VANCOUVER, BC, Sept. 30, 2021 New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (NYSE American: NFGC) is pleased to announce assay
results from eight step-out diamond drill holes designed to expand
the high-grade gold mineralization at the Golden Joint Zone, a
recently made 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.
*
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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.
|
- The Golden Joint Zone is located approximately halfway between
the Keats and Lotto zones and occurs on the east side of the
Appleton Fault Zone. At this location, there is a confluence of
secondary structures which hosts a network of high-grade gold veins
forming two zones, Golden Joint Main Vein and Golden Joint Hanging
Wall ('HW'), with an apparent conjugate relationship that is now
drill-defined over a surface area of approximately 185m x 185m
(Figures 2 and 3).
- Immediately east of the Appleton Fault Zone is the Golden Joint
Zone which is characterized by the presence of a high-grade
Au-bearing, north south-striking, steeply west-dipping quartz vein,
the Golden Joint Main Vein, similar to the Lotto Main Vein. Further
east is the Golden Joint HW Zone, which strikes northeast, dips
moderately to the southeast and is comprised of both stockwork and
massive high-grade gold quartz veins (Figure 2). These two
high-grade gold domains resemble mineralization styles found along
this segment of the AFZ including at the Keats and Lotto
zones.
- Intercepts of 64.94 g/t Au over 2.10m and 17.43 g/t Au over 2.45m in hole NFGC-21-225 and 18.04 g/t Au over
2.00m in NFGC-21-181 in the Golden
Joint HW Zone demonstrate persistent growth and continuity of this
high-grade secondary gold trend.
- 16.35 g/t Au over 4.50m in
NFGC-21-307B extends the high-grade
gold mineralization in the Golden Joint Main Vein to 235m vertical depth and it remains open in all
directions (Figure 1). Furthermore, the Golden Joint Main Vein
continues to deliver strong results including 15.32 g/t Au over
4.25m in NFGC-21-322 and 20.70 g/t Au
over 2.00m in NFGC-21-181, indicating
a robust gold mineralization system.
- Continued exploration will consist of two rigs targeting
extension of the two Golden Joint high-grade gold trends down-dip
and along strike in both directions, north to Dome and south
towards Keats as both trends are open in all directions.
Melissa Render, VP of Exploration
of New Found, stated: "At such an early stage of target
advancement it is extremely encouraging to see such robust grades,
continuity and strong vein development in two distinct zones at the
Golden Joint. This area is of high priority, and it will be
both exciting and interesting to see how continued drilling may
connect the multitude of mineralized trends through this 2km length
of the Appleton Fault Zone."
Note:
|
Golden Joint HW
intervals are not included on this long-section (see Table
2)
|
Drillhole Details
*
|
Note that the host
structures are interpreted to be steeply dipping and true widths
are generally estimated to be 70% to 90% of reported interva7ls.
Intervals are calculated at a 1 g/t Au cut-off grade; grades have
not been capped in the averaging.
|
**
|
Results released on
June 30, 2021, from NFGC-21-241 updated with additional secondary
zone result.
|
Queensway 200,000m Drill
Program Update
Approximately 48% of the 200,000m
have been drilled to date with approximately 22,300m of core pending assay results. Nine core
rigs are currently operating, with a tenth scheduled to commence
shortly.
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 g 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 September 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. With a
current working capital balance of approximately $110 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: +1 (910) 406-2407
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.