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New Found Discovers Multiple New Gold Zones Extending 1.5km South of Keats, Increases Appleton Fault Zone High-grade Gold Corridor to Over 4km in Strike Length

2023-01-18 06:30 ET - News Release


Company Website: https://www.newfoundgold.ca
VANCOUVER, British Columbia -- (Business Wire)

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 51 diamond drill holes that were completed as part of an ongoing systematic and targeted drill program exploring the highly prospective segment of the Appleton Fault Zone (“AFZ”) from the south end of the Keats Main Zone to the Knob Zone. New Found’s 100% owned Queensway project comprises an approximately 1,650km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230118005370/en/

Figure 1: Photos of mineralization from: Top L: at ~427.5m in NFGC-22-863, Top R: at ~88.2m in NFGC-22-704, Bottom L: at ~23m in NFGC-22-733, Bottom R: at ~380.25 in NFGC-22-774. ^Note that these photos are not intended to be representative of gold mineralization in holes NFGC-22-704, NFGC-22-733, NFGC-22-774 and NFGC-22-863.

Keats Main South, TCH and Rocket Highlights:

Hole Number

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-733

22.30

24.60

2.30

10.45

421

 

Including

22.80

23.30

0.50

46.80

 

NFGC-22-774

364.00

366.45

2.45

25.31

Keats Main S

Including

365.00

366.00

1.00

60.50

And

379.80

382.00

2.20

72.66

Including

379.80

380.35

0.55

290.00

NFGC-22-845

115.00

129.90

14.90

4.59

Keats Main S/

421

Including

120.00

121.00

1.00

26.17

Including

129.00

129.90

0.90

11.50

 

 

 

 

NFGC-22-642

303.45

305.90

2.45

10.45

TCH

Including

303.80

304.35

0.55

14.46

Including

305.40

305.90

0.50

32.43

NFGC-22-703

183.00

193.70

10.70

1.02

TCH

NFGC-22-863

427.10

429.10

2.00

79.62

TCH

Including

427.10

427.80

0.70

226.46

 

 

 

 

NFGC-22-704

86.60

91.05

4.45

12.63

Knob

(Rocket Vein)

Including

88.00

88.45

0.45

118.50

Table 1: Keats Main South, TCH and Rocket Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 90% of the reported interval.Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

  • Systematic and targeted drilling along the highly prospective AFZ corridor has continued to delineate high-grade gold mineralization now extending 1.5km south of Keats, including the discovery of the new TCH Zone, and new veins and structures around existing zones. Importantly, the high-grade corridor of gold along the AFZ has now been tracked over 4.1km from Lotto North/Zone 36 down to Knob, with much of this area remaining underexplored (Figure 1).
  • At the southern extension of the Keats Main Zone (Keats Main South) the Company continues to intersect high-grade gold mineralization following up on its October 18, 2022. release. Highlight intercepts include 25.31 g/t Au over 2.45m and 72.7 g/t Au over 2.20m in NFGC-22-774 and 4.59 g/t Au over 14.90m in NFGC-22-845. The high-grade gold associated with the Keats-Baseline Fault Zone, the structure that hosts the Keats Main Zone, has now been traced over a strike length of 1.1km and down to a vertical depth of 400m (Figures 1- 4).
  • Systematic reconnaissance grid drilling south of the Trans-Canada highway along the eastern side of the AFZ identified a new gold-bearing zone called “TCH (Trans Canada Highway)” with intercepts of 79.6 g/t Au over 2.00m in NFGC-22-863, 10.5 g/t Au over 2.45m in NFGC-22-642 and 1.02 g/t Au over 10.70m in NFGC-22-703. This structure is located in the footwall to the AFZ and has been intersected over a strike length of 190m and down to a vertical depth of 300m (Figures 1-4).
  • At Knob, a new vein called “Rocket” has been discovered 100m to the east, with a highlight interval of 12.63 g/t Au over 4.45m in NFGC-22-704 intersected at a vertical depth of 65m. The Knob zone is a historical discovery with mineralization hosted within an east-west striking structure largely constrained to greywacke which has been traced over a strike length of 160m and has seen minimal modern-day drilling (Figures 1, 2 and 4).
  • Additional drilling into the 421 Zone, a moderately southwest-dipping structure that runs at an oblique angle to the Keats Main Zone has intersected the highlight interval of 10.5 g/t Au over 2.30m in NFGC-22-733. This structure likely plays a role in concentrating high-grade gold where it interacts with the Keats-Baseline Fault (Figures 1 and 4).

Melissa Render, VP Exploration for New Found stated:“From the Rocket Vein at Knob to Lotto North measures an impressive 4.1km stretch of the AFZ that continues to produce new discoveries both on the east and west side of this regional-scale fault. It is a lot of ground to cover but from a first pass of drilling, results indicate that the system’s strength continues. We will persist with aggressive follow-up drilling which involves tracing the structures that are known to host high-grade gold and determining the controls responsible for producing both high and low-grade gold domains from which we can expand on.”

Drillhole Details

Keats Main Zone South:

Hole Number

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-712

31.10

36.40

5.30

1.13

421

And

332.50

335.50

3.00

4.01

Keats Main

NFGC-22-733

22.30

24.60

2.30

10.45

421

Including

22.80

23.30

0.50

46.80

And

424.40

427.00

2.60

1.76

Keats Main

NFGC-22-756

431.50

433.55

2.05

9.14

Keats Main S

And

432.85

433.25

0.40

45.20

NFGC-22-774

79.40

81.70

2.30

1.05

Keats S

And

364.00

366.45

2.45

25.31

Keats Main S

Including

365.00

366.00

1.00

60.50

And

379.80

382.00

2.20

72.66

Including

379.80

380.35

0.55

290.00

NFGC-22-778

439.00

441.55

2.55

2.84

Keats Main S

Including

439.80

440.15

0.35

20.10

And

488.00

490.80

2.80

1.40

And

496.00

498.00

2.00

1.13

And

509.00

514.55

5.55

1.45

NFGC-22-790

453.00

455.00

2.00

1.30

Keats Main S

NFGC-22-804

439.00

441.45

2.45

2.08

Keats Main S

NFGC-22-807

548.45

551.10

2.65

2.01

Keats Main S

And

601.00

605.00

4.00

1.08

NFGC-22-821

370.00

372.45

2.45

1.18

Keats Main S

NFGC-22-826

132.00

137.65

5.65

1.50

Keats Main S

NFGC-22-835

77.85

80.80

2.95

2.18

421

And

162.00

164.85

2.85

3.76

Keats Main S

NFGC-22-837

355.35

357.70

2.35

1.37

Keats Main S

And

386.00

388.60

2.60

8.73

Including

388.10

388.60

0.50

34.88

NFGC-22-845

52.50

55.00

2.50

1.17

Keats Main S/ 421

And

115.00

129.90

14.90

4.59

Including

120.00

121.00

1.00

26.17

Including

129.00

129.90

0.90

11.50

And

135.00

137.15

2.15

2.89

And

143.00

145.00

2.00

2.05

And

188.00

190.00

2.00

2.42

NFGC-22-853

No Significant Values

Keats Main S

NFGC-22-871

No Significant Values

Keats Main S

TCH Results:

Hole Number

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-513

246.60

251.00

4.40

1.41

TCH

NFGC-22-569

140.00

142.70

2.70

3.70

TCH

And

147.00

152.00

5.00

1.78

NFGC-22-604

No Significant Values

TCH

NFGC-22-621

No Significant Values

TCH

NFGC-22-632

No Significant Values

TCH

NFGC-22-642

243.00

245.00

2.00

1.01

TCH

And

290.85

293.00

2.15

2.00

And

303.45

305.90

2.45

10.45

Including

303.80

304.35

0.55

14.46

Including

305.40

305.90

0.50

32.43

NFGC-22-671

223.95

226.45

2.50

1.10

TCH

NFGC-22-679

No Significant Values

TCH

NFGC-22-694

165.90

168.70

2.80

1.16

TCH

And

227.00

231.00

4.00

1.21

NFGC-22-703

109.30

111.70

2.40

1.63

TCH

And

131.00

133.00

2.00

1.63

And

183.00

193.70

10.70

1.02

NFGC-22-715

No Significant Values

TCH

NFGC-22-724

88.00

93.00

5.00

1.29

TCH

And

97.40

101.20

3.80

1.05

And

193.40

196.25

2.85

1.44

NFGC-22-737

No Significant Values

TCH

NFGC-22-749

No Significant Values

TCH

NFGC-22-763

59.00

61.00

2.00

1.09

TCH

NFGC-22-782

No Significant Values

TCH

NFGC-22-797

No Significant Values

TCH

NFGC-22-824

No Significant Values

TCH

NFGC-22-831

No Significant Values

TCH

NFGC-22-863

307.00

309.40

2.40

3.38

TCH

And

427.10

429.10

2.00

79.62

TCH

Including

427.10

427.80

0.70

226.46

NFGC-22-885

278.60

280.80

2.20

7.06

TCH

Including

279.50

280.20

0.70

22.01

Rocket Results:

Hole Number

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-638

No Significant Values

Rocket

NFGC-22-654

No Significant Values

Rocket

NFGC-22-662

No Significant Values

Rocket

NFGC-22-670

No Significant Values

Rocket

NFGC-22-687

No Significant Values

Rocket

NFGC-22-699

No Significant Values

Rocket

NFGC-22-704

65.00

67.00

2.00

1.02

Rocket

And

86.60

91.05

4.45

12.63

Including

88.00

88.45

0.45

118.50

NFGC-22-713

No Significant Values

Rocket

NFGC-22-725

No Significant Values

Rocket

NFGC-22-731

92.25

94.65

2.40

1.13

Rocket

NFGC-22-735

No Significant Values

Rocket

NFGC-22-741

No Significant Values

Rocket

NFGC-22-745

No Significant Values

Rocket

NFGC-22-751

No Significant Values

Rocket

NFGC-22-760

No Significant Values

Rocket

Table 2: Summary of composite results reported in this press release for Keats Main South, TCH and Rocket

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 90% of the reported interval. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole Number

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Prospect

NFGC-22-513

299

-45.5

401

657596

5426437

TCH

NFGC-22-569

110

-45

257

657512

5426948

TCH

NFGC-22-604

300

-45

343

657589

5426614

TCH

NFGC-22-621

300

-45

200

657619

5426596

TCH

NFGC-22-632

300

-45

293

657588

5426557

TCH

NFGC-22-638

300

-45

344

657247

5426118

Rocket

NFGC-22-642

300

-45

500

657636

5426511

TCH

NFGC-22-654

300

-45

203

657251

5426173

Rocket

NFGC-22-662

300

-45

233

657252

5426232

Rocket

NFGC-22-670

300

-45

242

657239

5426008

Rocket

NFGC-22-671

299

-42

302

657637

5426510

TCH

NFGC-22-679

300

-45

191

657193

5425976

Rocket

NFGC-22-687

300

-45

338

657186

5425865

Rocket

NFGC-22-694

300

-45

284

657539

5426527

TCH

NFGC-22-699

70

-50

179

657191

5425870

Rocket

NFGC-22-703

300

-45

284

657594

5426495

TCH

NFGC-22-704

100

-50

107

657192

5425868

Rocket

NFGC-22-712

356

-68

497

657842

5427082

Keats

NFGC-22-713

250

-45

323

657288

5426093

Rocket

NFGC-22-715

300

-45

281

657536

5426471

TCH

NFGC-22-724

300

-45

233

657494

5426496

TCH

NFGC-22-725

110

-45

95

657192

5425919

Rocket

NFGC-22-731

120

-70

104

657191

5425919

Rocket

NFGC-22-733

354

-66

485

657841

5427082

Keats

NFGC-22-735

50

-45

155

657192

5425920

Rocket

NFGC-22-737

300

-45

215

657489

5426441

TCH

NFGC-22-741

5

-45

89

657193

5425927

Rocket

NFGC-22-745

45

-45

143

657148

5425948

Rocket

NFGC-22-749

306

-55

557

657596

5426436

TCH

NFGC-22-751

300

-45

293

657192

5425915

Rocket

NFGC-22-756

297

-46

538

657813

5426658

Keats

NFGC-22-760

5

-45

122

657146

5425949

Rocket

NFGC-22-763

300

-45

329

657397

5426378

TCH

NFGC-22-774

300

-45

458

657770

5426683

Keats

NFGC-22-778

298

-52

665

657902

5426724

Keats

NFGC-22-782

300

-45

290

657350

5426348

TCH

NFGC-22-790

300

-45

563

657837

5426702

Keats

NFGC-22-797

300

-45

305

657303

5426318

TCH

NFGC-22-804

334

-55

575

657599

5426439

TCH

NFGC-22-807

297

-45

701

658003

5426722

Keats

NFGC-22-821

297

-45

416

657794

5426728

Keats

NFGC-22-824

300

-45

251

657295

5426205

TCH

NFGC-22-826

330

-45.5

240

657799

5427004

Keats

NFGC-22-831

300

-45

572

657426

5426131

TCH

NFGC-22-835

300

-45

216

657799

5427004

Keats

NFGC-22-837

297

-46

452

657818

5426771

Keats

NFGC-22-845

300

-45

216

657767

5426977

Keats

NFGC-22-853

297

-46

452

657783

5426791

Keats

NFGC-22-863

300

-45

472

657573

5426335

TCH

NFGC-22-871

297

-46

548

657786

5426497

Keats

NFGC-22-885

120

-70

329

657272

5426509

TCH

Table 3: Details of drill holes reported in this press release

Queensway 500,000m Drill Program Update

The Company is currently undertaking a 500,000m drill program at Queensway. Approximately 51,000m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

True widths of the intercepts reported in this press release have yet to be determined and further exploration is required. 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 composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.

All drilling recovers HQ core. Drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, sealed and marked with the contents.

NFG submits samples for gold determination by fire assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”) since June 2022. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay method.

Drill core samples are also submitted to MSA in Val-d’Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. Accreditation of the photon assay method at the MSA Val D’Or laboratory is in progress.

At ALS, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed. The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

At MSA, the entire sample is crushed to approximately 70% passing 2mm. For “routine” samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill two 450g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis. If one of the jars assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay.

For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found’s quality control protocols.

New Found’s quality control program also includes submission of the second half of the core for approximately 5% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this news release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

Qualified Person

The scientific and technical information 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 press release dated January 18, 2023, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, 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 500,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $90-million as of January 2023.

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.

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 exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project;; future press releases by the Company; 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," “interpreted,” "intends," "estimates," "projects," "aims," “suggests,” “indicate,” “often,” “target,” “future,” “likely,” “pending,” "potential," "goal," "objective," "prospective," “possibly,” “preliminary”, 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, risks associated with the interpretation of assay results and the drilling program, 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.

Contacts:

New Found Gold Corp.
Per: "Collin Kettell"
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486

Source: New Found Gold Corp.

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