New found reports several high-grade intercepts from keats north including 117 g/t au over 2.00m, 36.5 g/t au over 2.15m & 20.8 g/t au over 2.00m
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 thirty-six diamond drill holes that were completed as part of an ongoing systematic drill program exploring a highly prospective segment of the appleton fault zone (“afz”) immediately north of the keats zone. new found’s 100%-owned queensway project comprises a 1,650km2 area, accessible via the trans-canada highway, 15km west of gander, newfoundland and labrador. keats north highlights: hole no. from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-700 165.90 171.15 5.25 7.63 keats n including 168.95 170.55 1.60 18.82 nfgc-22-728 249.20 251.20 2.00 116.93 keats n including 250.15 250.80 0.65 358.07 nfgc-22-754 118.00 122.25 4.25 5.68 keats n including 118.00 118.80 0.80 14.30 including 121.50 122.25 0.75 11.65 nfgc-22-762 52.50 54.65 2.15 36.49 keats n including 53.35 54.00 0.65 115.00 nfgc-22-796 230.95 235.10 4.15 7.41 keats n including 230.95 231.45 0.50 35.90 including 234.50 235.10 0.60 10.20 and 240.40 242.65 2.25 17.06 including 240.40 241.40 1.00 38.10 nfgc-22-825 120.00 122.00 2.00 20.82 keats n including 120.00 121.00 1.00 41.33 and 140.00 142.00 2.00 4.07 and 198.30 200.85 2.55 11.55 and including 199.90 200.85 0.95 30.91 table 1: keats north drilling highlights 1note that the host structures are interpreted to be steepling dipping and true widths are unknown at this time. 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. the keats north prospect consists of a complex network of brittle fault zones that host a number of high-grade gold-bearing veins that have been defined over an area 150m wide by 630m strike. exploration to date has successfully extended the gold mineralization to depths of 200m and has identified several domains of high-grade gold that often occur at structural intersections within this fault system (figure 1). several holes into the keats north prospect contained significant intervals including 117 g/t au over 2.00m in nfgc-22-728, 36.5 g/t au over 2.15m in nfgc-22-762, 20.8 g/t au over 2.00m in nfgc-22-825, and 17.1 g/t au over 2.25m in nfgc-22-796. these significant intervals along with many others occur largely within and around the umbra, penumbra, and enigma structures, however, others fall outside into new structural splays; these zones remain open (figure 1). follow-up drilling has commenced targeting these domains of high-grade to better define their geometries to inform future drilling campaigns focused on expansion. this first pass of drilling across the keats north prospect has been successful at identifying a new gold system with proven high-grade potential and has provided important geological information for detailed geological modeling which has been used to design the follow-up program. melissa render, vp of exploration for new found stated: “as drilling progresses at keats north, new domains of high-grade have been encountered in various locations throughout this stretch along the afz (figure 3). the structure in this region is complex but with additional drilling and new data points, the interpretation is evolving, and several high-grade targets have been identified for prompt follow-up. both high- and low-grade results are mapping out a substantial domain of gold mineralization that we are keen to pursue. given its proximity to the keats-baseline fault and the connection via structure to the keats main zone, we are very encouraged by the results reported to date and look forward to what the targeted follow-up programs have to bring.” drillhole details hole no. from (m) to (m) interval (m)1 au (g/t) zone nfgc-22-546 66.00 68.00 2.00 1.66 keats n and 212.00 214.50 2.50 1.01 nfgc-22-559 71.75 74.00 2.25 1.69 keats n and 78.00 82.90 4.90 1.14 and2 131.95 134.00 2.05 13.22 including2 133.00 134.00 1.00 24.7 and2 148.00 150.70 2.70 10.65 including2 148.00 149.70 1.70 14.92 and2 157.40 161.80 4.40 1.28 nfgc-22-565 60.65 63.00 2.35 3.19 keats n nfgc-22-5772 34.20 36.80 2.60 12.88 keats n including2 36.15 36.80 0.65 48.9 and 73.10 79.00 5.90 1.09 and 125.50 127.75 2.25 1.35 nfgc-22-579 109.00 111.00 2.00 1.41 keats n and 118.05 120.65 2.60 1.44 nfgc-22-596 no significant values keats n nfgc-22-602 67.90 69.90 2.00 2.07 keats n and2 182.30 184.50 2.20 5.29 including2 183.00 184.00 1.00 10.55 nfgc-22-612 20.30 22.70 2.40 1.53 keats n nfgc-22-613 no significant values keats n nfgc-22-613a 137.55 140.00 2.45 3.46 keats n nfgc-22-615 97.65 99.75 2.10 1.15 keats n and 120.20 123.00 2.80 1.03 and 135.55 140.00 4.45 1.07 nfgc-22-6252 33.00 35.00 2.00 4.17 keats n including2 33.80 34.50 0.70 11.85 and 48.70 52.50 3.80 5.73 including 50.60 51.50 0.90 17.80 and 119.75 122.10 2.35 1.18 nfgc-22-627 115.85 118.45 2.60 1.13 keats n nfgc-22-6392 15.60 23.00 7.40 3.39 keats n including2 22.15 23.00 0.85 16.00 and2 65.55 68.45 2.90 2.92 including2 67.95 68.45 0.50 15.05 and 215.60 217.65 2.05 1.01 keats n nfgc-22-651 no significant values keats n nfgc-22-652 no significant values keats n nfgc-22-653 no significant values keats n nfgc-22-657 25.75 31.70 5.95 2.03 keats n including 25.75 26.45 0.70 10.20 and 42.95 45.65 2.70 2.27 and 54.00 56.00 2.00 1.13 and 58.00 60.00 2.00 1.43 nfgc-22-665 28.20 31.00 2.80 3.73 keats n including 28.20 29.00 0.80 11.30 and2 46.60 52.35 5.75 18.95 including2 48.25 48.85 0.60 162.50 and2 70.50 73.15 2.65 1.12 and2 75.45 77.45 2.00 1.05 nfgc-22-674 10.65 13.10 2.45 1.05 keats n and 74.00 76.25 2.25 1.47 nfgc-22-677 44.15 46.30 2.15 1.09 keats n nfgc-22-682 no significant values keats n nfgc-22-692 no significant values keats n nfgc-22-693 17.90 20.50 2.60 3.72 keats n including 19.00 19.65 0.65 10.50 nfgc-22-697 66.35 68.80 2.45 2.43 keats n and 129.70 132.05 2.35 1.33 nfgc-22-700 165.90 171.15 5.25 7.63 keats n including 168.95 170.55 1.60 18.82 nfgc-22-711 393.65 396.30 2.65 4.61 keats n including 395.00 395.55 0.55 22.00 nfgc-22-728 249.20 251.20 2.00 116.93 keats n including 250.15 250.80 0.65 358.07 nfgc-22-736 no significant values keats n nfgc-22-748 no significant values keats n nfgc-22-754 no significant values keats w and 118.00 122.25 4.25 5.68 keats n including 118.00 118.80 0.80 14.30 including 121.50 122.25 0.75 11.65 nfgc-22-762 52.50 54.65 2.15 36.49 keats n including 53.35 54.00 0.65 115.00 nfgc-22-767 313.90 316.00 2.10 1.34 keats n and 321.00 323.00 2.00 2.63 nfgc-22-786 80.50 83.00 2.50 1.76 keats n nfgc-22-796 40.00 42.35 2.35 3.37 keats n and 230.95 235.10 4.15 7.41 including 230.95 231.45 0.50 35.90 including 234.50 235.10 0.60 10.20 and 240.40 242.65 2.25 17.06 including 240.40 241.40 1.00 38.10 nfgc-22-825 120.00 122.00 2.00 20.82 keats n including 120.00 121.00 1.00 41.33 and 140.00 142.00 2.00 4.07 and 198.30 200.85 2.55 11.55 and including 199.90 200.85 0.95 30.91 table 2: summary of composite results reported in this press release for keats west 1note that the host structures are interpreted to be steepling dipping and true widths are unknown at this time. 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. 2previously reported interval. hole no. azimuth (°) dip (°) length (m) utm e utm n nfgc-22-546 299 -49 380 658344 5428026 nfgc-22-559 300 -45 333 658233 5427628 nfgc-22-565 300 -45 99 658204 5427702 nfgc-22-577 300 -45 260 658244 5427852 nfgc-22-579 120 -45 200 657963 5427741 nfgc-22-596 300 -45 413 658184 5427656 nfgc-22-602 300 -45 335 658339 5427970 nfgc-22-612 300 -45 305 658215 5427638 nfgc-22-613 120 -45 80 658153 5428078 nfgc-22-613a 120 -45 305 658153 5428078 nfgc-22-615 300 -45 299 658322 5427980 nfgc-22-625 300 -45 353 658176 5427689 nfgc-22-627 120 -45 212 657934 5427742 nfgc-22-639 300 -45 359 658232 5427802 nfgc-22-651 300 -45 188 658237 5427828 nfgc-22-652 300 -45 222 658280 5427659 nfgc-22-653 300 -45 320 658220 5427665 nfgc-22-657 300 -45 293 658222 5427779 nfgc-22-665 300 -45 159 658226 5427762 nfgc-22-674 300 -45 131 658212 5427755 nfgc-22-677 300 -45 203 658195 5427736 nfgc-22-682 300 -45 251 658150 5427647 nfgc-22-692 300 -45 224 658170 5427635 nfgc-22-693 300 -45 152 658217 5427724 nfgc-22-697 300 -45 227 658223 5427735 nfgc-22-700 300 -45 374 658204 5427616 nfgc-22-711 300 -45 401 658220 5427607 nfgc-22-728 300 -45 260 658237 5427597 nfgc-22-736 300 -45 200 658283 5427686 nfgc-22-748 300 -45 236 658304 5427674 nfgc-22-754 120 -45 134 658092 5427940 nfgc-22-762 300 -45 245 658261 5427727 nfgc-22-767 300 -45 494 658164 5427610 nfgc-22-786 300 -45 257 658193 5427593 nfgc-22-796 300 -45 353 658218 5427580 nfgc-22-825 300 -45 443 658126 5427602 table 3: details of the drill hole reported in this press release queensway 400,000m drill program update approximately 79% of the planned 400,000m program at queensway has been drilled to date with ~61,442m of the core still 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 december 5, 2022, 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 400,000m drill program at queensway, now approximately 79% complete. the company is well funded for this program with cash and marketable securities of approximately $48 million as of december 2022. 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,” “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.
