Vancouver, BC, March 10, 2021: New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG, OTC: NFGFF) is pleased to announce partial assay results from intervals in five holes drilled at the Keats Zone (“Keats”). These holes were drilled as part of the Company’s ongoing 200,000m diamond drill program at its 100%-owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15 km west of Gander, Newfoundland. Highlights

  • The drill interval highlights are summarized below:
* Note that the host structures are interpreted to be steeply dipping and true widths are estimated to be 70% to 80% of reported intervals. Except as noted, reported intervals are calculated at a 1 g/t Au cut-off grade. Grades have not been capped in the averaging. **Includes intervening intervals assaying below the 1g/t Au cut-off grade.
  • The 46m interval averaging 24.0g/t Au in NFGC-21-80 is the broadest high-grade drill intercept to date at Keats. 
  • Hole 20-52 intersected three separate high-grade intervals over 30.1m, including an interval of 31.5g/t over 14.1m.
  • Importantly multiple intervals of high-grade gold mineralization were also intercepted within the Keats Footwall veins which lie between the Keats Baseline Fault and the Appleton Fault Zone. NFGC-20-73 encountered a footwall vein at 191.5m down hole that returned 21.9g/t Au over 2.50m including a 0.65m interval displaying visible gold that assayed 83.4 g/t Au.  NFGC 20-49 encountered a footwall vein at 178m down hole that returned 5.55 g/t Au over 4.95m including an interval displaying visible gold that assayed 21.2g/t Au over 1.0m. 
  • NFGC-20-73 was terminated at 293.8m with the final 1.35m interval returning 2.73g/t Au.  This hole is now being deepened to test the extent of this gold mineralization.  

Greg Matheson, Chief Operating Officer of New Found, stated: “Holes 52 and 80 provide further confirmation of the impressive widths of high-grade, near surface gold mineralization in the Keats Baseline Fault. Drilling is now focused on stepping out to the north, south and to depth. Drilling to date at Keats has also encountered multiple veins in the footwall of the Keats Baseline Fault, typically returning assays in the 0.5 to +3.0g/t range. The high-grade intervals recently encountered in this secondary veining is very encouraging. The initial high-grade discovery hole (92.9g/t over 19m in NFGC-19-01) in the Keats Baseline Fault was drilled below veining that returned multi-gram assays and that occurred within much longer intervals (up to +100m) of halo gold mineralization. In addition to the high-grade assays reported, Hole NFGC-20-73 returned a cumulative 125m that assayed above 0.1 g/t, indicating a broad anomalous gold halo within the Keats Baseline footwall. We will continue to step-out on these intervals to test for additional zones of high-grade gold mineralization between the Keats Baseline fault and the Appleton Fault.”

Figure 1. Keats plan view
Figure 2. Keats Baseline Fault long-section
Figure 3. Visible Gold Mineralization in Quartz – NFGC-21-80 at 82.35m depth

Table 2: Summary of results reported in this news release

*Note that the host structures are interpreted to be steeply dipping and true widths are estimated to be 70% to 80% of reported intervals. Reported intervals are calculated at a 1 g/t Au cut-off grade. Grades have not been capped in the averaging. 

Table 3: Details of drill holes reported on in this news release

 

CLICK HERE to read the full news release.

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One thought on “New Found (NFG.V): Intercepts 24.0g/t over 46.0m and 27.0g/t over 30.1m at Keats, High-grade Gold Mineralization Discovered in Footwall Veins”

  1. Sach says:
    March 10, 2021 at 9:06 pm

    Wow, just wow. And they have a 200K drilling program in place this year. Should be an exciting year. Would love to buy more of NFG if their stock price corrects during a broad market correction.

    Reply

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