Announcement Date: 2022-06-06
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. 11.75m @ 42.6g/t Au from 20.5m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, BC, June 6, 2022 – New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce assay results from 39 diamond drill holes designed to further delineate and expand the network of high-grade gold veins and associated structures at the Keats Zone. These holes were drilled as part of the Company’s ongoing 400,000m diamond drill program targeting +20km of prospective strike along the regional-scale Appleton (“AFZ”) and JBP fault zones at its 100% owned ~1500km2 Queensway project, accessible via the Trans-Canada Highway ~15km west of Gander, Newfoundland. A gap in the drilling at the north end of the Keats Main Zone in a structurally complex portion of the near surface extents of the Keats-Baseline Fault Zone (KBFZ) was recently tested with NFGC-22-593 which returned 9.12 g/t Au over 8.20m and 42.6 g/t Au over 11.75m, beginning at 8.8m down hole. This intercept extends the high-grade gold mineralization to surface in this area and indicates that there is a wide domain of high-grade gold veining immediately below the overburden; current modelling suggests that this thickened segment is approximately 125m in strike length and 35m wide (Figures 2, 3 and 4).
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