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New Found Gold Corp
Symbol NFG
Shares Issued 148,684,523
Close 2021-04-06 C$ 4.58
Recent Sedar Documents

New Found drills 9.15 m of 106.5 g/t Au at Queensway

2021-04-07 07:43 ET - News Release

Mr. Craig Roberts reports

KEATS INFILL DRILLING RETURNS 106.5 G/T AU OVER 9.15M AND 45.6 G/T AU OVER 4.05M

New Found Gold Corp. has released assay results from an additional ten holes drilled at the Keats zone. These holes were drilled as part of the company's continuing 200,000-metre diamond drill program at its 100-per-cent-owned Queensway project, located on the Trans-Canada Highway 15 kilometres west of Gander, Nfld.

                                        HIGHLIGHTS

Hole No.                  From                To         Interval*                Au
                           (m)               (m)               (m)             (g/t)

NFGC-20-74               44.00             46.00              2.00             32.27
and                      49.15             70.50             21.35              3.36
and                      81.70             85.75              4.05             45.59
NFGC-21-85              108.45            111.40              2.95             49.41
NFGC-21-119             176.20            183.15              6.95             15.57
NFGC-21-122               8.10             10.00              1.90             24.75
and                      34.70             49.60             14.90             69.15
incl.                    34.70             43.85              9.15            106.46

* Note that the host structures are interpreted 
to be steeply dipping and true widths are 
estimated to be 70 per cent to 80 per cent of reported intervals. 
Intervals are calculated at a one g/t Au cut-off grade; 
grades have not been capped in the averaging.

Multiple intervals encountered in drill holes NFGC-21-74 and NFGC-21-122 provide further confirmation of high-grade, near-surface gold mineralization at the north end of Keats. These results include 45.6 grams per tonne gold over 4.05 metres in hole NFGC-21-74 and 69.2 g/t Au over 14.9 m in hole NFGC-21-122.

The intervals of 49.4 g/t Au over 2.95 m in drill hole NFGC-21-85 and 15.6 g/t Au over 6.95 m in NFGC 21-119 provide further confirmation of the continuity of the Keats high-grade zone in the down-plunge direction.

Greg Matheson, PGeo, chief operating officer of New Found, stated: "Similar to the results the company disclosed on March 29, 2021, these results continue to infill between our deepest interval disclosed to date (61.8 g/t Au over 13.65 m in NFGC-21-118) and the near-surface, high-grade results up plunge. Current drilling at Keats is focused on extending the high-grade zone down plunge, providing further definition of the near surface, high-grade mineralization and testing additional zones of high-grade mineralization including in footwall veining."

                           HIGHLIGHT KEATS MAIN ZONE DRILL INTERVALS FOR REFERENCE
  
Hole    Interval     Au    Hole  Interval      Au       Hole      Interval       Au     Hole  Interval       Au
             (m)  (g/t)               (m)   (g/t)                      (m)    (g/t)                (m)    (g/t)

19-01       19.0   92.9   20-34       2.4    29.3      20-46           2.9     13.7    21-85       3.0     49.4
20-18        7.9   24.1   20-37      10.3    25.0      21-52           2.1    136.7    21-87       4.7     27.8
20-19       18.9   31.2   20-38       5.8    19.8        and          14.1     31.5    21-90       3.9     24.5
20-21       18.4   15.8  20-40A       7.3    19.3        and           5.6     13.7    21-97       6.5     37.1
20-23       41.4   22.3   20-41      10.4    22.5      20-56          32.3      6.2   21-101       8.5     17.9
20-26        6.9   44.5     and      15.9    31.4      20-74           4.1     45.6   21-104      11.4     29.1
20-28        4.1   40.1   20-43      18.2    10.0      21-78           2.3     18.2   21-118      13.7     61.8
20-29       16.9   25.0   20-45      13.8    28.4      21-79           7.9     22.7   21-119       7.0     15.6
20-30        6.1   10.3     and       3.3    20.6      21-80          39.1     25.8   21-122       9.2    106.5
20-32       13.1   45.3     and       2.0    17.1        and           2.3     41.6

                        DRILL HOLE DETAILS
  
Hole No.            From          To          Interval*          Au
                     (m)         (m)                (m)       (g/t)

NFGC-20-67        123.90      125.90               2.00       10.26
NFGC-20-69        109.40      113.55               4.15        1.58
and               122.20      127.85               5.65        4.21
incl.             122.20      125.15               2.95        6.16
and               129.95      132.95               3.00        1.43
NFGC-20-70         56.40       67.50              11.10        1.89
incl.              61.80       62.40               0.60       12.15
and                77.45       80.80               3.35        1.92
and                92.75       95.25               2.50        3.80
NFGC-20-72        133.50      139.80               6.30        2.89
incl.             133.50      136.80               3.30        4.48
and               143.40      147.00               3.60        1.50
and               187.20      189.45               2.25        1.31
NFGC-20-74         44.00       46.00               2.00       32.27
and                49.15       70.50              21.35        3.36
and                81.70       85.75               4.05       45.59
NFGC-21-84         87.00       89.25               2.25        1.15
and               102.40      106.50               4.10        1.31
and               155.00      157.15               2.15        1.12
NFGC-21-85        108.45      111.40               2.95       49.41
NFGC-21-88        152.20      154.60               2.40        1.02
NFGC-21-119       152.50      154.50               2.00        1.05
and               176.20      183.15               6.95       15.57
and               218.85      221.00               2.15        1.45
NFGC-21-122         8.10       10.00               1.90       24.75
and                25.00       27.00               2.00        1.97
and                34.70       49.60              14.90       69.15
incl.              34.70       43.85               9.15      106.46

* Note that the host structures are interpreted to be steeply 
dipping and true widths are estimated to be 70 per cent to 80
per cent of reported intervals. Intervals are calculated at 
a one g/t Au cut-off grade; grades have not been capped in the 
averaging.

Sampling, subsampling and laboratory

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 70 per cent to 80 per cent of reported core lengths. Assays are uncut and calculated intervals are reported over a minimum length of two metres 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, B.C., or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Nfld. 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 are 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 per cent 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, PGeo, 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 March 16, 2021, by New Found Gold. 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-per-cent interest in the Queensway project, located 15 kilometres west of Gander, Nfld., 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 work force. The company is currently undertaking a 200,000 m drill program at Queensway, with a planned increase from the current six drill rigs to eight drill rigs in Q1 2021.

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