News
New Found Gold drills 3.2m of 51.3 g/t Au at Queensland
2021-03-23 07:40 ET - News Release
Mr. Craig Roberts reports
NEW FOUND INTERCEPTS 51.3 G/T AU OVER 3.20M AND 53.3 G/T AU OVER 3.10M IN STEP-OUTS TO DEPTH AT LOTTO
New Found Gold Corp. has provided recently received assay results from two holes drilled at the Lotto zone. These holes were completed as part of the Company's ongoing 200,000 m diamond drill program at its 100% owned Queensway Project ("Queensway"), located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.
Highlights
These drill results are summarized below:
Hole No. From (m)To (m)Interval (m)*Au (g/t) This release: NFGC-21-109154.20 157.403.20 51.3 Within 152.70 161.508.80 19.3 NFGC-21-115186.00 189.103.10 53.3 Within 180.70 189.108.40 20.3 Previously reported Lotto interval highlights: NFGC-20-17 35.25 40.00 4.75 41.2 And 56.95 62.10 5.15 25.4 NFGC-20-20 100.25 103.253.00 5.3 NFGC-20-27 222.90 224.902.00 31.3 NFGC-20-50 43.65 45.75 2.10 65.3 NFGC-21-100118.00 120.452.45 224.7 Previously reported "Sunday Zone" interval: NFGC-20-44 242.10 245.052.95 38.7 Within 238.55 245.056.50 18.1
* Note that the true width of the mineralization is uncertain, but host structures are interpreted to be steeply dipping implying true widths in the range of 70% of reported intercepts. Intervals are calculated at a 1 g/t Au cut-off grade and minimum width of 2m, grades have not been capped in the averaging.
As illustrated in Figure 1, the intercepts in NFGC-21-109 and NFGC-21-115 confirm good continuity of high-grade gold mineralization to a vertical depth of approximately 130m where it remains open.
These intervals occur in an interpreted north-south strking vein set, one of a network of multiple secondary north-south striking vein sets interpreted to date over a 300m x 200m area and open (see Figure 2).
High grade interpreted to be focused on fault splays and structural intersections in plan view. Drilling to date indicates similar patterns in cross section, with spays in veining also interpreted in the vertical direction.
Continuity is also developing along strike. The high-grade intervals in the Company's original Lotto discovery hole (NFGC-21-17, which returned 41.2 g/t Au over 4.75m starting at 35m down hole and 25.4g/t over 5.15m starting at 57m down hole) are interpreted to occur in the same north-south vein set along strike to the north.
Denis Laviolette, President of New Found, stated: "We are very excited by the continuity of high-grade gold now developing on this north-south striking vein set at Lotto. The two reported step-out intervals were drilled below the high grade interval in Hole NFGC-21-100 (224.7 g/t Au over 2.45m, see February 23, 2021 news release) confirming the high grade mineralization to 130m vertical depth where it remains open. In fact the veining appears to be broadening and strengthening with depth, and drilling to step out further to depth will commence shortly. To date we have interpreted approximately 300m of north-south strike on this vein set which appears to bisect the Lotto Baseline fault zone, as illustrated in Figure 2. Drilling will also continue to step out along laterally along strike to further test in this direction.
Bigger picture at Lotto, as shown in Figure 2 we have interpreted multiple other north-south striking secondary veining and we will continue to drill test these other vein sets for similar high-grade gold mineralization. One of these interpreted north-south striking vein sets approximately 100m to the west returned 18.1 g/t Au over 6.5m (Hole NFGC-20-44) where it intersected the main Appleton Fault (see January 14, 2021 news release), confirming the potential for additional zones of high grade gold in this parallel veining. Finally at Lotto we are also targeting the more primary Lotto Baseline fault and the Appleton faults. The Lotto Baseline fault appears analogous to the Keats Baseline fault which is host to the high grade discovery at Keats and we are utilizing our developing understanding of the controls on mineralization at Keats in targeting gold mineralization the Lotto Baseline fault."
Drill-hole Details
Table 2: Summary of results reported in this release Hole No. From (m)To (m)Interval (m)*Au (g/t)Zone NFGC-21-109154.20 157.403.20 51.3 Lotto Within 152.70 161.508.80 19.3 NFGC-21-115186.00 189.103.10 53.3 Lotto Within 180.70 189.108.40 20.3