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New Found Intercepts 31.88 g/t Au Over 2.05m & 25.4 g/t Au Over 2.25m at New Gold Discoveries on the JBP Fault Zone ~10km NE of the Keats/Golden Joint/Lotto Discoveries
by @businesswire on 9 Mar 2022, 03:00
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce assay results from 51 diamond drill holes designed to test for epizonal style high-grade gold mineralization along the JBP Fault Zone (‘JBPFZ’). These holes were drilled as part of the Company’s ongoing 400,000m diamond drill program at its 100%-owned Queensway project located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220309005419/en/

Figure 1. Queensway North regional plan view (Note extent of gold mineralization over 12.4km from limited drilling and surface sampling correlated to the JBP corridor) (Graphic: Business Wire)
Figure 1. Queensway North regional plan view (Note extent of gold mineralization over 12.4km from limited drilling and surface sampling correlated to the JBP corridor) (Graphic: Business Wire)

Highlights

The JBPFZ is interpreted to consist of a network of NE-trending, steeply dipping, regional-scale, gold bearing shear zones that extend for +100km of strike parallel to and approximately 5km east of the Appleton Fault Zone (‘AFZ’). Reconnaissance diamond drilling completed to date has focused on a +3.5km segment of the JBPFZ that encompasses the 1744 and Pocket Pond target areas (Figure 1).
Historic field work covering the JBPFZ corridor identified several very high-grade gold quartz float boulders (Figure 5) with textures and mineralization styles interpreted to be of epizonal origin and characteristic of the Keats/Golden Joint/Lotto discoveries along the AFZ (Figure 1) in addition to strong Au-in-till anomalies including one sample containing 1744 gold grains at the 1744 Zone. Drilling is targeting possible sources of these high-grade boulders and gold-in-till anomalies.
Recent drilling intersected several near surface high-grade gold occurrences in the 1744 and Pocket Pond target areas. Highlights from this drilling are provided in Table 1 and include the intercepts of 31.88 g/t Au over 2.05m in NFGC-21-180 and 25.40 g/t Au over 2.25m in NFGC-21-304 and are interpreted to be epizonal style high-grade gold mineralization (Figures 1, 2, 3, 4, and 6).
This drilling was designed to test initial target concepts over a large area, a +3.5km long domain of the JBPFZ that is up to 1km wide (Figure 1). While 51 holes have been reported here, drilling to date has only tested a small portion of this 3.5km long fault segment. The Company is very encouraged by the success rate in intercepting high-grade gold mineralization from this initial reconnaissance drilling. Ongoing exploration drilling will focus on stepping out from significant intervals of gold mineralization in addition to testing high-grade gold epizonal targets over large tracts of the JBPFZ corridor.
Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-180

32.00

34.05

2.05

31.88

1744

NFGC-21-195

283.70

286.50

2.80

16.66

1744

NFGC-21-202

145.85

147.90

2.05

17.10

1744

NFGC-21-207

60.00

66.00

6.00

8.66

1744

Including

63.55

66.00

2.45

19.66

NFGC-21-230

87.00

89.00

2.00

8.92

Pocket Pond

NFGC-21-245

152.60

154.80

2.20

7.26

Pocket Pond

NFGC-21-304

81.60

83.85

2.25

25.40

Pocket Pond

And

90.50

96.35

5.85

5.46

Including

90.50

93.85

3.35

8.94

Table 1: 1744 and Pocket Pond Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 75% to 90% of reported intervals for Pocket Pond and 55% to 65% of reported intervals for 1744. 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. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging.

Melissa Render, P.Geo., VP Exploration for New Found, stated: “To date our drilling at Queensway has focused on the Appleton Fault Zone and has delivered outstanding results including high-grade discoveries at the Keats, Golden Joint and Lotto zones. As our understanding improves regarding the likely genesis of epizonal high-grade gold mineralization at the Appleton discoveries, the occurrence of boulders (Figure 5) displaying similar characteristics and very strong Au-in-till anomalies along the JBPFZ is highly encouraging, indicating excellent potential for discovery along this +100km long trend. Historic work has demonstrated widespread gold mineralization within the JBPFZ corridor which is interpreted to consist of a network of regional-scale gold-bearing shear zones. Characteristic of orogenic gold systems and similar to mineralization controls along the AFZ, our working concept is that high-grade epizonal style gold mineralization would be hosted in focused areas along the JBPFZ.

In 2019, our initial drill program concentrated on a short segment of the JPBFZ encompassing H-Pond and 1744 target areas and consisted of six diamond drill holes which returned very promising intercepts such as 6.73 g/t Au over 3.0m in NFGC-19-05 and 17.45 g/t Au over 2.0m in NFGC-19-09 (Figure 3). In late 2021, follow-up drilling commenced testing new targets along a broad expanse of the JBPFZ including 1744 and Pocket Pond target areas (Figure 1). This drilling has returned intervals of high-grade, near surface, epizonal style gold mineralization, with results including 31.88 g/t Au over 2.05m in hole NFGC-21-180 in the 1744 area (Figures 3 and 4). Ongoing drilling at JBP will step-out and continue to test around these high-grade intervals. We are excited that work at JBP is affirming the discovery potential for high-grade epizonal style mineralization similar to what we have encountered in our more advanced work along the AFZ. Our ramp up to 14 drills will give us flexibility to aggressively explore the full approximately 12.4km corridor of prospective strike along JBP on Queensway North."

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-150

67.00

69.00

2.00

3.83

1744

NFGC-21-155

30.00

32.00

2.00

1.56

1744

And

146.00

148.00

2.00

1.98

1744

NFGC-21-158

162.90

165.20

2.30

3.54

1744

NFGC-21-167

9.50

11.50

2.00

1.24

1744

NFGC-21-175

NSV

1744

NFGC-21-176

145.15

147.15

2.00

4.72

1744

And

164.35

167.00

2.65

1.30

NFGC-21-179

NSV

1744

NFGC-21-180

32.00

34.05

2.05

31.88

1744

NFGC-21-183

37.00

39.00

2.00

2.55

1744

NFGC-21-185

197.00

199.10

2.10

1.38

1744

And

313.40

315.85

2.45

1.31

NFGC-21-186

NSV

1744

NFGC-21-191

NSV

1744

NFGC-21-192

46.65

48.65

2.00

1.12

1744

NFGC-21-195

283.70

286.50

2.80

16.66

1744

NFGC-21-202

145.85

147.90

2.05

17.10

1744

And

189.00

191.00

2.00

3.44

And

194.00

196.00

2.00

1.51

And

202.80

205.00

2.20

1.38

NFGC-21-207

43.55

46.10

2.55

3.33

1744

And

60.00

66.00

6.00

8.66

Including

63.55

66.00

2.45

19.66

And

263.00

265.00

2.00

1.01

NFGC-21-221

287.50

289.50

2.00

4.09

1744

NFGC-21-232

277.00

279.00

2.00

2.00

1744

NFGC-21-452

320.50

322.70

2.20

2.21

1744

And

324.60

326.75

2.15

2.98

And

337.30

339.30

2.00

6.82

And

372.30

374.45

2.15

4.30

Table 2: Summary of results reported in this release for 1744 Zone

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 55% to 65% of reported intervals. 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. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging. 2Assays have been previously reported.

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-210

46.00

48.00

2.00

1.20

Pocket Pond

NFGC-21-214

18.50

20.85

2.35

6.33

Pocket Pond

NFGC-21-218

NSV

Pocket Pond

NFGC-21-220

80.00

82.00

2.00

2.14

Pocket Pond

And

109.00

111.00

2.00

6.03

NFGC-21-226

NSV

Pocket Pond

NFGC-21-230

87.00

89.00

2.00

8.92

Pocket Pond

And

95.65

97.65

2.00

2.08

Pocket Pond

NFGC-21-235A

100.40

102.60

2.20

1.06

Pocket Pond

NFGC-21-239

196.00

198.85

2.85

3.77

Pocket Pond

NFGC-21-245

152.60

154.80

2.20

7.26

Pocket Pond

And

161.55

163.55

2.00

4.27

And

167.40

169.40

2.00

1.49

NFGC-21-253

NSV

Pocket Pond

NFGC-21-258

NSV

Pocket Pond

NFGC-21-261

NSV

Pocket Pond

NFGC-21-267

51.00

53.00

2.00

1.59

Pocket Pond

NFGC-21-273

NSV

Pocket Pond

NFGC-21-276

NSV

Pocket Pond

NFGC-21-279

191.00

193.10

2.10

1.16

Pocket Pond

NFGC-21-286

NSV

Pocket Pond

NFGC-21-291

NSV

Pocket Pond

NFGC-21-299

95.90

98.00

2.10

1.69

Pocket Pond

NFGC-21-304

81.60

83.85

2.25

25.40

Pocket Pond

And

90.50

96.35

5.85

5.46

Including

90.50

93.85

3.35

8.94

NFGC-21-309

NSV

Pocket Pond

NFGC-21-313

NSV

Pocket Pond

NFGC-21-316

124.10

126.40

2.30

2.26

Pocket Pond

NFGC-21-325

NSV

Pocket Pond

NFGC-21-331

NSV

Pocket Pond

NFGC-21-334

NSV

Pocket Pond

NFGC-21-340

292.40

294.50

2.10

2.19

Pocket Pond

NFGC-21-347

NSV

Pocket Pond

NFGC-21-362

114.00

116.00

2.00

1.84

Pocket Pond

And

123.40

128.20

4.80

1.92

NFGC-21-366A

NSV

Pocket Pond

NFGC-21-377

83.60

87.95

4.35

2.54

Pocket Pond

NFGC-21-381

NSV

Pocket Pond

Table 3: Summary of results reported in this release for Pocket Pond Zone

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 75% to 90% of reported intervals. 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. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging.2Assays have been previously reported

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

NFGC-21-150

300

-45

230

665135

5430889

NFGC-21-155

300

-45

263

665202

5430908

NFGC-21-158

300

-45

287

665305

5430936

NFGC-21-167

300

-45

230

665274

5430982

NFGC-21-175

300

-45

191

665158

5430934

NFGC-21-176

300

-45

224

665320

5431013

NFGC-21-179

300

-45

254

665364

5430988

NFGC-21-180

300

-45

245

665204

5430850

NFGC-21-183

300

-45

193

665184

5430977

NFGC-21-185

300

-45

358

665242

5430828

NFGC-21-186

300

-45

260

665130

5430834

NFGC-21-191

300

-45

308

665245

5430884

NFGC-21-192

300

-45

274

665173

5430809

NFGC-21-195

300

-45

304

665267

5430870

NFGC-21-202

300

-45

245

665190

5430887

NFGC-21-207

299

-45.5

341



665232



5430862

NFGC-21-210

120

-45.5

113



663442



5428865

NFGC-21-214

119

-45.5

155



663476



5428873

NFGC-21-218

299

-45.5

179



663407



5428928

NFGC-21-220

120

-45

248



663387



5428869

NFGC-21-221

300

-45

362



665288



5430859

NFGC-21-226

120

-45

161



663408



5428856

NFGC-21-230

119

-45.5

182



663403



5428873

NFGC-21-232

300

-44

300



665278



5430893

NFGC-21-235A

120

-45.5

173



663420



5428877

NFGC-21-239

120

-45

272



663339



5428910

NFGC-21-245

120

-45

251



663365



5428880

NFGC-21-253

120

-45.5

246



663361



5428824

NFGC-21-258

120

-45

239



663348



5428803

NFGC-21-261

120

-45

227



663394



5428834

NFGC-21-267

120

-45

272



663416



5428821

NFGC-21-273

121

-45.5

251



663374



5428862

NFGC-21-276

121

-45.5

197



663358



5428854

NFGC-21-279

120

-45

239



663313



5428890

NFGC-21-286

120

-45

278



663282



5428897

NFGC-21-291

120

-45

266



663322



5428859

NFGC-21-299

121

-45.5

131



663454



5428886

NFGC-21-304

121

-45.5

182



663432



5428898

NFGC-21-309

121

-45.5

224



663351



5428931

NFGC-21-313

120

-45

194



663303



5428672

NFGC-21-316

120

-45

167



663269



5428683

NFGC-21-325

120

-45

242



663398



5428886

NFGC-21-331

121

-45.5

236



663373



5428903

NFGC-21-334

121

-45.5

365



663034



5428210

NFGC-21-340

121

-45.5

353



663047



5428232

NFGC-21-347

120

-45

296



663073



5428217

NFGC-21-362

121

-45.5

266



663156



5428464

NFGC-21-366A

120

-45

242



663411



5428912

NFGC-21-377

120

-45

191



663436



5428955

NFGC-21-381

121

-46.5

287



663346



5428949

NFGC-21-452

299

-45

419



665184



5430757

Table 4: Details of drill holes reported in this release

Queensway 400,000m Drill Program Update

Approximately 37% of the planned 400,000m program at Queensway has been drilled to date with approximately 24,900m of the core with pending assay results. Eleven core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs by the end of Q1 2022.

Sampling, Sub-sampling, Laboratory and Discussion

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 55% to 65% of reported core lengths at 1744 and 75% to 90% at Pocket Pond. 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 3% 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 March 9, 2022, 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. The Company is currently undertaking a 400,000m drill program at Queensway, now approximately 37% complete. The Company is well funded for this program with a current working capital balance of approximately $116 million.

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 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.



View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005419/en/