VANCOUVER, BC, Aug. 12, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (OTC: NFGFF) is pleased to provide an update on its
100%-owned Queensway Project ("Queensway"), located on the
Trans-Canada Highway 15km west of Gander, Newfoundland.
Highlights
- Nine drills are currently running on Queensway north, eight on
the Appleton fault zone and one on
the JBP fault zone. To date a total of 301 holes have been
completed, totalling 75,025m or
approximately 37.5% of the planned 200,000m drill program. Of this total, results
have been received and reported for 34,398m with results for 40,627m still pending.
- At Keats three drills are continuing step out holes down plunge
to the south and one drill is focused on mineralization and veining
between the high-grade dilation zone and surface. Two drills are
turning at the newly discovered Golden Joint, while one drill is
continuing step-outs at Lotto.
- Drilling is now underway at Zone 36, a recently discovered
grass roots target located on the west side of the Appleton Fault,
approximately 700m north of Lotto
(see Figure 1). The presence of vuggy quartz, antimony sulphosalts,
and visible gold is suggestive that it has a similar epizonal style
of mineralization to the Keats and Lotto zones. Limited surface
sampling of the zone resulted in grab samples up to 47.0 g/t Au and
channel samples up to 18.9g/t Au over 1.0m.
- One drill is sequentially testing multiple targets along the
JBP fault zone approximately 5km to the east of the Appleton fault zone. Assays are pending from
drilling at 1744, H-Pond, and Pocket Pond.
- Drill intervals including from Keats, Golden Joint and Lotto
have been submitted for assay on a rush basis. The Company has
continued to experience significant backups at the assay
laboratories but expects to receive and release further assay
results in the coming weeks.
- The Company is pleased to share a recently released video
showing a discussion of preliminary 3-D modelling of high-grade
gold found at Keats, Lotto, and Golden Joint along 2 Km of the
Appleton Fault Zone. Click here to watch the video: 3D Model of
Appleton Fault North - New Found Gold.
Greg Matheson, P.Geo., COO New
Found, stated: "Despite a lag in assay results, drilling at
Queensway has continued uninterrupted. Three drills are currently
focused on step-out holes down plunge at Keats, with several sample
intervals from this drilling having been sent to the lab on a rush
basis. A fourth drill is focused on better understanding the
mineralization above the main plunge and towards surface with
several intervals also being sent to the lab on a rush basis. The
Keats zone continues to demonstrate great continuity and remains
open in all directions and at depth. We anticipate additional
results from this Keats drilling as well as from the Lotto and
Golden Joint in the near future."
Sampling, Sub-sampling and Laboratory
Host structures along the Appleton Fault Zone are generally
interpreted to be steeply dipping and true widths are estimated to
be 85% to 95% of reported widths at Keats, 80% to 90% at Lotto, 70%
to 90% at Golden Joint, 65% to 75% at Dome, unknown at Cokes, 85%
to 95% at Road, unknown at Little-Powerline, and unknown at Knob.
In some areas 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 calculated intervals are
reported over a minimum length of 2 meters 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, British Columbia, or by
entire sample screened metallic screen fire assay at Eastern
Analytical in Springdale,
Newfoundland. 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 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% 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, 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 August 12, 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 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. Queensway is host to an extensive epizonal orogenic gold
system, one capable of generating very high-grade gold
mineralization. To date, New Found has discovered three
robust structurally controlled high-grade gold deposits: Keats,
Lotto and Golden Joint. More than 15 additional targets are or will
be drill tested along 7.8km of strike length on the Appleton fault and 12.4km of strike on the JBP
fault. To date the Company has completed approximately 37.5%
of its planned 200,000m drill program
at Queensway North. Nine rigs are in operation at Queensway
with the drill count planned to increase to ten rigs by Q3 2021.
With a current working capital balance of approximately
$68 million, New Found is well funded
for this program.
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.
New Found Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., Chief
Executive Officer
Email: croberts@newfoundgold.ca
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 further exploration and drilling on the
Company's Queensway gold project in Newfoundland; interpretation of results of the
drilling program and funding of the drilling program; future
discoveries of high-grade gold mineralization; the merits of the
Queensway project. 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," "target," "suggestive," "probability," "appear," "pursuit,"
"potential," "goal," "objective," "prospective," 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, 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.
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SOURCE New Found Gold Corp.