NFG Reports High Grades at Golden Joint New Found Intercepts 64.94 g/t Au over 2.10m in Step-Out Drilling at the Golden Joint HW Zone and Extends the Golden Joint Main Vein to 235m Vertical Depth
VANCOUVER, BC, Sept. 30, 2021New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (NYSE American: NFGC) is pleased to announce assay results from eight step-out diamond drill holes designed to expand the high-grade gold mineralization at the Golden Joint Zone, a recently made discovery located approximately 1km north of the Keats Zone and approximately 850m south of the Lotto Zone. These holes were drilled as part of the Company's ongoing 200,000m diamond drill program at its 100%-owned Queensway Project ("Queensway"), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
Highlights
- Highlight intervals are summarized below. Additional results are provided in Table 2.
| * | Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging. |
- The Golden Joint Zone is located approximately halfway between the Keats and Lotto zones and occurs on the east side of the Appleton Fault Zone. At this location, there is a confluence of secondary structures which hosts a network of high-grade gold veins forming two zones, Golden Joint Main Vein and Golden Joint Hanging Wall ('HW'), with an apparent conjugate relationship that is now drill-defined over a surface area of approximately 185m x 185m (Figures 2 and 3).
- Immediately east of the Appleton Fault Zone is the Golden Joint Zone which is characterized by the presence of a high-grade Au-bearing, north south-striking, steeply west-dipping quartz vein, the Golden Joint Main Vein, similar to the Lotto Main Vein. Further east is the Golden Joint HW Zone, which strikes northeast, dips moderately to the southeast and is comprised of both stockwork and massive high-grade gold quartz veins (Figure 2). These two high-grade gold domains resemble mineralization styles found along this segment of the AFZ including at the Keats and Lotto zones.
- Intercepts of 64.94 g/t Au over 2.10m and 17.43 g/t Au over 2.45m in hole NFGC-21-225 and 18.04 g/t Au over 2.00m in NFGC-21-181 in the Golden Joint HW Zone demonstrate persistent growth and continuity of this high-grade secondary gold trend.
- 16.35 g/t Au over 4.50m in NFGC-21-307B extends the high-grade gold mineralization in the Golden Joint Main Vein to 235m vertical depth and it remains open in all directions (Figure 1). Furthermore, the Golden Joint Main Vein continues to deliver strong results including 15.32 g/t Au over 4.25m in NFGC-21-322 and 20.70 g/t Au over 2.00m in NFGC-21-181, indicating a robust gold mineralization system.
- Continued exploration will consist of two rigs targeting extension of the two Golden Joint high-grade gold trends down-dip and along strike in both directions, north to Dome and south towards Keats as both trends are open in all directions.