New Found Gold Corp (NFGC)

[Oleblue]

New Found Intercepts 152.1 g/t Au Over 3.85m & 12.98 g/t Au Over 14.95m at Lotto Main Vein, Confirms Continuity of High-Grade Over 220m Strike

Tue, September 13, 2022 at 6:30 AM·14 min read
In this article:

NFGC
+7.82%

VANCOUVER, British Columbia, September 13, 2022--(BUSINESS WIRE)--New Found Gold Corp. ("New Found" or the "Company") (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from nine diamond drill holes that were completed as part of an infill and step-out drill program testing the Lotto Main Vein located 2km north of the Keats Zone along the highly prospective Appleton Fault Zone ("AFZ"). New Found’s 100% owned Queensway project comprises an approximately 1500km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220913005571/en/

Figure 1. Keats - Lotto plan view map (Graphic: Business Wire)

Lotto Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 40% 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 uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

At the Lotto prospect, diamond drilling is progressing on a work program designed to step out and expand the known extents of the high-grade gold bearing Lotto Main Vein and to also infill in areas for better definition of the very high-grade gold domains which will help with understanding the mineralization controls and ultimately guide future exploration efforts.

The Lotto Main Vein contains high-grade gold mineralization that has now been defined over a strike length of 220m with the intercept of 16.13 g/t Au over 3.60m in NFGC-22-664 and to a depth of 225m. This intercept is 190m north of the previously reported 150.3 g/t over 11.5m in NFGC-21-201 (reported on June 23, 2021). The Lotto Main Vein target is not closed off in any direction along strike or to depth (Figures 1, 3, and 4).

Infill drilling at the Lotto Main Vein is targeting a "roll", an area where there is a drastic change in the vein orientation, interpreted to be a location of dilation and potentially correlated to the emplacement of high-grade gold mineralization. The current drill results have provided further confirmation of this interpretation with the intercepts of 152.1 g/t Au over 3.85m in NFGC-22-673 and 12.98 g/t Au over 14.95m in NFGC-22-684 (Figures 1, 3, 4, and 5).

This exploration work supports the current geological model and has also contributed to the understanding of the mineralization controls at Lotto. This improved understanding will allow for efficient testing of this high-grade corridor going forward as gold mineralization remains open in all directions.

https://finance.yahoo.com/news/found-intercepts-152-1-g-103000984.html