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New Found Gold Corp
Symbol NFG
Shares Issued 153,652,528
Close 2021-09-07 C$ 8.93
Recent Sedar Documents

New Found drills 2.65 m of 111.4 g/t Au at Queensway

2021-09-08 07:40 ET - News Release

Mr. Craig Roberts reports

NEW FOUND INTERCEPTS 111.4 G/T AU OVER 2.65 M AND 76.8 G/T AU OVER 2.80 M AT LOTTO MAIN VEIN: DOUBLES THE VERTICAL DEPTH TO 200 M

New Found Gold Corp. has released recently received assay results from seven holes drilled at the Lotto zone, located approximately two kilometres north of the Keats zone discovery. These holes were completed 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:

  • Highlight intervals are summarized in the associated table. Additional results are provided in a later table.

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

NFGC-21-233               169.20             171.85               2.65             111.36
NFGC-21-278               131.35             133.40               2.05              15.54
NFGC-21-311               294.65             297.45               2.80              76.81
including                 294.65             296.55               1.90             112.51

* Note that the true width of the mineralization is uncertain, but 
host structures are interpreted to be steeply dipping implying true 
widths in the range of 80 per cent to 90 per cent of reported intercepts. 
Intervals are calculated at a one g/t Au cut-off grade and minimum width 
of two m; grades have not been capped in the averaging.

  • The interval of 76.81 g/t Au over 2.80 m in NFGC-21-311 is almost 90 m vertically deeper than the previously reported interval in NFGC-21-201, which yielded 683.1 g/t Au over 2.45 m (see press release dated June 23, 2021), and has doubled the depth of the Main vein to over 200 m vertically, starting at surface and open to depth.
  • The high-grade intervals reported to date occur in a steeply (78 degrees) east-dipping vein that is part of a network of north-south-striking vein arrays that are spatially associated with the Lotto baseline fault zone, a splay of the Appleton fault zone. Recent drilling has defined the vein network over a 340 m by 325 m area that remains open in all directions.
  • The company continues to test new targets at Lotto with current exploration focused on extending the Lotto Main vein to depth and along strike.
  • The mineralization drilled at Lotto is often characterized by massive and vuggy textured veins containing very fine visible gold, arsenopyrite, chalcopyrite, boulangerite and ammonium-illite, which are common traits found in epizonal systems, similar to the high-grade gold mineralization encountered at Keats.

Greg Matheson, PGeo, chief operating officer of New Found, stated: "The Lotto Main vein structure continues to show strong continuity and consistent widths of high-grade gold mineralization from two to 10 plus metres width downhole (note that true widths are estimated at 80 per cent to 90 per cent of reported drill interval widths). While numerous secondary mineralized structures exist outside the Main vein structure, we have started to target expansion of the Main vein at depth with significant intercepts of 111.36 g/t over 2.65 m (NFGC-21-233) and 76.81 g/t Au over 2.80 m (NFGC-21-311). NFGC-21-311 is the deepest hole drilled to date and demonstrates significant persistence of continuity of the Lotto Main vein to depth. The grades and widths at Lotto are outstanding and we are very excited to be consistently hitting these high-grade intervals as we step out to depth and along strike."

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

NFGC-21-109             146.55           148.60             2.05             6.17
and**                   152.70           161.50             8.80            19.30
including               154.20           157.40             3.20            51.30
and                     179.00           181.00             2.00             1.03
NFGC-21-205             216.00           219.00             3.00             4.75
NFGC-21-211                                                                   NSV
NFGC-21-233             169.20           171.85             2.65           111.36
NFGC-21-278             131.35           133.40             2.05            15.54
NFGC-21-285             163.40           167.30             3.90             6.99
NFGC-21-311             294.65           297.45             2.80            76.81
including               294.65           296.55             1.90           112.51

* Note that the true width of the mineralization is uncertain, but host 
structures are interpreted to be steeply dipping implying true widths in the 
range of 80 per cent to 90 per cent of reported intercepts. Intervals are 
calculated at a one g/t Au cut-off grade and minimum width of two m, grades 
have not been capped in the averaging. 
** Results released on March 23, 2021, from NFGC-21-109 updated with additional 
secondary zone results.

Queensway 200,000 m drill program update

Approximately 38 per cent of the 200,000 metres have been drilled to date with approximately 21,000 metres of core pending assay results. Nine core rigs are currently operating, with a 10th scheduled to start in the third quarter of 2021.

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 90 per cent of reported core lengths. Reported grades have not been capped. Assays are uncut, and calculated intervals are reported over a minimum length of two m 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 (inductively coupled plasma) finish at ALS 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 Mr. Matheson, PGeo, and a qualified person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this news release dated Sept. 8, 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 m drill program at Queensway. Nine rigs are currently in operation at Queensway with the drill count planned to increase to 10 rigs in Q3 2021.

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