New Found Intercepts 61.50 g/t Au over 5.20m at Keats 65m Step-Out, Extends High-Grade Zone to 530m Down Plunge New Found Intercepts 61.50 g/t Au over 5.20m at Keats 65m Step-Out, Extends High-Grade Zone to 530m Down Plunge
PR Newswire
VANCOUVER, BC, Oct. 14, 2021
VANCOUVER, BC, Oct. 14, 2021 /PRNewswire/ - New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (OTC: NFGFF) is pleased to announce recently received assay results from eleven holes drilled at the Keats Zone ("Keats"), located along the Appleton Fault Zone. These holes were completed 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 15 km west of Gander, Newfoundland.
Highlights
- Highlight intervals are summarized below. Additional results are provided in Table 2.
| * 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 85% to 95% 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. |
- The Keats Main Zone now extends 530m down-plunge, an increase of 65m from the previously reported distance of 465m defined by the furthest intercept to date in NFGC-21-360 grading 61.50 g/t Au over 5.20m.
- Intercepts of 17.59 g/t Au over 6.50m in NFGC-21-312 as well as 63.92 g/t Au over 3.25m and 9.10 g/t Au over 6.25m in NFGC-21-351 continue to demonstrate the high-grade up-dip continuity with robust widths above the core dilatational zone towards surface.
- Starting at surface the multiple high-grade zones at Keats now cover an overall footprint of approximately 250m in width x 490m along strike x 307m vertical depth and are open in all directions.
Greg Matheson, COO of New Found, stated: " The high-grade continuity over a distance of 530m in a down-plunge direction is impressive but what's truly encouraging is seeing this continuity continue above the core dilatational zone up-dip towards surface adding significant volume to the high-grade mineralization. In addition, the recently announced results from NFGC-21-238 yielding 88.53 g/t Au over 3.35m in the Keats Footwall has presented multiple exploration fronts as we continue to see the footprint of Keats expand in all directions. All of our drills at Keats and along the Appleton Fault are currently focused on expansion of these high-grade gold systems."
Discussion
- The Keats Main Zone is hosted within a faulted domain, the Keats-Baseline Fault, that contains a network of quartz veins that strike to the east-northeast and dip moderately to the southeast at approximately 55° as shown in Figure 3. The massive high-grade gold bearing quartz veins within this structural corridor are dominantly parallel to the orientation of the Keats host structure and drill hole structural data suggests some areas contain high-grade stockwork and spur type veins with a variety of orientations.
- Continued step-out drilling will work to expand mineralization south and up-dip of the core dilatational zone within the Keats Main Zone.
Drill Hole Details
| * 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 85% to 95% 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. |
Queensway 200,000m Drill Program Update
Approximately 51 percent of the 200,000 meters have been drilled to date with approximately 24,000 meters of core pending assay results. Nine core rigs are currently operating, with a tenth scheduled to commence shortly.
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 85% to 95% 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. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.