New Found Intercepts 21.4 g/t Au over 8.05m and 14.9 g/t Au over 12.9m in 40m step-out at Keats, Extends High-Grade Zone to 465m Down-Plunge
PR Newswire
VANCOUVER, BC, June 15, 2021
VANCOUVER, BC, June 15, 2021 /PRNewswire/ - New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (OTC: NFGFF) is pleased to announce assay results from an additional nine holes drilled at the Keats Zone ("Keats"). These holes were drilled as part of the Company's ongoing 200,000m diamond drill program at its 100%-owned Queensway Project ("Queensway"), locate d on the Trans-Canada Highway 15km west of Gander, Newfoundland.
Highlights
| Hole No. | From (m) | To (m) | Interval
(m)* | Au (g/t) | Zone |
| NFGC-21-94B | 169.75 | 173.55 | 3.80 | 11.69 | Keats Main |
| NFGC-21-141 | 238.00 | 245.00 | 7.00 | 11.17 | Keats Main |
| NFGC-21-165 | 296.45 | 298.50 | 2.05 | 20.74 | Keats Main |
| NFGC-21-204 | 244.45 | 252.50 | 8.05 | 21.36 | Keats Main |
| And | 283.15 | 296.00 | 12.85 | 14.92 |
Table 1: Highlights
| *Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 80% 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 variability in true width. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging. This table shows highlight intervals, a number of these holes returned additional intervals of gold mineralization as reported in Table 2 below. |
- The intervals of 21.4 g/t Au over 8.05m and 14.9 g/t Au over 12.9m in NFGC-21-204 is a 40m down-plunge step-out to the south from the previously furthest south high-grade intercept (hole NFGC-21-182, 146.2 g/t Au over 25.6m, see New Found news release dated May 21, 2021) and is the deepest assay interval returned to date at Keats (see Figure 1).
- The high-grade zone at Keats has now been drill defined over 465m in the down-plunge direction. The zone remains open and step-out drilling is continuing to the south, vertically above and below this zone, and to the north.
Greg Matheson COO of New Found, stated: "The two intervals in NFGC-21-204 of 21.4 g/t Au over 8.05m and 14.9 g/t Au over 12.9m in a further 40m step-out down plunge demonstrates that the zone of high-grade gold at Keats is continuing and remains open to depth. The intervals in holes NFGC-21-94B, 141 and 165 provide further evidence of the continuity of the high-grade gold mineralization at Keats. The style of mineralization and spatial distribution of the high-grade gold continues to demonstrate features consistent with the emplacement of high-grade gold in an epizonal event. We now have four drills running at Keats continuing step-out drilling to the south as well as infilling the high-grade zone defined to date."
| *With reference to Figures 1 and 2 a nd the accompanying highlight table above, note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 80% 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 variability in true width. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging. |
Drillhole Details
| Hole No. | From (m) | To (m) | Interval
(m)* | Au (g/t) | Zone |
| NFGC-21-91 | 143.00 | 145.50 | 2.50 | 1.30 | Keats Main |
| NFGC-21-94B | 169.75 | 173.55 | 3.80 | 11.69 | Keats Main |
| Within | 166.45 | 176.35 | 9.90 | 6.18 |
| NFGC-21-95 | 19.15 | 21.70 | 2.55 | 1.50 | Keats FW |
| And | 48.20 | 53.20 | 5.00 | 2.36 |
| NFGC-21-125 | 82.60 | 84.90 | 2.30 | 4.92 | Keats FW |
| NFGC-21-127 | 37.00 | 39.00 | 2.00 | 6.11 | Keats Main |
| Within | 37.00 | 51.0 0 | 14.00 | 1.47 |
| NFGC-21-135 | 209.45 | 223.90 | 14.45 | 2.77 | Keats Main |
| And | 295.10 | 298.15 | 3.05 | 1.40 | |
| NFGC-21-141 | 219.60 | 232.30 | 12.70 | 1.87 | Keats Main |
| And | 238.00 | 245.00 | 7.00 | 11.17 |
| And | 248.55 | 251.25 | 2.70 | 2.01 |
| And | 301.55< /p> | 304.25 | 2.70 | 1.61 |
| NFGC-21-165 | 266.70 | 268.80 | 2.10 | 1.09 | Keats Main |
| And | 296.45 | 298.50 | 2.05 | 20.74 |
| NFGC-21-204 | 244.45 | 252.50 | 8.05 | 21.36 | Keats Main |
| And< /b> | 283.15 | 296.00 | 12.85 | 14.92 |
Table 2: Summary of results reported in this release
| *Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 80% 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 variability in true width. Intervals are calculated at a 1 g/t Au cut-off grade; grades have not been capped in the averaging. |
| Hole No. | Azimuth (°) | Dip (°) | Interval (m)* | UTM E | UTM N |
| NFGC-21-91 | 299 | -46 | 186 | 658169 | 5427376 |
| NFGC-21-94B | 300 | -45 | 234 | 658201 | 5427357 |
| NFGC-21-95 | 300 | -45 | 230 | 658272 | 5427606 |
| NFGC-21-125 | 300 | -45 | 107 | 658257 | 5427527 |
| NFGC-21-127 | 300 | -45 | 122 | 658246 | 5427534 |
| NFGC-21-135 | < p class="prnews_p">300 | -45 | 336 | 658179 | 5427269 |
| NFGC-21-141 | 300 | -45 | 318 | 658190 | 5427263 |
| NFGC-21-165 | 300 | -45 | 345 | 658181 | 5427196 |
| NFGC-21-204 | 297 | -56 | 404 | 658145 | 5427194 |
Table 3: Location details of drill holes reported on in this release
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 60% to 80% of reported core lengths. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. Assays are uncut, and calculated intervals are reported over a minimum length of 2 meters 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-gram 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 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.