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New Found Gold Corp
Symbol NFG
Shares Issued 148,684,523
Close 2021-04-27 C$ 6.35
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New Found drills 8.45 m of 63.7 g/t Au at Queensway

2021-04-27 07:59 ET - News Release

Mr. Craig Roberts reports

NEW FOUND INTERCEPTS 63.7 G/T AU OVER 8.45M AND 16.9 G/T AU OVER 2.5M IN 50M STEP-OUT TO SOUTH AT KEATS

New Found Gold Corp. has provided assay results from an additional four 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 (m)    To (m)   Interval (m)*   Au (g/t)   Zone       

NFGC-21-111    229.00    238.20           9.20        1.48    Keats Main
NFGC-21-113     47.00     49.55           2.55        2.52    Keats Main
NFGC-21-123    260.00    262.50           2.50        8.41    Keats FW  
NFGC-21-143    239.00    241.50           2.50       16.93    Keats Main
And            257.45    265.90           8.45       63.71              

* 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-gram-per-tonne Au cut-off 
  grade; grades have not been capped in the averaging. This table shows 
  highlight intervals, a number of these holes returned additional intervals 
  of gold mineralization as reported in the "Highlight Keats main zone drill 
  intervals for reference" table.

The intervals of 63.7 g/t Au over 8.45 m plus 16.9 g/t over 2.5 m in hole NFGC-21-143 extend the drill confirmed high-grade zone at Keats to 350 m in the down-plunge direction where it remains open. The combined width by grade of these two intervals is an outstanding 581 m by g/t.

The interval of 12.5 g/t over 2.55 m in hole NFGC-21-113 further expands the drill-defined near-surface high-grade mineralization at the north end of Keats.

Hole NFGC-21-123 returned 8.4 g/t Au over 2.5 m in the Keats footwall veining, providing further confirmation of significant gold mineralization in the footwall of the primary Keats baseline fault. Holes extended into the footwall area consistently return significant gold mineralization above the one g/t threshold utilized for reporting results, and multiple intervals now demonstrate the potential to drill define higher-grade zones in this footwall area.

Greg Matheson, PGeo, chief operating officer of New Found, stated: "The intervals of 63.7 g/t Au over 8.45 m and 16.9 g/t over 2.5 m in hole NFGC-21-143 extend the Keats high-grade zone approximately 50 m down plunge from the deepest previously reported hole NFGC-21-118, which returned 61.8 g/t over 13.7 m. We are very encouraged that we continue to hit high grade as we step out in this direction, with the zone remaining wide open in the down-plunge direction. The interpreted south-plunging dilation zone is now drill defined over 350 m down plunge and two drills are continuing stepouts in this direction, with results pending from several additional holes in the down-plunge direction. Drilling has also continued to intercept high-grade gold mineralization outside of this dilation zone within the broader host Keats baseline fault zone, particularly between this dilation zone and surface, and one drill is dedicated to infilling this area. We are excited that the size of the drill-defined high-grade gold mineralization at Keats continues to build with the ongoing stepout and infill drilling."

Note: Au g/t times m calculations include all Keats Main intervals for each hole as reported in the "Highlight Keats Main zone drill intervals for reference" table.



  
  
     HIGHLIGHT KEATS MAIN ZONE DRILL
         INTERVALS FOR REFERENCE

               Interval              Au
Hole                 (m)           (g/t)

19-01              19.0            92.9
20-18               7.9            24.1
20-19              18.9            31.2
20-21              18.4            15.8
20-23              41.4            22.3
20-26               6.9            44.5
20-28               4.1            40.1
20-29              16.9            25.0
20-30               6.1            10.3
20-32              13.1            45.3
20-34               2.4            29.3
20-37              10.3            25.0
20-38               5.8            19.8
20-40A              7.3            19.3
20-41              10.4            22.5
And                15.9            31.4
20-43              18.2            10.0
20-45              13.8            28.4
And                 3.3            20.6
And                 2.0            17.1
20-46               2.9            13.7
20-52               2.1           136.7
And                14.1            31.5
And                 5.6            13.7
20-56              32.3             6.2
21-74               4.1            45.6
21-79               7.9            22.7
21-80              39.1            25.8
And                 2.3            41.6
21-85               3.0            49.4
21-87               4.7            27.8
21-90               3.9            24.5
21-97               6.5            37.1
21-101              8.5            17.9
21-103              3.5            19.3
21-104             11.4            29.1
21-118             13.7            61.8
21-119              7.0            15.6
21-122              9.2           106.5
21-137              7.2           261.3
21-143              2.5            16.9
And                 8.4            63.7


  
  

                   SUMMARY OF RESULTS REPORTED IN THIS RELEASE
  
Hole No.              From (m)           To (m)         Int. (m)*        Au (g/t)

NFGC-21-111            229.00           238.20             9.20             1.48
And                    278.00           280.70             2.70             1.49
NFGC-21-113             47.00            49.55             2.55            12.52
NFGC-21-123            167.60           169.60             2.00             2.46
And                    260.00           262.50             2.50             8.41
NFGC-21-143            239.00           241.50             2.50            16.93
within                 239.00           246.90             7.90             6.21
And                    257.45           265.90             8.45            63.71
within                 256.45           268.00            11.55            46.95
And                    281.90           288.00             6.10             1.01
And                    324.00           326.00             2.00             1.12

* 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 April 27, 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-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-metre drill program at Queensway. Seven rigs are currently in operation, with the eighth expected to start in the next several weeks. With a current working capital balance of approximately $75-million, New Found is well financed for this program.

Acknowledgments

New Found acknowledges the financial support of the junior exploration assistance program, Department of Natural Resources, government of Newfoundland and Labrador.

We seek Safe Harbor.

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