New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from one diamond drill hole that was completed as part
of a follow-up drill program at the new Iceberg discovery, a
high-grade zone located 300m northeast of Keats Main along the
highly prospective Appleton Fault Zone (“AFZ”). New Found’s
100%-owned Queensway project comprises a 1,662km2 area, accessible
via the Trans-Canada Highway, 15km west of Gander, Newfoundland and
Labrador.
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Figure 1: Photos of mineralization from:
Left: at ~75m in NFGC-23-1120, Right: at ~64m in NFGC-23-1120,
Bottom: at ~72.5m - 94m in NFGC-23-1120. ^Note that these photos
are not intended to be representative of gold mineralization in
NFGC-23-1120. (Photo: Business Wire)
Iceberg Highlights:
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-23-1120
53.55
57.35
3.80
14.60
Including
55.75
56.70
0.95
54.50
And
63.20
93.05
29.85
49.65
Including
63.70
64.75
1.05
56.11
Including
65.75
66.95
1.20
19.63
Including
67.55
68.55
1.00
31.90
Including2
73.10
77.45
4.35
183.28
Including2
78.85
80.35
1.50
31.13
Including2
83.75
84.55
0.80
14.65
Including2
85.55
86.40
0.85
25.50
Including2
90.10
93.05
2.95
158.00
Table 1: Iceberg Drilling Highlights
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 60% to 95% of
reported intervals.2 A structurally complex interval containing
possible oblique veining where true widths could be as low as 30%;
further drilling at varying orientations is required to accurately
apply a true width to this interval. 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 4m 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.
- 49.7 g/t Au over 29.85m and 14.6 g/t Au over
3.80m in NFGC-23-1120 is a 25m step-down from the fence of
three Iceberg discovery holes released on March 1, 2023, which
outlined a new, at-surface zone traced over 50m in strike length,
with the highlight interval of 72.2 g/t Au over 9.65m in
NFGC-23-1100, (Figures 1-4).
- Starting at just 35m from surface NFGC-23-1120 exhibits a
nearly continuous 40m drilled mineralized interval. High-grade gold
mineralization is well distributed throughout the intercept with 19
samples registering over 10 g/t Au and 9 samples grading above 50
g/t Au. Full gold assay samples are listed below in Table 3.
- Characteristics of mineralization remain consistent with those
seen at Keats Main, further supporting the interpretation that
Iceberg is hosted by the Keats-Baseline Fault Zone (“KBFZ”) and is
likely the eastern extension of Keats Main that has been displaced
by faulting.
Greg Matheson, COO of New Found, stated: “With this impressive
intercept located 25m below the fence of three holes released on
March 1, we have now added vertical dimension to this new and
growing discovery. Like Keats, Iceberg is shallowly located and
demonstrates strong quartz veining over significant widths.
Drilling is ongoing at Iceberg with a focus on both expansion of
this new discovery and exploring along strike within the projection
of the highly prospective KBFZ in search of additional near-surface
high-grade gold mineralization; several assays are pending from
this area.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)1
Au (g/t)
NFGC-23-1120
30.70
33.00
2.30
1.10
And
44.50
47.00
2.50
1.00
And
53.55
57.35
3.80
14.60
Including
55.75
56.70
0.95
54.50
And
63.20
93.05
29.85
49.65
Including
63.70
64.75
1.05
56.11
Including
65.75
66.95
1.20
19.63
Including
67.55
68.55
1.00
31.90
Including2
73.10
77.45
4.35
183.28
Including2
78.85
80.35
1.50
31.13
Including2
83.75
84.55
0.80
14.65
Including2
85.55
86.40
0.85
25.50
Including2
90.10
93.05
2.95
158.00
Table 2: Summary of composite results
reported in this press release for Iceberg and Keats Main
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 60% to 95% of
reported intervals.2 A structurally complex interval containing
possible oblique veining where true widths could be as low as 30%;
further drilling at varying orientations is required to accurately
apply a true width to this interval. 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 4m 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.
From (m)
To (m)
Length (m)
Au (g/t)
NFGC-23-1120
53.00
53.55
0.55
0.65
NFGC-23-1120
53.55
54.15
0.60
1.03
NFGC-23-1120
54.15
55.15
1.00
0.17
NFGC-23-1120
55.15
55.75
0.60
1.86
NFGC-23-1120
55.75
56.70
0.95
54.50
NFGC-23-1120
56.70
57.35
0.65
2.75
NFGC-23-1120
57.35
58.30
0.95
0.76
NFGC-23-1120
58.30
58.70
0.40
0.03
NFGC-23-1120
58.70
59.50
0.80
0.08
NFGC-23-1120
59.50
60.50
1.00
0.03
NFGC-23-1120
60.50
61.50
1.00
0.03
NFGC-23-1120
61.50
62.20
0.70
0.15
NFGC-23-1120
62.20
63.20
1.00
0.03
NFGC-23-1120
63.20
63.70
0.50
2.03
NFGC-23-1120
63.70
64.10
0.40
75.30
NFGC-23-1120
64.10
64.75
0.65
44.30
NFGC-23-1120
64.75
65.75
1.00
3.13
NFGC-23-1120
65.75
66.30
0.55
23.80
NFGC-23-1120
66.30
66.95
0.65
16.10
NFGC-23-1120
66.95
67.55
0.60
2.51
NFGC-23-1120
67.55
68.55
1.00
31.90
NFGC-23-1120
68.55
69.45
0.90
1.43
NFGC-23-1120
69.45
69.90
0.45
0.53
NFGC-23-1120
69.90
70.90
1.00
0.69
NFGC-23-1120
70.90
71.30
0.40
0.40
NFGC-23-1120
71.30
72.10
0.80
0.58
NFGC-23-1120
72.10
73.10
1.00
0.08
NFGC-23-1120
73.10
74.10
1.00
418.00
NFGC-23-1120
74.10
75.00
0.90
132.00
NFGC-23-1120
75.00
76.00
1.00
131.50
NFGC-23-1120
76.00
76.65
0.65
180.50
NFGC-23-1120
76.65
77.45
0.80
14.55
NFGC-23-1120
77.45
78.10
0.65
3.80
NFGC-23-1120
78.10
78.85
0.75
1.20
NFGC-23-1120
78.85
79.40
0.55
45.00
NFGC-23-1120
79.40
80.35
0.95
23.10
NFGC-23-1120
80.35
81.25
0.90
4.96
NFGC-23-1120
81.25
82.20
0.95
2.98
NFGC-23-1120
82.20
82.75
0.55
1.06
NFGC-23-1120
82.75
83.10
0.35
0.96
NFGC-23-1120
83.10
83.75
0.65
1.88
NFGC-23-1120
83.75
84.55
0.80
14.65
NFGC-23-1120
84.55
85.55
1.00
1.06
NFGC-23-1120
85.55
86.40
0.85
25.50
NFGC-23-1120
86.40
87.40
1.00
0.82
NFGC-23-1120
87.40
88.20
0.80
0.73
NFGC-23-1120
88.20
89.15
0.95
0.30
NFGC-23-1120
89.15
90.10
0.95
0.25
NFGC-23-1120
90.10
91.10
1.00
180.50
NFGC-23-1120
91.10
91.40
0.30
288.00
NFGC-23-1120
91.40
92.15
0.75
244.00
NFGC-23-1120
92.15
93.05
0.90
18.00
NFGC-23-1120
93.05
94.00
0.95
0.42
NFGC-23-1120
94.00
94.65
0.65
0.82
Table 3: Gold assay sample intervals
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-23-1120
300
-45
191
658443
5427794
Iceberg
Table 4: Details of drill holes reported in
this press release
Queensway 500,000m Drill Program Update
The Company is currently undertaking a 500,000m drill program at
Queensway and approximately 53,000m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
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 4m 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 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.
Technicians saw the core along the defined cutting line.
One-half of the core is kept as a witness sample and the other half
is submitted for analysis. Individual sample bags are sealed and
placed into totes, sealed and marked with the contents.
New Found submits samples for gold determination by fire assay
to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”)
since June 2022. ALS and MSA operate under a commercial contract
with New Found.
Drill core samples are shipped to ALS for sample preparation in
Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick.
ALS is an ISO-17025 accredited laboratory for the fire assay
method.
Drill core samples are also submitted to MSA in Val-d’Or,
Quebec. MSA operates numerous laboratories worldwide and maintains
ISO-17025 accreditation for many metal determination methods.
Accreditation of the photon assay method at the MSA Val D’Or
laboratory is in progress.
At ALS, 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 30-g fire
assay with an inductively-couple plasma spectrometry (ICP) finish.
If the initial 30-g fire assay gold result is over 1 g/t, the
remainder of the 3,000-g 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.
At MSA, the entire sample is crushed to approximately 70%
passing 2mm. For “routine” samples that do not have VG identified
and are not within a mineralized zone, the samples are riffle split
to fill two 450g jars for photon assay. The assays reported from
both jars are combined on a weight-averaged basis. If one of the
jars assays greater than 1 g/t, the remaining crushed material is
weighed into multiple jars and are submitted for photon assay.
For samples that have VG identified or are within a mineralized
zone, the entire crushed sample is weighed into multiple jars and
are submitted for photon assay. The assays from all jars are
combined on a weight-averaged basis.
All samples prepared at ALS or MSA are also analyzed for a
multi-element ICP package (ALS method code ME-ICP61) at ALS
Vancouver.
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 5% of the drilled
intervals. In addition, approximately 1% 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 scientific and technical information 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
press release dated March 13, 2023, by New Found. Mr. Matheson
certifies that this press release fairly and accurately represents
the scientific and technical information that forms the basis for
this press release.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander, Newfoundland and Labrador, 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 500,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $72-million as of March
2023.
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
exploration, drilling and mineralization on the Company’s Queensway
gold project in Newfoundland and Labrador; assay results; the
interpretation of drilling and assay results, the results of the
drilling program, mineralization and the discovery of zones of
high-grade gold mineralization; plans for future exploration and
drilling and the timing of same; the merits of the Queensway
project; future press releases by the Company; 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,” “interpreted,” “intends,” “estimates,”
“projects,” “aims,” “suggests,” “indicate,” “often,” “target,”
“future,” “likely,” “pending,” “potential,” “goal,” “objective,”
“prospective,” “possibly,” “preliminary”, 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/20230313005327/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
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