New Found Intercepts 167 g/t Au Over 4.70M at Iceberg
Figure 1: Photos of mineralization from NFGC-23-1157: Left: at ~252m, Right: at ~252m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1157. (Photo: Business Wire)
Iceberg Highlights:
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-23-11571 |
250.60 |
255.30 |
4.70 |
166.79 |
Iceberg |
Including |
251.60 |
253.35 |
1.75 |
440.74 |
|
And Including |
251.60 |
252.35 |
0.75 |
1,010.00 |
Table 1: Iceberg Drilling Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 1
- 167 g/t Au over 4.70m in NFGC-23-1157 was intersected 32m down dip of previously reported 19.6 g/t Au over 5.25m in NFGC-23-1217 (May 31, 2023) and 125m along strike to the south of previously reported 105 g/t Au over 27.05m in NFGC-23-1210 (June 5, 2023) at Iceberg. This interval is interpreted to be close to true width and occurs at a vertical depth of 170m demonstrating strong high-grade gold continuity down-dip at depth (Figures 1-5).
- The Iceberg-Iceberg East segment is defined over a strike length of 665m, with high-grade gold mineralization starting at surface and currently extended to a vertical depth of 170m. Minimal exploration work has been completed below 200m vertical depth with the deepest drilling completed to date intersecting the structure and gold mineralization at 270m vertical.
- Iceberg and Iceberg East remain open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.
Greg Matheson, COO of New Found, stated: “Today’s results provide an excellent example of how high-grade the Queensway veins can be. A ribbon of gold can be seen throughout this particular vein, resulting in a sample assaying over 1,000 g/t Au (Figure 1). The high-grade nature of the Queensway Project has been well represented in our drilling to date and we are encouraged to see these numbers with such strong continuity continue to depth.”
Drillhole Details
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-22-1033 |
No Significant Values |
Iceberg |
|||
NFGC-23-1095 |
No Significant Values |
Iceberg |
|||
NFGC-23-11031 |
45.55 |
47.95 |
2.40 |
1.39 |
Iceberg |
And2 |
149.60 |
151.75 |
2.15 |
1.16 |
|
NFGC-23-11571 |
250.60 |
255.30 |
4.70 |
166.79 |
Iceberg |
Including |
251.60 |
253.35 |
1.75 |
440.74 |
|
Including |
251.60 |
252.35 |
0.75 |
1,010.00 |
|
NFGC-23-12031 |
185.00 |
187.80 |
2.80 |
1.24 |
Iceberg |
And1 |
227.90 |
230.00 |
2.10 |
1.27 |
|
NFGC-23-1259B1 |
229.70 |
231.90 |
2.20 |
1.02 |
Iceberg |
And1 |
270.35 |
272.95 |
2.60 |
8.84 |
|
Including |
270.35 |
270.70 |
0.35 |
52.90 |
|
And4 |
326.00 |
328.00 |
2.00 |
1.57 |
|
NFGC-23-12893 |
90.50 |
92.90 |
2.40 |
1.56 |
Iceberg |
And2 |
159.45 |
161.90 |
2.45 |
1.37 |
|
NFGC-23-13172 |
278.45 |
281.65 |
3.20 |
1.12 |
Iceberg |
NFGC-23-13461 |
261.50 |
263.75 |
2.25 |
2.81 |
Iceberg |
Table 2: Summary of composite results reported in this press release for Iceberg
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-22-1033 |
300 |
-45 |
500 |
658411 |
5427497 |
Iceberg |
NFGC-23-1095 |
303 |
-48 |
206 |
658298 |
5427648 |
Iceberg |
NFGC-23-1103 |
310 |
-46 |
179 |
658307 |
5427614 |
Iceberg |
NFGC-23-1157 |
300 |
-45 |
350 |
658459 |
5427671 |
Iceberg |
NFGC-23-1203 |
300 |
-45 |
323 |
658461 |
5427698 |
Iceberg |
NFGC-23-1259B |
299 |
-44.5 |
380 |
658481 |
5427658 |
Iceberg |
NFGC-23-1289 |
300 |
-45 |
275 |
658442 |
5427738 |
Iceberg |
NFGC-23-1317 |
300 |
-45 |
401 |
658452 |
5427617 |
Iceberg |
NFGC-23-1346 |
299 |
-46 |
449 |
658495 |
5427593 |
Iceberg |
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 42,700m of core is currently pending assay results.
Sampling, Sub-sampling, and Laboratory
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, 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.
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/20230809901000/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.