New found intercepts 4.27 g/t au over 31.55m, extends keats west to 250m along strike
Vancouver, british columbia--(business wire)--new found gold corp. (“new found” or the “company”) (tsx-v: nfg, nyse-a: nfgc) is pleased to announce the results from 25 diamond drill holes that were completed as part of a drill program designed to expand on both the newly discovered keats west zone, a low-angle thrust fault that dips gently to the south-southwest and located on the west side of the highly prospective appleton fault zone (“afz”) and from keats north. new found’s 100%-owned queensway project comprises a 1,662km2 area, accessible via the trans-canada highway, 15km west of gander, newfoundland and labrador. keats west and keats north highlights: hole no. from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-852 161.95 164.45 2.50 16.00 keats n including 162.90 163.45 0.55 69.10 and 171.50 173.65 2.15 10.76 including 172.50 173.05 0.55 40.50 nfgc-22-880 173.75 175.85 2.10 14.43 keats n including 174.50 174.95 0.45 64.00 nfgc-22-901 181.65 184.30 2.65 18.17 keats n including 182.80 183.20 0.40 98.70 nfgc-22-946 94.85 97.00 2.15 13.12 keats fw including 95.40 96.40 1.00 27.80 nfgc-22-911 56.00 87.55 31.55 4.27 keats w including 60.70 62.10 1.40 14.66 including 86.00 87.55 1.55 31.06 nfgc-22-935 105.90 123.50 17.60 2.07 keats w including 114.45 114.85 0.40 10.60 nfgc-22-996 39.40 64.00 24.60 1.28 keats w nfgc-22-1049a 66.40 77.35 10.95 1.40 keats w and 95.00 107.20 12.20 1.10 nfgc-23-1108 94.00 98.65 4.65 8.42 keats w including 95.00 96.45 1.45 12.47 including 98.00 98.65 0.65 12.60 table 1: keats west and keats north drilling highlights 1note at keats west, host structures are interpreted to be shallowly dipping and true widths are generally estimated to be 60% to 95% of reported intervals. at keats north, true widths are unknown at this time. at keats fw host structures are interpreted to be steeply dipping and true widths are generally estimated to be 40% to 55% 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 4m 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. step-out drilling has increased the strike length at keats west to 250m. the mineralized footprint of keats west now spans 250m wide x 305m down dip, averaging approximately 30m thick. infill drilling at keats west continues to demonstrate excellent continuity of the gold mineralization over broad thicknesses with highlight intervals of 4.27 g/t au over 31.55m in nfgc-22-911, 8.42 g/t au over 4.65m in nfgc-23-1108 and 2.07 g/t au over 17.60m in nfgc-22-935 (figures 1 – 3). at keats north, drilling continues to intercept high-grade gold mineralization throughout this extensive network of veins and structure with highlight results of 16.0 g/t au over 2.50m and 10.8 g/t au over 2.15m in nfgc-22-852, 18.2 g/t au over 2.65m in nfgc-22-901 and 14.4 g/t au over 2.10m in nfgc-22-880. as shown in figure 3, keats north is located between keats west and iceberg adjacent to the afz; this domain is considered prime territory for making additional high-grade gold discoveries. melissa render, vp of exploration for new found, stated: “keats west ranks high amongst the many discoveries made to date at queensway. it is also a very unique zone and for many reasons: “yet, despite its uniqueness, keats west has also delivered two intercepts that reside on our list of top intervals ever drilled on the property including 42.6 g/t au over 32.00m in nfgc-22-960 (released november 28, 2022) and 18.6 g/t au over 16.00m in nfgc-22-773 (released on november 23, 2022). this reinforces that high-grade gold at queensway can be found in a variety of structures and geological environments leading to no shortage of gold targets.” drillhole details hole no. from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-806 47.00 49.00 2.00 3.67 keats n nfgc-22-813 10.30 13.00 2.70 1.97 keats n and2 22.00 36.10 14.10 2.13 including2 22.55 23.60 1.05 15.67 and 47.50 49.70 2.20 1.01 nfgc-22-839 168.80 171.20 2.40 1.02 keats n and 257.00 259.40 2.40 1.65 nfgc-22-852 96.70 98.90 2.20 1.49 keats n and 161.95 164.45 2.50 16.00 including 162.90 163.45 0.55 69.10 and 171.50 173.65 2.15 10.76 including 172.50 173.05 0.55 40.50 and 245.00 247.00 2.00 1.51 nfgc-22-860 191.80 194.00 2.20 1.09 keats fw and 216.00 218.00 2.00 7.94 including 216.60 217.30 0.70 22.20 and 363.30 367.15 3.85 3.23 nfgc-22-864 139.50 141.65 2.15 1.21 keats n nfgc-22-880 113.65 116.15 2.50 1.01 keats n and 173.75 175.85 2.10 14.43 including 174.50 174.95 0.45 64.00 nfgc-22-901 52.70 54.85 2.15 1.16 keats n and 62.00 64.25 2.25 1.07 and 181.65 184.30 2.65 18.17 including 182.80 183.20 0.40 98.70 nfgc-22-907 90.00 92.15 2.15 1.97 keats fw and 99.00 101.00 2.00 1.19 and 139.60 142.00 2.40 1.17 and 247.15 249.90 2.75 1.67 nfgc-22-909 no significant values keats n nfgc-22-911 16.80 24.20 7.40 1.33 keats w and 29.00 32.05 3.05 1.41 and 56.00 87.55 31.55 4.27 including 60.70 62.10 1.40 14.66 including 86.00 87.55 1.55 31.06 nfgc-22-921 no significant values keats n nfgc-22-926 no significant values keats w nfgc-22-935 11.00 13.00 2.00 1.14 keats w and 39.60 46.00 6.40 1.36 and 63.00 65.00 2.00 1.30 and 70.60 78.00 7.40 2.11 and 86.00 90.00 4.00 2.68 and 105.90 123.50 17.60 2.07 including 114.45 114.85 0.40 10.60 nfgc-22-936 253.85 255.85 2.00 1.59 keats n and 315.00 317.00 2.00 1.85 nfgc-22-946 94.85 97.00 2.15 13.12 keats fw including 95.40 96.40 1.00 27.80 nfgc-22-961 75.90 78.15 2.25 1.57 keats n nfgc-22-967 no significant values keats fw nfgc-22-978a 24.85 32.35 7.50 2.32 keats w and 37.10 44.75 7.65 2.33 and 51.40 54.40 3.00 3.97 and 102.55 105.20 2.65 3.36 and 126.00 136.70 10.70 1.34 and 145.10 148.65 3.55 1.05 nfgc-22-996 23.40 25.75 2.35 2.54 keats w and 39.40 64.00 24.60 1.28 nfgc-22-1023 no significant values keats n nfgc-22-1036 no significant values keats n nfgc-22-1048 no significant values keats n nfgc-22-1049a 66.40 77.35 10.95 1.40 keats w and 95.00 107.20 12.20 1.10 and 123.00 129.05 6.05 1.40 nfgc-23-1108 56.00 62.30 6.30 2.39 keats w and 82.40 84.70 2.30 1.28 and 94.00 98.65 4.65 8.42 including 95.00 96.45 1.45 12.47 including 98.00 98.65 0.65 12.60 table 2: summary of composite results reported in this press release for keats west and keats north 1note at keats west, host structures are interpreted to be shallowly dipping and true widths are generally estimated to be 60% to 95% of reported intervals. at keats north, true widths are unknown at this time. at keats fw host structures are interpreted to be steeply dipping and true widths are generally estimated to be 40% to 55% 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 4m 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.2previously reported interval. hole no. azimuth (°) dip (°) length (m) utm e utm n prospect nfgc-22-806 300 -62 188 658233 5427802 keats n nfgc-22-813 300 -62 158 658243 5427825 keats n nfgc-22-839 299 -45 332 658320 5427837 keats n nfgc-22-852 300 -45 281 658256 5427875 keats n nfgc-22-860 119 -45 414 657811 5427655 keats w nfgc-22-864 300 -45 503 658314 5427869 keats n nfgc-22-880 300 -45 416 658278 5427862 keats n nfgc-22-901 300 -45 227 658278 5427920 keats nfgc-22-907 145 -49 318 657887 5427611 keats w nfgc-22-909 300 -45 356 658297 5427909 keats n nfgc-22-911 120 -45 352 657991 5428056 keats w nfgc-22-921 300 -45 335 658321 5427895 keats n nfgc-22-926 300 -45 191 657989 5428057 keats w nfgc-22-935 120 -45 302 657962 5428016 keats w nfgc-22-936 300 -45 428 658388 5428058 keats nfgc-22-946 300 -45 176 658165 5427523 keats nfgc-22-961 300 -45 302 658370 5428068 keats nfgc-22-967 300 -45 329 658109 5427526 keats nfgc-22-978a 118 -50 204 657980 5427948 keats w nfgc-22-996 35 -45 93 658124 5427976 keats w nfgc-22-1023 300 -45 167 658451 5427964 keats n nfgc-22-1036 300 -45 257 658461 5427929 keats n nfgc-22-1048 300 -45 275 658430 5427919 keats n nfgc-22-1049a 114 -45 315 657909 5427989 keats w nfgc-23-1108 55 -47 233 657906 5427818 keats w table 3: details of drill holes reported in this press release queensway 500,000m drill program update the company is currently undertaking a 500,000m drill program at queensway and approximately 60,600m of core is currently pending assay results. sampling, sub-sampling, and laboratory assays are uncut, and composite intervals are calculated using a minimum weighted average of 1 g/t au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t au. all drilling recovers hq core. drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core. a geologist examines the drill core and marks out the intervals to be sampled and the cutting line. sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. technicians saw the core along the defined cutting line. one-half of the core is kept as a witness sample and the other half is submitted for analysis. individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents. new found submits samples for gold determination by fire assay to als canada ltd. (“als”) and by photon assay to msalabs (“msa”) since june 2022. als and msa operate under a commercial contract with new found. drill core samples are shipped to als for sample preparation in sudbury, ontario, thunder bay, ontario, or moncton, new brunswick. als is an iso-17025 accredited laboratory for the fire assay method. drill core samples are also submitted to msa in val-d’or, quebec. msa operates numerous laboratories worldwide and maintains iso-17025 accreditation for many metal determination methods. accreditation of the photon assay method at the msa val d’or laboratory is in progress. at als, the entire sample is crushed to approximately 70% passing 2mm. a 3,000-g split is pulverized. “routine” samples do not have visible gold (vg) identified and are not within a mineralized zone. routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (icp) finish. if the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. for the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed. the three assays are combined on a weight-averaged basis. samples that have vg identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold. at msa, the entire sample is crushed to approximately 70% passing 2mm. for “routine” samples that do not have vg identified and are not within a mineralized zone, the samples are riffle split to fill two 450g jars for photon assay. the assays reported from both jars are combined on a weight-averaged basis. if one of the jars assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay. for samples that have vg identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are submitted for photon assay. the assays from all jars are combined on a weight-averaged basis. all samples prepared at als or msa are also analyzed for a multi-element icp package (als method code me-icp61) at als vancouver. drill program design, quality assurance/quality control and interpretation of results are performed by qualified persons employing a rigorous quality assurance/quality control program consistent with industry best practices. standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs. quality control data are evaluated on receipt from the laboratories for failures. appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. all results stated have passed new found’s quality control protocols. new found’s quality control program also includes submission of the second half of the core for approximately 5% of the drilled intervals. in addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second iso-accredited laboratory for check assays. the company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed. the assay data disclosed in this news release have been verified by the company’s qualified person against the original assay certificates. the company notes that it has not completed any economic evaluations of its queensway project and that the queensway project does not have any resources or reserves. qualified person the scientific and technical information 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 press release dated april 18, 2023, by new found. mr. matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release. about new found gold corp. new found holds a 100% interest in the queensway project, located 15km west of gander, newfoundland and labrador, 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 500,000m drill program at queensway and is well funded for this program with cash and marketable securities of approximately $64 million as of april 2023. 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 exploration, drilling and mineralization on the company’s queensway gold project in newfoundland and labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the queensway project; future press releases by the company; 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”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, 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.
