VANCOUVER, BC, Oct. 13, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (NYSE American: NFGC) is pleased to announce recently
received assay results from hole NFGC-21-238 drilled at the Keats
Zone ("Keats"), located along the Appleton Fault Zone.
This hole was completed as part of the Company's ongoing
200,000m diamond drill program at its
100% owned Queensway Project ("Queensway"), located on the
Trans-Canada Highway 15 km west of Gander, Newfoundland.
Highlights
- The NFGC-21-238 discovery interval is summarized below and in
Table 2.
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Au
(g/t)
|
Zone
|
NFGC-21-238
|
384.35
|
387.7
|
3.35
|
88.53
|
Keats
FW
|
* Note that the true
width of the mineralization is uncertain. Intervals are calculated
at a 1 g/t Au cut-off grade and minimum width of 2m; grades have
not been capped in the averaging.
|
- This new discovery interval of 88.53 g/t Au over 3.35m in NFGC-21-238 is located at an estimated
vertical depth of 307m in the
footwall of the Keats Baseline Fault and approximately 65m below the Keats Main Zone (see Figure 1). The
high-grade intercept consists of fractures filled with sulphides
and a massive quartz vein, both containing particles of free gold
(see Figure 2).
- The Footwall Zone encompasses the wedge of rock located between
the Keats Main Zone and the Appleton Fault Zone. This area remains
under explored as drilling has focused on delineating the massive
high-grade gold bearing quartz veins that are contained within and
trend parallel to the Keats Baseline Fault.
- Several high-grade intercepts located within the Footwall Zone
have been identified and previously reported; with continued
drilling it has become evident that this area is structurally
complex and hosts a number of secondary high-grade gold-bearing
fault zones, the extents of which are open and demand the attention
of follow-up drilling. Exploration drilling is now proceeding to
test the extent and orientation of such high-grade gold domains
within the Footwall Zone.
Dr. Quinton Hennigh Director of New Found, stated: "The
progression of drilling at Keats including the recognition of the
potential for multiple zones of high-grade gold mineralization in
veining and associated structures at different orientations very
closely parallels the discovery progression I observed in the
high-grade discoveries at the Fosterville Mine. The initial
drilling focused on the Lower Phoenix and Eagle zones leading to
their discovery. As drilling progressed,
multiple subsequent high-grade
gold discoveries were made including the Swan Zone. I
believe there is good potential for the discovery of multiple zones
of high-grade gold mineralization at Keats and that we are starting
to see evidence that we are moving in this direction.
Additionally, the newly discovered high-grade gold and sulphide
mineralization in hole NFGC-21-238 is possibly analogous to another
feature I observed at Fosterville. In the discovery drilling
at the Lower Phoenix and Eagle zones at Fosterville, the grades of sulphide
mineralization rapidly increased in proximity to the top of
high-grade, quartz-gold lode mineralization. Based on this analogy
New Found will drill test below the newly discovered high-grade
sulphide mineralization encountered at Keats in hole NFGC-21-238
exploring for similar quartz-gold lode mineralization below this
sulphide associated gold mineralization.
I believe that the progression and modelling at Fosterville is a valuable analogy to pursue at
Keats and my excitement for the discovery potential at Keats
continues to build as these new results come in."
Drill-hole Details
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Au
(g/t)
|
Zone
|
NFGC-21-238
|
384.35
|
387.7
|
3.35
|
88.53
|
Keats
FW
|
Table 2: Summary of results reported in this release
* Note that the true
width of the mineralization is uncertain. Intervals are calculated
at a 1 g/t Au cut-off grade and minimum width of 2m, grades have
not been capped in the averaging.
|
Hole
No.
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
UTM
E
|
UTM
N
|
NFGC-21-238
|
297
|
-55.5
|
413
|
658120
|
5427133
|
Table 3: Details of drill holes reported in
this release
Queensway 200,000m Drill
Program Update
Approximately 51 percent of the 200,000 meters have been drilled
to date with approximately 24,000 meters of core pending assay
results. Nine core rigs are currently operating, with a tenth
scheduled to commence shortly.
Sampling, Sub-sampling and Laboratory
True width of the intercept reported in this press release is
uncertain. 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 October 13, 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 15 km west of Gander,
Newfoundland, 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
workforce. The Company is currently undertaking a 200,000m drill program at Queensway. With a
current working capital balance of approximately $105 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
Phone: + 1 (910) 406 2407
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.
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SOURCE New Found Gold Corp.