NEW FOUND INTERCEPTS 86.9 G/T AU OVER 5.30M & 29.4 G/T AU OVER 7.75M AT ICEBERG
- Positive drilling results at the Iceberg discovery
- Successful linking of Iceberg and Iceberg East zones
- Expanding strike length of 665m
- Ongoing 500,000m drill program at Queensway
- None.
Figure 1: Photos of mineralization from Top Left: at ~95.5m in NFGC-23-1395, Top Right: at ~95.9m in NFGC-23-1395, Bottom Left: at ~47.5m in NFGC-23-1380, Bottom Right: at ~95.2m in NFGC-23-1395. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1380 and NFGC-23-1395. (Photo: Business Wire)
Iceberg Highlights:
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-23-1380 |
45.80 |
53.55 |
7.75 |
29.36 |
Iceberg |
Including |
47.00 |
48.65 |
1.65 |
111.48 |
|
Including |
49.30 |
50.35 |
1.05 |
23.97 |
|
NFGC-23-1395 |
95.00 |
100.30 |
5.30 |
86.86 |
Iceberg |
Including |
95.00 |
96.00 |
1.00 |
456.00 |
Table 1: Iceberg Drilling Highlights
1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be |
- 86.9 g/t Au over 5.30m in NFGC-23-1395 and 29.4 g/t Au over 7.75m in NFGC-23-1380 were designed to infill a 100m gap located between Iceberg and Iceberg East, successfully linking the two zones together, which is drill-defined over a strike length of 665m. This segment of Iceberg is particularly enriched in high-grade gold mineralization spanning at least 310m in strike and considerable widths (Figures 1-4).
- NFGC-23-1380 occurs at a vertical depth of only 30m and is located 35m above previously reported 12.5 g/t Au over 10.45m in NFGC-23-1402 (August 15, 2023). NFGC-23-1395 is located a further 30m to the southwest of NFGC-21-1402 and NFGC-23-1380, occurring at a vertical depth of 65m.
- Iceberg and Iceberg East remain open in all directions and drilling is ongoing to expand along strike and to depth including infilling a near-surface gap in Iceberg East that occurs adjacent to today’s highlight holes (Figure 3). Several intervals are currently pending assay results from both Iceberg and Iceberg East.
Melissa Render, VP of Exploration of New Found, stated: “A steady return of encouraging results continue to flow in and we are very pleased with the ongoing success at Iceberg. From its discovery in January of this year to now, a period of only seven months, Iceberg has expanded from a single drill hole to become one of our most significant zones, spanning 665m of strike with high-grade gold starting at surface and extending to depths of 170m. Given that our exploration focus has been shallow, exploration at Iceberg provides a great example of our ability to efficiently identify, interpret and grow new discoveries.”
Drillhole Details
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
NFGC-23-1239 |
No Significant Values |
Iceberg |
|||
NFGC-23-13023 |
126.50 |
136.00 |
9.50 |
1.09 |
Iceberg |
And4 |
252.80 |
258.20 |
5.40 |
1.45 |
|
Including |
257.80 |
258.20 |
0.40 |
10.75 |
|
NFGC-23-13201 |
123.85 |
133.20 |
9.35 |
1.21 |
Iceberg East |
And2 |
199.30 |
201.60 |
2.30 |
1.03 |
|
NFGC-23-13251 |
196.15 |
198.15 |
2.00 |
1.18 |
Iceberg |
NFGC-23-1327 |
No Significant Values |
Iceberg East |
|||
NFGC-23-13574 |
149.70 |
152.00 |
2.30 |
1.16 |
Iceberg |
And1 |
163.15 |
166.25 |
3.10 |
1.03 |
|
And1 |
170.00 |
176.25 |
6.25 |
1.14 |
|
And3 |
209.25 |
211.70 |
2.45 |
1.13 |
|
NFGC-23-1365A |
No Significant Values |
Iceberg East |
|||
NFGC-23-13661 |
23.00 |
25.00 |
2.00 |
1.27 |
Iceberg |
NFGC-23-1368 |
No Significant Values |
Iceberg East |
|||
NFGC-23-13722 |
57.75 |
59.75 |
2.00 |
1.14 |
Iceberg East |
NFGC-23-13751 |
57.95 |
60.35 |
2.40 |
1.23 |
Iceberg |
NFGC-23-13801 |
45.80 |
53.55 |
7.75 |
29.36 |
Iceberg |
Including |
47.00 |
48.65 |
1.65 |
111.48 |
|
Including |
49.30 |
50.35 |
1.05 |
23.97 |
|
And1 |
62.50 |
65.20 |
2.70 |
3.06 |
|
Including |
64.70 |
65.20 |
0.50 |
10.95 |
|
NFGC-23-1382 |
No Significant Values |
Iceberg East |
|||
NFGC-23-1384 |
No Significant Values |
Iceberg |
|||
NFGC-23-13951 |
62.60 |
65.00 |
2.40 |
1.50 |
Iceberg |
And1 |
84.90 |
86.95 |
2.05 |
1.84 |
|
And1 |
95.00 |
100.30 |
5.30 |
86.86 |
|
Including |
95.00 |
96.00 |
1.00 |
456.00 |
Table 2: Summary of composite results reported in this press release for Iceberg and Iceberg East
1Note 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-23-1239 |
300 |
-45 |
341 |
658402 |
5427589 |
Iceberg |
NFGC-23-1302 |
299 |
-45.5 |
332 |
658573 |
5427806 |
Iceberg |
NFGC-23-1320 |
300 |
-45 |
260 |
658887 |
5428058 |
Iceberg East |
NFGC-23-1325 |
300 |
-45 |
398 |
658553 |
5427731 |
Iceberg |
NFGC-23-1327 |
300 |
-45 |
374 |
658987 |
5428232 |
Iceberg East |
NFGC-23-1357 |
300 |
-46 |
299 |
658559 |
5427758 |
Iceberg |
NFGC-23-1365A |
300 |
-45 |
42 |
658895 |
5428170 |
Iceberg East |
NFGC-23-1366 |
300 |
-45 |
248 |
658526 |
5427891 |
Iceberg |
NFGC-23-1368 |
300 |
-45 |
320 |
659031 |
5428207 |
Iceberg East |
NFGC-23-1372 |
300 |
-45 |
305 |
659025 |
5428384 |
Iceberg East |
NFGC-23-1375 |
300 |
-45 |
164 |
658548 |
5427879 |
Iceberg |
NFGC-23-1380 |
335 |
-45 |
167 |
658548 |
5427879 |
Iceberg |
NFGC-23-1382 |
299 |
-45.5 |
314 |
658951 |
5428427 |
Iceberg East |
NFGC-23-1384 |
5 |
-45.5 |
116 |
658548 |
5427879 |
Iceberg |
NFGC-23-1395 |
323 |
-45.5 |
188 |
658555 |
5427846 |
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 41,500m 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.sedar.com.
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/20230822873526/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.