New Found Intercepts 198 G/t Au Over 2M, Defines 410M X 395M Mineralized Footprint at K2 Zone
- The drilling has expanded the mineralized footprint of the K2 Zone, which now spans a mineralized footprint of 410m long x 395m wide.
- High-grade gold mineralization has been identified at the K2 Zone, including an interval of 198 g/t Au over 2m.
- The K2 Zone shares similarities with the Keats Main structure, including orientation and the presence of steeply dipping cross-structures.
- The presence of stibnite, an antimony-bearing mineral, is a new observation at Queensway.
- The company is currently undertaking a 500,000m drill program at Queensway.
- None.
Figure 1: Photos of mineralization from: Top Left: NFGC-22-952 at ~188.3m, Top Right NFGC-23-1303 at ~24m, Bottom Left: NFGC-23-1315 at ~41m, Bottom Right: NFGC-23-1391 at ~8.6m. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-952, NFGC-23-1303, NFGC-23-1315 and NFGC-23-1391. (Photo: Business Wire)
K2 Highlights:
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Sb (%) |
Zone |
NFGC-22-9522 |
187.00 |
189.00 |
2.00 |
197.78 |
|
K2 |
Including |
188.20 |
188.60 |
0.40 |
988.70 |
|
|
NFGC-22-10021 |
132.30 |
143.90 |
11.60 |
1.62 |
|
K2 |
NFGC-22-10131 |
202.95 |
209.00 |
6.05 |
6.47 |
<0.01 |
K2 |
Including |
204.50 |
205.20 |
0.70 |
27.50 |
<0.01 |
|
NFGC-23-13031 |
22.35 |
35.30 |
12.95 |
4.50 |
0.95 |
K2 |
Including |
23.20 |
24.35 |
1.15 |
21.12 |
1.12 |
|
Including |
25.00 |
25.45 |
0.45 |
12.05 |
10.45 |
|
NFGC-23-13101 |
30.00 |
42.55 |
12.55 |
2.32 |
<0.01 |
K2 |
Including |
40.85 |
41.60 |
0.75 |
10.10 |
<0.01 |
|
NFGC-23-13151 |
22.00 |
35.00 |
13.00 |
2.38 |
<0.01 |
K2 |
Including |
34.30 |
35.00 |
0.70 |
10.75 |
<0.01 |
|
NFGC-23-13871 |
19.90 |
24.95 |
5.05 |
6.51 |
0.02 |
K2 |
Including |
22.85 |
23.55 |
0.70 |
27.70 |
0.05 |
|
NFGC-23-13911 |
6.00 |
9.90 |
3.90 |
13.72 |
0.04 |
K2 |
Including |
7.50 |
8.00 |
0.50 |
20.60 |
0.21 |
|
Including |
8.50 |
9.90 |
1.40 |
26.93 |
0.02 |
Table 1: K2 Drilling Highlights |
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 1 |
K2 Highlights:
- K2 is host to an impressive and complex system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 410m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum depth of 250m.
- Much of the gold at K2 is found in the “K2 Main” structure (shown in red in Figure 3), a low-angle gold-bearing fault zone starting at surface that dips 40° to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness.
- The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults, (shown in orange and purple in Figure 3). These veins are extensive - many of them are projected to make their way to surface and additional drilling is required to fully define this network.
-
One such vein constituent of the greater K2 structure is “Stibnite” vein (shown in purple in Figure 3) that has returned several significant intervals including 4.50 g/t Au over 12.95m in NFGC-23-1303, 6.51 g/t Au over 5.05m in NFGC-23-1387 and 13.7 g/t Au over 3.90m in NFGC-23-1391. Stibnite is a near-surface high-grade vein that has been traced over a current strike length of 105m. This vein contains significant amounts of stibnite, an antimony-bearing sulphide mineral as reflected by the antimony assay results of
0.95% Sb over 12.95m in NFGC-23-1303 and0.04% Sb over 3.90m in NFGC-23-1391. This is the first time this mineral association has been observed at Queensway North.
- 198 g/t Au over 2.00m in NFGC-22-952 is found in a crosscutting vein that occurs immediately west of the AFZ and forms another important constituent of the greater K2 mineralized footprint. This interval demonstrates the high-grade potential of the K2 structure.
Melissa Render, VP of Exploration of New Found, stated: “Drilling at K2 has led to the discovery of a significant gold-bearing structural zone with a large and growing footprint that includes an array of veining and strong associated gold grades. Like Keats West, K2 is located west of the AFZ and gold is generally hosted in a low-angle, gently dipping structure, with the majority of mineralization found close to surface. With minimal drilling into this new zone, it is already apparent that the complexity and sheer number of associated veins at K2 far exceeds the system at Keats West. Additionally, the overall K2 zone shares many similarities with Keats Main, including general orientation and the presence of numerous, steeply dipping cross-structures. It is these complex environments that create opportune hosts for high-grade gold deposition and today’s highlight interval of 198 g/t Au over 2m gives us great enthusiasm that, like our flagship zones found 2.5km to the south, K2 can also host high-grade gold.
“The introduction of stibnite at K2 provides one additional curiosity; high-grade concentrations of stibnite are commonly observed at
Drillhole Details
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-22-9241 |
77.70 |
83.05 |
5.35 |
3.65 |
K2 |
And1 |
102.35 |
110.35 |
8.00 |
2.08 |
|
And1 |
122.85 |
125.00 |
2.15 |
1.21 |
|
NFGC-22-9524 |
46.00 |
48.20 |
2.20 |
6.54 |
Everest |
Including |
46.00 |
46.55 |
0.55 |
26.11 |
|
And2 |
179.00 |
181.00 |
2.00 |
1.47 |
K2 |
And2 |
187.00 |
189.00 |
2.00 |
197.78 |
|
Including |
188.20 |
188.60 |
0.40 |
988.70 |
|
NFGC-22-9722 |
5.30 |
7.55 |
2.25 |
7.08 |
K2 |
Including |
6.20 |
7.20 |
1.00 |
14.84 |
|
And1 |
139.15 |
141.35 |
2.20 |
2.54 |
|
And2 |
237.80 |
239.85 |
2.05 |
2.82 |
|
NFGC-22-987 |
No Significant Values |
K2 |
|||
NFGC-22-10021 |
132.30 |
143.90 |
11.60 |
1.62 |
K2 |
NFGC-22-10134 |
53.00 |
55.35 |
2.35 |
4.46 |
K2 |
Including |
54.50 |
55.35 |
0.85 |
10.35 |
|
And4 |
78.50 |
80.85 |
2.35 |
1.12 |
|
And4 |
158.00 |
160.00 |
2.00 |
4.15 |
|
And4 |
177.85 |
180.10 |
2.25 |
1.07 |
|
And1 |
202.95 |
209.00 |
6.05 |
6.47 |
|
Including |
204.50 |
205.20 |
0.70 |
27.50 |
|
And1 |
217.05 |
219.35 |
2.30 |
4.21 |
|
Including |
218.45 |
219.35 |
0.90 |
10.60 |
|
NFGC-22-10241 |
69.00 |
71.00 |
2.00 |
1.80 |
K2 |
And1 |
184.30 |
186.70 |
2.40 |
2.99 |
|
NFGC-23-12274 |
91.00 |
93.10 |
2.10 |
2.09 |
K2 |
NFGC-23-1256 |
No Significant Values |
K2 |
|||
NFGC-23-12581 |
321.00 |
323.00 |
2.00 |
1.17 |
K2 |
NFGC-23-1270 |
No Significant Values |
K2 |
|||
NFGC-23-1276 |
No Significant Values |
K2 |
|||
NFGC-23-12821 |
78.45 |
80.65 |
2.20 |
1.04 |
K2 |
NFGC-23-1296 |
No Significant Values |
K2 |
|||
NFGC-23-13031 |
22.35 |
35.30 |
12.95 |
4.50 |
K2 |
Including |
23.20 |
24.35 |
1.15 |
21.12 |
|
Including |
25.00 |
25.45 |
0.45 |
12.05 |
|
NFGC-23-1305 |
No Significant Values |
K2 |
|||
NFGC-23-13104 |
5.55 |
7.75 |
2.20 |
1.59 |
K2 |
And1 |
30.00 |
42.55 |
12.55 |
2.32 |
|
Including |
40.85 |
41.60 |
0.75 |
10.10 |
|
NFGC-23-13131 |
23.90 |
28.20 |
4.30 |
1.53 |
K2 |
And1 |
31.80 |
34.05 |
2.25 |
1.56 |
|
NFGC-23-1314 |
No Significant Values |
K2 |
|||
NFGC-23-13151 |
22.00 |
35.00 |
13.00 |
2.38 |
K2 |
Including |
34.30 |
35.00 |
0.70 |
10.75 |
|
NFGC-23-13191 |
37.55 |
46.60 |
9.05 |
1.29 |
K2 |
NFGC-23-13224 |
58.00 |
60.00 |
2.00 |
4.64 |
K2 |
NFGC-23-13291 |
195.40 |
197.40 |
2.00 |
1.39 |
K2 |
And1 |
221.85 |
228.60 |
6.75 |
2.32 |
|
NFGC-23-1338 |
No Significant Values |
K2 |
|||
NFGC-23-13441 |
5.00 |
8.70 |
3.70 |
1.67 |
K2 |
NFGC-23-13454 |
75.55 |
77.55 |
2.00 |
1.71 |
K2 |
NFGC-23-13511 |
5.00 |
8.70 |
3.70 |
1.03 |
K2 |
NFGC-23-13554 |
185.40 |
188.75 |
3.35 |
1.22 |
K2 |
And3 |
231.00 |
233.30 |
2.30 |
1.22 |
|
NFGC-23-13701 |
178.85 |
181.00 |
2.15 |
1.34 |
K2 |
And1 |
182.60 |
184.65 |
2.05 |
1.01 |
|
And1 |
185.60 |
188.45 |
2.85 |
1.02 |
|
NFGC-23-1377 |
No Significant Values |
K2 |
|||
NFGC-23-13871 |
19.90 |
24.95 |
5.05 |
6.51 |
K2 |
Including |
22.85 |
23.55 |
0.70 |
27.70 |
|
NFGC-23-13911 |
6.00 |
9.90 |
3.90 |
13.72 |
K2 |
Including |
7.50 |
8.00 |
0.50 |
20.60 |
|
Including |
8.50 |
9.90 |
1.40 |
26.93 |
|
NFGC-23-13921 |
26.25 |
28.25 |
2.00 |
1.00 |
K2 |
And1 |
32.60 |
37.00 |
4.40 |
2.38 |
|
NFGC-23-13981 |
32.75 |
36.15 |
3.40 |
5.99 |
K2 |
Including |
35.00 |
35.70 |
0.70 |
20.60 |
|
NFGC-23-1522 |
No Significant Values |
K2 West |
|||
NFGC-23-1546 |
No Significant Values |
K2 West |
Table 2: Summary of composite results reported in this press release for K2. |
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-22-924 |
300 |
-45 |
227 |
659018 |
5429879 |
K2 |
NFGC-22-952 |
300 |
-45 |
360 |
659249 |
5429986 |
K2 |
NFGC-22-972 |
272 |
-52 |
308 |
658964 |
5429766 |
K2 |
NFGC-22-987 |
300 |
-45 |
339 |
659252 |
5430042 |
K2 |
NFGC-22-1002 |
320 |
-60 |
194 |
658974 |
5429719 |
K2 |
NFGC-22-1013 |
320 |
-60 |
317 |
659000 |
5429765 |
K2 |
NFGC-22-1024 |
330 |
-45 |
239 |
658738 |
5429664 |
K2 |
NFGC-23-1227 |
345 |
-60 |
260 |
659140 |
5430512 |
K2 |
NFGC-23-1256 |
345 |
-60 |
251 |
659157 |
5430388 |
K2 |
NFGC-23-1258 |
320 |
-45 |
456 |
658988 |
5429388 |
K2 |
NFGC-23-1270 |
345 |
-60 |
305 |
659171 |
5430264 |
K2 |
NFGC-23-1276 |
75 |
-45 |
302 |
659071 |
5430206 |
K2 |
NFGC-23-1282 |
75 |
-45 |
395 |
658940 |
5430164 |
K2 |
NFGC-23-1296 |
75 |
-45 |
263 |
658891 |
5430078 |
K2 |
NFGC-23-1303 |
345 |
-60 |
227 |
658956 |
5430041 |
K2 |
NFGC-23-1305 |
345 |
-59 |
290 |
658655 |
5429522 |
K2 |
NFGC-23-1310 |
25 |
-45 |
65 |
658957 |
5430041 |
K2 |
NFGC-23-1313 |
15 |
-78 |
80 |
658956 |
5430041 |
K2 |
NFGC-23-1314 |
75 |
-45 |
263 |
658658 |
5429521 |
K2 |
NFGC-23-1315 |
270 |
-60 |
53 |
658956 |
5430041 |
K2 |
NFGC-23-1319 |
75 |
-45 |
386 |
658957 |
5430041 |
K2 |
NFGC-23-1322 |
75 |
-45 |
251 |
658772 |
5429570 |
K2 |
NFGC-23-1329 |
345 |
-60 |
299 |
658771 |
5429570 |
K2 |
NFGC-23-1338 |
75 |
-45.5 |
257 |
658843 |
5429992 |
K2 |
NFGC-23-1344 |
345 |
-59 |
251 |
659084 |
5430081 |
K2 |
NFGC-23-1345 |
344 |
-59 |
260 |
658642 |
5429645 |
K2 |
NFGC-23-1351 |
75 |
-45 |
254 |
659086 |
5430081 |
K2 |
NFGC-23-1355 |
74 |
-45.5 |
317 |
658741 |
5429818 |
K2 |
NFGC-23-1370 |
75 |
-45 |
251 |
658626 |
5429769 |
K2 |
NFGC-23-1377 |
345 |
-60 |
257 |
658626 |
5429769 |
K2 |
NFGC-23-1387 |
345 |
-45 |
50 |
658939 |
5430042 |
K2 |
NFGC-23-1391 |
345 |
-45 |
53 |
658907 |
5430027 |
K2 |
NFGC-23-1392 |
345 |
-45 |
104 |
658980 |
5429955 |
K2 |
NFGC-23-1398 |
345 |
-45 |
113 |
659021 |
5429957 |
K2 |
NFGC-23-1522 |
20 |
-45 |
212 |
658014 |
5429658 |
K2 West |
NFGC-23-1546 |
353 |
-45 |
215 |
658015 |
5429656 |
K2 West |
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 39,400m 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/20230828736752/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.
FAQ
What are the key findings of the drilling at the K2 Zone?
What is the mineralized footprint of the K2 Zone?
What is the significance of the presence of stibnite at Queensway?