New Found Intercepts 47 g/t Au Over 10.55M & 115 g/t Au Over 4.10M at Iceberg East; Defines Near-surface, High-grade Segment of Iceberg-Iceberg East Covering 570M Strike
Figure 1: Photos of mineralization from Top Left: at ~216m in NFGC-23-1331, Top Right: at ~90.5m in NFGC-23-1541, Bottom Left: at ~70.8m in NFGC-23-1475, Bottom Right: at ~69.6m in NFGC-23-1570. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1331, NFGC-23-1475, NFGC-23-1541 and NFGC-23-1570. (Photo: Business Wire)
Iceberg and Iceberg East Highlights:
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|||||
NFGC-23-13312 |
136.40 |
180.50 |
44.10 |
1.34 |
Iceberg |
|||||
Including1 |
137.10 |
137.70 |
0.60 |
25.96 |
||||||
And1 |
214.00 |
216.30 |
2.30 |
19.47 |
||||||
Including |
214.30 |
215.15 |
0.85 |
51.52 |
||||||
NFGC-23-14663 |
43.00 |
58.70 |
15.70 |
3.68 |
Iceberg East |
|||||
Including |
54.80 |
55.60 |
0.80 |
14.60 |
||||||
NFGC-23-14753 |
62.00 |
92.55 |
30.55 |
4.28 |
Iceberg East |
|||||
Including |
66.00 |
66.45 |
0.45 |
15.85 |
||||||
Including |
67.10 |
67.80 |
0.70 |
19.00 |
||||||
Including |
70.10 |
71.05 |
0.95 |
76.46 |
||||||
NFGC-23-14913 |
15.90 |
28.70 |
12.80 |
4.51 |
Iceberg East |
|||||
Including |
15.90 |
16.75 |
0.85 |
35.08 |
||||||
Including |
20.00 |
20.70 |
0.70 |
12.90 |
||||||
NFGC-23-15411 |
85.85 |
96.40 |
10.55 |
46.81 |
Iceberg East |
|||||
Including |
88.55 |
89.20 |
0.65 |
20.13 |
||||||
Including |
90.45 |
94.85 |
4.40 |
104.01 |
||||||
NFGC-23-15701 |
67.00 |
71.10 |
4.10 |
114.52 |
Iceberg East |
|||||
Including |
68.00 |
69.75 |
1.75 |
265.32 |
Table 1: Iceberg and Iceberg East Drilling Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 1
- 46.8 g/t Au over 10.55m in NFGC-23-1541, 115 g/t Au over 4.10m in NFGC-23-1570, 4.28 g/t Au over 30.55m in NFGC-23-1475, 4.51 g/t Au over 12.80m in NFGC-23-1491 and 3.68 g/t Au over 15.70m in NFGC-23-1466 were drilled at Iceberg East and were designed to extend the high-grade segment of Iceberg-Iceberg East along strike and to surface within the host Keats-Baseline Fault Zone (“KBFZ”), (Figures 1-4).
- Today’s intervals add to a rapidly growing high-grade segment of Iceberg-Iceberg East that now spans 570m of near-surface strike that, when combined with the already impressive 400m high-grade segment of Keats Main, outlines a high-grade corridor covering nearly 1km of strike. This occurs within the overall KBFZ hosted Keats-Iceberg-Iceberg East corridor, which has been drill defined over 1.9km of strike, where it remains open.
- Mineralization at Iceberg and Iceberg East is shallowly located with today’s highlight intervals all occurring between 15-100m vertical depth. The Company is actively focused on tracing mineralization to depth at Iceberg, where minimal exploration has taken place below 200m. High-grade mineralization within the more heavily explored Keats Main is known to extend beyond 350m vertical depth, where it remains open.
- The broad interval of 1.34 g/t Au over 44.10m in NFGC-23-1331 is located at Iceberg 55m down-dip of previously reported 105 g/t Au over 27.05m in NFGC-23-1210 (June 5, 2023). This extends the broad mineralized domain at Iceberg down-dip to 105m while high-grade mineralization at Iceberg has been intersected at depths of up to 170m vertical to date.
Melissa Render, VP of Exploration of New Found, stated: “These are the first batch of results from our targeted follow-up program at Iceberg East which was designed to further define the orientations of the structures and veins at play and get a better sense for the continuity and trend of high-grade gold mineralization. Seeing this intensity of high-grade is exactly what we had hoped for and these results have aided in understanding the controls on mineralization for future targeting. We are very pleased to have defined continuous near-surface high-grade mineralization over a strike length of 570m, and we are excited to take our drilling deeper, where mineralization remains untested and open for expansion.”
Drillhole Details
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|||||
NFGC-22-10824 |
33.65 |
35.75 |
2.10 |
1.54 |
Iceberg |
|||||
And3 |
121.00 |
126.15 |
5.15 |
1.02 |
||||||
NFGC-23-12681 |
34.70 |
36.90 |
2.20 |
4.66 |
Iceberg |
|||||
Including |
35.75 |
36.50 |
0.75 |
10.65 |
||||||
And4 |
69.85 |
72.20 |
2.35 |
1.36 |
||||||
NFGC-23-1275 |
No Significant Values |
Iceberg |
||||||||
NFGC-23-1304 |
No Significant Values |
Iceberg |
||||||||
NFGC-23-13312 |
136.40 |
180.50 |
44.10 |
1.34 |
Iceberg |
|||||
Including1 |
137.10 |
137.70 |
0.60 |
25.96 |
||||||
And1 |
203.60 |
207.80 |
4.20 |
1.48 |
||||||
And1 |
214.00 |
216.30 |
2.30 |
19.47 |
||||||
Including |
214.30 |
215.15 |
0.85 |
51.52 |
||||||
And3 |
242.90 |
245.15 |
2.25 |
1.33 |
||||||
NFGC-23-1335 |
No Significant Values |
Iceberg |
||||||||
NFGC-23-1335A3 |
354.75 |
357.50 |
2.75 |
1.60 |
Iceberg |
|||||
NFGC-23-13371 |
191.90 |
195.25 |
3.35 |
1.44 |
Iceberg |
|||||
NFGC-23-1342 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-1348 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-1360 |
No Significant Values |
Iceberg |
||||||||
NFGC-23-1367 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-1386 |
No Significant Values |
Iceberg |
||||||||
NFGC-23-1397 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-14131 |
108.65 |
123.10 |
14.45 |
1.31 |
Iceberg |
|||||
NFGC-23-1416 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-14191 |
113.75 |
120.20 |
6.45 |
2.41 |
Iceberg |
|||||
NFGC-23-1428 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-14291 |
115.40 |
124.15 |
8.75 |
5.13 |
Iceberg |
|||||
Including |
119.35 |
120.10 |
0.75 |
48.61 |
||||||
NFGC-23-14441 |
119.00 |
121.00 |
2.00 |
1.50 |
Iceberg East |
|||||
NFGC-23-14531 |
81.80 |
95.00 |
13.20 |
1.69 |
Iceberg East |
|||||
NFGC-23-14663 |
43.00 |
58.70 |
15.70 |
3.68 |
Iceberg East |
|||||
Including |
54.80 |
55.60 |
0.80 |
14.60 |
||||||
NFGC-23-14753 |
62.00 |
92.55 |
30.55 |
4.28 |
Iceberg East |
|||||
Including |
66.00 |
66.45 |
0.45 |
15.85 |
||||||
Including |
67.10 |
67.80 |
0.70 |
19.00 |
||||||
Including |
70.10 |
71.05 |
0.95 |
76.46 |
||||||
NFGC-23-14913 |
15.90 |
28.70 |
12.80 |
4.51 |
Iceberg East |
|||||
Including |
15.90 |
16.75 |
0.85 |
35.08 |
||||||
Including |
20.00 |
20.70 |
0.70 |
12.90 |
||||||
And3 |
36.50 |
44.00 |
7.50 |
1.17 |
||||||
And2 |
69.70 |
74.35 |
4.65 |
4.07 |
||||||
Including |
72.00 |
72.40 |
0.40 |
20.90 |
||||||
NFGC-23-14993 |
153.00 |
155.00 |
2.00 |
3.40 |
Iceberg East |
|||||
NFGC-23-15411 |
85.85 |
96.40 |
10.55 |
46.81 |
Iceberg East |
|||||
Including |
88.55 |
89.20 |
0.65 |
20.13 |
||||||
Including |
90.45 |
94.85 |
4.40 |
104.01 |
||||||
NFGC-23-1553 |
No Significant Values |
Iceberg East |
||||||||
NFGC-23-15611 |
108.45 |
113.40 |
4.95 |
2.72 |
Iceberg East |
|||||
NFGC-23-15701 |
49.95 |
54.35 |
4.40 |
1.07 |
Iceberg East |
|||||
And1 |
67.00 |
71.10 |
4.10 |
114.52 |
||||||
Including |
68.00 |
69.75 |
1.75 |
265.32 |
||||||
NFGC-23-15731 |
20.35 |
22.90 |
2.55 |
2.73 |
Iceberg East |
|||||
NFGC-23-1591 |
No Significant Values |
Iceberg East |
Table 2: Summary of composite results reported in this press release for Iceberg and Iceberg East
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-22-1082 |
314 |
-48 |
197 |
658298 |
5427648 |
Iceberg |
||||||
NFGC-23-1268 |
300 |
-45 |
197 |
658513 |
5427871 |
Iceberg |
||||||
NFGC-23-1275 |
300 |
-45 |
425 |
658503 |
5427645 |
Iceberg |
||||||
NFGC-23-1304 |
300 |
-45 |
320 |
658432 |
5427632 |
Iceberg |
||||||
NFGC-23-1331 |
300 |
-45 |
323 |
658536 |
5427769 |
Iceberg |
||||||
NFGC-23-1335 |
299 |
-45.5 |
80 |
658474 |
5427604 |
Iceberg |
||||||
NFGC-23-1335A |
299 |
-46 |
395 |
658476 |
5427604 |
Iceberg |
||||||
NFGC-23-1337 |
299 |
-45.5 |
410 |
658537 |
5427712 |
Iceberg |
||||||
NFGC-23-1342 |
299 |
-45.5 |
290 |
659314 |
5428448 |
Iceberg East |
||||||
NFGC-23-1348 |
300 |
-45 |
335 |
659389 |
5428287 |
Iceberg East |
||||||
NFGC-23-1360 |
300 |
-45 |
530 |
658539 |
5427567 |
Iceberg |
||||||
NFGC-23-1367 |
300 |
-45 |
164 |
659085 |
5428348 |
Iceberg East |
||||||
NFGC-23-1386 |
300 |
-45 |
449 |
658567 |
5427666 |
Iceberg |
||||||
NFGC-23-1397 |
299 |
-45.5 |
342 |
658985 |
5428176 |
Iceberg East |
||||||
NFGC-23-1413 |
318 |
-47 |
152 |
658577 |
5427834 |
Iceberg |
||||||
NFGC-23-1416 |
299 |
-45.5 |
311 |
658977 |
5428526 |
Iceberg East |
||||||
NFGC-23-1419 |
333 |
-48 |
191 |
658578 |
5427835 |
Iceberg |
||||||
NFGC-23-1428 |
331 |
-61 |
104 |
658981 |
5428284 |
Iceberg East |
||||||
NFGC-23-1429 |
351 |
-48 |
254 |
658577 |
5427834 |
Iceberg |
||||||
NFGC-23-1444 |
0 |
-90 |
183 |
658581 |
5427976 |
Iceberg East |
||||||
NFGC-23-1453 |
0 |
-90 |
177 |
658624 |
5427951 |
Iceberg East |
||||||
NFGC-23-1466 |
56 |
-78 |
171 |
658606 |
5427990 |
Iceberg East |
||||||
NFGC-23-1475 |
220 |
-67 |
180 |
658681 |
5428034 |
Iceberg East |
||||||
NFGC-23-1491 |
0 |
-90 |
180 |
658681 |
5428034 |
Iceberg East |
||||||
NFGC-23-1499 |
299 |
-53.5 |
236 |
658678 |
5427833 |
Iceberg East |
||||||
NFGC-23-1541 |
300 |
-62 |
150 |
658615 |
5427931 |
Iceberg East |
||||||
NFGC-23-1553 |
300 |
-57 |
156 |
658665 |
5427898 |
Iceberg East |
||||||
NFGC-23-1561 |
299 |
-45.5 |
135 |
658771 |
5428010 |
Iceberg East |
||||||
NFGC-23-1570 |
299 |
-45.5 |
108 |
658730 |
5428034 |
Iceberg East |
||||||
NFGC-23-1573 |
300 |
-45 |
59 |
658884 |
5428204 |
Iceberg East |
||||||
NFGC-23-1591 |
300 |
-45 |
74 |
658872 |
5428182 |
Iceberg East |
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 36,600m 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 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/20230913918716/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.