New Found Intercepts 4.27 g/t Au Over 31.55m, Extends Keats West to 250m Along Strike

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230418005567/en/

Figure 1: Photos of mineralization from NFGC-22-911:  Left: at ~60.4m Right: at ~62m. 
^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-911. (Photo: Business Wire)

Figure 1: Photos of mineralization from NFGC-22-911: Left: at ~60.4m Right: at ~62m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-911. (Photo: Business Wire)

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:

  1. Keats West represents the first major discovery made on the west side of the AFZ.
  2. It is the only structure discovered to date with a flat-lying orientation.
  3. The consistency of mineralization contained within the host structure is comparable to that of Keats and Iceberg, and in many cases is more uniformly and broadly distributed.
  4. The low-angle orientation has allowed drilling to remain shallow, still largely focused within the top 100m.

“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.

Contacts

New Found Gold Corp.

Per: “Collin Kettell”

Collin Kettell, Chief Executive Officer

Email: ckettell@newfoundgold.ca

Phone: +1 (845) 535-1486

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