VANCOUVER, BC, Sept. 15, 2021 /CNW/ - New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (OTC: NFGFF) is pleased to announce recently received assay results from twenty-nine 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.
Figure 1. Keats Plan View (CNW Group/New Found Gold Corp.)
Figure 2. Keats Long Section (CNW Group/New Found Gold Corp.)
Figure 3. 3D Keats Composite Cross-Section (A to A’ looking north, 150m clipping) (CNW Group/New Found Gold Corp.)
Table 2. Summary of results reported in this release (CNW Group/New Found Gold Corp.)
Table 2b. Summary of results reported in this release (CNW Group/New Found Gold Corp.)
Table 2c. Summary of results reported in this release (CNW Group/New Found Gold Corp.)
Figure 4. Photos of mineralization from NFGC-21-310, approximately 279m down hole depth. Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-310. (CNW Group/New Found Gold Corp.)
Highlight intervals are summarized below. Additional results are provided in Table 2.
Hole No.
From (m)
To (m)
Interval (m)*
Au (g/t)
Zone
NFGC-21-145
39.00
41.50
2.50
21.29
Keats Main
NFGC-21-170
101.55
106.40
4.85
31.80
Keats Main
NFGC-21-184
140.25
143.25
3.00
36.52
Keats Main
NFGC-21-250
170.75
177.80
7.05
32.65
Keats Main
NFGC-21-251
227.00
229.00
2.00
137.49
Keats Main
NFGC-21-257
229.50
232.55
3.05
24.12
Keats Main
NFGC-21-310
279.25
281.45
2.20
104.59
Keats Main
* 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.
The interval of 104.59 g/t Au over 2.20m in NFGC-21-310 is the furthest south drill interval reported to date along the south-westerly plunging core dilatational zone extending drill definition of this zone (see Figures 1 and 2).
Recent intercept highlights of 31.80 g/t Au over 4.85m in NFGC-21-170 and 36.52 g/t Au over 3.00m in NFGC-21-184 up dip of the core dilatational zone within the Keats fault demonstrate strong vertical continuity of the Keats Main Zone to surface.
The Keats high-grade zone vertical profile now exceeds 200m up dip of the core dilatational zone and is open to surface and along strike to the northeast and southwest.
Drill hole NFGC-21-257 intersected a new zone of high-grade gold mineralization in the hanging wall of the Keats fault near surface; the interval graded 9.18g/t Au over 2.70m.
Future exploration at Keats will continue to expand the Keats Main zone along strike and down plunge but also focus on targeting specific zones in both the hanging wall and foot wall of the Keats fault.
Denis Laviolette, President of New Found, stated: "The high-grade zones along the Appleton Fault continue to see significant expansion. Today's announcement demonstrates further continuity of high-grade gold mineralization at Keats including between the core dilatational zone and surface; a vertical distance of 200m. Last week we announced that we doubled the drilled depth of the high-grade Lotto vein system with strong vertical continuity, and we are now seeing similar vertical continuity at Keats above the plunging dilation zone. We are pleased to see high-grade zones that start at surface and extend for these distances along strike and to depth, remaining open in all directions for further expansion. The addition of a new hanging wall zone at Keats near surface adds to the growing list of discoveries made this past year along the Appleton Fault. These discoveries continue to support our belief in the high potential for additional discoveries along approximately 7.8km of strike on the Appleton Fault, within a prospective corridor of approximately 500m on each side of the Appleton Fault."
Drill-hole Details
Hole No.
From (m)
To (m)
Interval (m)*
Au (g/t)
Zone
NFGC-21-92
176.00
178.00
2.00
1.92
Keats South
NFGC-21-120**
9.65
21.70
12.05
12.65
Keats Main
Including
9.65
13.25
3.60
35.76
And**
22.90
25.00
2.10
1.33
And**
28.20
33.00
4.80
1.98
And**
36.00
38.00
2.00
2.66
And**
40.30
46.00
5.70
5.16
And
95.00
98.00
3.00
1.69
Keats FW
NFGC-21-140
95.50
103.45
7.95
3.59
Keats Main
Including
100.15
102.45
2.30
9.69
And
164.25
166.60
2.35
1.01
Keats FW
NFGC-21-145
39.00
41.50
2.50
21.29
Keats Main
And
81.00
83.35
2.35
13.04
Keats FW
NFGC-21-148A
233.50
256.35
22.85
1.15
Keats Main
NFGC-21-149
48.05
53.60
5.55
2.46
Keats Main
And
62.55
67.35
4.80
9.22
And
72.80
77.45
4.65
1.82
NFGC-21-163
73.80
85.40
11.60
4.92
Keats Main
Including
77.65
80.65
3.00
13.30
And
154.00
156.75
2.75
1.40
Keats FW
NFGC-21-164
247.80
250.00
2.20
1.37
Keats Main
And
261.00
263.00
2.00
1.23
And
267.45
270.00
2.55
1.65
And
272.30
277.20
4.90
1.77
NFGC-21-170
70.00
72.70
2.70
1.96
Keats Main
And
90.70
93.00
2.30
1.02
And
101.55
106.40
4.85
31.80
NFGC-21-173
115.60
117.80
2.20
1.39
Keats Main
And
126.90
128.95
2.05
4.09
NFGC-21-174
273.60
277.05
3.45
1.79
Keats Main
And
300.00
306.00
6.00
1.57
And
340.90
343.00
2.10
1.85
Keats FW
NFGC-21-184
140.25
143.25
3.00
36.52
Keats Main
And
151.30
154.00
2.70
1.02
NFGC-21-188A
NSV
Keats Main
NFGC-21-194
NSV
Keats North
NFGC-21-198
141.85
144.30
2.45
1.03
Keats Main
And
154.50
156.55
2.05
4.23
NFGC-21-200
NSV
Keats Main
NFGC-21-203
157.35
162.15
4.80
2.71
Keats Main
Including
157.35
159.90
2.55
4.14
And
173.50
176.00
2.50
1.08
And
242.60
245.65
3.05
1.12
Keats FW
NFGC-21-212
71.60
74.75
3.15
2.64
Keats Main
And
90.00
92.65
2.65
1.77
NFGC-21-222
242.00
245.70
3.70
1.20
Keats Main
And
260.00
262.85
2.85
1.33
And
290.95
293.20
2.25
1.19
And
334.95
337.00
2.05
1.51
NFGC-21-223
21.00
23.65
2.65
1.05
Keats Main
And
88.40
90.60
2.20
1.23
Keats FW
NFGC-21-227
42.30
44.30
2.00
1.71
Keats Main
NFGC-21-229
NSV
Keats Main
NFGC-21-236
48.75
51.05
2.30
2.28
Keats Main
And
61.65
64.00
2.35
1.91
NFGC-21-247
43.55
45.90
2.35
1.01
Keats Main
And
51.35
62.00
10.65
3.37
Including
52.85
55.05
2.20
10.10
And
64.40
66.50
2.10
1.46
And
77.00
79.60
2.60
1.31
And
83.55
85.55
2.00
1.30
And
90.65
93.00
2.35
1.05
Keats FW
And
160.00
162.05
2.05
2.02
NFGC-21-250
170.75
177.80
7.05
32.65
Keats Main
Including
171.60
175.90
4.30
52.36
And
183.05
188.80
5.75
2.01
NFGC-21-251
227.00
229.00
2.00
137.49
Keats Main
NFGC-21-257
62.30
65.00
2.70
9.18
Keats HW
And
229.50
236.00
6.50
16.04
Keats Main
Including
229.50
232.55
3.05
24.12
NFGC-21-283
235.40
237.55
2.15
1.05
Keats Main
And
239.30
246.85
7.55
1.21
And
253.40
255.45
2.05
1.08
And
268.55
270.95
2.40
1.10
And
272.35
274.55
2.20
6.96
NFGC-21-310
279.25
281.45
2.20
104.59
Keats Main
Table 2: Summary of results reported in this release
* 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. ** Results released on July 5, 2021, from NFGC-21-120 updated with additional secondary zone results.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
NFGC-21-92
300
-45
346
657836
5427049
NFGC-21-120
300
-45
109
658228
5427529
NFGC-21-140
300
-45
182
658159
5427410
NFGC-21-145
300
-45
209
658117
5427435
NFGC-21-148A
300
-45
333
658182
5427224
NFGC-21-149
300
-45
141
658158
5427455
NFGC-21-163
300
-45
233
658092
5427392
NFGC-21-164
300
-45
288
658204
5427216
NFGC-21-170
300
-45
171
658114
5427379
NFGC-21-173
300
-45
188
658135
5427367
NFGC-21-174
300
-45
366
658205
5427215
NFGC-21-184
300
-45
196
658157
5427354
NFGC-21-188A
300
-45
269
658292
5427337
NFGC-21-194
300
-45
365
658587
5427560
NFGC-21-198
300
-45
227
658164
5427343
NFGC-21-200
297
-55
395
658170
5427203
NFGC-21-203
300
-45
314
658144
5427333
NFGC-21-212
298.5
-45.5
194
658126
5427401
NFGC-21-222
297
-55
350
658133
5427195
NFGC-21-223
299
-45.5
112
658241
5427551
NFGC-21-227
299
-45.5
146
658253
5427545
NFGC-21-229
297
-55.5
356
658130
5427165
NFGC-21-236
299
-45.5
251
658130
5427457
NFGC-21-247
299
-45.5
182
658147
5427476
NFGC-21-250
298
-46
205
658207
5427368
NFGC-21-251
118
-75
334
657951
5427310
NFGC-21-257
118
-78
346
657951
5427310
NFGC-21-283
300
-45
392
658148
5427216
NFGC-21-310
300
-45
386
658112
5427179
Table 3: Details of drill holes reported in this release
Queensway 200,000m Drill Program Update
Approximately 44 percent of the 200,000 meters have been drilled to date with approximately 20,000 meters of core pending assay results. Nine core rigs are currently operating, with a tenth scheduled to start in Q3 2021.
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 Sept 15, 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. Nine rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs in Q3 2021. With a current working capital balance of approximately $111 million, New Found is well funded for this program.
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: [email protected] Phone: (604) 562 9664
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. 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," "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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