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New Found Intercepts 67.5 g/t Au Over 2.65m, 66.2 g/t Au Over 2.65m & 16.5 g/t Au Over 7.40m, Expands High-Grade Gold at Golden Joint to Surface

2023-10-23 06:30 ET - News Release


Company Website: https://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 37 diamond drill holes that were completed as part of a drill program designed to expand the high-grade gold mineralization at the Golden Joint Zone to surface, located 1km north of Keats on the east side of the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231023751021/en/

Figure 1: Photos of mineralization, Top Left: at ~46m in NFGC-23-1482, Top Right: at ~117m in NFGC-23-1535, Bottom Left: at ~86.5m in NFGC-23-1585, Bottom Right: at ~150.6m in NFGC-23-1123 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1123, NFGC-23-1482, NFGC-23-1535, and NFGC-23-1585. (Photo: Business Wire)

Figure 1: Photos of mineralization, Top Left: at ~46m in NFGC-23-1482, Top Right: at ~117m in NFGC-23-1535, Bottom Left: at ~86.5m in NFGC-23-1585, Bottom Right: at ~150.6m in NFGC-23-1123 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1123, NFGC-23-1482, NFGC-23-1535, and NFGC-23-1585. (Photo: Business Wire)

Golden Joint Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-11232

150.55

152.70

2.15

26.55

Golden Joint

Including

150.55

150.85

0.30

190.24

NFGC-23-14821

15.90

18.00

2.10

24.01

Golden Joint

Including

17.00

17.35

0.35

140.00

And1

44.70

47.35

2.65

66.16

Including

45.95

46.80

0.85

194.00

NFGC-23-15282

86.70

98.70

12.00

2.46

Golden Joint

Including

86.70

87.60

0.90

23.90

NFGC-23-15353

116.50

123.90

7.40

16.54

Golden Joint

Including

116.50

117.10

0.60

165.13

Including

122.15

122.75

0.60

13.09

Including

123.50

123.90

0.40

29.08

NFGC-23-15492

41.85

50.00

8.15

3.98

Golden Joint

Including

45.00

46.15

1.15

17.10

NFGC-23-15853

85.95

88.60

2.65

67.48

Golden Joint

Including

85.95

87.60

1.65

107.98

NFGC-23-15972

170.05

172.20

2.15

21.85

Golden Joint

Including

170.05

171.70

1.65

28.37

Table 1: Golden Joint Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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.

  • Golden Joint consists of a main, north-south striking high-grade vein that is situated immediately east of the AFZ. It has yielded several significant intervals such as 69.2 g/t Au over 14.15m in NFGC-21-462 (March 24, 2022), 70.7 g/t Au over 5.25m in NFGC-21-386 (January 6, 2022), and 98.1 g/t Au over 3.85m in NFGC-21-401 (January 19, 2022) and has been defined over a strike length of 250m and to a depth of 385m vertical.
  • Today’s results expand Golden Joint to surface, infilling a previously unreachable 100m vertical gap with the use of a barge-supported drill. Initial results received indicate strong continuity of high-grade gold to surface with the highlight intervals of 66.2 g/t Au over 2.65m and 24.0 g/t Au over 2.10m in NFGC-23-1482 located 14m and 34m below surface respectively and 16.5 g/t Au over 7.40m in NFGC-23-1535 occurring a further 65m below surface.
  • The shallow infill drilling program at Golden Joint is now complete, but with several assays pending. With Golden Joint now drill defined from surface down to a vertical depth of 385m, future exploration will focus on expanding mineralization to depth, where it remains open.

Melissa Render, VP of Exploration of New Found, stated: “We are pleased to report that our first barge-supported drill program went off without a hitch and allowed us to reach areas not previously accessible by land. Our geological model suggested that high-grade mineralization at Golden Joint would extend to surface and today’s results confirm this while demonstrating strong continuity of high-grade within this previously untested panel. Upon receipt of the results from our 3D seismic program, we plan to return to Golden Joint for additional drilling that will be focused on the structure at depth.”

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-7522

8.25

11.25

3.00

1.43

Golden Joint

NFGC-22-8501

137.00

139.10

2.10

1.10

Golden Joint

NFGC-22-920

No Significant Values

Golden Joint

NFGC-22-937

No Significant Values

Golden Joint

NFGC-22-9512

112.80

115.10

2.30

5.75

Golden Joint

Including

114.70

115.10

0.40

31.60

NFGC-22-9834

75.85

78.25

2.40

1.48

Golden Joint

And1

102.10

104.30

2.20

1.24

NFGC-22-9992

120.35

126.00

5.65

1.47

Golden Joint

NFGC-22-1014

No Significant Values

Golden Joint

NFGC-22-1062

No Significant Values

Golden Joint

NFGC-22-1072

No Significant Values

Golden Joint

NFGC-22-10794

55.80

58.45

2.65

1.68

Golden Joint

NFGC-23-11234

28.15

30.20

2.05

1.08

Golden Joint

And2

150.55

152.70

2.15

26.55

Including

150.55

150.85

0.30

190.24

NFGC-23-1134

No Significant Values

Golden Joint

NFGC-23-1143

No Significant Values

Golden Joint

NFGC-23-14243

79.40

82.00

2.60

1.79

Golden Joint

NFGC-23-1432

No Significant Values

Golden Joint

NFGC-23-1439

No Significant Values

Golden Joint

NFGC-23-14511

57.25

60.00

2.75

1.59

Golden Joint

NFGC-23-14622

60.10

71.00

10.90

1.48

Golden Joint

NFGC-23-1473

No Significant Values

Golden Joint

NFGC-23-14821

15.90

18.00

2.10

24.01

Golden Joint

Including

17.00

17.35

0.35

140.00

And1

44.70

47.35

2.65

66.16

Including

45.95

46.80

0.85

194.00

NFGC-23-14941

68.50

70.85

2.35

2.13

Golden Joint

NFGC-23-15191

56.90

59.00

2.10

3.44

Golden Joint

Including

57.90

58.50

0.60

11.29

NFGC-23-15282

76.45

81.15

4.70

3.72

Golden Joint

Including

77.40

77.70

0.30

15.40

Including

80.60

81.15

0.55

13.40

And2

86.70

98.70

12.00

2.46

Including

86.70

87.60

0.90

23.90

NFGC-23-1532

No Significant Values

Golden Joint

NFGC-23-15353

116.50

123.90

7.40

16.54

Golden Joint

Including

116.50

117.10

0.60

165.13

Including

122.15

122.75

0.60

13.09

Including

123.50

123.90

0.40

29.08

NFGC-23-15492

41.85

50.00

8.15

3.98

Golden Joint

Including

45.00

46.15

1.15

17.10

NFGC-23-15511

25.00

27.55

2.55

8.77

Golden Joint

Including

25.60

26.80

1.20

18.39

And4

38.00

41.00

3.00

1.83

NFGC-23-15623

32.55

35.00

2.45

1.72

Golden Joint

NFGC-23-15661

30.75

32.90

2.15

4.30

Golden Joint

NFGC-23-15773

25.10

27.45

2.35

1.33

Golden Joint

NFGC-23-15822

115.00

117.35

2.35

3.35

Golden Joint

NFGC-23-15853

85.95

88.60

2.65

67.48

Golden Joint

Including

85.95

87.60

1.65

107.98

NFGC-23-1588

No Significant Values

Golden Joint

NFGC-23-15932

106.00

110.00

4.00

5.38

Golden Joint

Including

109.40

110.00

0.60

31.00

NFGC-23-15972

170.05

172.20

2.15

21.85

Golden Joint

Including

170.05

171.70

1.65

28.37

NFGC-23-16123

64.65

67.45

2.80

1.42

Golden Joint

And3

81.00

83.00

2.00

2.25

Table 2: Summary of composite results reported in this press release for Golden Joint

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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 No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Prospect

NFGC-22-752

245

-45

330

658502

5428324

Golden Joint

NFGC-22-850

120

-45

302

658309

5428507

Golden Joint

NFGC-22-920

105

-45

191

658403

5428437

Golden Joint

NFGC-22-937

126

-74

245

658403

5428437

Golden Joint

NFGC-22-951

130

-60

122

658407

5428440

Golden Joint

NFGC-22-983

57

-72

193

658403

5428437

Golden Joint

NFGC-22-999

153

-65

181

658381

5428515

Golden Joint

NFGC-22-1014

154

-53

181

658381

5428515

Golden Joint

NFGC-22-1062

130

-69

189

658384

5428516

Golden Joint

NFGC-22-1072

125

-76

183

658404

5428486

Golden Joint

NFGC-22-1079

133

-62

103

658407

5428482

Golden Joint

NFGC-23-1123

32

-45

240

658352

5428137

Golden Joint

NFGC-23-1134

51

-57

192

658352

5428136

Golden Joint

NFGC-23-1143

50

-45

273

658393

5428113

Golden Joint

NFGC-23-1424

155

-78

115

658395

5428410

Golden Joint

NFGC-23-1432

77

-75

101

658387

5428407

Golden Joint

NFGC-23-1439

135

-45

122

658392

5428405

Golden Joint

NFGC-23-1451

115

-65

206

658390

5428406

Golden Joint

NFGC-23-1462

160

-65

185

658387

5428409

Golden Joint

NFGC-23-1473

110

-64

89

658402

5428354

Golden Joint

NFGC-23-1482

150

-66

92

658404

5428351

Golden Joint

NFGC-23-1494

120

-45

92

658403

5428353

Golden Joint

NFGC-23-1519

135

-45

134

658364

5428357

Golden Joint

NFGC-23-1528

122

-51

107

658364

5428357

Golden Joint

NFGC-23-1532

141

-52

119

658365

5428356

Golden Joint

NFGC-23-1535

88

-60

149

658361

5428358

Golden Joint

NFGC-23-1549

84

-45

62

658396

5428325

Golden Joint

NFGC-23-1551

140

-45

128

658401

5428323

Golden Joint

NFGC-23-1562

186

-64

107

658401

5428323

Golden Joint

NFGC-23-1566

126

-75

71

658400

5428324

Golden Joint

NFGC-23-1577

75

-53

59

658426

5428369

Golden Joint

NFGC-23-1582

128

-54

140

658363

5428384

Golden Joint

NFGC-23-1585

355

-44

189

658504

5428381

Golden Joint

NFGC-23-1588

128

-61

161

658363

5428384

Golden Joint

NFGC-23-1593

148

-57

170

658364

5428382

Golden Joint

NFGC-23-1597

280

-48

225

658504

5428381

Golden Joint

NFGC-23-1612

263

-47

195

658504

5428381

Golden Joint

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 and approximately 32,000m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

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 metre 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, which are then sealed and marked with the contents.

New Found has submitted 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. MSA is an ISO-17025 accredited laboratory for the photon assay method.

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 2% 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 press 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 October 23, 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 $29.5 million as of October 2023.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

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 at SEDAR+ (www.sedarplus.ca), the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, 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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