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
Vancouver, british columbia--(business wire)--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. 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.
