06:41:55 EST Mon 25 Jan 2021
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New Found Gold Corp
Symbol NFG
Shares Issued 146,394,023
Close 2021-01-08 C$ 4.11
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New Found drills 15.9 m of 31.4 g/t Au at Queensway

2021-01-11 08:23 ET - News Release

Mr. Craig Roberts reports


New Found Gold Corp. has provided partial results from four diamond drill holes recently completed at the Keats zone and six initial holes drilled at the Little-Powerline zone, drilled as part of the company's continuing 200,000-metre diamond drill program at its 100-per-cent-owned Queensway project, 15 kilometres west of Gander, Nfld.

Keats zone highlights

Intervals displaying significant quartz veining, sulphide mineralization and/or visible gold are assayed on a rush basis. Recent results received for four holes at Keats are summarized in the attached "Keats zone summary results" table.


               From       To    Interval    Au grade
                 (m)      (m)         (m)       (g/t)

NFGC-20-41     11.7     22.1        10.4       22.50
and            45.0     60.9        15.9       31.40
NFGC-20-43    119.8    138.0        18.2       10.00
including     122.3    130.0         7.7       20.70
NFGC-20-33    151.9    156.0         4.0        2.59    
NFGC-20-36     96.4    105.3         8.9        5.16    


Two shallow high-grade intervals in hole NFGC-20-41 (22.5 grams per tonne gold over 10.4 metres and 31.4 g/t Au over 15.9 m) have extended the Keats zone 50 m to the north of discovery hole NFGC-19-01.

Importantly, high-grade mineralization in NFGC-20-41 starts just 12 m down hole at the bedrock surface.

Greg Matheson, PGeo, chief operating officer of New Found, stated: "Veining in drilling to date at the Keats zone is characterized by quartz and sulphide mineralization displaying consistent broad thicknesses in the range of 10 m to 40 m. Intervals of visible gold have been consistently encountered within broader mineralized vein intervals with assays to date returning consistent high-grade Au tenors. Good continuity is evident between holes with approximately 100 m of strike now confirmed on this exciting high-grade zone. The zone remains open along strike and to depth, with geophysics, surface sampling and wide-spaced drilling indicating at least 300 m of prospective strike. Increasing our drill count from four to eight drills early in 2021 will help us to ramp up the grid drilling at Keats and to also test multiple other high-grade targets along five kilometres of strike on the Appleton fault zone and three km of strike on the JBP fault zone."

Note that the exact orientation of the veins is uncertain but believed to be steeply dipping thus implying true widths of the high-grade zone to be in the 70-per-cent to 80-per-cent range of reported drill lengths.

Little-Powerline zone highlights

First pass drilling at the Little-Powerline zone, located on the west side of the Appleton fault approximately one km northwest of the Keats zone, has returned early promising results including those in the "Little-Powerline zone" table.

             From     To    Interval    Au grade   Ag grade
               (m)    (m)         (m)      (g/t)       (g/t)   
NFGC-20-11   21.3   38.5        17.2       1.28            
NFGC-20-12   16.9   26.5         9.6       2.61            
including    23.2   25.5         2.3       7.75            
NFGC-20-14   11.0   13.0         2.0                  253.8   
and          57.0   58.0         1.0                   94.9    


Holes NFGC-20-11 and NFGC-20-12 returned significant intervals of near-surface gold mineralization including 1.28 g/t Au over 17.2 m and 2.61 g/t Au over 9.6 m, respectively. The latter interval includes a high-grade interval of 7.75 g/t Au over 2.3 m.

Interestingly and unexpectedly, hole NFGC-20-14 returned two intercepts of high-grade silver mineralization including 253.8 g/t Ag over 2.0 m. This is the first instance of high-grade silver being identified on the Queensway property.

Silver mineralization is located proximal to the Little-Powerline gold-bearing structures but is believed to be a separate, earlier mineralizing system. Further geological investigation is continuing to determine the significance of these intervals and to develop a follow-up plan for additional drilling.

Note that the exact orientation of the veins is uncertain but believed to be steeply dipping thus implying true widths of the high-grade zone to be in the 70-per-cent to 80-per-cent range of reported drill lengths.

                               KEATS ZONE INTERVAL SUMMARIES
Hole No.            From (m)          To (m)    Interval (m)        Au (g/t)           Zone

NFGC-20-33            151.9             156             4.0            2.59      Keats Main
And                   164.4           172.2             7.8            1.78
NFGC-20-36             75.4            77.4             2.0            7.22      Keats Main
And                    88.8           107.7            18.9            3.29
Incl.                  96.4           105.3             8.9            5.15
And                   117.7           123.8             6.1            1.11
NFGC-20-41             11.7            22.1            10.4            22.5      Keats Main
Incl.                    13            16.7             3.7            58.9
And                      32            35.5             3.5            1.36
And                      45            60.9            15.9            31.4
Incl.                  49.3            55.6             6.3            67.7
NFGC-20-43            109.7             114             4.3            1.54      Keats Main
And                   119.8             138            18.2            10.0
Incl.                 122.3             130             7.7            20.7
And                   145.6           147.8             2.2            1.29


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

NFGC-20-11        21.3     38.5           17.2        1.28     Little-Powerline
NFGC-20-12        16.9     26.5            9.6        2.61     Little-Powerline
Incl.             23.2     25.5            2.3        7.75
NFGC-20-13         NSR                                         Little-Powerline
NFGC-20-14         NSR Au, see Ag results in "Anomalous Ag 
                   results from Little-Powerline" table        Little-Powerline
NFGC-20-15         NSR                                         Little-Powerline
NFGC-20-16         NSR                                         Little-Powerline

NSR: no significant Au results.


Hole No.     From (m)   To (m)   Interval (m)   Ag (g/t)   Zone

NFGC-20-14      11.0     13.0            2.0      253.8    Little-Powerline
And             57.0     58.0            1.0       94.9                    


Quality assurance/quality control

True widths of the new exploration 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 whole sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, B.C. The whole 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. Any samples that returned overlimit values (over 100 g/t silver) were analyzed with the Ag-OG62 procedure (Ag by HF-HNO3-HClO4 digestion with HCl leach, ICP-AES or AAS finish). 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.

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. With working capital of approximately $67-million the company is well financed to continue its current 200,000 m program, with a planned increase from the current four drills to eight drills by February, 2021. New Found has a proven capital markets and mining team with major shareholders including Palisades Goldcorp (33 per cent), Eric Sprott (18 per cent), Novo Resources (11 per cent), Rob McEwen (7 per cent), other institutional ownership (8 per cent), and management, directors, and insiders (4 per cent). Approximately 65 per cent of the company's issued and outstanding shares are subject to escrow or 180-day lock-up agreements.

New Found Gold at the 2021 Cordilleran Roundup

New Found Gold will be attending the 2021 AME Remote Roundup with a core shack booth Jan. 18 to 22. Visit New Found Gold's virtual booth for the following presentations: Greg Matheson, PGeo, its chief operating officer, will be presenting the Queensway project on Jan. 18 and Jan. 21 at 10:30 a.m. PST, and Denis Laviolette, PGeo, president, and Craig Roberts, PEng, chief executive officer, will provide a corporate presentation on Jan. 20 at 10:30 a.m.


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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