New Found drills 5.25 m of 70.65 g/t Au at Queensway
2022-01-06 06:19 ET - News Release
Mr. Greg Matheson reports
NEW FOUND INTERCEPTS 70.65 G/T AU OVER 5.25M AT GOLDEN JOINT MAIN VEIN, EXTENDING ZONE TO 285M VERTICAL DEPTH
New Found Gold Corp. has released assay results from three diamond drill holes designed to expand the high-grade gold mineralization at the Golden Joint zone centred approximately one kilometre north of the Keats zone. These holes were drilled as part of the Company's ongoing 400,000m diamond drill program at its 100%-owned Queensway Project ("Queensway"), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
Golden Joint Drill Result Highlights
Highlight intervals are summarized below. Additional results are provided in Table 2. Hole No. From (m) To (m) Interval (m)* Au (g/t)**** Zone NFGC-21-274 164.65 166.75 2.10 33.10 Golden Joint HW NFGC-21-386 424.75 429.10 5.25 70.65 Golden Joint
- At the Golden Joint Main Vein, the interval of 70.65 g/t Au over 5.25m in hole NFGC-21-386 extends the drill-defined depth of high-grade gold by approximately 50m vertically from 235m to 285m deep. This vein is developed in the hanging wall to the Appleton Fault Zone and has been drill-defined over a strike length of approximately 250m that remains open in all directions (see Figure 2).
- At the Golden Joint Hanging Wall ('HW') Zone, the interval of 33.10 g/t Au over 2.10 m in NFGC-21-274 is the deepest reported intercept to date and extends the zone to a vertical depth of 112m. The Golden Joint HW Zone consists of a network of high-grade gold veins located east of the Golden Joint Main Vein that are now drill-tested over a strike length of approximately 210m and remain open in all directions (Figure 3).
Greg Matheson, COO of New Found, stated: "Today's announcement continues to demonstrate the high-grade nature of both the Golden Joint Main Vein and the Golden Joint HW, discovered by New Found in 2021. Centrally located between the Company's Keats and Lotto zones, the Golden Joint veins continue to expand as we step out along strike and to depth and they remain wide open in all directions. Similar to the new footwall discovery of 88.5 g/t Au over 3.35m in Hole NFGC-21-238 at Keats (see October 13, 2021, news release), we are very encouraged to be encountering high-grade gold in multiple veins with differing orientations in the Golden Joint Lotto corridor and believe these results speak to the strength and extent of the gold mineralizing system along the Appleton Fault Zone. Good continuity is developing on these targets and our geological modelling is allowing us to accurately predict the location of these high-grade veins and to extend them."
Drillhole Details Hole No. From (m) To (m) Interval (m)* Au (g/t)**** Zone NFGC-21-244 245.30 247.30 2.00 1.21 Golden Joint And 250.60 253.30 2.70 2.03 Golden Joint And 264.00 266.15 2.15 1.60 Golden Joint NFGC-21-274 164.65 166.75 2.10 33.10 Golden Joint HW NFGC-21-386 424.75 430.00 5.25 70.65 Golden Joint
Discussion
- The test work program announced by the Company's November 4th release is ongoing. The outcomes of all test work will be reported as soon as the outstanding data becomes available.
- While the test work program is in progress and for the purpose of reporting a whole core assay result, the Company collected the other half of the sampled core intervals through select mineralized domains. In addition to the three drillholes reported in tables 1, 2 and 4, eleven additional mineralized domains were treated similarly, the results of which will be disclosed in the same way once available. For the mineralized domains being reported, samples of the first half of the core were submitted to EA for screen fire assay. Following the QC disclosure on November 4, 2021, the Company submitted the second half of the core to ALS for screen fire assay. A weighted gold average for both core- halves was calculated and is reported in tables 1,2 and 4.
- Table 4 compares the composite gold grade of each half of the core when reviewed independently. Note that for the results reported, the highest grade samples had higher grades reported for the second half of the core.
- It is not the intention for the Company to always release whole core assay results; certain gold grade composites will be reported on a whole-core basis to build additional confidence in selected mineralized zones.
Half-Core Composite Comparison Au** Au*** Au**** Hole No. From To Interval* First Half-Core Second Half-Core Weighted Avg. (m) (m) (m) (g/t) (g/t) (g/t) NFGC-21-244 245.30 247.30 2.00 1.48 0.92 1.21 And 250.60 253.30 2.70 2.02 2.04 2.03 And 264.00 266.15 2.15 1.30 1.88 1.60 NFGC-21-274 164.65 166.75 2.10 26.62 39.98 33.10 NFGC-21-386 424.75 430.00 5.25 56.73 83.16 70.65
Queensway 400,000m Drill Program Update
Approximately 32% of the planned 400,000m program at Queensway has been drilled to date with approximately 29,500m of the core with pending assay results. Ten core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs by the end of Q1 2022.
Notes
*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.
** Gold values reported are from the first sampled half of the core and was assayed at EA.
***Gold values reported are from the second sampled half of the core and was assayed at ALS.
****Gold values reported are a weighted average of both halves of the core comprising the sampled interval.
^Note that these photos are not intended to be representative of gold mineralization in hole NFGC-21-386.
Sampling, Sub-sampling and Laboratory
True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 70% to 90% of reported core lengths. Reported grades have not been capped. Assays are uncut, and calculated intervals are reported over a minimum length of 2.0m using a lower cut-off of 1.0 g/t Au. All HQ split core assays reported were obtained by either complete sample metallic screen/fire assay or standard 30 g fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia, or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Newfoundland. The complete sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold with initial fire assay values greater than 1.0 g/t Au. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with National Instrument 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. Approximately 3% of sample pulps are sent to secondary laboratories for check assays. See also the Company's November 4, 2021, news release regarding work to assess the presence and source of variability relating to core samples submitted to Eastern Analytical. The test work program announced in the Company's November 4th release is ongoing. The Company anticipates receiving results from lab work undertaken for this program in January 2022 and will report findings based on these results from its independent consultants shortly thereafter.
Qualified Person
The technical content 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 news release dated January 6, 2022, by New Found. Mr. Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, 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 400,000m drill program at Queensway, now approximately 32% complete. The Company is well funded for this program with a current working capital balance of approximately $130 million.
We seek Safe Harbor.
© 2022 Canjex Publishing Ltd. All rights reserved.