|
5427179
|
Table 3: Details of drill holes reported in this
release
Queensway 200,000m Drill
Program Update
Approximately 44 percent of the 200,000 meters have been drilled
to date with approximately 20,000 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 85% to 95% 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 15, 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 200,000m 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 $111
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.