Found Completes Keats Trench Excavation and Phase 1 Mapping Program, Exposes High-Grade East-West Vein
2023-11-17 06:30 ET - News Release
Company Website: https://newfoundgold.ca/
VANCOUVER, British Columbia -- (Business Wire)
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provide an update on surface trenching at the Keats Zone 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.
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Figure 1: Keats trench plan view map with location of strong visible gold mineralization in the E-W Vein (Graphic: Business Wire)
Trench Highlights:
- Excavation of the Keats trench began in mid-August and is now complete, exposing a 200m long by 70m wide area roughly corresponding to the known surface expression of the high-grade segment of the Keats-Baseline Fault Zone, which includes a plethora of veins and vein sets that make up the Keats Zone (Figure 1).
- One particularly notable vein called the East-West Vein (“E-W Vein”) has been uncovered over a 100m long surface expression including a 25m segment that is host to a significant amount of visible gold as shown in Figures 1 & 2. Through drilling, the E-W Vein has been intercepted over a strike length of 300m and down to a vertical depth of 150m, forming an important constituent of the Keats-Baseline Fault Zone. This particularly well-mineralized vein is associated with several key previously disclosed intercepts, shown below in Table 1.
- Prior to the Keats trench, the Keats Zone had only been observed through drill core and modelled in 3D, forming the basis of the Company’s geological model. A high-level first pass mapping program has been completed, broadly confirming the original interpretation but with added structural details not previously recognized in drill-core. This initial phase of work has enhanced the Company’s understanding of the Keats Zone and the controls on high-grade mineralization as seen in the E-W Vein as one example.
- A phase II program of detailed trench mapping and sampling will commence in the spring of 2024, which will lend further validation to the geological model, as well as provide critical insights into the genesis of the Keats Zone and assist in future targeting along the Appleton Fault Zone.
- The Keats Zone starts 3m below surface at bedrock and has been drill-defined over 1.1km of strike and to a depth of 400m. The shallow portion of Keats demonstrates robust grades over significant thicknesses, a hallmark characteristic of the zone.
Greg Matheson, COO of New Found, stated: “Now that the trench is fully excavated, we can see the vein network of this portion of the Keats-Baseline Fault exposed in its entirety. The E-W Vein was one of the last areas to be revealed and provides one of the best demonstrations of gold deposition at Keats. This exposure of the E-W Vein is notable; the consistency and amount of visible gold mineralization found throughout this 25m long segment provides good validation of our model and explains the encouraging results encountered along the vein at depth (Table 1). This vein is well mineralized across its 300m strike length yet forms just a small portion of the overall Keats Main Zone. For reasons we don’t yet understand, the 25m long segment of the E-W Vein highlighted today is particularly enriched and with additional study work, we aim to garner additional insights into why – knowledge that will sharpen our ability for continued successful targeting at Queensway.”
| Hole No. | From (m) | To (m) | Length (m) | Au (g/t) | Zone |
| NFGC-20-231 | 82.65 | 124.00 | 41.35 | 22.3 | Keats Main |
| Including | 93.65 | 108.2 | 14.55 | 57.4 |
| Including | 93.65 | 94.00 | 0.35 | 1120 |
| Including | 101.80 | 104.40 | 2.60 | 140.8 |
| Including | 118.85 | 123.40 | 4.55 | 15.2 |
| NFGC-20-372 | 9.00 | 19.30 | 10.30 | 25.0 | Keats Main |
| NFGC-20-412 | 11.70 | 22.10 | 10.40 | 22.5 | Keats Main |
| Including | 13.00 | 16.70 | 3.70 | 58.9 |
| NFGC-20-592 | 38.65 | 43.30 | 4.65 | 131.1 | Keats Main |
| NFGC-21-801 | 49.45 | 88.50 | 39.05 | 25.8 | Keats Main |
| Including | 62.70 | 72.80 | 10.10 | 58.5 |
| Including | 78.65 | 88.50 | 9.85 | 39.5 |
| Table 1: Keats E-W vein associated intervals |
| Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70% 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 2m consecutive dilution. Grades have not been capped in the averaging and intervals are reported as drill thickness. Full details of drill holes previously released: NFGC-20-23 (see press release October 27, 2020); NFGC-20-37 (see press release February 11, 2021); NFGC-20-41 (see press release January 11, 2021); NFGC-20-59 (see press release May 4, 2021); NFGC-21-80 (see press release March 10, 2021). |
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