New Found drills 3.85 m of 98.13 g/t Au at Queensway
2022-01-19 06:35 ET - News Release
Mr. Craig Roberts reports
NEW FOUND INTERCEPTS 98.13 G/T AU OVER 3.85M AT GOLDEN JOINT, EXTENDING THE HIGH-GRADE ZONE TO 305M VERTICAL DEPTH
New Found Gold Corp. has released assay results from one diamond drill hole designed to expand the high-grade gold mineralization at the Golden Joint zone centred approximately one kilometre north of the Keats zone. This hole was drilled as part of the company's continuing 400,000-metre diamond drill program at its 100-per-cent-owned Queensway project, located on the Trans-Canada Highway 15 kilometres west of Gander, Nfld.
Golden Joint drill result highlights:
- The highlight interval is summarized in the associated table. Additional results are provided in a later table.
HIGHLIGHT RESULTS FROM GOLDEN JOINT Hole No. From To Interval (1) Au (m) (m) (m) (g/t) NFGC-21-401 450.15 454.00 3.85 98.13 (1) Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70 per cent to 90 per cent of reported intervals. Intervals are calculated at a one gram per tonne gold cut-off grade; grades have not been capped in the averaging.
- The interval of 98.13 grams per tonne gold over 3.85 metres in NFGC-21-401 extends the high-grade gold zone at Golden Joint to a vertical depth of approximately 305 m, extending the zone's vertical depth approximately 20 m below the previously reported deepest intercept of 70.65 g/t Au over 5.25 m in NFGC-21-386.
- The Golden Joint zone remains open in all directions with additional results pending along approximately 250 m of strike and to approximately 340 m of depth. Drilling is continuing with the objective of expanding this high-grade zone along strike and to depth.
Melissa Render, vice-president of exploration for New Found, stated: "Assay results received to date at Golden Joint indicate a vertically plunging high-grade gold domain within a broad northwest-striking vein filled fault zone adjacent to the Appleton fault zone. Additionally, drilling continues to expand a conjugate, northeast-striking shallower high-grade system located to the east of Golden Joint. Similar to the more advanced discoveries at Keats and Lotto, drilling at Golden Joint continues to demonstrate the presence of high-grade gold in a style of veining and mineralization consistent with an epizonal model of gold emplacement. Good vertical continuity is developing on this target and the tenor of gold speaks to the strength of the mineralizing system. We are excited to continue stepout drilling targeting the expansion of this zone of high-grade gold mineralization, as well as to explore for additional mineralized structures proximate to this exciting discovery."
Drill hole details
SUMMARY OF RESULTS REPORTED IN THIS RELEASE FOR GOLDEN JOINT Hole No. From To Interval (1) Au (m) (m) (m) (g/t) NFGC-21-401 425.95 428.00 2.05 2.34 and 432.60 435.15 2.55 1.05 and 438.95 445.00 6.05 3.05 and 450.15 454.00 3.85 98.13 (1) Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70 per cent to 90 per cent of reported intervals. Intervals are calculated at a one g/t Au cut-off grade; grades have not been capped in the averaging.
Discussion
The reported interval of 98.13 g/t Au over 3.85 m is a weighted average of screen fire assay results received from ALS for the two half-core samples from this interval, and thus represents a whole-core assay result. The first half-core sample assayed 85.77 g/t Au and the second 111.44 g/t Au. On completion of the test program announced Nov. 4 the company anticipates returning to a protocol of primarily half-core sampling and reporting half-core assay results.
HALF-CORE COMPOSITE COMPARISON Hole No. From To Interval (1) Au first half-core Au second half-core Au weighted avg. (m) (m) (m) (g/t) (2) (g/t) (3) (g/t) (4) NFGC-21-401 425.95 428.00 2.05 1.03 4.21 2.34 and 432.60 435.15 2.55 0.95 1.14 1.05 and 438.95 445.00 6.05 2.91 3.35 3.05 and 450.15 454.00 3.85 85.77 111.44 98.13 (1) Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70 per cent to 90 per cent of reported intervals. Intervals are calculated at a one g/t Au cut-off grade; grades have not been capped in the averaging. (2) Gold values reported are from the first sampled half of the core assayed at ALS. (3) Gold values reported are from the second sampled half of the core assayed at ALS. (4) Weighted average of both halves of the core comprising the sampled interval. Note that Golden Joint HW intervals from this hole have not yet been received and will be reported once available.
Queensway 400,000 m drill program update
Approximately 33 per cent of the planned 400,000 m program at Queensway has been drilled to date with approximately 30,515 m 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 the first quarter of 2022.
Sampling, subsampling, laboratory and discussion
True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 70 per cent to 90 per cent of reported core lengths. Reported grades have not been capped. Assays are uncut, and calculated intervals are reported over a minimum length of 2.0 m 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 (inductively coupled plasma) finish at ALS in Vancouver, B.C., or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Nfld. 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 are 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 per cent of sample pulps are sent to secondary laboratories for check assays.
The testwork program announced by the company's Nov. 4 release is continuing. The outcomes of all testwork will be reported as soon as the outstanding data become available. While the testwork 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 one drill hole reported in the associated tables, nine 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 both the first half and second half of the core were submitted to ALS for screen fire assay. A weighted gold average for both core halves was calculated and is reported in the associated tables. 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. Following a pause late in the past year the company anticipates a continuous ramp-up in receipt and disclosure of drill results over the coming weeks and will consequently move toward the disclosure of larger batches of assay results in its news releases.
Qualified person
The technical content disclosed in this press release was reviewed and approved by Greg Matheson, PGeo, 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 Jan. 19, 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-per-cent interest in the Queensway project, located 15 kilometres west of Gander, Nfld., and just 18 km 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 work force. The company is currently undertaking a 400,000 m drill program at Queensway, now approximately 33 per cent complete. The company is well financed for this program with a current working capital balance of approximately $126-million.
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