New Found Intercepts 17.8 g/t Au Over 8.3m at 421 Zone, Drills Mineralization 2.7km South of Keats at Grouse Zone
- New Found Gold Corp. announces positive results from its drill programs at the 421 Zone and Grouse Zone, indicating high-grade gold mineralization. The highlight interval of 17.8 g/t Au over 8.30m in the 421 Zone is a significant finding. The results confirm the expansion of the gold mineralization footprint in the area.
- None.
Figure 1: Photo of mineralization at ~51.2m in NFGC-22-1005 ^Note that this photo is not intended to be representative of gold mineralization in NFGC-22-1005. (Photo: Business Wire)
421 & Grouse Zones Highlights:
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-23-11302 |
102.70 |
111.00 |
8.30 |
17.83 |
421 |
Including |
102.70 |
103.35 |
0.65 |
66.96 |
|
And including |
108.00 |
110.00 |
2.00 |
44.33 |
|
NFGC-22-10051 |
16.60 |
21.50 |
4.90 |
3.56 |
Grouse |
Including |
18.25 |
18.80 |
0.55 |
17.41 |
|
And3 |
43.85 |
45.85 |
2.00 |
8.51 |
|
Including |
43.85 |
44.85 |
1.00 |
17.01 |
|
And3 |
50.40 |
52.60 |
2.20 |
6.77 |
|
Including |
51.20 |
51.75 |
0.55 |
19.14 |
|
NFGC-22-10473 |
61.35 |
71.05 |
9.70 |
1.34 |
Grouse |
NFGC-22-10534 |
74.60 |
76.90 |
2.30 |
2.74 |
Grouse |
And1 |
89.20 |
94.75 |
5.55 |
2.32 |
|
And4 |
136.10 |
138.10 |
2.00 |
2.67 |
Table 1: 421 & Grouse Zones Drilling Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 1
- The 421 Zone is located at the south end of Keats Main and was initially announced in April 2022. This domain of high-grade gold is controlled by the intersection of a series of south-to-southwest dipping gold-bearing structures with the AFZ and the Keats-Baseline Fault Zone (“KBFZ”), the fault that hosts Keats Main, Iceberg, and Iceberg East.
- Today’s highlight interval of 17.8 g/t Au over 8.30m in NFGC-23-1130 was intersected 65m up-plunge of previously reported 11.5 g/t Au over 8.90m in NFGC-23-1182 (July 24, 2023), 57m along strike from previously reported 4.59 g/t over 14.90m in NFGC-22-845 (January 18, 2023) and 88m along strike from previously reported 101 g/t Au over 2.75m in NFGC-23-1089 (July 24, 2023). These intervals span a high-grade domain approximately 90m wide with vertical depths ranging from 70m-130m within a broader series of gold-bearing structures that is 160m wide that make up the 421 Zone.
- A further 2km to the south, at the Grouse Zone, New Found’s first pass drilling has identified significant gold mineralization located 300m east of the AFZ. Grouse is a historic showing discovered by trenching and tested by limited drilling in the early 2000s. Akin to the Knob Zone (located 800m north), Grouse consists of massive to stockwork-style quartz veins developed within and around a thick bed of greywacke hosted by an east-west striking fault zone.
- Highlight intervals of 3.56 g/t Au over 4.90m in NFGC-22-1005, 1.34 g/t Au over 9.70m in NFGC-22-1047 and 2.32 g/t Au over 5.55m in NFGC-22-1053, along with the presence of visible gold (Figure 1) and additional significant intervals reported in this press release, span an area 100m along strike, starting near surface and reaching a depth of 80m.
- The Grouse Zone is now the southernmost gold zone drilled at Queensway North. Measuring from Grouse north to the Everest Zone spans an impressive 6.1km of strike where high-grade gold mineralization has been identified through near-surface drilling, indicating that the gold mineralization footprint of the AFZ continues a full 2.7km south of Keats (Figures 1-4).
Melissa Render, VP of Exploration of New Found, stated: “Not only has this additional drilling greatly improved our understanding of the 421 Zone, and more specifically, the controls on the high-grade gold mineralization, it has also added to the list of high-grade results emanating from the highly prospective AFZ corridor. The 421 Zone is an important structure and continued exploration will aim to follow this fault eastward looking for additional interactions with gold-bearing fault zones. At the same time, we are also pleased to announce initial results from the first-ever drilling at the historic Grouse Zone, located a full 2.7km south of Keats. This small first-pass program has identified significant mineralization over 100m of strike starting at surface and is paired with multiple occurrences of visible gold. These results give us confidence that the AFZ gold mineralizing system extends well south of Keats. Only 30,000m of drilling has been conducted by New Found south of the highway, and this is an obvious area that we will be targeting for future exploration.”
Drillhole Details
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-21-781* |
102.00 |
105.70 |
3.70 |
2.43 |
Keats Main |
And1* |
112.25 |
115.10 |
2.85 |
14.89 |
|
Including |
114.65 |
115.10 |
0.45 |
87.10 |
|
And1 |
175.00 |
177.60 |
2.60 |
1.05 |
Keats FW |
And2 |
285.00 |
290.60 |
5.60 |
1.40 |
|
NFGC-22-5142* |
149.00 |
151.05 |
2.05 |
2.06 |
Keats Main |
And4 |
206.10 |
208.25 |
2.15 |
2.20 |
|
NFGC-22-912 |
No Significant Values |
Keats HW |
|||
NFGC-22-927 |
No Significant Values |
Keats HW |
|||
NFGC-22-982 |
No Significant Values |
Keats Main |
|||
And2 |
254.20 |
257.65 |
3.45 |
2.32 |
Keats FW |
And2 |
265.80 |
268.25 |
2.45 |
1.18 |
|
And4 |
308.45 |
311.00 |
2.55 |
1.23 |
|
NFGC-22-1007 |
No Significant Values |
Keats Main |
|||
And4 |
327.40 |
329.65 |
2.25 |
2.00 |
Keats N |
NFGC-23-1106 |
No Significant Values |
Keats Main |
|||
NFGC-23-11211 |
100.00 |
102.90 |
2.90 |
2.06 |
Keats S |
NFGC-23-11302 |
25.75 |
28.20 |
2.45 |
1.29 |
421 |
And4 |
38.00 |
40.85 |
2.85 |
1.09 |
|
And4 |
43.10 |
45.60 |
2.50 |
1.16 |
|
And4 |
52.00 |
54.00 |
2.00 |
1.50 |
|
And2 |
102.70 |
111.00 |
8.30 |
17.83 |
|
Including |
102.70 |
103.35 |
0.65 |
66.96 |
|
Including |
108.00 |
110.00 |
2.00 |
44.33 |
|
And2 |
149.80 |
152.00 |
2.20 |
1.85 |
|
NFGC-23-15401 |
95.00 |
98.00 |
3.00 |
2.01 |
421 |
NFGC-23-1589 |
No Significant Values |
421 |
|||
NFGC-23-15981 |
104.15 |
106.60 |
2.45 |
1.25 |
421 |
NFGC-23-16041 |
112.00 |
114.35 |
2.35 |
2.13 |
421 |
NFGC-22-7774 |
80.00 |
82.00 |
2.00 |
3.73 |
TCH |
NFGC-22-841 |
No Significant Values |
TCH |
|||
NFGC-22-8974 |
221.00 |
224.35 |
3.35 |
3.46 |
TCH |
NFGC-23-1104 |
No Significant Values |
TCW |
|||
And |
No Significant Values |
Keats S |
|||
NFGC-23-11372 |
64.75 |
70.30 |
5.55 |
1.05 |
TCH |
And3 |
287.25 |
289.85 |
2.60 |
3.58 |
|
NFGC-23-11501 |
31.95 |
34.45 |
2.50 |
1.69 |
TCH |
NFGC-23-11661 |
16.70 |
18.70 |
2.00 |
2.35 |
TCH |
And1 |
40.75 |
48.00 |
7.25 |
1.05 |
|
NFGC-23-1172 |
No Significant Values |
TCW |
|||
NFGC-23-1185 |
No Significant Values |
TCW |
|||
NFGC-22-925 |
No Significant Values |
Knob |
|||
NFGC-22-10051 |
16.60 |
21.50 |
4.90 |
3.56 |
Grouse |
Including |
18.25 |
18.80 |
0.55 |
17.41 |
|
And3 |
43.85 |
45.85 |
2.00 |
8.51 |
|
Including |
43.85 |
44.85 |
1.00 |
17.01 |
|
And3 |
50.40 |
52.60 |
2.20 |
6.77 |
|
Including |
51.20 |
51.75 |
0.55 |
19.14 |
|
NFGC-22-1011 |
No Significant Values |
Grouse |
|||
NFGC-22-1016 |
No Significant Values |
Grouse |
|||
NFGC-22-1022 |
No Significant Values |
Grouse |
|||
NFGC-22-10354 |
56.70 |
62.00 |
5.30 |
1.45 |
Knob |
NFGC-22-10473 |
53.90 |
56.55 |
2.65 |
1.86 |
Grouse |
And3 |
61.35 |
71.05 |
9.70 |
1.34 |
|
NFGC-22-10534 |
74.60 |
76.90 |
2.30 |
2.74 |
Grouse |
And1 |
80.30 |
82.60 |
2.30 |
1.08 |
|
And1 |
89.20 |
94.75 |
5.55 |
2.32 |
|
And4 |
99.30 |
101.80 |
2.50 |
1.32 |
|
And4 |
136.10 |
138.10 |
2.00 |
2.67 |
|
NFGC-22-1066 |
No Significant Values |
Grouse |
Table 2: Summary of composite results reported in this press release for Keats FW, Keats HW, 421, TCW, TCH, Knob and Grouse zones.
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-21-78 |
300 |
-45 |
720 |
658183 |
5427426 |
Keats |
NFGC-22-514 |
295 |
-45.5 |
387 |
658295 |
5427493 |
Keats |
NFGC-22-777 |
304 |
-54 |
488 |
657637 |
5426511 |
TCH |
NFGC-22-841 |
300 |
-45 |
347 |
657531 |
5426415 |
TCH |
NFGC-22-897 |
150 |
-60 |
350 |
657272 |
5426508 |
TCH |
NFGC-22-912 |
35 |
-45 |
144 |
657902 |
5427213 |
Keats |
NFGC-22-925 |
120 |
-45 |
236 |
656959 |
5425763 |
Knob |
NFGC-22-927 |
30 |
-45 |
138 |
657970 |
5427231 |
Keats |
NFGC-22-982 |
300 |
-45 |
395 |
658325 |
5427546 |
Keats |
NFGC-22-1005 |
200 |
-45 |
128 |
656814 |
5425185 |
Grouse |
NFGC-22-1007 |
300 |
-45 |
434 |
658369 |
5427521 |
Keats North |
NFGC-22-1011 |
85 |
-45 |
68 |
656817 |
5425186 |
Grouse |
NFGC-22-1016 |
220 |
-60 |
110 |
656814 |
5425186 |
Grouse |
NFGC-22-1022 |
0 |
-90 |
68 |
656839 |
5425243 |
Grouse |
NFGC-22-1035 |
180 |
-45 |
188 |
656836 |
5425243 |
Grouse |
NFGC-22-1047 |
204 |
-42 |
125 |
656836 |
5425243 |
Grouse |
NFGC-22-1053 |
230 |
-45 |
143 |
656835 |
5425243 |
Grouse |
NFGC-22-1066 |
0 |
-90 |
65 |
656850 |
5425284 |
Grouse |
NFGC-23-1104 |
100 |
-45 |
242 |
657511 |
5427026 |
TCH |
NFGC-23-1106 |
300 |
-45 |
359 |
657797 |
5426931 |
Keats |
NFGC-23-1121 |
300 |
-53 |
203 |
657798 |
5426931 |
Keats |
NFGC-23-1130 |
300 |
-45 |
203 |
657778 |
5427033 |
Keats |
NFGC-23-1137 |
120 |
-45 |
314 |
657467 |
5427101 |
TCH |
NFGC-23-1150 |
20 |
-45 |
341 |
657463 |
5427104 |
TCH |
NFGC-23-1166 |
60 |
-60 |
140 |
657471 |
5427094 |
TCH |
NFGC-23-1172 |
340 |
-45 |
320 |
657285 |
5426772 |
TCH |
NFGC-23-1185 |
340 |
-45 |
350 |
657364 |
5426828 |
TCH |
NFGC-23-1540 |
64 |
-45 |
146 |
657847 |
5426936 |
Keats |
NFGC-23-1589 |
73 |
-60 |
143 |
657846 |
5426934 |
Keats |
NFGC-23-1598 |
48 |
-54 |
161 |
657847 |
5426934 |
Keats |
NFGC-23-1604 |
87 |
-48 |
134 |
657847 |
5426934 |
Keats |
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 37,700m 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, 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.
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 press 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/20230920960189/en/
New Found Gold Corp.
Per: “Collin Kettell”
Collin Kettell, Chief Executive Officer
ckettell@newfoundgold.ca
+1 (845) 535-1486
Source: New Found Gold Corp.
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