| Announcement Date: | 2022-04-11 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | NI43-101 |
| Company name: | New Found Gold Corp. |
| Project name: | Queensway |
| Location: | Canada |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 2.4m @ 119.45g/t Au from 181.6m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Vancouver, BC, April 11, 2022 – New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce assay results from 45 diamond drill holes designed to expand the highgrade gold mineralization at the Keats discovery located within a 9.45km segment of the +100km regional-scale Appleton Fault Zone (‘AFZ’) on the northern portion of Queensway project that New Found is targeting with a 400,000m drill campaign. The Queensway project comprises an approximately +1500km2 area with initial exploration focus in areas accessed via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland. Reconnaissance drilling designed to test a possible southern extension of the Keats Main Zone intersected gold mineralization near surface including 4.49 g/t Au over 3.55m and 7.85 g/t Au over 4.85m in NFGC-21-421. This new discovery has been named the “421 Zone”. Step-out drilling from these initial holes returned intervals of 4.31 g/t Au over 2.25m and 2.58 g/t Au over 10.40m in NFGC-21-467 confirming that this fault zone dips southwest at approximately 50° and is host to highgrade gold. Drilling will continue to step-out on this structure and importantly, will also target its intersection along strike with the Keats Main Zone and the AFZ (Figures 1, 2, and 3). |
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