VANCOUVER, BC, Oct. 14, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (OTC: NFGFF) is pleased to announce recently received
assay results from eleven holes drilled at the Keats Zone
("Keats"), located along the Appleton Fault Zone.
These holes were 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
- Highlight intervals are summarized below. Additional
results are provided in Table 2.
* Note that the true
width of the mineralization is uncertain, but host structures are
interpreted to be steeply dipping implying true widths in the range
of 85% to 95% of reported intercepts. 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.
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- The Keats Main Zone now extends 530m down-plunge, an increase of 65m from the previously reported distance of
465m defined by the furthest
intercept to date in NFGC-21-360 grading 61.50 g/t Au over
5.20m.
- Intercepts of 17.59 g/t Au over 6.50m in NFGC-21-312 as well as 63.92 g/t Au over
3.25m and 9.10 g/t Au over
6.25m in NFGC-21-351 continue to
demonstrate the high-grade up-dip continuity with robust widths
above the core dilatational zone towards surface.
- Starting at surface the multiple high-grade zones at Keats now
cover an overall footprint of approximately 250m in width x 490m along strike x 307m vertical depth and are open in all
directions.
Greg Matheson, COO of New Found,
stated: " The high-grade continuity over a distance of 530m in a down-plunge direction is impressive but
what's truly encouraging is seeing this continuity continue above
the core dilatational zone up-dip towards surface adding
significant volume to the high-grade mineralization. In addition,
the recently announced results from NFGC-21-238 yielding 88.53 g/t
Au over 3.35m in the Keats Footwall
has presented multiple exploration fronts as we continue to see the
footprint of Keats expand in all directions. All of our drills at
Keats and along the Appleton Fault are currently focused on
expansion of these high-grade gold systems."
Discussion
- The Keats Main Zone is hosted within a faulted domain, the
Keats-Baseline Fault, that contains a network of quartz veins that
strike to the east-northeast and dip moderately to the southeast at
approximately 55° as shown in Figure 3. The massive high-grade gold
bearing quartz veins within this structural corridor are dominantly
parallel to the orientation of the Keats host structure and drill
hole structural data suggests some areas contain high-grade
stockwork and spur type veins with a variety of orientations.
- Continued step-out drilling will work to expand mineralization
south and up-dip of the core dilatational zone within the Keats
Main Zone.
Drill Hole Details
* Note that the true
width of the mineralization is uncertain, but host structures are
interpreted to be steeply dipping implying true widths in the range
of 85% to 95% of reported intercepts. 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.
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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 widths of the intercepts reported in this press release
have yet to be determined but are estimated to be 85% to 95% of
reported core lengths. 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 14, 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.