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New Found Gold Corp
Symbol NFG
Shares Issued 146,394,023
Close 2021-01-13 C$ 3.85
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New Found drills 6.5 m of 18.1 g/t Au at Queensway

2021-01-14 08:26 ET - News Release

Mr. Craig Roberts reports

NEW FOUND INTERCEPTS 18.1 G/T AU OVER 6.5M INCLUDING 38.7 G/T OVER 2.95M IN NEW "SUNDAY ZONE" DISCOVERY IN THE APPLETON FAULT HANGING WALL, 2 KM NORTH OF KEATS ZONE

New Found Gold Corp. has made a new high-grade gold discovery at its 100-per-cent-owned Queensway project, 15 kilometres west of Gander, Nfld.

Highlights

  • An interval in what is interpreted to be on the hangingwall side of the main Appleton fault displaying a broad quartz breccia vein, sulphide mineralization and/or visible gold starting at a down hole depth of 239 metres was assayed on a rush basis returning 6.5 m at 18.1 grams per tonne Au including 2.95 m at 38.7 g/t Au. This new discovery has been named the Sunday zone.
  • To date the company has focused drilling targets along a two km corridor typically 200 m to 400 m to the east of the main Appleton fault with only five holes to date having intersected the main Appleton fault. This is the first discovery interval drilled in or immediately adjacent to the main Appleton fault structure and opens a new target zone along the Appleton fault itself.
  • This discovery hole was drilled as a stepout 50 m to the north of two altered and mineralized intervals that returned up to 1.3 g/t Au in the hangingwall and footwall of the main Appleton fault in drill hole NFGC-20-17, which was extended to depth to drill test the Appleton fault itself (see the company's Oct. 2, 2020, news release).
  • A number of observed features of this new discovery interval including the style of alteration and mineralization, and the affiliation of high-grade gold with a breccia unit are reminiscent of what has been observed in high-grade drill intervals at Keats.

Greg Matheson, PGeo, chief operating officer of New Found, stated: "We are excited to have intersected this new high-grade discovery on the hangingwall side of the Appleton fault itself. Our work to date has focused on targets offset from the main Appleton fault zone including the Keats baseline zone, which are likely affiliated with a network of secondary structures related to the primary regional Appleton fault. This opens the entire Appleton fault itself as a primary target for high-grade gold mineralization, adding significantly to the already extensive prospective target area at Queensway North.

"A program of follow-up step-out drilling to this discovery interval is now under way. The recent decision to increase the company's drill count from four to eight drills early in 2021, and to expand its current program to 200,000 metres, will allow it to aggressively follow up on this new discovery without detracting from plan to continue grid drilling of multiple defined high-grade targets along five km of strike on the Appleton fault zone and three km of strike on the JBP fault zone."

Lotto zone hole NFGC-20-17 update

On Oct. 2, 2020, the company announced two separate intervals in its first hole at the Lotto zone, two km north of the Keats zone. As reported NFGC-20-17 returned 41.2 g/t Au over 4.75 m starting at 35 m down hole depth and 25.4 g/t Au over 5.15 m starting at 57 m down hole depth. The company has now received assay results for an additional high-grade interval in NFGC-20-17 of 16.3 g/t Au over 2.2 m starting at 30 m down hole depth, with three high-grade intervals now reported between 30 m and 62 m down hole depth. The company is continuing to drill at the Lotto zone including step-out holes from the NFGC-20-17 and intervals from this drilling have been submitted to the lab for assay on a rush basis.

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

NFGC-20-44    238.55    245.05           6.50        18.1    Sunday
Including     242.10    245.05           2.95        38.7          
NFGC-20-17     29.80     32.00           2.20        16.3     Lotto 
Previously reported results                        
NFGC-20-17     35.25     40.00           4.75        41.2     Lotto 
Including      35.25     36.90           1.65       108.7         
NFGC-20-17     56.95     70.75          13.80        10.1     Lotto 
Including      56.95     62.10           5.15        25.4          
Including      61.00     61.80           0.80       138.3         

* Note that the exact orientation of the veins and the true width of 
  the reported intervals is uncertain at this time.

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 is 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 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. 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 Jan. 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.

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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