| Announcement Date: | 2022-10-18 |
|---|---|
| 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. 2.05m at 68.19g/t Au from 265.2m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Vancouver, BC, October 18, 2022 – New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 30 diamond drill holes that were completed as part of a program designed to test the down-plunge extents of the Keats Main Zone located along the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1500km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador. Ongoing drill testing working to extend the Keats Main Zone along strike and at depth has also intersected broad domains of low-grade gold mineralization at vertical depths of up to 400m as demonstrated by the interval of 2.79 g/t Au over 12.35m in NFGC-22-600. These regions are characterized by extensive silicification, brecciation, and sulphide mineralization (Figures 3 and 5). Continued exploration drilling in the central portions of the Keats Main Zone targeting the Equinox Vein, a key component of the high-grade gold domain that plunges to the southwest within a segment of the KBFZ has intersected gold-rich portions of the vein, highlights of which include 28.33 g/t Au over 2.05m in NFGC-22-608 and 68.19 g/t Au over 2.05m in NFGC-22-616 (Figures 1, 2, 3 and 4). The Equinox Vein to date has been traced over a strike length of 720m and 120m down-dip. |
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