New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
a new high-grade gold discovery located at the Lotto prospect. This
hole was drilled as part of an ongoing systematic grid drilling
program to test along the highly prospective regional-scale
Appleton Fault Zone (“AFZ”). New Found's 100% owned
Queensway project comprises a ~ 1500km2 area, accessible via the
Trans-Canada Highway approximately 15km west of Gander,
Newfoundland.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220608005421/en/
Figure 1. Photo of mineralization from
NFGC-22-552 at approximately 88.4m down hole depth. ^Note that
these photos are not intended to be representative of gold
mineralization in hole NFGC-22-552. (Photo: Business Wire)
Highlight:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-22-552
87.95
89.95
2.00
89.5
Including
88.35
88.75
0.40
442
Table 1: Tuesday Drilling Highlight
1Note that the host structures are interpreted to be steeply
dipping and true widths are unknown at this time. Infill veining in
secondary structures with multiple orientations crosscutting the
primary host structures are commonly observed in drill core which
could result in additional uncertainty in true width. Composite
intervals reported carry a minimum weighted average of 1 g/t Au
diluted over a minimum core length of 2m with a maximum of 2m
consecutive dilution. Included high-grade intercepts are reported
as any consecutive interval with grades greater than 10 g/t Au.
Grades have not been capped in the averaging and intervals are
reported as drill thickness.
- At the Lotto prospect, drill testing in the area between
the “Lotto Main” vein and the AFZ, intersected a new high-grade
zone that returned 89.5 g/t Au over 2.00m in NFGC-22-552
that is 55m below surface, named the “Tuesday” Zone
(Figures 2 and 3).
- The Tuesday Zone is located in a similar stratigraphic
position as the Sunday Zone which is 80m north in the footwall to
the AFZ where hole NFGC-20-44 returned 18.1 g/t Au over
6.50m (see January 14, 2021 news release), and NFGC-21-319
returned 23.1 g/t Au over 2.05m (see March 24, 2022 news
release). The new Tuesday Zone is interpreted to comprise part of
the network of high-grade veins and associated faults developed
within the footwall to the AFZ occurring at an intersection between
two differently oriented vein-trends (Figures 2 and 3), with
mineralization remaining open in all directions.
Melissa Render, VP Exploration for New Found, stated, “The
ongoing systematic drill-testing along this well-mineralized Keats
- Lotto segment of the AFZ continues to identify very gold-rich
epizonal-style vein networks. Gold-bearing structures propagate in
differing orientations throughout a +200m wide corridor of rock
adjacent to the AFZ. The extent of this fracture zone is not well
constrained by drilling to date, but many lengths of untested
structure are interpreted in the volume defined so far, and these
are currently being targeted by drilling, particularly focused on
near-surface gold mineralization. The Lotto Main vein located
further east remains an important open-ended high-grade gold target
with drills currently working to define its extent along strike to
the north.”
Discussion
Mineralization at the Queensway Project is hosted by a
fold-thrust sequence of northeast-striking, steeply dipping
turbiditic sedimentary rocks deposited and deformed and fractured
during the closure of the Iapetus Ocean and subsequent
continent-continent collision. During this prolonged period of
continued shortening, at least two regional-scale deformation zones
developed and include the AFZ and JBP fault zones. The AFZ is
interpreted to be a significant, deep-seated thrust fault, that
strikes southwest across the full +100km length of the property and
is likely the main conduit for the gold mineralizing fluids, much
like the Cadillac-Larder Lake Fault Zone in the Abitibi.
As a result of progressive deformation, the brittle host
stratigraphy developed an extensive network of gold-bearing fault
zones enveloping the AFZ, the extents of which are not yet known.
This structural relationship is illustrated in Figure 2 and
demonstrates the currently defined vein and associated fault
orientations based on structural interpretation and drilling to
date along the 1km corridor from Keats to Lotto. Higher grades and
widths of gold mineralization occur in areas where there was
greater mineralizing fluid flow such as at structural
intersections, at dilational openings within fault structures, and
along lithological contacts where breakage occurs due to
rheological differences in the compressional strength of
contrasting sedimentary rock units. A significant amount of the
high-grade gold mineralization intercepted in drilling to date is
interpreted to be epizonal in nature, having been emplaced when
tectonic movements resulted in the explosive tapping of deep
gold-rich magmatic fluids that rapidly precipitated gold as they
migrated towards surface.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-22-552
87.95
89.95
2.00
89.5
Including
88.35
88.75
0.40
442
Table 2: Summary of composite results
reported in this release for Tuesday Zone
1Note that the host structures are interpreted to be steeply
dipping and true widths are unknown at this time. Infill veining in
secondary structures with multiple orientations crosscutting the
primary host structures are commonly observed in drill core which
could result in additional uncertainty in true width. Composite
intervals reported carry a minimum weighted average of 1 g/t Au
diluted over a minimum core length of 2m with a maximum of 2m
consecutive dilution. Included high-grade intercepts are reported
as any consecutive interval with grades greater than 10 g/t Au.
Grades have not been capped in the averaging and intervals are
reported as drill thickness.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
NFGC-22-552
300
-45
201
658833
5429014
Table 3: Details of drill holes reported in
this release
Queensway 400,000m Drill Program Update
Approximately 48% of the planned 400,000m program at Queensway
has been drilled to date with ~21,700 of the core with pending
assay results. Twelve core rigs are currently operating and New
Found is targeting an increase in the drill count to 14 rigs.
Sampling, Sub-sampling, Laboratory, and Discussion
True widths of the intercepts reported in this press release
have yet to be determined and further exploration is required.
Infill veining in secondary structures with multiple orientations
crosscutting the primary host structures are commonly observed in
drill core which could result in additional variability in true
width. Assays are uncut, and composite intervals are calculated
using a minimum weighted average of 1 g/t Au diluted over a minimum
core length of 2m with a maximum of 2m consecutive dilution.
Included high-grade intercepts are reported as any consecutive
interval with grades greater than 10 g/t Au.
All drilling recovers HQ core. Drill core is split in half using
a diamond saw or a hydraulic splitter for rare intersections with
incompetent core.
A professional geologist examines the drill core and marks out
the intervals to be sampled and the cutting line. Sample lengths
are mostly 1.0 meter and adjusted to respect lithological and/or
mineralogical contacts and isolate narrow (<1.0m) veins or other
structures that may yield higher grades. Once all sample intervals
have been chosen, photos of the wet and dry core are taken for
future reference.
Technicians saw the core along the defined cut-line. One-half of
the core is kept as a witness sample and the other half is
submitted for crushing, pulverizing, and assaying. Individual
sample bags are sealed and placed into shipping pails and/or nylon
shipping bags, sealed, and marked with the contents.
Drill core samples are shipped to ALS Canada Ltd. (“ALS”)
for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario,
or Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS
operates under a commercial contract with New Found.
The entire sample is crushed to approximately 70% passing 2mm. A
3,000-g split is pulverized. “Routine” samples do not have visible
gold (“VG”) identified and are not within a mineralized
zone. Routine samples are assayed for gold by 50-g fire assay with
an inductively-couple plasma spectrometry (“ICP”) finish. If
the initial 50g fire assay gold result is over 1 g/t, the remainder
of the 3,000g split is screened at 106 microns for screened
metallics assay. For the screened metallics assay, the entire
coarse fraction (sized greater than 106 microns) is fire assayed
and two splits of the fine fraction (sized less than 106 microns)
are fire assayed. The three assays are combined on a
weight-averaged basis.
Samples that have VG identified or fall within a mineralized
interval are automatically submitted for screened metallic assay
for gold.
All sample pulps are also analyzed for a multi-element ICP
package (ALS method code ICP61).
Drill program design, Quality Assurance/Quality Control, and
interpretation of results are performed by qualified persons
employing a rigorous Quality Assurance/Quality Control program
consistent with industry best practices. Standards and blanks
account for a minimum of 10% of the samples in addition to the
laboratory’s internal quality assurance programs.
Quality Control data are evaluated on receipt from the
laboratories for failures. Appropriate action is taken if assay
results for standards and blanks fall outside allowed tolerances.
All results stated have passed New Found’s quality control
protocols.
New Found’s quality control program also includes submission of
the second half of the core for approximately 2% of the drilled
intervals. In addition, approximately 3% of sample pulps for
mineralized samples are submitted for re-analysis to a second
ISO-accredited laboratory for check assays.
The Company does not recognize any factors of drilling,
sampling, or recovery that could materially affect the accuracy or
reliability of the assay data disclosed.
The assay data disclosed in this news release have been verified
by the Company’s Qualified Person against the original assay
certificates.
The Company notes that it has not completed any economic
evaluations of its Queensway Project and that the Queensway Project
does not have any resources or reserves.
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 June 8, 2022, 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 just 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 easy access to a highly skilled workforce. The
Company is currently undertaking a 400,000m drill program at
Queensway, now approximately 48% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $87 million as of June 2022.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Acknowledgements
New Found acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Natural Resources,
Government of Newfoundland and Labrador.
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, 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. 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 for a more complete
discussion of such risk factors and their potential effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220608005421/en/
New Found Gold Corp. Per: "Collin Kettell" Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Jun 2024 to Jul 2024
National Fuel Gas (NYSE:NFG)
Historical Stock Chart
From Jul 2023 to Jul 2024