VANCOUVER, BC, Sept. 23, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (OTC: NFGFF) is pleased to announce recent assay results
from field sampling along the Appleton Fault Zone. High-grade
gold surface grab samples have been found in a new area 2km north
of the Lotto Zone at the Company's 100% owned Queensway Project
("Queensway"), located on the Trans-Canada Highway 15km west
of Gander, Newfoundland.
Highlights
- Highlight sample assay results are summarized below.
* Note that grab
samples are not intended to be representative of gold
mineralization at Big Dave
|
- A potential new zone of high-grade gold mineralization has been
discovered along the Appleton Fault yielding assay results up to
1,131 g/t Au and is being called Big Dave. This showing is located
2km north of the Lotto Zone and 4km north of the Keats Zone,
representing the northernmost showing of high-grade gold to date at
the Queensway.
- Sampling at Big Dave represents the first recorded surface rock
samples from this under explored section of the Appleton Fault.
This area of the Appleton Fault demonstrates limited outcrop and
the two high-grade grab samples collected were of highly angular
quartz float containing visible gold. The samples were located in
close proximity to one another indicating the high potential for
further discoveries along the Appleton Fault.
- Big Dave shares a similar stratigraphic location to the Keats
and Lotto zones along the east side of the Appleton Fault.
- The highly angular nature of the float samples and geographical
location indicate a bedrock source that reaches surface and may be
close to the sample site.
- The nearest drill hole to this new zone is located over 2km to
the south at the Lotto Zone and these results indicate the
potential for further high-grade gold mineralization along the
underexplored Appleton Fault.
- Big Dave is easily accessed through gravel logging roads
located within 700m of the sample
site.
- The two samples of quartz contained disseminated fine-grained
visible gold, boulangerite, chalcopyrite and arsenopyrite typical
of the high-grade veins discovered at the Keats, Lotto,
Golden Joint and other showings
along the Appleton Fault.
- Extensive geophysical coverage of the area has allowed the
Company to vector and plan drill targets to be completed in Q4
2021.
Greg Matheson, COO of New Found,
stated: "Over 20 years ago a single high-grade float sample was
located along the Appleton Fault yielding 1,869 g/t Au; this sample
led to the eventual discovery of the nearby Keats Zone. The
continued drill expansion of the high-grade Keats Zone demonstrates
our ability to find the source of such high-grade samples.
Continuing to discover new areas with high-grade gold is exciting
and speaks volumes to the potential to transform the Queensway into
a multi-discovery district."
Photos of Rock Samples
Note that these
photos are not intended to be representative of gold mineralization
at Big Dave
|
Sampling, Sub-sampling and Laboratory
Assay values reported are uncut and were obtained by entire
sample screened metallic screen fire assay at Eastern Analytical in
Springdale, Newfoundland. The
entire 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.
Field program 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 23, 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 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. 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.