VANCOUVER, BC, Dec. 2, 2024
/CNW/ - New Found Gold Corp. ("New Found" or the
"Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce
the results of the second phase of channel samples from the Keats
Trench and an update on the Iceberg Trench at the Queensway Project
("Queensway"), located on the Trans-Canada Highway 15km west
of Gander, Newfoundland.
Keats Trench Phase II Highlights:
|
Channel
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
True Width
(%)
|
Zone
|
|
KM-24-01-32
|
1.75
|
8.90
|
7.15
|
14.78
|
85-95
|
Keats Trench
|
|
Including
|
2.65
|
3.35
|
0.70
|
126.01
|
85-95
|
|
KM-24-01-35
|
0.00
|
3.90
|
3.90
|
10.37
|
80-90
|
Keats Trench
|
|
Including
|
0.00
|
1.30
|
1.30
|
14.23
|
80-90
|
|
Including
|
3.35
|
3.90
|
0.55
|
22.49
|
80-90
|
|
KM-24-01-37
|
0.00
|
2.00
|
2.00
|
39.57
|
90-100
|
Keats Trench
|
|
Including
|
0.00
|
0.50
|
0.50
|
157.75
|
90-100
|
|
KM-24-01-39
|
0.00
|
2.80
|
2.80
|
11.53
|
90-100
|
Keats Trench
|
|
Including
|
1.60
|
2.10
|
0.50
|
50.49
|
90-100
|
|
KM-24-01-43
|
5.90
|
10.55
|
4.65
|
10.25
|
75-85
|
Keats Trench
|
|
Including
|
7.60
|
9.00
|
1.40
|
32.10
|
75-85
|
|
KM-24-01-45
|
0.00
|
4.95
|
4.95
|
73.63
|
85-95
|
Keats Trench
|
|
Including
|
0.00
|
2.25
|
2.25
|
158.74
|
90-100
|
|
KM-24-01-47
|
0.80
|
3.10
|
2.30
|
26.85
|
90-100
|
Keats Trench
|
|
Including
|
1.55
|
2.05
|
0.50
|
115.51
|
90-100
|
|
KM-24-01-48
|
0.75
|
5.60
|
4.85
|
12.19
|
90-100
|
Keats Trench
|
|
Including
|
0.75
|
1.55
|
0.80
|
64.37
|
90-100
|
|
KM-24-01-49
|
0.90
|
13.60
|
12.70
|
6.00
|
90-100
|
Keats Trench
|
|
Including
|
1.30
|
1.85
|
0.55
|
111.22
|
90-100
|
|
KM-24-01-50
|
0.00
|
2.35
|
2.35
|
54.25
|
85-95
|
Keats Trench
|
|
Including
|
0.55
|
1.60
|
1.05
|
120.76
|
85-95
|
|
KM-24-01-53
|
0.00
|
6.95
|
6.95
|
147.98
|
90-100
|
Keats Trench
|
|
Including
|
0.00
|
3.60
|
3.60
|
267.38
|
90-100
|
|
And
Including
|
1.70
|
2.85
|
1.15
|
720.35
|
90-100
|
|
Including
|
6.30
|
6.95
|
0.65
|
93.66
|
90-100
|
|
KM-24-01-54
|
0.00
|
2.80
|
2.80
|
192.00
|
90-100
|
Keats Trench
|
|
Including
|
0.65
|
2.80
|
2.15
|
249.13
|
90-100
|
|
KM-24-01-55
|
0.30
|
3.15
|
2.85
|
220.67
|
90-100
|
Keats Trench
|
|
Including
|
0.30
|
0.95
|
0.65
|
139.73
|
90-100
|
|
Including
|
1.70
|
3.15
|
1.45
|
368.83
|
90-100
|
|
And
Including
|
1.70
|
2.30
|
0.60
|
587.00
|
90-100
|
|
KM-24-01-56
|
0.00
|
2.85
|
2.85
|
330.71
|
90-100
|
Keats Trench
|
|
Including
|
0.00
|
2.25
|
2.25
|
418.12
|
90-100
|
|
And
Including
|
0.50
|
1.10
|
0.60
|
1300.00
|
90-100
|
|
KM-24-01-57
|
1.65
|
12.95
|
11.30
|
2.44
|
85-95
|
Keats Trench
|
|
KM-24-01-59
|
1.00
|
12.55
|
11.55
|
58.62
|
80-90
|
Keats Trench
|
|
Including
|
2.80
|
3.53
|
0.73
|
258.82
|
80-90
|
|
Including
|
6.63
|
7.48
|
0.85
|
400.00
|
35-45
|
|
Including
|
10.05
|
10.75
|
0.70
|
119.32
|
90-100
|
|
Including
|
11.40
|
11.90
|
0.50
|
53.15
|
75-85
|
|
KM-24-01-60
|
0.00
|
14.20
|
14.20
|
22.09
|
80-90
|
Keats Trench
|
|
Including
|
8.40
|
12.20
|
3.80
|
70.86
|
80-90
|
|
KM-24-01-61
|
1.20
|
18.35
|
17.15
|
9.81
|
75-85
|
Keats Trench
|
|
Including
|
11.85
|
15.80
|
3.95
|
38.42
|
90-100
|
|
KM-24-01-62*
|
0.00
|
2.40
|
2.40
|
27.61
|
80-90
|
Keats Trench
|
|
KM-24-01-63
|
0.00
|
14.55
|
14.55
|
36.63
|
65-75
|
Keats Trench
|
|
Including
|
3.90
|
4.55
|
0.65
|
26.45
|
80-90
|
|
Including
|
6.40
|
8.20
|
1.80
|
266.21
|
50-60
|
|
And
Including
|
7.30
|
8.20
|
0.90
|
509.00
|
50-60
|
|
KM-24-01-64*
|
0.60
|
4.65
|
4.05
|
455.33
|
55-65
|
Keats Trench
|
|
And
Including
|
1.85
|
2.80
|
0.95
|
1494.00
|
55-65
|
|
KM-24-01-65
|
0.00
|
5.81
|
5.81
|
16.77
|
70-80
|
Keats Trench
|
|
Including
|
0.93
|
2.72
|
1.79
|
39.34
|
70-80
|
|
Including
|
4.72
|
5.43
|
0.71
|
10.09
|
70-80
|
|
KM-24-01-66
|
1.50
|
5.53
|
4.03
|
136.85
|
60-70
|
Keats Trench
|
|
Including
|
2.35
|
5.53
|
3.18
|
172.49
|
60-70
|
|
KM-24-01-68*
|
0.00
|
4.40
|
4.40
|
83.10
|
50-60
|
Keats Trench
|
|
Table 1: Keats
Trench Channel Sample Highlights
|
|
Infill veining in
secondary structures with multiple orientations crosscutting the
primary host structures are commonly observed which could result in
additional uncertainty in true width. Undulations in the bedrock
surface could also result in additional uncertainty in true width.
Composite intervals reported carry a minimum weighted average of 1
g/t Au diluted over a minimum channel 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. Grades have not been capped in the averaging and intervals
are reported as channel length. * Full composite composed of
samples greater than 10 g/t Au, no Including interval
inserted.
|
- The Phase II channel sampling program at Keats was designed to
increase sample density along high-grade veins to determine grade
variability and assess vein domains oblique to the Phase I
(September 23, 2024) systematic
channel sampling grid.
- The channel sampling results have demonstrated good continuity
of high-grade gold mineralization across 77m of strike on the East-West Vein ("EW
Vein") and 60m of strike on the
Keats Main Vein (Figures 2 and 3).
- These veins form principal components of the Keats Zone and are
associated with the Keats-Baseline Fault Zone ("KBFZ"). They
extend well beyond what is exposed in the Keats Trench both along
strike and to depth and are also found in association with other
high-grade vein arrays that host significant gold mineralization at
Keats.
- The Keats Main Vein has been drill defined over 520m of strike with an average down-dip extent of
200m and ranges in true width from
1-4m. The EW Vein has been
structurally stacked and forms a series of at least five high-grade
vein panels that range in strike length from 20-90m and are drill defined to depths of
120m, with true widths ranging from
1-5m.
- EW Vein highlights from Phase II include 455 g/t Au over
4.05m in KM-24-01-64, 137 g/t Au over
4.03m in KM-24-01-66, 331 g/t Au over
2.85m in KM-24-01-56, and 221 g/t Au
over 2.85m in KM-24-01-55. These
infill intervals compare well with the along strike Phase I channel
samples and nearby drilling. In areas with increased vein
complexity, intervals can be upwards of 10m wide as demonstrated by the following Phase
II highlights of 58.6 g/t Au over 11.55m in KM-24-01-59, 22.1 g/t Au over
14.20m in KM-24-01-60, and 36.6 g/t
Au over 14.55m in KM-24-01-63 and results from Phase I.
- Keats Main Vein highlights from Phase II include 73.6 g/t Au
over 4.95m in KM-24-01-45, 54.3 g/t
Au over 2.35m in KM-24-01-50, and
26.9 g/t Au over 2.30m in
KM-24-01-47. These infill results are typical widths and grades of
this segment of the exposed Keats Main Vein and demonstrate good
continuity comparing well with the along strike Phase I channel
samples and neighbouring drilling.
- The Keats Trench exposed a 200m
by 70m wide area, roughly
corresponding to the surface expression of a portion of the Keats
Main Zone, previously obscured by overburden.
- The Phase II channel sampling program consisted of 41-lines
with a total sampled length of 305m
consisting of 455 individual samples. The Keats Trench Phase I
channel sampling program was completed across the entire bedrock
surface in the trench and consisted of a 27-line sampling grid
spaced 7.5m apart, covering a total
length of 1,782m that includes 2200
individual samples.
Iceberg Trench Update:
- A surface trench at the Iceberg Zone was announced on
July 3, 2024, to excavate between
1-12 metres of overburden that covers the projection of the Iceberg
Zone at the bedrock surface, exposing 220m of strike length over a 105m wide area (Figure 4).
- Excavation and preliminary geological mapping of the Iceberg
Trench is now complete exposing a continuous 220m long segment of the Iceberg Zone. The
exposed mineralization in the Iceberg Trench shows a continuous
linear fault segment containing broad quartz veins with near
perfect correlation to the Company's drill defined geological model
(Figures 4 and 5).
- The Company intends to conduct systematic channel sampling to
assess the grade distribution of the Iceberg Trench in 2025.
Greg Matheson, COO of New Found,
stated: "Channel sampling of the Keats Trench has given us
greater confidence in the grade distribution of both very
high-grade vein domains and secondary structural orientations that
may have been missed through drilling alone. The Phase I program
successfully defined broad zones of high-grade mineralization along
with many geological insights. The Phase II sampling program has
given us a considerable amount of data for understanding grade
variability and clearly demonstrates good continuity of high-grade
gold both in the EW and Keats Main Vein domains in addition to
other secondary vein zones within the KBFZ. This detailed
assessment of variability is extremely important when dealing with
coarse gold systems like we have at Keats and elsewhere at the
Queensway Project. The information gained from the Keats Trench
will also support the initial mineral resource estimate the Company
has scheduled for Q2 2025 (November
6, 2024).
"The Iceberg Zone was another blind discovery at the project
and until recently only defined through drilling alone. It's truly
impressive to see the accuracy of the drill defined model and the
continuous nature of the Iceberg Zone along the entire 220m excavated interval. Similar to Keats, we
will aim to channel sample the zone at a much higher density than
has been tested through drilling and build a detailed assessment of
grade distribution at Iceberg."
Channel Details
|
Channel
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
True Width
(%)
|
Zone
|
|
KM-24-01-28
|
0.45
|
3.30
|
2.85
|
5.39
|
90-100
|
Keats Trench
|
|
Including
|
2.00
|
2.45
|
0.45
|
30.82
|
90-100
|
|
KM-24-01-29
|
0.00
|
2.25
|
2.25
|
2.22
|
90-100
|
Keats Trench
|
|
KM-24-01-30
|
No Significant
Values
|
|
Keats Trench
|
|
KM-24-01-31
|
No Significant
Values
|
|
Keats Trench
|
|
KM-24-01-32
|
1.75
|
8.90
|
7.15
|
14.78
|
85-95
|
Keats Trench
|
|
Including
|
2.65
|
3.35
|
0.70
|
126.01
|
85-95
|
|
KM-24-01-33
|
0.90
|
5.35
|
4.45
|
1.24
|
85-95
|
Keats Trench
|
|
KM-24-01-34
|
0.00
|
2.00
|
2.00
|
1.03
|
90-100
|
Keats Trench
|
|
KM-24-01-35
|
0.00
|
3.90
|
3.90
|
10.37
|
80-90
|
Keats Trench
|
|
Including
|
0.00
|
1.30
|
1.30
|
14.23
|
80-90
|
|
Including
|
3.35
|
3.90
|
0.55
|
22.49
|
80-90
|
|
KM-24-01-36
|
No Significant
Values
|
|
Keats Trench
|
|
KM-24-01-37
|
0.00
|
2.00
|
2.00
|
39.57
|
90-100
|
Keats Trench
|
|
KM-24-01-37
|
0.00
|
0.95
|
0.95
|
83.32
|
90-100
|
|
Including
|
0.00
|
0.50
|
0.50
|
157.75
|
90-100
|
|
KM-24-01-38
|
No Significant
Values
|
|
Keats Trench
|
|
KM-24-01-39
|
0.00
|
2.80
|
2.80
|
11.53
|
90-100
|
Keats Trench
|
|
Including
|
1.60
|
2.10
|
0.50
|
50.49
|
90-100
|
|
KM-24-01-40
|
1.67
|
7.57
|
5.90
|
8.67
|
45-55
|
Keats Trench
|
|
Including
|
2.15
|
2.90
|
0.75
|
31.46
|
75-85
|
|
Including
|
6.60
|
7.57
|
0.97
|
23.92
|
45-55
|
|
KM-24-01-41
|
0.40
|
8.05
|
7.65
|
2.86
|
55-65
|
Keats Trench
|
|
Including
|
6.40
|
7.20
|
0.80
|
12.06
|
55-65
|
|
KM-24-01-42
|
0.00
|
2.67
|
2.67
|
5.17
|
85-95
|
Keats Trench
|
|
Including
|
1.28
|
1.84
|
0.56
|
21.04
|
85-95
|
|
KM-24-01-43
|
5.90
|
10.55
|
4.65
|
10.25
|
75-85
|
Keats Trench
|
|
Including
|
7.60
|
9.00
|
1.40
|
32.10
|
75-85
|
|
And
|
15.25
|
17.70
|
2.45
|
2.79
|
75-85
|
|
KM-24-01-44
|
0.00
|
2.25
|
2.25
|
2.22
|
90-100
|
Keats Trench
|
|
KM-24-01-45
|
0.00
|
4.95
|
4.95
|
73.63
|
85-95
|
Keats Trench
|
|
Including
|
0.00
|
2.25
|
2.25
|
158.74
|
90-100
|
|
KM-24-01-46
|
1.20
|
3.35
|
2.15
|
7.07
|
90-100
|
Keats Trench
|
|
Including
|
2.05
|
2.70
|
0.65
|
20.69
|
90-100
|
|
KM-24-01-47
|
0.80
|
3.10
|
2.30
|
26.85
|
90-100
|
Keats Trench
|
|
Including
|
1.55
|
2.05
|
0.50
|
115.51
|
90-100
|
|
KM-24-01-48
|
0.75
|
5.60
|
4.85
|
12.19
|
90-100
|
Keats Trench
|
|
Including
|
0.75
|
1.55
|
0.80
|
64.37
|
90-100
|
|
KM-24-01-49
|
0.90
|
13.60
|
12.70
|
6.00
|
90-100
|
Keats Trench
|
|
Including
|
1.30
|
1.85
|
0.55
|
111.22
|
90-100
|
|
KM-24-01-50
|
0.00
|
2.35
|
2.35
|
54.25
|
85-95
|
Keats Trench
|
|
Including
|
0.55
|
1.60
|
1.05
|
120.76
|
85-95
|
|
KM-24-01-51
|
No Significant
Values
|
|
Keats Trench
|
|
KM-24-01-52
|
No Significant
Values
|
|
Keats Trench
|
|
KM-24-01-53
|
0.00
|
6.95
|
6.95
|
147.98
|
90-100
|
Keats Trench
|
|
Including
|
0.00
|
3.60
|
3.60
|
267.38
|
90-100
|
|
And
Including
|
1.70
|
2.85
|
1.15
|
720.35
|
90-100
|
|
Including
|
6.30
|
6.95
|
0.65
|
93.66
|
90-100
|
|
KM-24-01-54
|
0.00
|
2.80
|
2.80
|
192.00
|
90-100
|
Keats Trench
|
|
Including
|
0.65
|
2.80
|
2.15
|
249.13
|
90-100
|
|
KM-24-01-55
|
0.30
|
3.15
|
2.85
|
220.67
|
90-100
|
Keats Trench
|
|
Including
|
0.30
|
0.95
|
0.65
|
139.73
|
90-100
|
|
Including
|
1.70
|
3.15
|
1.45
|
368.83
|
90-100
|
|
And
Including
|
1.70
|
2.30
|
0.60
|
587.00
|
90-100
|
|
KM-24-01-56
|
0.00
|
2.85
|
2.85
|
330.71
|
90-100
|
Keats Trench
|
|
Including
|
0.00
|
2.25
|
2.25
|
418.12
|
90-100
|
|
And
Including
|
0.50
|
1.10
|
0.60
|
1300.00
|
90-100
|
|
KM-24-01-57
|
1.65
|
12.95
|
11.30
|
2.44
|
85-95
|
Keats Trench
|
|
KM-24-01-58
|
2.10
|
11.07
|
8.97
|
1.05
|
85-95
|
Keats Trench
|
|
KM-24-01-59
|
1.00
|
12.55
|
11.55
|
58.62
|
80-90
|
Keats Trench
|
|
Including
|
2.80
|
3.53
|
0.73
|
258.82
|
80-90
|
|
Including
|
6.63
|
7.48
|
0.85
|
400.00
|
35-45
|
|
Including
|
10.05
|
10.75
|
0.70
|
119.32
|
90-100
|
|
Including
|
11.40
|
11.90
|
0.50
|
53.15
|
75-85
|
|
KM-24-01-60
|
0.00
|
14.20
|
14.20
|
22.09
|
80-90
|
Keats Trench
|
|
Including
|
8.40
|
12.20
|
3.80
|
70.86
|
80-90
|
|
KM-24-01-61
|
1.20
|
18.35
|
17.15
|
9.81
|
75-85
|
Keats Trench
|
|
Including
|
11.85
|
15.80
|
3.95
|
38.42
|
90-100
|
|
KM-24-01-62*
|
0.00
|
2.40
|
2.40
|
27.61
|
80-90
|
Keats Trench
|
|
KM-24-01-63
|
0.00
|
14.55
|
14.55
|
36.63
|
65-75
|
Keats Trench
|
|
Including
|
3.90
|
4.55
|
0.65
|
26.45
|
80-90
|
|
Including
|
6.40
|
8.20
|
1.80
|
266.21
|
50-60
|
|
And
Including
|
7.30
|
8.20
|
0.90
|
509.00
|
50-60
|
|
KM-24-01-64*
|
0.60
|
4.65
|
4.05
|
455.33
|
55-65
|
Keats Trench
|
|
And
Including
|
1.85
|
2.80
|
0.95
|
1494.00
|
55-65
|
|
KM-24-01-65
|
0.00
|
5.81
|
5.81
|
16.77
|
70-80
|
Keats Trench
|
|
Including
|
0.93
|
2.72
|
1.79
|
39.34
|
70-80
|
|
Including
|
4.72
|
5.43
|
0.71
|
10.09
|
70-80
|
|
KM-24-01-66
|
1.50
|
5.53
|
4.03
|
136.85
|
60-70
|
Keats Trench
|
|
Including
|
2.35
|
5.53
|
3.18
|
172.49
|
60-70
|
|
KM-24-01-67
|
0.70
|
9.45
|
8.75
|
1.31
|
65-75
|
Keats Trench
|
|
KM-24-01-68*
|
0.00
|
4.40
|
4.40
|
83.10
|
50-60
|
Keats Trench
|
|
Table 2: Summary
of composite results reported in this press release for Keats
Trench channel samples
|
|
Infill veining in
secondary structures with multiple orientations crosscutting the
primary host structures are commonly observed which could result in
additional uncertainty in true width. Undulations in the bedrock
surface could also result in additional uncertainty in true width.
Composite intervals reported carry a minimum weighted average of 1
g/t Au diluted over a minimum channel 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. Grades have not been capped in the averaging and intervals
are reported as channel length. * Full composite composed of
samples greater than 10 g/t Au, no Including interval
inserted.
|
|
Channel
No.
|
Azimuth
(°)
|
Length
(m)
|
Channel Start UTM
E
|
Channel Start UTM
N
|
|
KM-24-01-28
|
120
|
5.25
|
5427464
|
5427464
|
|
KM-24-01-29
|
126
|
4.35
|
5427468
|
5427468
|
|
KM-24-01-30
|
119
|
3.95
|
5427482
|
5427482
|
|
KM-24-01-31
|
120
|
7.30
|
5427497
|
5427497
|
|
KM-24-01-32
|
121
|
8.90
|
5427500
|
5427500
|
|
KM-24-01-33
|
122
|
6.00
|
5427501
|
5427501
|
|
KM-24-01-34
|
162
|
1.20
|
5427493
|
5427493
|
|
KM-24-01-35
|
35
|
5.30
|
5427490
|
5427490
|
|
KM-24-01-36
|
14
|
3.25
|
5427489
|
5427489
|
|
KM-24-01-37
|
68
|
0.95
|
5427503
|
5427503
|
|
KM-24-01-38
|
94
|
1.35
|
5427511
|
5427511
|
|
KM-24-01-39
|
122
|
9.30
|
5427520
|
5427520
|
|
KM-24-01-40
|
121
|
9.85
|
5427525
|
5427525
|
|
KM-24-01-41
|
121
|
9.00
|
5427526
|
5427526
|
|
KM-24-01-42
|
153
|
2.67
|
5427493
|
5427493
|
|
KM-24-01-43
|
117
|
24.05
|
5427506
|
5427506
|
|
KM-24-01-44
|
163
|
3.65
|
5427504
|
5427504
|
|
KM-24-01-45
|
166
|
4.95
|
5427524
|
5427524
|
|
KM-24-01-46
|
115
|
5.25
|
5427528
|
5427528
|
|
KM-24-01-47
|
119
|
4.00
|
5427531
|
5427531
|
|
KM-24-01-48
|
121
|
5.60
|
5427535
|
5427535
|
|
KM-24-01-49
|
119
|
13.60
|
5427541
|
5427541
|
|
KM-24-01-50
|
151
|
5.30
|
5427523
|
5427523
|
|
KM-24-01-51
|
115
|
3.20
|
5427526
|
5427526
|
|
KM-24-01-52
|
61
|
1.25
|
5427520
|
5427520
|
|
KM-24-01-53
|
119
|
6.95
|
5427537
|
5427537
|
|
KM-24-01-54
|
177
|
2.80
|
5427537
|
5427537
|
|
KM-24-01-55
|
183
|
3.15
|
5427537
|
5427537
|
|
KM-24-01-56
|
184
|
2.85
|
5427536
|
5427536
|
|
KM-24-01-57
|
118
|
16.80
|
5427548
|
5427548
|
|
KM-24-01-58
|
118
|
16.55
|
5427553
|
5427553
|
|
KM-24-01-59
|
62
|
14.05
|
5427544
|
5427544
|
|
KM-24-01-60
|
62
|
15.20
|
5427542
|
5427542
|
|
KM-24-01-61
|
62
|
20.10
|
5427539
|
5427539
|
|
KM-24-01-62
|
167
|
2.40
|
5427536
|
5427536
|
|
KM-24-01-63
|
126
|
15.70
|
5427530
|
5427530
|
|
KM-24-01-64
|
119
|
5.50
|
5427525
|
5427525
|
|
KM-24-01-65
|
300
|
8.92
|
5427524
|
5427524
|
|
KM-24-01-66
|
297
|
9.40
|
5427525
|
5427525
|
|
KM-24-01-67
|
118
|
9.45
|
5427528
|
5427528
|
|
KM-24-01-68
|
119
|
5.60
|
5427525
|
5427525
|
|
Table 3: Details of channels reported in this press
release
|
Queensway 650,000m Drill Program
Update
The Company is currently undertaking a 650,000m drill program at Queensway.
Sampling, Sub-sampling, and Laboratory
All channel samples are collected directly from the bedrock.
A geologist examines the bedrock 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 channel along the cut line, producing two
lines 5 cm apart and approximately 6-8 cm deep. The sample is
removed from the bedrock and placed into sample bags. Individual
sample bags are sealed and placed into totes, which are then sealed
and marked with the contents.
New Found has submitted channel samples for gold determination
photon assay or screened metallic at ALS in Thunder Bay, Ontario. ALS is an ISO-17025
accredited laboratory for the photon assay and screened metallic
methods.
Samples submitted to ALS received gold analysis by photon assay
whereby the entire sample is crushed to approximately 70% passing 2
mm mesh. The sample is then riffle split and transferred into jars.
For "routine" samples that do not have VG identified and are not
within a mineralized zone, one (300-500g) jar is analyzed by photon
assay. If the jar assays greater than 0.8 g/t, the remaining
crushed material is weighed into multiple jars and submitted for
photon assay.
For samples that have VG identified, the entire crushed sample
is riffle split and weighed into multiple jars that are submitted
for photon assay. The assays from all jars are combined on a
weight-averaged basis.
For samples which returned values >350 g/t, the samples were
submitted for screen metallic. All jars were analysed, with results
combined as a weighted average. 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 with a gravimetric finish.
Channel sample 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
a duplicate channel for 2% of the channel sample 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 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 2, 2024, 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 650,000m drill program at Queensway and is well
funded for this program with cash and marketable securities of
approximately $28 million as of
December 2024.
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.
New Found Gold Corp.
Per: "Collin Kettell"
Collin Kettell, Chief Executive
Officer
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; the Keats and Iceberg
surface trenching programs and the expected next steps, timing and
benefits of such programs; assay results; the interpretation of
drilling and assay results, the results of drilling programs,
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
exploration, drilling and assay results, 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.
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SOURCE New Found Gold Corp.