New Found drills 70.65 g/t gold over 5.25 metres at Queensway, Newfoundland

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New Found Gold Corp. [NFG-TSXV; NFGFF-OTC] reported assay results from three diamond drill holes designed to expand the high-grade gold mineralization at the Golden Joint zone centred approximately 1 km north of the Keats zone. These holes were drilled as part of the continuing 400,000-metre diamond drill program at its 100%-owned Queensway project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.

Golden Joint drill result highlights include drill hole NFGC-21-274 that returned 2.10 metres of 33.10 g/t gold and hole NFGC-21-386 that returned 5.25 metres of   70.65 g/t gold.

At the Golden Joint Main vein, the interval of 70.65 g/t gold over 5.25 metres in hole NFGC-21-386 extends the drill-defined depth of high-grade gold by approximately 50 metres vertically from 235 metres to 285 metres deep. This vein is developed in the hangingwall to the Appleton fault zone and has been drill defined over a strike length of approximately 250 metres that remains open in all directions.

At the Golden Joint hangingwall (HW) zone, the interval of 33.10 g/t gold over 2.10 metres in NFGC-21-274 is the deepest reported intercept to date and extends the zone to a vertical depth of 112 metres. The Golden Joint HW zone consists of a network of high-grade gold veins located east of the Golden Joint Main vein that are now drill tested over a strike length of approximately 210 metres and remain open in all directions.

Greg Matheson, chief operating officer, stated: “Today’s announcement continues to demonstrate the high-grade nature of both the Golden Joint Main vein and the Golden Joint HW, discovered by New Found in 2021. Centrally located between the company’s Keats and Lotto zones, the Golden Joint veins continue to expand as we step out along strike and to depth and they remain wide open in all directions. Similar to the new footwall discovery of 88.5 g/t gold over 3.35 metres in hole NFGC-21-238 at Keats, we are very encouraged to be encountering high-grade gold in multiple veins with differing orientations in the Golden Joint Lotto corridor and believe these results speak to the strength and extent of the gold mineralizing system along the Appleton fault zone. Good continuity is developing on these targets and our geological modelling is allowing us to accurately predict the location of these high-grade veins and to extend them.”

The company has working capital of approximately $130-million.


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