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New Found Gold Corp
Symbol NFG
Shares Issued 148,684,523
Close 2021-05-04 C$ 8.50
Recent Sedar Documents

New Found drills 17.7 m of 124.4 g/t Au at Queensway

2021-05-04 09:08 ET - News Release

Mr. Craig Roberts reports

NEW FOUND INTERCEPTS 124.4 G/T AU OVER 17.7M AND 131.1 G/T AU OVER 4.65M AT KEATS

New Found Gold Corp. has released 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 (km) west of Gander, Nfld.

Highlights:

  • The intervals of 131.1 grams per tonne (g/t) gold (Au) over 4.65 metres (m) and 124.4 g/t over 17.7 m in hole NFGC-20-59 start at a vertical depth of approximately 27 m and continue to approximately 63 m vertical depth. These intervals provide further drill confirmation of a broad zone of near-surface, high-grade gold mineralization at the north end of Keats.
  • The interval of 41.8 g/t over two m in hole NFGC-21-105B provides further drill confirmation of the continuity of high-grade gold mineralization from subcrop at bedrock surface at the north of Keats to the farthest interval 350 m downplunge at approximately 170 m vertical depth (see NFGC-21-143 -- 16.9 g/t Au over 2.5 m and 63.7 g/t over 8.45 m).
  • Stepout drilling at Keats continues downplunge. Holes NFGC-21-165 and NFGC-21-182 are the deepest holes completed to date, testing to approximately 425 m in the downplunge direction. Infill drilling also continues particularly targeting between the plunging dilation zone and surface.

Greg Matheson, PGeo, chief operating officer of New Found, stated: "The outstanding intervals of 131.1 g/t Au over 4.65 m plus 124.4 g/t over 17.7 m in hole NFGC-20-59 yield the highest width [times] grade of any hole to date at Keats (cumulative [over] 2,800 m [times] g/t). These intervals provide further drill confirmation of the substantial zone of near-surface high-grade gold mineralization at the north end of Keats. We continue our infill and stepout drilling at Keats and look forward to reporting further results in the near future."

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 one 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 display gold initial fire assay values greater than one 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 May 4, 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 km 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 at Queensway, with the drill count planned to increase to 10 rigs by the end of May, 2021. With a current working capital balance of approximately $74-million, New Found is well financed for this program.

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