New Found Gold drills 25.31 g/t gold over 2.45 metres at Queensway, Newfoundland

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New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from 51 diamond drill holes that were completed as part of a continuing systematic and targeted drill program exploring the highly prospective segment of the Appleton fault zone (AFZ) from the south end of the Keats Main zone to the Knob zone.

New Found Gold’s 100%-owned Queensway project comprises an approximately 1,650 km2 area, accessible through the Trans-Canada Highway, approximately 15 km west of Gander, Newfoundland.

Systematic and targeted drilling along the highly prospective AFZ corridor has continued to delineate high-grade gold mineralization now extending 1.5km south of Keats, including the discovery of the new TCH Zone, and new veins and structures around existing zones. Importantly, the high-grade corridor of gold along the AFZ has now been tracked over 4.1km from Lotto North/Zone 36 down to Knob, with much of this area remaining underexplored.

At the southern extension of the Keats Main Zone (Keats Main South) the company continues to intersect high-grade gold mineralization following up on its October 18, 2022. release.

Highlight intercepts include 25.31 g/t gold over 2.45 metres and 72.7 g/t gold over 2.20 metres in NFGC-22-774 and 4.59 g/t gold over 14.90 metres in NFGC-22-845.

The high-grade gold associated with the Keats-Baseline Fault Zone, the structure that hosts the Keats Main Zone, has now been traced over a strike length of 1.1km and down to a vertical depth of 400 metres.

Systematic reconnaissance grid drilling south of the Trans-Canada highway along the eastern side of the AFZ identified a new gold-bearing zone called “TCH (Trans Canada Highway)” with intercepts of 79.6 g/t gold over 2.00 metres in NFGC-22-863, 10.5 g/t gold over 2.45 metres in NFGC-22-642 and 1.02 g/t gold over 10.70 metres in NFGC-22-703. This structure is located in the footwall to the AFZ and has been intersected over a strike length of 190 metres and down to a vertical depth of 300 metres.

At Knob, a new vein called “Rocket””has been discovered 100m to the east, with a highlight interval of 12.63 g/t gold over 4.45 metres in NFGC-22-704 intersected at a vertical depth of 65 metres. The Knob zone is a historical discovery with mineralization hosted within an east-west striking structure largely constrained to greywacke which has been traced over a strike length of 160 metres and has seen minimal modern-day drilling.

Additional drilling into the 421 Zone, a moderately southwest-dipping structure that runs at an oblique angle to the Keats Main Zone has intersected the highlight interval of 10.5 g/t gold over 2.30 metres in NFGC-22-733. This structure likely plays a role in concentrating high-grade gold where it interacts with the Keats-Baseline Fault.

Melissa Render, VP Exploration, stated: “From the Rocket Vein at Knob to Lotto North measures an impressive 4.1km stretch of the AFZ that continues to produce new discoveries both on the east and west side of this regional-scale fault. It is a lot of ground to cover but from a first pass of drilling, results indicate that the system’s strength continues. We will persist with aggressive follow-up drilling which involves tracing the structures that are known to host high-grade gold and determining the controls responsible for producing both high and low-grade gold domains from which we can expand on.”

The company is currently undertaking a 500,000-metre drill program at Queensway. Approximately 51,000 metres of core is currently pending assay results.

The 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 $90-million as of January 2023.


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