New Found Gold Corp. (“New Found” or the
“Company”) (TSXV: NFG, NYSE American: NFGC) is pleased to
provide an update on fieldwork and reporting of drill results from
its 100%-owned Queensway Project (“Queensway”), located on
the Trans-Canada Highway 15km west of Gander, Newfoundland.
- New Found is pleased to report that it is proceeding
immediately with assaying of drill whole-core samples from its
Queensway Project utilizing the Chrysos PhotonAssay™ method at
Intertek’s facilities in Perth, Western Australia. Novo Resources
Corp. (TSX; NVO) ("Novo") a significant shareholder of New Found
currently utilizes Intertek’s Chrysos PhotonAssay™ facilities in
Perth for production and exploration samples from their Western
Australian gold mining and exploration projects and is facilitating
priority access for New Found to the Intertek facilities under
Novo's arrangement with Intertek.1
- The Company is planning to send the first shipment of Queensway
drill core from Gander this coming week, including intervals from
recent drilling that were previously designated for conventional
assay on a rush basis. Assay results from these samples are
anticipated to be received and reported in the coming weeks.
- Intertek is an industry leader and employs more than 43,000
employees worldwide providing quality assurance, testing,
inspection, and certification services. Its assay facilities in
Perth are utilized by a broad spectrum of gold mining and
exploration companies and it operates two Chrysos PhotonAssay™
instruments at its Perth laboratory with a third to be installed
shortly.
- As outlined in New Found's November 4 news release, the Company
is advancing towards an agreement with MSALABS for 20,000 assays
per month at a new facility they anticipate commissioning shortly
in Val d'Or, Quebec, and is also working with MSALABS towards an
agreement for the installation of a Chrysos PhotonAssay™ unit in
Gander in 2022.
- The utilization of the Intertek facilities in Perth will allow
the Company to immediately proceed with utilizing the Chrysos
PhotonAssay™ for the assay of drill core currently being produced
at Queensway. This assay work would transition to the MSALABS
facility in Val d’Or, Quebec once capacity there is available to
the Company.
- Queensway core will be logged and photographed at New Found's
facilities in Gander prior to shipment of whole-core samples to
Perth where sample preparation and Chrysos PhotonAssay™ assaying of
the samples will be completed. The Chrysos PhotonAssay™ method is
non-destructive and New Found’s QA/QC program will include fire
assay/metallic screening of sample material post photon assay for
comparison of the results.
- Dr. Quinton Hennigh, a Director of New Found, has significant
experience working with Intertek and utilizing their Chrysos
PhotonAssay™ units in Perth, including on nuggety gold material.
Dr. Hennigh will help coordinate the shipping of Queensway samples
from Gander to Perth as well as Intertek’s receipt of the material,
sample preparation and Chrysos PhotonAssay™ work on these Queensway
samples.
Melissa Render, P.Geo., VP Exploration of New Found stated: “We
are very pleased to be proceeding promptly with utilizing the
Chrysos PhotonAssay™ method to assay drill core from our Queensway
project. We would like to thank Novo Resources Corp. for
facilitating swift access for us to the Intertek Chrysos
PhotonAssay™ facilities. With the current large backlog of samples
and resulting slow turnaround times for conventional assaying in
North America, even with the additional transport time required to
ship samples to Perth we believe that proceeding with Chrysos
PhotonAssay™ analysis at these facilities in Perth will
significantly shorten our turnaround time on assays. This will
provide faster receipt of critical information to our exploration
team and will allow more timely disclosure of drill results to the
market. Recognizing the nuggety nature of gold mineralization at
Queensway, the use of non-destructive, Chrysos PhotonAssay™ method
on whole-core samples will contribute significantly to optimising
the accuracy of our assay results. The Chrysos PhotonAssay™ method
is rapidly gaining industry wide acceptance. Barrick in partnership
with MSALABS recently installed a Chrysos PhotonAssay™ unit at its
Bulyanhulu Mine in Tanzania, and Kirkland Lake Gold recently
installed a unit at its Fosterville Mine in Victoria State,
Australia. We are very excited to be moving ahead and implementing
the Chrysos PhotonAssay™ assay process for our Queensway Project
and we look forward to reporting our first assay results from
recent drilling in the next several weeks."
About Chrysos PhotonAssay™
The Chrysos PhotonAssay™ instrument was developed at Australia’s
national science agency, the Commonwealth Scientific and Industrial
Research Organization or CSIRO (https://www.csiro.au). Chrysos
Corporation (https://www.chrysos.com.au/) was formed in partnership
with CSIRO to commercialize the technology. Sample preparation
comprises crushing the sample material and placing this material in
sample jars and then into the instrument. The Chrysos PhotonAssay™
instrument directs high-energy X-rays at the sample causing
excitation of atomic nuclei, allowing analysis of gold, silver, and
other elements in as little as two minutes.
Importantly, Chrysos PhotonAssay™ allows large samples of up to
500g to be measured and provides a true bulk reading independent of
the chemical or physical form of the sample. This assay method has
particular advantages for nuggety gold mineralization, facilitating
the assay of an entire core interval of gold mineralization in
multiple sample jars, thereby maximizing the sample size and
increasing the reliability of the result. The process is completely
non-destructive, preserving sample material for additional work
including check assays by conventional fire assay and metallic
screening.
This method is now employed around the world by various mining
and exploration companies with excellent results. For example,
Barrick recently partnered with MSALABS to install a Chrysos
PhotonAssay™ unit at Barrick’s Bulyanhulu Mine in Tanzania, and
Kirkland Lake Gold recently installed a Chrysos PhotonAssay™ unit
at its Fosterville Mine in Australia. Other companies that are
actively utilizing the Chrysos PhotonAssay™ include Novo Resources
Corp. at its mining operations and exploration projects in Western
Australia and Benz Mining Corp. Benz recently announced results
from 8,500kg of material shipped from its Eastmain Gold Project in
Quebec to Intertek in Perth and have also announced an agreement
with MSALABS guaranteeing exclusivity on 20,000 assays per month at
MSALABS Chrysos PhotonAssay™ facility in Val d’Or. Additional
information on the utilization of the Chrysos PhotonAssay™ method
by these companies can be found on line.
Qualified Person
The technical content disclosed in this press release was
reviewed and approved by Greg Matheson, P. Geo., Chief Operating
Officer, and a Qualified Person as defined under National
Instrument 43-101. Mr. Matheson consents to the publication of this
news release dated November 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% interest in the Queensway Project,
located 15km west of Gander, Newfoundland, and 18km 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 access to a highly skilled workforce in
Newfoundland. The Company is currently undertaking a 400,000m drill
program at Queensway and is well funded for this program with a
current working capital balance of approximately $103 million,
which is anticipated to increase to approximately $148 million on
closing of the recently announced financing by Eric Sprott (note
that this additional financing is subject to the satisfaction of
customary closing conditions, including the approval of the TSX
Venture Exchange (the “TSXV”) and approval by the shareholders of
the Company if required by the TSXV).
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Contact
To contact the Company, please visit the Company’s website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation and the U.S.
Private Securities Litigation Reform Act of 1995, relating to assay
results, exploration and drilling on the Company’s Queensway gold
project in Newfoundland, interpretation of the assay results and
the results of the drilling program, the discovery of zones of
high-grade gold mineralization, follow-up step-out drilling and
funding of the drilling program, the timing of the work to assess
the presence and source of bias, the execution of an agreement with
MSALABS, and the benefits of the Chrysos PhotonAssay™ assay method.
Although the Company believes that such statements are reasonable,
it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are statements that are not
historical facts; they are generally, but not always, identified by
the words "expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "aims," “suggests,” "potential," "goal,"
"objective," "prospective," “possibly,” and similar expressions, or
that events or conditions "will," "would," "may," "can," "could" or
"should" occur, or are those statements, which, by their nature,
refer to future events. The Company cautions that forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made, and they
involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with possible
accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, risks associated with the interpretation of
assay results and the drilling program, the possibility that the
Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
the risk that the Company will not be able to raise sufficient
funds to carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management’s
discussion and Analysis, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com and on EDGAR at www.sec.gov
for a more complete discussion of such risk factors and their
potential effects.
___________________________ 1 Refer to Novo's news release dated
May 18, 2021
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211108005658/en/
New Found Gold Corp. Per: "Craig Roberts" Craig Roberts,
P.Eng., Chief Executive Officer Email: croberts@newfoundgold.ca
Phone: +1 (910) 406-2407
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