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New Found Gold Corp
Symbol NFG
Shares Issued 153,652,528
Close 2021-09-14 C$ 7.83
Recent Sedar Documents

New Found drills two m of 137.49 g/t Au at Queensway

2021-09-15 07:45 ET - News Release

Mr. Denis Laviolette reports

NEW FOUND INTERCEPTS MORE HIGH-GRADE GOLD AT KEATS; EXTENDS ZONE 200M VERTICALLY TOWARDS SURFACE

New Found Gold Corp. has received assay results from 29 holes drilled at the Keats zone, located along the Appleton fault zone. 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-21-145             39.00          41.50           2.50          21.29
NFGC-21-170            101.55         106.40           4.85          31.80
NFGC-21-184            140.25         143.25           3.00          36.52
NFGC-21-250            170.75         177.80           7.05          32.65
NFGC-21-251            227.00         229.00           2.00         137.49
NFGC-21-257            229.50         232.55           3.05          24.12
NFGC-21-310            279.25         281.45           2.20         104.59

* 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 
85 per cent to 95 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 104.59 g/t Au over 2.20 m in NFGC-21-310 is the farthest south drill interval reported to date along the southwesterly plunging core dilatational zone extending drill definition of this zone.
  • Recent intercept highlights of 31.80 g/t Au over 4.85 m in NFGC-21-170 and 36.52 g/t Au over 3.00 m in NFGC-21-184 updip of the core dilatational zone within the Keats fault demonstrate strong vertical continuity of the Keats Main zone to surface.
  • The Keats high-grade zone vertical profile now exceeds 200 m updip of the core dilatational zone and is open to surface and along strike to the northeast and southwest.
  • Drill hole NFGC-21-257 intersected a new zone of high-grade gold mineralization in the hangingwall of the Keats fault near surface; the interval graded 9.18 g/t Au over 2.70 m.
  • Future exploration at Keats will continue to expand the Keats Main zone along strike and down plunge but also focus on targeting specific zones in both the hangingwall and footwall of the Keats fault.

Denis Laviolette, president of New Found, stated: "The high-grade zones along the Appleton fault continue to see significant expansion. Today's announcement demonstrates further continuity of high-grade gold mineralization at Keats including between the core dilatational zone and surface, a vertical distance of 200 m. Last week we announced that we doubled the drilled depth of the high-grade Lotto vein system with strong vertical continuity, and we are now seeing similar vertical continuity at Keats above the plunging dilation zone. We are pleased to see high-grade zones that start at surface and extend for these distances along strike and to depth, remaining open in all directions for further expansion. The addition of a new hangingwall zone at Keats near surface adds to the growing list of discoveries made this past year along the Appleton fault. These discoveries continue to support our belief in the high potential for additional discoveries along approximately 7.8 km of strike on the Appleton fault, within a prospective corridor of approximately 500 m on each side of the Appleton fault."

Drill hole details

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

NFGC-21-92                   176.00              178.00                2.00                1.92
NFGC-21-120**                  9.65               21.70               12.05               12.65
including                      9.65               13.25                3.60               35.76
and**                         22.90               25.00                2.10                1.33
and**                         28.20               33.00                4.80                1.98
and**                         36.00               38.00                2.00                2.66
and**                         40.30               46.00                5.70                5.16
and                           95.00               98.00                3.00                1.69
NFGC-21-140                   95.50              103.45                7.95                3.59
including                    100.15              102.45                2.30                9.69
and                          164.25              166.60                2.35                1.01
NFGC-21-145                   39.00               41.50                2.50               21.29
and                           81.00               83.35                2.35               13.04
NFGC-21-148A                 233.50              256.35               22.85                1.15
NFGC-21-149                   48.05               53.60                5.55                2.46
and                           62.55               67.35                4.80                9.22
and                           72.80               77.45                4.65                1.82
NFGC-21-163                   73.80               85.40               11.60                4.92
including                     77.65               80.65                3.00               13.30
and                          154.00              156.75                2.75                1.40
NFGC-21-164                  247.80              250.00                2.20                1.37
and                          261.00              263.00                2.00                1.23
and                          267.45              270.00                2.55                1.65
and                          272.30              277.20                4.90                1.77
NFGC-21-170                   70.00               72.70                2.70                1.96
and                           90.70               93.00                2.30                1.02
and                          101.55              106.40                4.85               31.80
NFGC-21-173                  115.60              117.80                2.20                1.39
and                          126.90              128.95                2.05                4.09
NFGC-21-174                  273.60              277.05                3.45                1.79
and                          300.00              306.00                6.00                1.57
and                          340.90              343.00                2.10                1.85
NFGC-21-184                  140.25              143.25                3.00               36.52
and                          151.30              154.00                2.70                1.02
NFGC-21-188A                                                                                NSV
NFGC-21-194                                                                                 NSV
NFGC-21-198                  141.85              144.30                2.45                1.03
and                          154.50              156.55                2.05                4.23
NFGC-21-200                                                                                 NSV
NFGC-21-203                  157.35              162.15                4.80                2.71
including                    157.35              159.90                2.55                4.14
and                          173.50              176.00                2.50                1.08
and                          242.60              245.65                3.05                1.12
NFGC-21-212                   71.60               74.75                3.15                2.64
and                           90.00               92.65                2.65                1.77
NFGC-21-222                  242.00              245.70                3.70                1.20
and                          260.00              262.85                2.85                1.33
and                          290.95              293.20                2.25                1.19
and                          334.95              337.00                2.05                1.51
NFGC-21-223                   21.00               23.65                2.65                1.05
and                           88.40               90.60                2.20                1.23
NFGC-21-227                   42.30               44.30                2.00                1.71
NFGC-21-229                                                                                 NSV
NFGC-21-236                   48.75               51.05                2.30                2.28
and                           61.65               64.00                2.35                1.91
NFGC-21-247                   43.55               45.90                2.35                1.01
and                           51.35               62.00               10.65                3.37
including                     52.85               55.05                2.20               10.10
and                           64.40               66.50                2.10                1.46
and                           77.00               79.60                2.60                1.31
and                           83.55               85.55                2.00                1.30
and                           90.65               93.00                2.35                1.05
and                          160.00              162.05                2.05                2.02
NFGC-21-250                  170.75              177.80                7.05               32.65
including                    171.60              175.90                4.30               52.36
and                          183.05              188.80                5.75                2.01
NFGC-21-251                  227.00              229.00                2.00              137.49
NFGC-21-257                   62.30               65.00                2.70                9.18
and                          229.50              236.00                6.50               16.04
including                    229.50              232.55                3.05               24.12
NFGC-21-283                  235.40              237.55                2.15                1.05
and                          239.30              246.85                7.55                1.21
and                          253.40              255.45                2.05                1.08
and                          268.55              270.95                2.40                1.10
and                          272.35              274.55                2.20                6.96
NFGC-21-310                  279.25              281.45                2.20              104.59

* 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 85 per cent to 95
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 July 5, 2021, from NFGC-21-120 updated with additional secondary
zone results.

Queensway 200,000 m drill program update

Approximately 44 per cent of the 200,000 metres have been drilled to date with approximately 20,000 metres of core pending assay results. Nine core rigs are currently operating, with a 10th scheduled to start in the third quarter 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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