New Found Intercepts 43 g/t Au Over 11.6m at Keats West

Rhea-AI Summary

New Found Gold Corp. (NFG) reports positive results from 16 diamond drill holes to test the Keats West Zone at the Queensway project, with significant gold mineralization found. The company is conducting a 500,000m drill program with 23,000m of core pending assay results.

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 16 diamond drill holes that were completed as part of a drill program designed to test the Keats West Zone, a low-angle thrust fault that dips gently to the south-southwest and is located on the west 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.

Figure 1: Photos of mineralization, Left: at ~168m in NFGC-22-1028, Right: at ~179m in NFGC-22-990, ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-990 and NFGC-22-1028. (Photo: Business Wire)

Keats West Highlights:

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Zone
NFGC-22-9902	137.60	149.70	12.10	1.85	Keats W
And4	155.30	164.50	9.20	2.86
Including	162.00	162.85	0.85	10.02
And4	173.00	184.60	11.60	42.75
Including	174.35	174.70	0.35	20.50
And including	175.70	180.95	5.25	93.05
NFGC-22-10202	81.90	97.10	15.20	1.58	Keats W
And1	111.80	124.45	12.65	1.91
NFGC-22-10281	53.60	81.45	27.85	2.47	Keats W
Including	64.05	65.65	1.60	15.84
And1	86.00	107.30	21.30	1.39
And1	166.80	169.50	2.70	66.00
Including	167.85	168.50	0.65	271.01
NFGC-23-17281	69.65	81.10	11.45	2.16	Keats W

Table 1: Keats West Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be ¹70% to 95% and ²40% to 70% 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.

• 42.8 g/t Au over 11.60m in NFGC-22-990 was intersected in a 27m step-out from previously reported 42.6 g/t Au over 32.00m in NFGC-22-960 (November 28, 2022), further defining one of the high-grade Keats West fault segments.

• 2.47 g/t Au over 27.85m, 1.39 g/t Au over 21.30m and 66.0 g/t Au over 2.70m in NFGC-22-1028 are located 275m down-dip of previously released 6.68 g/t Au over 24.00m in NFGC-22-784 (January 24, 2023) and 85m along strike of previously reported 17.2 g/t Au over 22.90m and 12.0 g/t Au over 18.40m in NFGC-22-1040 (April 25, 2023). This series of intervals defines a thick panel of gold mineralization that is over 50m wide and represents an uplifted panel of the Keats West Fault (Figure 3).

• Keats West has a drill-defined mineralized footprint spanning 305m long by 315m wide and starts at surface with all intercepts drilled to date occurring above 130m vertical depth. The zone has a cumulative average thickness of 30m.

Melissa Render, VP of Exploration of New Found, stated: “The holes reported today were completed as part of a program to both expand and better define the near-surface section of Keats West. Drilling in this area continues to identify mineralization that starts at surface and has a low-angle orientation that allows for easy exploration through shallow drilling. True widths at Keats West range from 10m to greater than 50m and include multiple domains of high-grade gold mineralization. Overall, today’s results provide us with additional confidence that the continuity of gold mineralization across the Keats West Fault is strong.”

Drillhole Details

Hole No.	From (m)	To (m)	Interval (m)*	Au (g/t)	Zone
NFGC-22-9901	24.85	29.85	5.00	2.18	Keats W
And1	34.85	43.70	8.85	2.57
And2	50.25	58.25	8.00	3.17
Including	50.25	51.25	1.00	13.94
And4	67.15	72.80	5.65	1.71
And1	105.50	107.95	2.45	6.46
Including	107.00	107.95	0.95	16.43
And2	137.60	149.70	12.10	1.85
And4	155.30	164.50	9.20	2.86
Including	162.00	162.85	0.85	10.02
And4	173.00	184.60	11.60	42.75
Including	174.35	174.70	0.35	20.50
Including	175.70	180.95	5.25	93.05
NFGC-22-10201	20.65	24.25	3.60	2.94	Keats W
And1	30.80	35.75	4.95	2.86
And2	81.90	97.10	15.20	1.58
And1	111.80	124.45	12.65	1.91
NFGC-22-10281	39.15	42.80	3.65	1.31	Keats W
And1	53.60	81.45	27.85	2.47
Including	64.05	65.65	1.60	15.84
And1	86.00	107.30	21.30	1.39
And1	149.80	154.25	4.45	1.04
And1	166.80	169.50	2.70	66.00
Including	167.85	168.50	0.65	271.01
NFGC-22-10521	56.00	60.45	4.45	1.02	Keats W
And1	71.90	74.40	2.50	1.42
And1	323.80	326.25	2.45	3.52	Keats N
NFGC-22-10754	149.00	153.20	4.20	1.35	Keats W
NFGC-23-1178	No Significant Values				Keats W
NFGC-23-12231	67.00	70.50	3.50	1.23	Keats W
And1	75.20	83.40	8.20	1.43
And1	250.70	253.00	2.30	2.61	Keats N
NFGC-23-16104	6.55	11.00	4.45	3.14	Keats W
NFGC-23-1618A	No Significant Values				Keats W
NFGC-23-1684	No Significant Values				Keats W
NFGC-23-1700	No Significant Values				Keats W
NFGC-23-1701	No Significant Values				Keats W
NFGC-23-17061	12.90	15.00	2.10	1.13	Keats W
And1	27.40	31.30	3.90	1.18
NFGC-23-17221	12.35	17.20	4.85	4.72	Keats W
Including	12.80	13.25	0.45	34.60
And1	21.90	24.35	2.45	1.53
And1	29.60	32.40	2.80	1.52
NFGC-23-17281	33.30	36.00	2.70	2.33	Keats W
And1	69.65	81.10	11.45	2.16
NFGC-23-17611	12.00	14.40	2.40	1.26	Keats W
And2	45.00	47.00	2.00	4.17
Including	46.50	47.00	0.50	16.10
And2	54.00	62.35	8.35	2.88
Including	55.65	56.00	0.35	38.10

Table 2: Summary of composite results reported in this press release for Keats West

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-22-990	122	-49	200	657979	5427947	Keats W
NFGC-22-1020	65	-60	203	657989	5427885	Keats W
NFGC-22-1028	49	-53	227	657992	5427768	Keats W
NFGC-22-1052	120	-45	374	657902	5427935	Keats W
NFGC-22-1075	51	-51	254	657861	5427743	Keats W
NFGC-23-1178	345	-60	293	657969	5428159	Keats W
NFGC-23-1223	53	-43	290	658074	5427953	Keats W
NFGC-23-1610	225	-67	59	657873	5428009	Keats W
NFGC-23-1618A	65	-49	281	657776	5427763	Keats W
NFGC-23-1684	35	-45	53	658155	5428038	Keats W
NFGC-23-1700	35	-45	56	658134	5428057	Keats W
NFGC-23-1701	35	-45	53	658120	5428077	Keats W
NFGC-23-1706	35	-45	71	658082	5428068	Keats W
NFGC-23-1722	0	-45	92	658045	5428063	Keats W
NFGC-23-1728	320	-67	338	658075	5427954	Keats W
NFGC-23-1761	65	-67	74	657857	5428045	Keats W

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 23,000m 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 Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay method.

Drill core samples are also submitted to MSA in Val-d’Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photon assay method.

At ALS, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed. The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

At MSA, the entire sample is crushed to approximately 70% passing 2mm. For “routine” samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill two 450g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis. If one of the jars assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay.

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 10% of the samples in addition to the laboratory’s internal quality assurance programs.

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 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

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. Matheson consents to the publication of this press release dated December 6, 2023, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 500,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $63.6 million as of December 2023.

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 Newfoundland and Labrador.

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 Newfoundland and Labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231206402602/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 recent results announced by New Found Gold Corp. (NFG)?

New Found Gold Corp. (NFG) announced positive results from 16 diamond drill holes testing the Keats West Zone at the Queensway project.

Where is the Queensway project located?

The Queensway project is located 15km west of Gander, Newfoundland and Labrador.

What is the current drill program being undertaken by New Found Gold Corp. (NFG)?

New Found Gold Corp. (NFG) is conducting a 500,000m drill program at Queensway, with approximately 23,000m of core pending assay results.

Who is the Qualified Person responsible for reviewing the scientific and technical information disclosed in the press release?

Greg Matheson, P. Geo., Chief Operating Officer, is the Qualified Person responsible for reviewing the scientific and technical information disclosed in the press release.