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New Found Intercepts 67.5 g/t Au Over 2.65m, 66.2 g/t Au Over 2.65m & 16.5 g/t Au Over 7.40m, Expands High-Grade Gold at Golden Joint to Surface
2023-10-23 06:30 ET - News Release
Company Website: https://newfoundgold.ca/
VANCOUVER, British Columbia -- (Business Wire)
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 37 diamond drill holes that were completed as part of a drill program designed to expand the high-grade gold mineralization at the Golden Joint Zone to surface, located 1km north of Keats on the east side of the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231023751021/en/
Figure 1: Photos of mineralization, Top Left: at ~46m in NFGC-23-1482, Top Right: at ~117m in NFGC-23-1535, Bottom Left: at ~86.5m in NFGC-23-1585, Bottom Right: at ~150.6m in NFGC-23-1123 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1123, NFGC-23-1482, NFGC-23-1535, and NFGC-23-1585. (Photo: Business Wire)
Golden Joint Highlights:
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | Zone |
| NFGC-23-11232 | 150.55 | 152.70 | 2.15 | 26.55 | Golden Joint |
| Including | 150.55 | 150.85 | 0.30 | 190.24 |
| NFGC-23-14821 | 15.90 | 18.00 | 2.10 | 24.01 | Golden Joint |
| Including | 17.00 | 17.35 | 0.35 | 140.00 |
| And1 | 44.70 | 47.35 | 2.65 | 66.16 |
| Including | 45.95 | 46.80 | 0.85 | 194.00 |
| NFGC-23-15282 | 86.70 | 98.70 | 12.00 | 2.46 | Golden Joint |
| Including | 86.70 | 87.60 | 0.90 | 23.90 |
| NFGC-23-15353 | 116.50 | 123.90 | 7.40 | 16.54 | Golden Joint |
| Including | 116.50 | 117.10 | 0.60 | 165.13 |
| Including | 122.15 | 122.75 | 0.60 | 13.09 |
| Including | 123.50 | 123.90 | 0.40 | 29.08 |
| NFGC-23-15492 | 41.85 | 50.00 | 8.15 | 3.98 | Golden Joint |
| Including | 45.00 | 46.15 | 1.15 | 17.10 |
| NFGC-23-15853 | 85.95 | 88.60 | 2.65 | 67.48 | Golden Joint |
| Including | 85.95 | 87.60 | 1.65 | 107.98 |
| NFGC-23-15972 | 170.05 | 172.20 | 2.15 | 21.85 | Golden Joint |
| Including | 170.05 | 171.70 | 1.65 | 28.37 |
Table 1: Golden Joint Drilling Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.
- Golden Joint consists of a main, north-south striking high-grade vein that is situated immediately east of the AFZ. It has yielded several significant intervals such as 69.2 g/t Au over 14.15m in NFGC-21-462 (March 24, 2022), 70.7 g/t Au over 5.25m in NFGC-21-386 (January 6, 2022), and 98.1 g/t Au over 3.85m in NFGC-21-401 (January 19, 2022) and has been defined over a strike length of 250m and to a depth of 385m vertical.
- Today’s results expand Golden Joint to surface, infilling a previously unreachable 100m vertical gap with the use of a barge-supported drill. Initial results received indicate strong continuity of high-grade gold to surface with the highlight intervals of 66.2 g/t Au over 2.65m and 24.0 g/t Au over 2.10min NFGC-23-1482 located 14m and 34m below surface respectively and 16.5 g/t Au over 7.40m in NFGC-23-1535 occurring a further 65m below surface.
- The shallow infill drilling program at Golden Joint is now complete, but with several assays pending. With Golden Joint now drill defined from surface down to a vertical depth of 385m, future exploration will focus on expanding mineralization to depth, where it remains open.
Melissa Render, VP of Exploration of New Found, stated: “We are pleased to report that our first barge-supported drill program went off without a hitch and allowed us to reach areas not previously accessible by land. Our geological model suggested that high-grade mineralization at Golden Joint would extend to surface and today’s results confirm this while demonstrating strong continuity of high-grade within this previously untested panel. Upon receipt of the results from our 3D seismic program, we plan to return to Golden Joint for additional drilling that will be focused on the structure at depth.”
Drillhole Details
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | Zone |
| NFGC-22-7522 | 8.25 | 11.25 | 3.00 | 1.43 | Golden Joint |
| NFGC-22-8501 | 137.00 | 139.10 | 2.10 | 1.10 | Golden Joint |
| NFGC-22-920 | No Significant Values | Golden Joint |
| NFGC-22-937 | No Significant Values | Golden Joint |
| NFGC-22-9512 | 112.80 | 115.10 | 2.30 | 5.75 | Golden Joint |
| Including | 114.70 | 115.10 | 0.40 | 31.60 |
| NFGC-22-9834 | 75.85 | 78.25 | 2.40 | 1.48 | Golden Joint |
| And1 | 102.10 | 104.30 | 2.20 | 1.24 |
| NFGC-22-9992 | 120.35 | 126.00 | 5.65 | 1.47 | Golden Joint |
| NFGC-22-1014 | No Significant Values | Golden Joint |
| NFGC-22-1062 | No Significant Values | Golden Joint |
| NFGC-22-1072 | No Significant Values | Golden Joint |
| NFGC-22-10794 | 55.80 | 58.45 | 2.65 | 1.68 | Golden Joint |
| NFGC-23-11234 | 28.15 | 30.20 | 2.05 | 1.08 | Golden Joint |
| And2 | 150.55 | 152.70 | 2.15 | 26.55 |
| Including | 150.55 | 150.85 | 0.30 | 190.24 |
| NFGC-23-1134 | No Significant Values | Golden Joint |
| NFGC-23-1143 | No Significant Values | Golden Joint |
| NFGC-23-14243 | 79.40 | 82.00 | 2.60 | 1.79 | Golden Joint |
| NFGC-23-1432 | No Significant Values | Golden Joint |
| NFGC-23-1439 | No Significant Values | Golden Joint |
| NFGC-23-14511 | 57.25 | 60.00 | 2.75 | 1.59 | Golden Joint |
| NFGC-23-14622 | 60.10 | 71.00 | 10.90 | 1.48 | Golden Joint |
| NFGC-23-1473 | No Significant Values | Golden Joint |
| NFGC-23-14821 | 15.90 | 18.00 | 2.10 | 24.01 | Golden Joint |
| Including | 17.00 | 17.35 | 0.35 | 140.00 |
| And1 | 44.70 | 47.35 | 2.65 | 66.16 |
| Including | 45.95 | 46.80 | 0.85 | 194.00 |
| NFGC-23-14941 | 68.50 | 70.85 | 2.35 | 2.13 | Golden Joint |
| NFGC-23-15191 | 56.90 | 59.00 | 2.10 | 3.44 | Golden Joint |
| Including | 57.90 | 58.50 | 0.60 | 11.29 |
| NFGC-23-15282 | 76.45 | 81.15 | 4.70 | 3.72 | Golden Joint |
| Including | 77.40 | 77.70 | 0.30 | 15.40 |
| Including | 80.60 | 81.15 | 0.55 | 13.40 |
| And2 | 86.70 | 98.70 | 12.00 | 2.46 |
| Including | 86.70 | 87.60 | 0.90 | 23.90 |
| NFGC-23-1532 | No Significant Values | Golden Joint |
| NFGC-23-15353 | 116.50 | 123.90 | 7.40 | 16.54 | Golden Joint |
| Including | 116.50 | 117.10 | 0.60 | 165.13 |
| Including | 122.15 | 122.75 | 0.60 | 13.09 |
| Including | 123.50 | 123.90 | 0.40 | 29.08 |
| NFGC-23-15492 | 41.85 | 50.00 | 8.15 | 3.98 | Golden Joint |
| Including | 45.00 | 46.15 | 1.15 | 17.10 |
| NFGC-23-15511 | 25.00 | 27.55 | 2.55 | 8.77 | Golden Joint |
| Including | 25.60 | 26.80 | 1.20 | 18.39 |
| And4 | 38.00 | 41.00 | 3.00 | 1.83 |
| NFGC-23-15623 | 32.55 | 35.00 | 2.45 | 1.72 | Golden Joint |
| NFGC-23-15661 | 30.75 | 32.90 | 2.15 | 4.30 | Golden Joint |
| NFGC-23-15773 | 25.10 | 27.45 | 2.35 | 1.33 | Golden Joint |
| NFGC-23-15822 | 115.00 | 117.35 | 2.35 | 3.35 | Golden Joint |
| NFGC-23-15853 | 85.95 | 88.60 | 2.65 | 67.48 | Golden Joint |
| Including | 85.95 | 87.60 | 1.65 | 107.98 |
| NFGC-23-1588 | No Significant Values | Golden Joint |
| NFGC-23-15932 | 106.00 | 110.00 | 4.00 | 5.38 | Golden Joint |
| Including | 109.40 | 110.00 | 0.60 | 31.00 |
| NFGC-23-15972 | 170.05 | 172.20 | 2.15 | 21.85 | Golden Joint |
| Including | 170.05 | 171.70 | 1.65 | 28.37 |
| NFGC-23-16123 | 64.65 | 67.45 | 2.80 | 1.42 | Golden Joint |
| And3 | 81.00 | 83.00 | 2.00 | 2.25 |
Table 2: Summary of composite results reported in this press release for Golden Joint
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.
| Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect |
| NFGC-22-752 | 245 | -45 | 330 | 658502 | 5428324 | Golden Joint |
| NFGC-22-850 | 120 | -45 | 302 | 658309 | 5428507 | Golden Joint |
| NFGC-22-920 | 105 | -45 | 191 | 658403 | 5428437 | Golden Joint |
| NFGC-22-937 | 126 | -74 | 245 | 658403 | 5428437 | Golden Joint |
| NFGC-22-951 | 130 | -60 | 122 | 658407 | 5428440 | Golden Joint |
| NFGC-22-983 | 57 | -72 | 193 | 658403 | 5428437 | Golden Joint |
| NFGC-22-999 | 153 | -65 | 181 | 658381 | 5428515 | Golden Joint |
| NFGC-22-1014 | 154 | -53 | 181 | 658381 | 5428515 | Golden Joint |
| NFGC-22-1062 | 130 | -69 | 189 | 658384 | 5428516 | Golden Joint |
| NFGC-22-1072 | 125 | -76 | 183 | 658404 | 5428486 | Golden Joint |
| NFGC-22-1079 | 133 | -62 | 103 | 658407 | 5428482 | Golden Joint |
| NFGC-23-1123 | 32 | -45 | 240 | 658352 | 5428137 | Golden Joint |
| NFGC-23-1134 | 51 | -57 | 192 | 658352 | 5428136 | Golden Joint |
| NFGC-23-1143 | 50 | -45 | 273 | 658393 | 5428113 | Golden Joint |
| NFGC-23-1424 | 155 | -78 | 115 | 658395 | 5428410 | Golden Joint |
| NFGC-23-1432 | 77 | -75 | 101 | 658387 | 5428407 | Golden Joint |
| NFGC-23-1439 | 135 | -45 | 122 | 658392 | 5428405 | Golden Joint |
| NFGC-23-1451 | 115 | -65 | 206 | 658390 | 5428406 | Golden Joint |
| NFGC-23-1462 | 160 | -65 | 185 | 658387 | 5428409 | Golden Joint |
| NFGC-23-1473 | 110 | -64 | 89 | 658402 | 5428354 | Golden Joint |
| NFGC-23-1482 | 150 | -66 | 92 | 658404 | 5428351 | Golden Joint |
| NFGC-23-1494 | 120 | -45 | 92 | 658403 | 5428353 | Golden Joint |
| NFGC-23-1519 | 135 | -45 | 134 | 658364 | 5428357 | Golden Joint |
| NFGC-23-1528 | 122 | -51 | 107 | 658364 | 5428357 | Golden Joint |
| NFGC-23-1532 | 141 | -52 | 119 | 658365 | 5428356 | Golden Joint |
| NFGC-23-1535 | 88 | -60 | 149 | 658361 | 5428358 | Golden Joint |
| NFGC-23-1549 | 84 | -45 | 62 | 658396 | 5428325 | Golden Joint |
| NFGC-23-1551 | 140 | -45 | 128 | 658401 | 5428323 | Golden Joint |
| NFGC-23-1562 | 186 | -64 | 107 | 658401 | 5428323 | Golden Joint |
| NFGC-23-1566 | 126 | -75 | 71 | 658400 | 5428324 | Golden Joint |
| NFGC-23-1577 | 75 | -53 | 59 | 658426 | 5428369 | Golden Joint |
| NFGC-23-1582 | 128 | -54 | 140 | 658363 | 5428384 | Golden Joint |
| NFGC-23-1585 | |