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New Found Gold Corp
Symbol NFG
Shares Issued 148,684,523
Close 2021-02-22 C$ 3.37
Recent Sedar Documents

New Found drills 2.45 m of 224.7 g/t Au at Queensway

2021-02-23 07:53 ET - News Release

Mr. Craig Roberts reports

NEW FOUND INTERCEPTS 224.7 G/T AU OVER 2.45M AT LOTTO

New Found Gold Corp. has provided its recently received drill results from the Lotto zone, 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 west of Gander, Nfld.

Highlights

Highlights from these drill intercepts are summarized below.

                            LOTTO SUMMARY RESULTS

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

NFGC-20-20                   100.3         103.3          3.00          5.31
NFGC-20-27                   222.9         224.9          2.00          31.3
NFGC-20-50                    43.7          45.8          2.10          65.3
NFGC-20-100                  118.0         120.5          2.45         224.7
Previously reported
NFGC-20-20-17                 35.3          40.0          4.75          41.2
and                           57.0          62.1          5.15          25.4
  
* 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 70 per cent of reported intercepts. Intervals are calculated at a 
  one-gram-per-tonne-gold cut-off grade and minimum width of two m, grades 
  have not been capped in the averaging, maximum dilution allowed is two m. 

The intercept in NFGC-21-100 included over 250 disseminated flakes of visible gold and fine fracture coatings, with similar mineralogy to other high-grade drill intervals along the Appleton fault.

High-grade intercepts to date at Lotto are interpreted to primarily occur in a network of secondary, generally north-south-striking, structures. Veining on some of these structures is interpreted as continuous over up to at least 300 m of strike and open.

Thickening and higher grades appear to correlate to fault splays and the intersection of subvertical structures. The high-grade intervals in holes 17, 50 and 100 are interpreted to occur over such a vertically oriented zone. Drilling at Lotto will continue to step out to depth on identified zones, and will also test for additional high-grade zones focused on projected structural intersections and fault splays.

Drilling is also targeting the Lotto baseline fault for gold mineralization similar to that being drilled in the Keats baseline fault. Keats also exhibits a series of mineralized secondary structures surrounding the broader Keats baseline zone mineralization. Drill definition of high-grade gold in secondary structures at Lotto will be utilized to vector to targets in the Lotto baseline fault itself.

Greg Matheson, chief operating officer of New Found, stated: "Hole NFGC-21-100 returned some of the highest grades found to date at Queensway and as such is an outstanding result. Multiple high-grade drill intervals have now been encountered in a network of secondary structures, with high grade interpreted to be focused on fault splays and structural intersections. This interpretation is guiding the step-out drilling on high-grade intervals at Lotto as well as helping to identify additional targets of this type. This network of secondary faults has been projected over an approximately 300 m by 200 m area at Lotto and remains open in all directions.

"The Lotto baseline fault appears analogous to the Keats baseline fault and we continue to pursue possible high-grade mineralization in this broader, more primary structure. Drilling at Queensway will continue to test a corridor up to 500 m wide encompassing over 12 high-grade targets identified along the east side of the Appleton fault zone from Lotto to the Keats discovery two km to the south, and then another two km south to the area of Knob. The understanding of controls on high-grade mineralization being advanced at Lotto and Keats will help guide us as we explore this four km corridor."

Drill hole details

                         SUMMARY OF RESULTS REPORTED IN THIS RELEASE

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

NFGC-20-20                100.25              103.25                3.00                 5.3
Incl.                     100.60              101.30                0.70                15.6
NFGC-20-22                 91.50               99.90                8.40                 1.3
NFGC-20-24                 35.00               37.00                2.00                 2.0
                           42.30               45.40                3.10                 1.3
                          138.10              140.30                2.20                 1.2
NFGC-20-27                156.00              158.10                2.10                 1.7
                          222.90              224.90                2.00                31.3
NFGC-20-31                 45.70               52.00                6.30                 1.0
NFGC-20-35                                                                               NSV
NFGC-20-39                                                                               NSV
NFGC-20-42                 40.50               42.80                2.30                 1.2
                          108.00              112.55                4.55                 1.4
NFGC-20-44                 70.15               72.15                2.00                 2.1
                        238.55**              245.05                6.50                18.1
NFGC-20-47                 15.25               18.00                2.75                 1.4
                           29.35               31.35                2.00                 1.1
                           34.45               37.60                3.15                 2.5
                           42.00               45.10                3.00                 1.1
NFGC-20-50                 43.65               45.75                2.10                65.3
NFGC-20-100               118.00              120.45                2.45               224.7

* 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 70 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, maximum dilution allowed is 
  two m.

** Interval previously released on Jan. 14, 2021.                                                                                                                                                                                                                                                                                                 


  

Expansion of Queensway drill program

New Found also announces that a fifth drill is now operating on the Queensway project, with three additional drills expected to arrive over the next several weeks.

Sampling, subsampling and laboratory

True width of the mineralization is uncertain, but host structures are interpreted to be steeply dipping implying true widths in the range of 70 per cent of reported intercepts. Selected intervals were submitted on a rush basis including the reported interval for NFGC-21-100. Additional assays for these holes will be reported once received. 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 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 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 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 announcement dated Feb. 23 by New Found Gold. Mr. Matheson certifies that this announcement 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. With working capital of approximately $72-million the company is well financed to continue its current 200,000 m drill program, with a planned increase from the current four drill rigs to eight drill rigs in Q1 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).

Please see the company's website and the company's SEDAR profile.

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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