New Found Hits 119 g/t Au Over 4.10M & 147 g/t Au Over 2.70M at Jackpot
- High-grade gold mineralization intercepted at shallow depths in the Jackpot discovery
- Follow-up drilling confirms the potential for expansion at Jackpot
- Queensway Project remains open in all directions
- None.
Figure 1: Photos of mineralization from: Left: ~38m in NFGC-23-1425, Right: at ~22.5m in NFGC-23-1423. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1423 and NFGC-23-1425. (Photo: Business Wire)
Jackpot Highlights:
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-22-9184 |
161.95 |
164.70 |
2.75 |
18.60 |
Everest |
Including |
161.95 |
162.95 |
1.00 |
44.23 |
|
NFGC-23-14231 |
20.40 |
23.10 |
2.70 |
146.67 |
Jackpot |
Including |
20.40 |
22.50 |
2.10 |
188.10 |
|
Including |
21.40 |
21.80 |
0.40 |
699.00 |
|
And Including |
22.10 |
22.50 |
0.40 |
241.00 |
|
NFGC-23-14252 |
36.90 |
41.00 |
4.10 |
118.73 |
Jackpot |
Including |
36.90 |
39.00 |
2.10 |
229.71 |
Table 1: Jackpot Drilling Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 1
- Jackpot is a new discovery that was announced on June 22, 2023 with the discovery hole interval of 95.7 g/t Au over 3.25m in NFGC-23-1292 intercepted at a vertical depth of just 20m and situated 280m east of the AFZ.
- Follow-up drilling, which includes today’s holes, was designed to efficiently determine the orientation of the vein for continued expansion drilling. 119 g/t Au over 4.10m in NFGC-23-1425 and 147 g/t Au over 2.70m in NFGC-23-1423 are located 20m down-dip and 15m along strike, respectively, of previously reported NFGC-23-1292. All three intervals occur at a vertical depth ranging from just 20m-40m (Figures 1-4).
- Initial drilling indicates that Jackpot is an approximately east-west striking, steeply north-dipping high-grade gold-bearing fault that is laced with coarse-grained visible gold.
- An aggressive follow-up program continues to expand on this new discovery, which remains open in all directions.
Greg Matheson, COO of New Found, stated: “Jackpot is another exciting discovery for our team, delivering exceptional high-grade and near-surface gold mineralization a full 2.5km north of our flagship Keats zone. The caliber of today’s intercepts speaks to the growing mineralized canvas at Appleton North and demonstrates that these newly identified structures are host to high-grade mineralization akin to many of our better-defined zones to the south. Similar to Lotto, Jackpot is characterized by the presence of an abundance of coarse gold that is associated with a substantial brittle fault and quartz veining. One drill is incrementally stepping out on this new discovery to follow it along strike and to depth with additional results expected in the near term.”
Drillhole Details
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-22-9054 |
118.95 |
125.25 |
6.30 |
1.13 |
Everest |
And2 |
181.00 |
183.35 |
2.35 |
1.41 |
|
NFGC-22-9184 |
161.95 |
164.70 |
2.75 |
18.60 |
Everest |
Including |
161.95 |
162.95 |
1.00 |
44.23 |
|
NFGC-22-9564 |
93.55 |
96.50 |
2.95 |
1.53 |
Everest |
And4 |
221.40 |
224.00 |
2.60 |
1.39 |
|
NFGC-22-976 |
No Significant Values |
Everest |
|||
NFGC-22-1000 |
No Significant Values |
Everest |
|||
NFGC-22-10064 |
25.35 |
28.55 |
3.20 |
1.65 |
Everest |
And4 |
73.00 |
75.25 |
2.25 |
1.74 |
|
NFGC-22-1030 |
No Significant Values |
Everest |
|||
NFGC-23-1111 |
No Significant Values |
Everest |
|||
NFGC-23-1175 |
No Significant Values |
Everest |
|||
NFGC-23-11831 |
174.50 |
176.50 |
2.00 |
1.60 |
Everest |
NFGC-23-1192 |
No Significant Values |
Everest |
|||
NFGC-23-1198 |
No Significant Values |
Everest |
|||
NFGC-23-1214 |
No Significant Values |
Everest |
|||
NFGC-23-1233 |
No Significant Values |
Everest |
|||
NFGC-23-12424 |
73.25 |
76.40 |
3.15 |
1.92 |
Everest |
And4 |
82.35 |
84.80 |
2.45 |
4.86 |
|
NFGC-23-1260 |
No Significant Values |
Everest |
|||
NFGC-23-12812 |
45.70 |
48.80 |
3.10 |
6.66 |
Everest |
Including |
47.65 |
48.30 |
0.65 |
14.97 |
|
NFGC-23-12991 |
78.10 |
80.30 |
2.20 |
3.59 |
Jackpot |
Including |
78.10 |
78.65 |
0.55 |
11.39 |
|
NFGC-23-1326 |
No Significant Values |
Everest |
|||
NFGC-23-1333 |
No Significant Values |
Jackpot |
|||
NFGC-23-1339 |
No Significant Values |
Jackpot |
|||
NFGC-23-13502 |
245.25 |
247.55 |
2.30 |
1.09 |
Jackpot |
NFGC-23-13612 |
39.75 |
42.00 |
2.25 |
1.17 |
Everest |
And1 |
53.55 |
56.10 |
2.55 |
4.41 |
|
Including |
53.55 |
54.15 |
0.60 |
18.68 |
|
And1 |
312.95 |
318.55 |
5.60 |
3.23 |
K2 |
Including |
312.95 |
313.35 |
0.40 |
31.83 |
|
And1 |
320.75 |
323.20 |
2.45 |
1.13 |
|
NFGC-23-1374 |
No Significant Values |
Jackpot |
|||
NFGC-23-13962 |
35.55 |
41.20 |
5.65 |
1.05 |
Jackpot |
NFGC-23-14231 |
20.40 |
23.10 |
2.70 |
146.67 |
Jackpot |
Including |
20.40 |
22.50 |
2.10 |
188.10 |
|
Including |
21.40 |
21.80 |
0.40 |
699.00 |
|
And Including |
22.10 |
22.50 |
0.40 |
241.00 |
|
NFGC-23-14252 |
36.90 |
41.00 |
4.10 |
118.73 |
Jackpot |
Including |
36.90 |
39.00 |
2.10 |
229.71 |
|
NFGC-23-1468 |
No Significant Values |
Everest |
|||
NFGC-23-14801 |
96.00 |
98.45 |
2.45 |
1.40 |
Jackpot |
NFGC-23-1568 |
No Significant Values |
Jackpot |
Table 2: Summary of composite results reported in this press release for Jackpot
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 1
Hole No. |
Azimuth (°) |
Dip (°) |
Length (m) |
UTM E |
UTM N |
Prospect |
NFGC-22-905 |
300 |
-45 |
254 |
659500 |
5430476 |
Everest |
NFGC-22-918 |
300 |
-45 |
365 |
659552 |
5430561 |
Everest |
NFGC-22-956 |
300 |
-45 |
434 |
659451 |
5430389 |
Everest |
NFGC-22-976 |
300 |
-45 |
363 |
659493 |
5430364 |
Everest |
NFGC-22-1000 |
300 |
-45 |
312 |
659339 |
5429992 |
Everest |
NFGC-22-1006 |
300 |
-45 |
203 |
659511 |
5430643 |
Everest |
NFGC-22-1030 |
300 |
-45 |
275 |
659401 |
5430301 |
Everest |
NFGC-23-1111 |
245 |
-45 |
138 |
659195 |
5429843 |
Everest |
NFGC-23-1175 |
120 |
-45 |
266 |
659364 |
5430583 |
Everest |
NFGC-23-1183 |
120 |
-45 |
251 |
659320 |
5430608 |
Everest |
NFGC-23-1192 |
120 |
-45 |
251 |
659325 |
5430663 |
Everest |
NFGC-23-1198 |
345 |
-60 |
155 |
659178 |
5430601 |
Everest |
NFGC-23-1214 |
75 |
-45 |
407 |
659140 |
5430510 |
Everest |
NFGC-23-1233 |
75 |
-45 |
296 |
659270 |
5430436 |
Everest |
NFGC-23-1242 |
345 |
-60 |
224 |
659269 |
5430437 |
Everest |
NFGC-23-1260 |
75 |
-45 |
293 |
659171 |
5430263 |
Everest |
NFGC-23-1281 |
300 |
-45 |
330 |
659433 |
5430058 |
Everest |
NFGC-23-1299 |
299 |
-45.5 |
276 |
659371 |
5429800 |
Jackpot |
NFGC-23-1326 |
98 |
-42 |
99 |
659291 |
5429905 |
Everest |
NFGC-23-1333 |
150 |
-45 |
153 |
659286 |
5429849 |
Jackpot |
NFGC-23-1339 |
300 |
-45 |
387 |
659322 |
5429714 |
Jackpot |
NFGC-23-1350 |
300 |
-45 |
276 |
659313 |
5429602 |
Jackpot |
NFGC-23-1361 |
300 |
-45 |
348 |
659178 |
5429565 |
Everest |
NFGC-23-1374 |
300 |
-46 |
261 |
659375 |
5429855 |
Jackpot |
NFGC-23-1396 |
299 |
-45.5 |
348 |
659511 |
5429891 |
Jackpot |
NFGC-23-1423 |
0 |
-71 |
72 |
659418 |
5429888 |
Jackpot |
NFGC-23-1425 |
270 |
-72 |
74 |
659417 |
5429884 |
Jackpot |
NFGC-23-1468 |
300 |
-45 |
245 |
659416 |
5429427 |
Everest |
NFGC-23-1480 |
337 |
-61 |
216 |
659394 |
5429806 |
Jackpot |
NFGC-23-1568 |
0 |
-45 |
78 |
659547 |
5429891 |
Jackpot |
Table 3: Details of drill holes reported in this press release
Queensway 500,000m Drill Program Update
The Company is currently undertaking a 500,000m drill program at Queensway and approximately 36,400m of core is currently pending assay results.
Sampling, Sub-sampling, and Laboratory
Assays are uncut, and composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.
All drilling recovers HQ core. Drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.
A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 metre and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.
Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.
New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”) since June 2022. ALS and MSA operate under a commercial contract with New Found.
Drill core samples are shipped to ALS for sample preparation in
Drill core samples are also submitted to MSA in Val-d’Or,
At ALS, the entire sample is crushed to approximately
At MSA, the entire sample is crushed to approximately
For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.
All samples prepared at ALS or MSA are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Samples that reached the upper limit of antimony for this method, were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08).
Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of
Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found’s quality control protocols.
New Found’s quality control program also includes submission of the second half of the core for approximately
The Company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed.
The assay data disclosed in this news release have been verified by the Company’s Qualified Person against the original assay certificates.
The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.
Qualified Person
The scientific and technical information 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.
About New Found Gold Corp.
New Found holds a
Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.
Acknowledgements
New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of
Contact
To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company’s Queensway gold project in
View source version on businesswire.com: https://www.businesswire.com/news/home/20230905184996/en/
New Found Gold Corp.
Per: “Collin Kettell”
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486
Source: New Found Gold Corp.
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