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 commencement of an industry-leading 3D seismic survey that will cover 47 km2 along the Appleton (“AFZ”) and JBP Fault Zones (“JBPFZ”) at its Queensway Project. 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.
Highlights:
- The 3D seismic program commenced on March 5, 2023, and is being conducted by HiSeis, an Australian based leader in 3D seismic technology, responsible for conducting similar surveys at numerous projects globally for the mining sector, including at Agnico Eagle’s Fosterville Mine. HiSeis has worked in conjunction with New Found’s technical team to design the parameters of the seismic program for the rock types and mineralization style found at Queensway to maximize resolution.
- The survey is planned to cover an area 5.8km wide and spanning 8km of strike length along the AFZ and JBPFZ, encompassing known significant mineralized zones such as Keats, Keats West, Iceberg, Golden Joint and Lotto, as well as large areas that remain undrilled. This technology provides high resolution penetration up to 3km below surface, with coarser resolution to 8km depth, (see Figures 1-2).
- Drilling completed by the Company to date has primarily focused shallowly on the first 200m from surface and within a 200m window on either side of the AFZ. By collecting seismic data across the known zones, the Company will be able to effectively train a 3D dataset, with the goal of identifying similar looking, prospective zones both outside of this narrow window and at depth.
- Seismic geophysical surveys are often utilized in oil and gas exploration. Due to the unique nature of the sedimentary rock units and structurally controlled gold mineralization at Queensway, the project has been identified as an ideal candidate for 3D seismic technology, which is capable of delineating the lithological and structural architecture over a broad area and to great depths. Acquisition of seismic data not only benefits the understanding of the geological framework and exploration targeting but is useful in examining the geotechnical aspects of the project with greater certainty, aiding in planning of future project development.
- This is the first survey of its kind to be conducted on the island of Newfoundland and one of the first in North America. Its implementation will not only aid in the geologic understanding of the Queensway Project but of the entire central Newfoundland gold belt. The survey is expected to take four months to complete with initial interpretations expected shortly thereafter.
Greg Matheson, COO of New Found, stated: “Very few mining projects globally are as well suited as Queensway for the application of 3D seismic. Since inception we have aimed to be at the forefront of product application and data driven approaches to exploration. We were one of the first in North America to implement Chrysos PhotonAssayTM technology and are proud to be an early adopter of 3D seismic. In order to fully benefit from 3D seismic, it is necessary to obtain seismic data on known mineralized zones. Queensway North is a perfect candidate in this regard, providing us with a large canvas hosting significant structures, drilled high-grade gold zones, as well as vast expanses of prospective and undrilled terrain. This means our 3D seismic survey will be starting off with a very strong dataset from which to train from, covering known zones such as Keats, Golden Joint, and Lotto. This will guide us as we then extrapolate this data to the areas directly around and beneath these zones, as well as well outside of these areas, and in great detail. As geophysical information is collected and processed, and prospective areas are identified, we can then quickly test these areas with drilling. Since the majority of drilling at Queensway to date has occurred within a narrow and shallow corridor along the AFZ, we expect this survey to vastly expand potential target areas. This includes the west side of the AFZ, the parallel JBPFZ, and the 5km-wide area in between. Complex orogenic faults systems such as the AFZ not only create fluid pathways for the gold mineralization but also focus gold in concentrated zones. Detecting these zones and fluid pathways before the drilling phase increases efficiency and the likelihood of success with the drill bit. More so, it’s all about finding the things we don’t see.”
Dr. Miguel Nassif, Senior Structural Geologist of New Found, stated: “Our project team has conducted numerous geophysical characterization studies and investigations leading up to the design of our planned 3D seismic survey which has not only de-risked the possible outcomes but also given us strong indications it will meet program objectives. 3D seismic is a proven technology, capable of delineating lithologies, alteration sequences, structural features and most importantly areas of mineralization across broad expanses and to great depths. The immensity of scientific data we will derive from this survey will not only serve immediate exploration targeting but evolve with the project throughout its life cycle for decades to come.”