New found discovers multiple new gold zones extending 1.5km south of keats, increases appleton fault zone high-grade gold corridor to over 4km in strike length
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 51 diamond drill holes that were completed as part of an ongoing systematic and targeted drill program exploring the highly prospective segment of the appleton fault zone (“afz”) from the south end of the keats main zone to the knob zone. new found’s 100% owned queensway project comprises an approximately 1,650km2 area, accessible via the trans-canada highway approximately 15km west of gander, newfoundland and labrador. keats main south, tch and rocket highlights: hole number from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-733 22.30 24.60 2.30 10.45 421 including 22.80 23.30 0.50 46.80 nfgc-22-774 364.00 366.45 2.45 25.31 keats main s including 365.00 366.00 1.00 60.50 and 379.80 382.00 2.20 72.66 including 379.80 380.35 0.55 290.00 nfgc-22-845 115.00 129.90 14.90 4.59 keats main s/ 421 including 120.00 121.00 1.00 26.17 including 129.00 129.90 0.90 11.50 nfgc-22-642 303.45 305.90 2.45 10.45 tch including 303.80 304.35 0.55 14.46 including 305.40 305.90 0.50 32.43 nfgc-22-703 183.00 193.70 10.70 1.02 tch nfgc-22-863 427.10 429.10 2.00 79.62 tch including 427.10 427.80 0.70 226.46 nfgc-22-704 86.60 91.05 4.45 12.63 knob (rocket vein) including 88.00 88.45 0.45 118.50 table 1: keats main south, tch and rocket drilling highlights 1note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 90% of the reported interval. 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. systematic and targeted drilling along the highly prospective afz corridor has continued to delineate high-grade gold mineralization now extending 1.5km south of keats, including the discovery of the new tch zone, and new veins and structures around existing zones. importantly, the high-grade corridor of gold along the afz has now been tracked over 4.1km from lotto north/zone 36 down to knob, with much of this area remaining underexplored (figure 1). at the southern extension of the keats main zone (keats main south) the company continues to intersect high-grade gold mineralization following up on its october 18, 2022. release. highlight intercepts include 25.31 g/t au over 2.45m and 72.7 g/t au over 2.20m in nfgc-22-774 and 4.59 g/t au over 14.90m in nfgc-22-845. the high-grade gold associated with the keats-baseline fault zone, the structure that hosts the keats main zone, has now been traced over a strike length of 1.1km and down to a vertical depth of 400m (figures 1- 4). systematic reconnaissance grid drilling south of the trans-canada highway along the eastern side of the afz identified a new gold-bearing zone called “tch (trans canada highway)” with intercepts of 79.6 g/t au over 2.00m in nfgc-22-863, 10.5 g/t au over 2.45m in nfgc-22-642 and 1.02 g/t au over 10.70m in nfgc-22-703. this structure is located in the footwall to the afz and has been intersected over a strike length of 190m and down to a vertical depth of 300m (figures 1-4). at knob, a new vein called “rocket” has been discovered 100m to the east, with a highlight interval of 12.63 g/t au over 4.45m in nfgc-22-704 intersected at a vertical depth of 65m. the knob zone is a historical discovery with mineralization hosted within an east-west striking structure largely constrained to greywacke which has been traced over a strike length of 160m and has seen minimal modern-day drilling (figures 1, 2 and 4). additional drilling into the 421 zone, a moderately southwest-dipping structure that runs at an oblique angle to the keats main zone has intersected the highlight interval of 10.5 g/t au over 2.30m in nfgc-22-733. this structure likely plays a role in concentrating high-grade gold where it interacts with the keats-baseline fault (figures 1 and 4). melissa render, vp exploration for new found stated: “from the rocket vein at knob to lotto north measures an impressive 4.1km stretch of the afz that continues to produce new discoveries both on the east and west side of this regional-scale fault. it is a lot of ground to cover but from a first pass of drilling, results indicate that the system’s strength continues. we will persist with aggressive follow-up drilling which involves tracing the structures that are known to host high-grade gold and determining the controls responsible for producing both high and low-grade gold domains from which we can expand on.” drillhole details keats main zone south: hole number from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-712 31.10 36.40 5.30 1.13 421 and 332.50 335.50 3.00 4.01 keats main nfgc-22-733 22.30 24.60 2.30 10.45 421 including 22.80 23.30 0.50 46.80 and 424.40 427.00 2.60 1.76 keats main nfgc-22-756 431.50 433.55 2.05 9.14 keats main s and 432.85 433.25 0.40 45.20 nfgc-22-774 79.40 81.70 2.30 1.05 keats s and 364.00 366.45 2.45 25.31 keats main s including 365.00 366.00 1.00 60.50 and 379.80 382.00 2.20 72.66 including 379.80 380.35 0.55 290.00 nfgc-22-778 439.00 441.55 2.55 2.84 keats main s including 439.80 440.15 0.35 20.10 and 488.00 490.80 2.80 1.40 and 496.00 498.00 2.00 1.13 and 509.00 514.55 5.55 1.45 nfgc-22-790 453.00 455.00 2.00 1.30 keats main s nfgc-22-804 439.00 441.45 2.45 2.08 keats main s nfgc-22-807 548.45 551.10 2.65 2.01 keats main s and 601.00 605.00 4.00 1.08 nfgc-22-821 370.00 372.45 2.45 1.18 keats main s nfgc-22-826 132.00 137.65 5.65 1.50 keats main s nfgc-22-835 77.85 80.80 2.95 2.18 421 and 162.00 164.85 2.85 3.76 keats main s nfgc-22-837 355.35 357.70 2.35 1.37 keats main s and 386.00 388.60 2.60 8.73 including 388.10 388.60 0.50 34.88 nfgc-22-845 52.50 55.00 2.50 1.17 keats main s/ 421 and 115.00 129.90 14.90 4.59 including 120.00 121.00 1.00 26.17 including 129.00 129.90 0.90 11.50 and 135.00 137.15 2.15 2.89 and 143.00 145.00 2.00 2.05 and 188.00 190.00 2.00 2.42 nfgc-22-853 no significant values keats main s nfgc-22-871 no significant values keats main s tch results: hole number from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-513 246.60 251.00 4.40 1.41 tch nfgc-22-569 140.00 142.70 2.70 3.70 tch and 147.00 152.00 5.00 1.78 nfgc-22-604 no significant values tch nfgc-22-621 no significant values tch nfgc-22-632 no significant values tch nfgc-22-642 243.00 245.00 2.00 1.01 tch and 290.85 293.00 2.15 2.00 and 303.45 305.90 2.45 10.45 including 303.80 304.35 0.55 14.46 including 305.40 305.90 0.50 32.43 nfgc-22-671 223.95 226.45 2.50 1.10 tch nfgc-22-679 no significant values tch nfgc-22-694 165.90 168.70 2.80 1.16 tch and 227.00 231.00 4.00 1.21 nfgc-22-703 109.30 111.70 2.40 1.63 tch and 131.00 133.00 2.00 1.63 and 183.00 193.70 10.70 1.02 nfgc-22-715 no significant values tch nfgc-22-724 88.00 93.00 5.00 1.29 tch and 97.40 101.20 3.80 1.05 and 193.40 196.25 2.85 1.44 nfgc-22-737 no significant values tch nfgc-22-749 no significant values tch nfgc-22-763 59.00 61.00 2.00 1.09 tch nfgc-22-782 no significant values tch nfgc-22-797 no significant values tch nfgc-22-824 no significant values tch nfgc-22-831 no significant values tch nfgc-22-863 307.00 309.40 2.40 3.38 tch and 427.10 429.10 2.00 79.62 tch including 427.10 427.80 0.70 226.46 nfgc-22-885 278.60 280.80 2.20 7.06 tch including 279.50 280.20 0.70 22.01 rocket results: hole number from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-638 no significant values rocket nfgc-22-654 no significant values rocket nfgc-22-662 no significant values rocket nfgc-22-670 no significant values rocket nfgc-22-687 no significant values rocket nfgc-22-699 no significant values rocket nfgc-22-704 65.00 67.00 2.00 1.02 rocket and 86.60 91.05 4.45 12.63 including 88.00 88.45 0.45 118.50 nfgc-22-713 no significant values rocket nfgc-22-725 no significant values rocket nfgc-22-731 92.25 94.65 2.40 1.13 rocket nfgc-22-735 no significant values rocket nfgc-22-741 no significant values rocket nfgc-22-745 no significant values rocket nfgc-22-751 no significant values rocket nfgc-22-760 no significant values rocket table 2: summary of composite results reported in this press release for keats main south, tch and rocket 1note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 90% of the reported interval. 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. hole number azimuth (°) dip (°) length (m) utm e utm n prospect nfgc-22-513 299 -45.5 401 657596 5426437 tch nfgc-22-569 110 -45 257 657512 5426948 tch nfgc-22-604 300 -45 343 657589 5426614 tch nfgc-22-621 300 -45 200 657619 5426596 tch nfgc-22-632 300 -45 293 657588 5426557 tch nfgc-22-638 300 -45 344 657247 5426118 rocket nfgc-22-642 300 -45 500 657636 5426511 tch nfgc-22-654 300 -45 203 657251 5426173 rocket nfgc-22-662 300 -45 233 657252 5426232 rocket nfgc-22-670 300 -45 242 657239 5426008 rocket nfgc-22-671 299 -42 302 657637 5426510 tch nfgc-22-679 300 -45 191 657193 5425976 rocket nfgc-22-687 300 -45 338 657186 5425865 rocket nfgc-22-694 300 -45 284 657539 5426527 tch nfgc-22-699 70 -50 179 657191 5425870 rocket nfgc-22-703 300 -45 284 657594 5426495 tch nfgc-22-704 100 -50 107 657192 5425868 rocket nfgc-22-712 356 -68 497 657842 5427082 keats nfgc-22-713 250 -45 323 657288 5426093 rocket nfgc-22-715 300 -45 281 657536 5426471 tch nfgc-22-724 300 -45 233 657494 5426496 tch nfgc-22-725 110 -45 95 657192 5425919 rocket nfgc-22-731 120 -70 104 657191 5425919 rocket nfgc-22-733 354 -66 485 657841 5427082 keats nfgc-22-735 50 -45 155 657192 5425920 rocket nfgc-22-737 300 -45 215 657489 5426441 tch nfgc-22-741 5 -45 89 657193 5425927 rocket nfgc-22-745 45 -45 143 657148 5425948 rocket nfgc-22-749 306 -55 557 657596 5426436 tch nfgc-22-751 300 -45 293 657192 5425915 rocket nfgc-22-756 297 -46 538 657813 5426658 keats nfgc-22-760 5 -45 122 657146 5425949 rocket nfgc-22-763 300 -45 329 657397 5426378 tch nfgc-22-774 300 -45 458 657770 5426683 keats nfgc-22-778 298 -52 665 657902 5426724 keats nfgc-22-782 300 -45 290 657350 5426348 tch nfgc-22-790 300 -45 563 657837 5426702 keats nfgc-22-797 300 -45 305 657303 5426318 tch nfgc-22-804 334 -55 575 657599 5426439 tch nfgc-22-807 297 -45 701 658003 5426722 keats nfgc-22-821 297 -45 416 657794 5426728 keats nfgc-22-824 300 -45 251 657295 5426205 tch nfgc-22-826 330 -45.5 240 657799 5427004 keats nfgc-22-831 300 -45 572 657426 5426131 tch nfgc-22-835 300 -45 216 657799 5427004 keats nfgc-22-837 297 -46 452 657818 5426771 keats nfgc-22-845 300 -45 216 657767 5426977 keats nfgc-22-853 297 -46 452 657783 5426791 keats nfgc-22-863 300 -45 472 657573 5426335 tch nfgc-22-871 297 -46 548 657786 5426497 keats nfgc-22-885 120 -70 329 657272 5426509 tch 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. approximately 51,000m of core is currently pending assay results. sampling, sub-sampling, and laboratory true widths of the intercepts reported in this press release have yet to be determined and further exploration is required. 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 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 2m 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, sealed and marked with the contents. nfg 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 january 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 $90-million as of january 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.
