New Found drills 85.7 g/t gold over 5.65 metres at Queensway, Newfoundland, shares up

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New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results of its Chrysos PhotonAssay method test program in addition to assay results from 14 diamond drill holes completed as part of a program designed to test the Keats Main zone located along the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,650 km2 area, accessible by the Trans-Canada Highway, 15 km west of Gander, Nfld.

Keats drilling highlights: The company is pleased to report high-grade intervals of 85.7 g/t gold over 5.65 metres and 13.4 g/t gold over 9.05 metres in NFGC-22-705, and 56.8 g/t gold over 2.15 metres in NFGC-22-672, from drilling at the Keats Main zone that was designed to expand on mineralization hosted within the Keats-Baseline fault zone (KBFZ) and to target specific high-grade gold vein orientations and vein intersections not previously well tested. These holes were drilled at a low angle to the KBFZ to target the less well-constrained vein orientations and to identify new veins hosted within it.

Chrysos PhotonAssay highlights: Following detailed testwork and a quality control program, the company and its consultants have found the Chrysos PhotonAssay (photon assay) method to be an appropriate technique for determining gold content in Queensway project samples. Over the past several months, the company tested hundreds of samples in the low-, mid- and high-grade range, comparing the results of the photon assay method to traditional fire assay, and found a very strong correspondence of the results.

Moving forward, the company will use the photon assay method at the MSAlabs Val d’Or facility as well as the ALS Minerals Vancouver laboratory for traditional fire assay and screen fire determination, to ensure the most efficient turnaround times on assays. The continuing quality assurance/quality control (QA/QC) program will include analysis of some samples by both methods to monitor accuracy.

Mineralization reported today provided the photon assay test program with the ultrahigh-grade (over 100 g/t) gold material that is often found in the Keats Main zone and provided an important component of the QA/QC testwork program.

Melissa Render, vice-president of exploration for New Found, stated: “Today’s results are impressive and continue to outline high-grade gold mineralization that can be found in multiple orientations at Keats. We are also excited to debut the use of the Chrysos PhotonAssay method following several months of testwork, clearing the way for New Found to begin shipping a steady flow of material to MSAlabs for assaying. The photon assay method is efficient, non-destructive, cost-effective and environmentally friendly. These are important attributes that we strive to incorporate into all aspects of exploration at New Found Gold and we are excited to partner with Chrysos and MSAlabs to apply this technology at Queensway.

“Prior to releasing photon assay results, New Found conducted a thorough evaluation of the method by doing extensive testing against fire assay determinations. Even though over three million photon assays have been reported worldwide to date, it was important to prove to management that the method does not bias gold results with respect to fire assay for Queensway samples,” reports Lynda Bloom, a sampling and assay expert that has assisted New Found with its QA/QC programs, and who has evaluated photon assay data for several other projects.”

Approximately 76% of the planned 400,000-metre program at Queensway has been drilled to date with approximately 65,635 metres of the core still pending assay results.

The Queensway 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 well funded for this program with cash and marketable securities of approximately $55 million as of November 2022.

In morning trading, shares of New Found Gold gained $0.15 to $4.95.


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