Latest news with #NewFoundGoldCorp
Yahoo
21-05-2025
- Business
- Yahoo
New Found Gold Continues to Expand the Dropkick Zone at the Queensway Gold Project: 42.8 g/t Au over 14.95 m, 47.6 g/t Au over 3.95 m and 22.9 g/t Au over 2.40 m
VANCOUVER, BC, May 21, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce new drill results from the Company's 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada. Highlights include: Dropkick zone ("Dropkick") west of the Appleton Fault Zone ("AFZ"): 42.8 g/t Au over 14.95 m (NFGC-24-2225)1 47.6 g/t Au over 3.95 m (NFGC-24-2214) 22.9 g/t Au over 2.40 m (NFGC-24-2205) Dropkick mineralization has now been intersected over a 580 m strike extent Open in all directions Dropkick east of the AFZ: 5.30 g/t Au over 15.20 m (NFGC-24-2233) A newly identified domain at Dropkick on the eastern side of the AFZ Open in all directions Pistachio zone ("Pistachio") 5.34 g/t Au over 7.30 m (NFGC-24-2190) 240 m strike length delineated to date with a high-grade portion constrained by one underground panel in the initial mineral resource estimate ("MRE") Open down plunge and to depth Melissa Render, President of New Found Gold, stated: "In these final drill results from the 2024 exploration program we continue to intersect high-grade gold mineralization and expand both Dropkick and Pistachio. At Dropkick, we have now discovered gold mineralization both west and east of the AFZ. The continued results from Dropkick and Pistachio, located 8 and 11 kilometres north, respectively, of the main resource area at Queensway are highly encouraging and point to the potential for future near-surface resource expansion along the strike of this prolific gold mineralized system. We look forward to continuing to test the tenor and extent of these zones". Results Summary – This Release: This news release includes results from 13,768 m of drilling in the final 38 diamond drill holes ("DDH") completed in Q4/24 as part of an exploration program at AFZ Peripheral (formerly the Kingsway Project) as well as from other zones throughout Queensway North (Tables 1 to 3). The program included step-out drilling at Dropkick targeting new high-grade mineralization, the strike extension of the gold-bearing host fault, and the eastern side of the AFZ. In addition, step-out drilling at Pistachio targeting the expansion of the high-grade, and systematic reconnaissance drilling along the AFZ Peripheral segment was completed (see the New Found Gold news releases dated February 11, 2025 and October 24, 2024). _________________________________ 1 g/t Au = grams of gold per tonne, m = metres Drill highlights, along with details from all 38 DDH in this news release are included in Tables 1 to 3 below. Dropkick: Dropkick step-outs west of the AFZ announced in this release include 42.8 g/t Au over 14.95 m (NFGC-24-2225), 47.6 g/t Au over 3.95 m (NFGC-24-2214), 22.9 g/t Au over 2.40 m (NFGC-24-2205) and 5.77 g/t Au over 6.55 m (NFGC-24-2228). These and all previously drilled intercepts at Dropkick occur in a fault zone subparallel to and west of the AFZ (Tables 1 to 3). This drilling follows up on discovery holes NFGC-24-2197 (89.5 g/t Au over 5.85 m) and NFGC-24-2193 (26.2 g/t Au over 16.15 m; see the New Found Gold news release dated February 11, 2025). As part of this program step-out drilling on the north end of the Dropkick zone was extended to test for mineralization on the eastern side of the AFZ. Drilling returned 5.30 g/t Au over 15.20 m (NFGC-24-2233) east of the AFZ. This is the first mineralization at Dropkick east of the AFZ; this new domain of mineralization is open and will be tested in a follow-up program. These new results from Dropkick have expanded the high-grade mineralization over a 150 m x 75 m area and are associated with the Dropkick fault zone that has now been delineated over a 580 m strike length. Gold mineralization at Dropkick starts at surface and has been drilled to 285 m vertical depth to date, and is open in all directions, with expansion potential of the high-grade toward surface. Dropkick is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 km northeast of AFZ Core (see the New Found Gold news release dated March 24, 2025) and indicates that the gold mineral system at Queensway spans a considerable distance to the north (Figure 2). Gold mineralization in the DDH in this release exhibit characteristics similar to the primary discovery area, with coarse free gold contained in fault-fill quartz veins hosted within an interbedded sequence of siltstones and sandstones. Pistachio: Continued step-out drilling at Pistachio intersected 5.34 g/t Au over 7.30 m (NFGC-24-2190) and has extended the high-grade mineralization in this zone by 40 m down-dip. Pistachio is located 150 m north of the Big Vein zone and spans a strike length of 240 m with a high-grade portion constrained by an underground panel in the initial MRE (see the New Found Gold news release dated March 24, 2025). Pistachio extends from 165 m to 250 m vertical depth and remains open down plunge and to depth. The zone is characterized by a series of quartz veins containing visible gold hosted within a greenish siltstone unit that is spatially associated with a high-grade gold stibnite-bearing fault zone. AFZ Peripheral Reconnaissance: Systematic step-out drilling initially focussed on the west side the AFZ and targeting regions with prospective features was initiated in Q4/24 at AFZ Peripheral. This work has delivered encouraging early results. Large stretches of both the east and west sides of the AFZ at AFZ Peripheral have limited to no testing. Topographic lineaments which often indicate faults were tested 2.4 km southwest of Pistachio with three drillholes. One drillhole crosscut a series of stacked quartz veinlets over a downhole length of 42 m containing multiple occurrences of visible gold. Additional reconnaissance drilling 1.6 km along trend to the northeast of Pistachio, targeting a gold-arsenic soil anomaly and gold-in-rotary air blast ("RAB") drilling intersected a series of brittle structures and mineralization, returning 6.44 g/t Au over 2.95 m (NFGC-24-2212) and visible gold in two of the four holes drilled. This soil anomaly is associated with a topographic lineament having a similar orientation to the prolific Keats-Baseline Fault Zone in the AFZ Core area. The early success in the reconnaissance program has identified two target areas that are open for additional testing. Follow-up drilling is planned for the soil anomaly in Q2/25 as the multitude of prospective features makes this target a priority. Looking Ahead: The Company has now released all drill results from the 2024 exploration program, which totaled 89,974 m in 271 DDH. The results of 37,750 m in 82 DDH were received after the cutoff date for inclusion in the initial MRE and will be included in the next MRE for the Project. Based on the highly encouraging results received to date at Dropkick, the Company plans to conduct follow-up drill testing beginning in June 2025, with work following at the soil anomaly located north of Pistachio. Table 1: Drill Result Highlights DROPKICKHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone K-23-254 224.45 228.10 3.65 7.70 Unknown Dropkick Including 225.10 226.60 1.50 11.88 Unknown NFGC-24-2205 296.85 299.25 2.40 22.93 70-95 Dropkick Including 297.15 298.10 0.95 56.78 70-95 NFGC-24-2214 386.20 390.15 3.95 47.60 70-95 Dropkick Including 386.50 386.85 0.35 498.18 70-95 Including 389.25 389.75 0.50 11.46 70-95 NFGC-24-2219 268.25 270.70 2.45 10.05 Unknown Dropkick Including 268.25 269.70 1.45 16.97 Unknown NFGC-24-2225 188.85 203.80 14.95 42.79 40-70 Dropkick Including 197.45 198.85 1.40 432.76 40-70 And Including 197.45 198.10 0.65 745.88 40-70 NFGC-24-2228 387.45 394.00 6.55 5.77 Unknown Dropkick Including 390.05 390.50 0.45 32.48 Unknown Including 391.55 392.50 0.95 10.32 Unknown And 402.90 405.00 2.10 29.52 55-85 Including 402.90 403.40 0.50 123.86 55-85 NFGC-24-2233 157.05 172.25 15.20 5.30 Unknown Dropkick Including 162.85 164.70 1.85 17.18 UnknownPISTACHIOHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2190 264.60 271.90 7.30 5.34 Unknown Pistachio Including 266.90 267.25 0.35 11.40 Unknown Including 268.65 269.65 1.00 11.62 Unknown NFGC-24-2204A 264.90 267.00 2.10 8.56 Unknown Pistachio Including 265.65 266.40 0.75 23.25 Unknown NFGC-24-2226 284.70 287.00 2.30 9.37 Unknown Pistachio Including 284.70 285.05 0.35 60.24 UnknownAFZ PERIPHERALHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2163A 79.80 89.40 9.60 1.48 Unknown AFZ Peripheral NFGC-24-2212 35.40 38.35 2.95 6.44 Unknown AFZ Peripheral Including 35.40 35.85 0.45 42.15 UnknownNote that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all 38 drill holes are included in Table 2 and Table 3 below. Table 2: Summary of composite results reported in this news release for Dropkick, Pristine, Pistachio, AFZ Peripheral, Golden Glove, Big Vein, Green Mantle, and Hazelnut Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone K-23-254* 108.90 113.00 4.10 2.45 Unknown Dropkick Including* 109.40 109.70 0.30 16.68 Unknown And 224.45 228.10 3.65 7.70 Unknown Including 225.10 226.60 1.50 11.88 Unknown NFGC-24-2205 278.00 280.00 2.00 1.17 Unknown Dropkick And 292.80 295.00 2.20 1.36 Unknown And 296.85 299.25 2.40 22.93 70-95 Including 297.15 298.10 0.95 56.78 70-95 NFGC-24-2208 62.00 65.80 3.80 1.42 Unknown Dropkick And 160.55 162.90 2.35 1.42 Unknown And 166.10 168.10 2.00 1.49 Unknown NFGC-24-2214 386.20 390.15 3.95 47.60 70-95 Dropkick Including 386.50 386.85 0.35 498.18 70-95 Including 389.25 389.75 0.50 11.46 70-95 NFGC-24-2219 177.20 180.05 2.85 1.09 Unknown Dropkick And 268.25 270.70 2.45 10.05 Unknown Including 268.25 269.70 1.45 16.97 Unknown NFGC-24-2220 39.00 42.00 3.00 1.36 Unknown Dropkick And 56.45 58.70 2.25 1.65 Unknown And 99.30 101.45 2.15 1.11 Unknown And 160.10 162.15 2.05 1.21 Unknown NFGC-24-2225 188.85 203.80 14.95 42.79 40-70 Dropkick Including 197.45 198.85 1.40 432.76 40-70 And Including 197.45 198.10 0.65 745.88 40-70 And 212.70 215.15 2.45 1.38 Unknown And 243.95 248.25 4.30 1.08 Unknown NFGC-24-2228 387.45 394.00 6.55 5.77 Unknown Dropkick Including 390.05 390.50 0.45 32.48 Unknown Including 391.55 392.50 0.95 10.32 Unknown And 402.90 405.00 2.10 29.52 55-85 Including 402.90 403.40 0.50 123.86 55-85 NFGC-24-2232 No Significant Values Dropkick NFGC-24-2233 15.00 18.50 3.50 1.98 Unknown Dropkick And 48.45 52.15 3.70 2.21 55-85 And 157.05 172.25 15.20 5.30 Unknown Including 162.85 164.70 1.85 17.18 UnknownHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2182 No Significant Values Pristine NFGC-24-2186 No Significant Values Pristine NFGC-24-2195 254.05 256.80 2.75 2.26 Unknown Pristine And 261.90 264.00 2.10 1.15 Unknown And 270.40 272.60 2.20 1.04 Unknown NFGC-24-2203 No Significant Values Pristine NFGC-24-2237 No Significant Values PristineHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2171 289.45 292.00 2.55 1.28 Unknown Pistachio And 295.50 297.55 2.05 1.76 Unknown NFGC-24-2174 248.25 255.15 6.90 1.36 70-95 Pistachio And 270.25 272.40 2.15 1.36 Unknown And 304.65 309.10 4.45 1.26 Unknown NFGC-24-2178 256.85 261.00 4.15 1.10 Unknown Pistachio NFGC-24-2183 215.20 221.30 6.10 1.32 Unknown Pistachio And 285.30 288.55 3.25 1.71 Unknown And 420.90 423.75 2.85 1.42 Unknown And 435.20 437.45 2.25 1.31 Unknown NFGC-24-2190 250.30 252.85 2.55 3.49 Unknown Pistachio And 264.60 271.90 7.30 5.34 Unknown Including 266.90 267.25 0.35 11.40 Unknown Including 268.65 269.65 1.00 11.62 Unknown NFGC-24-2198 215.50 218.15 2.65 2.70 Unknown Pistachio Including 215.50 216.05 0.55 11.90 Unknown And 286.75 289.90 3.15 2.99 Unknown NFGC-24-2204A 264.90 267.00 2.10 8.56 Unknown Pistachio Including 265.65 266.40 0.75 23.25 Unknown And 385.00 387.05 2.05 2.46 Unknown NFGC-24-2215 244.6 247.35 2.75 1.34 Unknown Pistachio And 358.8 361.3 2.5 2.95 Unknown NFGC-24-2226 263.95 266 2.05 1.64 Unknown Pistachio And 284.7 287 2.3 9.37 Unknown Including 284.7 285.05 0.35 60.24 UnknownHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2216 No Significant Values Golden Glove NFGC-24-2231 No Significant Values Golden GloveHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2164 No Significant Values Big Vein NFGC-24-2167 No Significant Values Big VeinHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2163A 56.50 59.00 2.50 2.11 Unknown AFZ Peripheral And 72.00 74.80 2.80 2.21 Unknown And 79.80 89.40 9.60 1.48 Unknown And 122.00 124.70 2.70 2.11 Unknown NFGC-24-2165 No Significant Values AFZ Peripheral NFGC-24-2170 405.00 407.15 2.15 3.90 Unknown AFZ Peripheral NFGC-24-2192 No Significant Values AFZ Peripheral NFGC-24-2196 106.25 108.90 2.65 1.95 Unknown AFZ Peripheral NFGC-24-2212 35.4 38.35 2.95 6.44 Unknown AFZ Peripheral Including 35.4 35.85 0.45 42.15 Unknown NFGC-24-2218 No Significant Values AFZ Peripheral NFGC-24-2224 319.65 321.70 2.05 1.30 Unknown AFZ Peripheral NFGC-24-2235 204.90 207.50 2.60 4.01 Unknown AFZ Peripheral Including 204.9 205.7 0.8 13.42 UnknownHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2162 285.75 288.25 2.50 5.42 75-95 Green Mantle Including 285.75 286.25 0.50 24.55 75-95Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. *Previously released interval. Table 3: Details of drill holes reported in this news release Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect K-23-254 140 -45 271 663159 5438126 Dropkick NFGC-24-2162 96 -49 344 661292 5434748 Green Mantle NFGC-24-2163A 120 -45 436 660520 5433196 Knobby NFGC-24-2164 82 -51 317 661293 5434748 Big Vein NFGC-24-2165 145 -45 422 660497 5433494 Knobby NFGC-24-2167 49 -48.5 440 661217 5434812 Big Vein NFGC-24-2170 120 -45 464 661058 5434405 Knobby NFGC-24-2171 331 -59.5 389 661924 5435249 Pistachio NFGC-24-2174 300 -45 419 661945 5435186 Pistachio NFGC-24-2178 306 -45 311 661895 5435174 Pistachio NFGC-24-2182 120 -45 419 661945 5435728 Pristine NFGC-24-2183 301 -48 473 661895 5435174 Pistachio NFGC-24-2186 325 -45 371 661945 5435727 Pristine NFGC-24-2190 313 -52 404 661946 5435186 Pistachio NFGC-24-2192 300 -45 431 662333 5436311 AFZ Peripheral NFGC-24-2195 303 -53 329 661946 5435186 Pistachio NFGC-24-2196 120 -45 308 662333 5436311 AFZ Peripheral NFGC-24-2198 323 -57 335 661946 5435186 Pistachio NFGC-24-2203 120 -45 398 661946 5436637 Pristine NFGC-24-2204A 327 -62 431 661977 5435268 Pistachio NFGC-24-2205 120 -50 404 663035 5438087 Dropkick NFGC-24-2208 120 -45 179 663434 5438446 Dropkick NFGC-24-2212 120 -45 308 662518 5436724 AFZ Peripheral NFGC-24-2214 120 -45 434 662964 5438076 Dropkick NFGC-24-2215 328 -56 404 661977 5435268 Pistachio NFGC-24-2216 300 -45 377 661088 5432962 Golden Glove NFGC-24-2218 300 -45 194 662518 5436725 AFZ Peripheral NFGC-24-2219 120 -45 332 663069 5438060 Dropkick NFGC-24-2220 120 -45 185 663454 5438492 Dropkick NFGC-24-2224 119 -45.5 398 662489 5436972 AFZ Peripheral NFGC-24-2225 120 -45 296 663076 5438004 Dropkick NFGC-24-2226 345 -60 395 661977 5435268 Pistachio NFGC-24-2228 120 -45 491 662962 5438130 Dropkick NFGC-24-2231 300 -45 419 660941 5432777 Golden Glove NFGC-24-2232 120 -45 356 663030 5437984 Dropkick NFGC-24-2233 120 -45 173 663424 5438408 Dropkick NFGC-24-2235 300 -45 299 662538 5436656 AFZ Peripheral NFGC-24-2237 308 -56 331 662068 5435329 Pistachio Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core. A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents. New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold. Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON, laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA. Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis. Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs. Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols. New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays. The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed. The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates. The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any reserves. Qualified Person The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Mrs. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release. About New Found Gold Corp. New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial MRE at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's website at and the Company's SEDAR+ profile at Keith BoyleChief Executive OfficerNew Found Gold Corp. Follow us on social media athttps:// Acknowledgements New Found Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statement Cautions This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company's Queensway gold project in Newfoundland and Labrador; the interpretation of the results and benefits of the drilling program; future drilling and the timing and expected benefits thereof; the initial resource estimate; potential resource expansion; a preliminary economic assessment and the expected funding, timing and benefits thereof; assay results; the interpretation of drilling and assay results, the extent of mineralization and the discovery of zones of high-grade gold mineralization; future exploration and the focus and timing of same; the merits of the Queensway Project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the preliminary economic assessment, the results and timing of the preliminary economic assessment, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects. View original content to download multimedia: SOURCE New Found Gold Corp. Sign in to access your portfolio
Cision Canada
21-05-2025
- Business
- Cision Canada
New Found Gold Continues to Expand the Dropkick Zone at the Queensway Gold Project: 42.8 g/t Au over 14.95 m, 47.6 g/t Au over 3.95 m and 22.9 g/t Au over 2.40 m
VANCOUVER, BC, May 21, 2025 /CNW/ - New Found Gold Corp. (" New Found Gold" or the " Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce new drill results from the Company's 100%-owned Queensway Gold Project (" Queensway" or the " Project") in Newfoundland and Labrador, Canada. Highlights include: Dropkick zone (" Dropkick") west of the Appleton Fault Zone (" AFZ"): 42.8 g/t Au over 14.95 m (NFGC-24-2225) 1 47.6 g/t Au over 3.95 m (NFGC-24-2214) 22.9 g/t Au over 2.40 m (NFGC-24-2205) Dropkick mineralization has now been intersected over a 580 m strike extent Open in all directions Dropkick east of the AFZ: 5.30 g/t Au over 15.20 m (NFGC-24-2233) A newly identified domain at Dropkick on the eastern side of the AFZ Open in all directions Pistachio zone (" Pistachio") 5.34 g/t Au over 7.30 m (NFGC-24-2190) 240 m strike length delineated to date with a high-grade portion constrained by one underground panel in the initial mineral resource estimate (" MRE") Open down plunge and to depth Melissa Render, President of New Found Gold, stated:"In these final drill results from the 2024 exploration program we continue to intersect high-grade gold mineralization and expand both Dropkick and Pistachio. At Dropkick, we have now discovered gold mineralization both west and east of the AFZ. The continued results from Dropkick and Pistachio, located 8 and 11 kilometres north, respectively, of the main resource area at Queensway are highly encouraging and point to the potential for future near-surface resource expansion along the strike of this prolific gold mineralized system. We look forward to continuing to test the tenor and extent of these zones". Results Summary – This Release: This news release includes results from 13,768 m of drilling in the final 38 diamond drill holes (" DDH") completed in Q4/24 as part of an exploration program at AFZ Peripheral (formerly the Kingsway Project) as well as from other zones throughout Queensway North (Tables 1 to 3). The program included step-out drilling at Dropkick targeting new high-grade mineralization, the strike extension of the gold-bearing host fault, and the eastern side of the AFZ. In addition, step-out drilling at Pistachio targeting the expansion of the high-grade, and systematic reconnaissance drilling along the AFZ Peripheral segment was completed (see the New Found Gold news releases dated February 11, 2025 and October 24, 2024). _________________________________ 1 g/t Au = grams of gold per tonne, m = metres Drill highlights, along with details from all 38 DDH in this news release are included in Tables 1 to 3 below. Dropkick: Dropkick step-outs west of the AFZ announced in this release include 42.8 g/t Au over 14.95 m (NFGC-24-2225), 47.6 g/t Au over 3.95 m (NFGC-24-2214), 22.9 g/t Au over 2.40 m (NFGC-24-2205) and 5.77 g/t Au over 6.55 m (NFGC-24-2228). These and all previously drilled intercepts at Dropkick occur in a fault zone subparallel to and west of the AFZ (Tables 1 to 3). This drilling follows up on discovery holes NFGC-24-2197 (89.5 g/t Au over 5.85 m) and NFGC-24-2193 (26.2 g/t Au over 16.15 m; see the New Found Gold news release dated February 11, 2025). As part of this program step-out drilling on the north end of the Dropkick zone was extended to test for mineralization on the eastern side of the AFZ. Drilling returned 5.30 g/t Au over 15.20 m (NFGC-24-2233) east of the AFZ. This is the first mineralization at Dropkick east of the AFZ; this new domain of mineralization is open and will be tested in a follow-up program. These new results from Dropkick have expanded the high-grade mineralization over a 150 m x 75 m area and are associated with the Dropkick fault zone that has now been delineated over a 580 m strike length. Gold mineralization at Dropkick starts at surface and has been drilled to 285 m vertical depth to date, and is open in all directions, with expansion potential of the high-grade toward surface. Dropkick is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 km northeast of AFZ Core (see the New Found Gold news release dated March 24, 2025) and indicates that the gold mineral system at Queensway spans a considerable distance to the north (Figure 2). Gold mineralization in the DDH in this release exhibit characteristics similar to the primary discovery area, with coarse free gold contained in fault-fill quartz veins hosted within an interbedded sequence of siltstones and sandstones. Pistachio: Continued step-out drilling at Pistachio intersected 5.34 g/t Au over 7.30 m (NFGC-24-2190) and has extended the high-grade mineralization in this zone by 40 m down-dip. Pistachio is located 150 m north of the Big Vein zone and spans a strike length of 240 m with a high-grade portion constrained by an underground panel in the initial MRE (see the New Found Gold news release dated March 24, 2025). Pistachio extends from 165 m to 250 m vertical depth and remains open down plunge and to depth. The zone is characterized by a series of quartz veins containing visible gold hosted within a greenish siltstone unit that is spatially associated with a high-grade gold stibnite-bearing fault zone. AFZ Peripheral Reconnaissance: Systematic step-out drilling initially focussed on the west side the AFZ and targeting regions with prospective features was initiated in Q4/24 at AFZ Peripheral. This work has delivered encouraging early results. Large stretches of both the east and west sides of the AFZ at AFZ Peripheral have limited to no testing. Topographic lineaments which often indicate faults were tested 2.4 km southwest of Pistachio with three drillholes. One drillhole crosscut a series of stacked quartz veinlets over a downhole length of 42 m containing multiple occurrences of visible gold. Additional reconnaissance drilling 1.6 km along trend to the northeast of Pistachio, targeting a gold-arsenic soil anomaly and gold-in-rotary air blast (" RAB") drilling intersected a series of brittle structures and mineralization, returning 6.44 g/t Au over 2.95 m (NFGC-24-2212) and visible gold in two of the four holes drilled. This soil anomaly is associated with a topographic lineament having a similar orientation to the prolific Keats-Baseline Fault Zone in the AFZ Core area. The early success in the reconnaissance program has identified two target areas that are open for additional testing. Follow-up drilling is planned for the soil anomaly in Q2/25 as the multitude of prospective features makes this target a priority. Looking Ahead: The Company has now released all drill results from the 2024 exploration program, which totaled 89,974 m in 271 DDH. The results of 37,750 m in 82 DDH were received after the cutoff date for inclusion in the initial MRE and will be included in the next MRE for the Project. Based on the highly encouraging results received to date at Dropkick, the Company plans to conduct follow-up drill testing beginning in June 2025, with work following at the soil anomaly located north of Pistachio. Table 1: Drill Result Highlights Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all 38 drill holes are included in Table 2 and Table 3 below. Table 2: Summary of composite results reported in this news release for Dropkick, Pristine, Pistachio, AFZ Peripheral, Golden Glove, Big Vein, Green Mantle, and Hazelnut Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. *Previously released interval. Table 3: Details of drill holes reported in this news release Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core. A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents. New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold. Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON, laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA. Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis. Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs. Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols. New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays. The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed. The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates. The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any reserves. Qualified Person The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Mrs. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release. About New Found Gold Corp. New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial MRE at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's website at and the Company's SEDAR+ profile at Keith Boyle Chief Executive Officer New Found Gold Corp. Follow us on social media at Acknowledgements New Found Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statement Cautions This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company's Queensway gold project in Newfoundland and Labrador; the interpretation of the results and benefits of the drilling program; future drilling and the timing and expected benefits thereof; the initial resource estimate; potential resource expansion; a preliminary economic assessment and the expected funding, timing and benefits thereof; assay results; the interpretation of drilling and assay results, the extent of mineralization and the discovery of zones of high-grade gold mineralization; future exploration and the focus and timing of same; the merits of the Queensway Project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the preliminary economic assessment, the results and timing of the preliminary economic assessment, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects. SOURCE New Found Gold Corp.
Yahoo
24-03-2025
- Business
- Yahoo
New Found Gold Corp. Announces Initial Mineral Resource Estimate
Highlights: Indicated Mineral Resource: 18.0 million tonnes (Mt) grading 2.40 g/t Au1, for 1.39 million ounces (Moz). Inferred Mineral Resource: 10.7 Mt grading 1.77 g/t Au, for 0.61 Moz. Quality of Asset: High grade veins starting at surface with minimal overburden cover provides for quick, easy access and potential for selective mining opportunities. High-grade core: 73% of the ounces are contained in 24% of the tonnage in the indicated category within the Mineral Resource pit shells. Camp Potential: The initial MRE sits within a less than 5% portion of the 110 km long strike extent of the two major structures controlling gold mineralization, where numerous additional gold targets have been identified. Infill Potential: This initial MRE has clear potential for expansion between and within the initial MRE pit shells. Expansion Potential: Recently announced high-grade gold intersections beyond the initial MRE footprint demonstrates that gold mineralization remains open for expansion beyond this initial MRE both along strike and at depth, with most of the drilling focussed within the first 200 m of surface. Continued Advancement: Following the completion of additional metallurgical testwork, a preliminary economic assessment ("PEA") is planned for release in late Q2/25. VANCOUVER, BC, March 24, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce an initial Mineral Resource Estimate ("MRE") for its 100% owned Queensway Gold Project ("Queensway" or the "Project"), located in Newfoundland and Labrador, Canada. Keith Boyle, CEO of New Found Gold commented: "This initial mineral resource estimate marks a pivotal moment for the Company, as it represents the first evaluation of gold mineralization at Queensway. The completion of this key step allows us to advance the Project, first with the completion of a PEA in late Q2/25 and potentially on to pre-feasibility and feasibility. While the economic evaluation is advancing, exploration of our highly prospective landholdings will continue, with the ultimate objective of building a major new gold mine in central Newfoundland." Melissa Render, President of New Found Gold commented: "Today's announcement validates our track record of systematic exploration leading to multiple discoveries at Queensway and supports that we are on the path to defining a significant gold deposit in a Tier 1 jurisdiction. The initial Mineral Resource estimate is located on a fraction of our highly prospective landholdings, and with ongoing exploration success we see excellent potential to grow the Project and unlock value both for shareholders and nearby communities." The MRE can be viewed in 3D on the Company's website or using VRIFY at: _____________________________ 1 g/t Au = grams of gold per tonne Initial MRE Overview:The initial MRE (Table 1) was prepared by SLR Consulting (Canada) Ltd. ("SLR") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and Canadian National Instrument 43-101 ("NI 43-101"). SLR is independent of New Found Gold. The following is the current Mineral Resource Estimate as at March 15, 2025 (the "Effective Date"). Table 1: MRE Summary (as at the Effective Date) Zone Category Tonnage (Mt) Grade (g/t Au) Contained Metal (Moz Au) Open Pit Indicated 17.3 2.25 1.25 Inferred 9.0 1.24 0.36 Underground Indicated 0.8 5.76 0.14 Inferred 1.7 4.44 0.25 Total Indicated 18.0 2.40 1.39 Inferred 10.7 1.77 0.61 Notes: 1. CIM (2014) definitions were followed for Mineral Resources. 2. Mineral Resources are estimated using a long-term gold price of US$2,200 per ounce, and a US$/C$ exchange rate of US$1.00 = C$1.43. 3. Open pit Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au and constrained by a preliminary optimized pit shell with a pit slope angle of 45°, and bench height of 5 m. 4. RPEEE (as defined below) for underground Mineral Resources was demonstrated by constraining within reporting panels generated at a cut-off grade of 1.65 g/t Au, with heights (H) of 10 m, lengths (L) of 5 m and minimum widths of 1.8 m. 5. The optimized pit shell, underground reporting shapes, and cut-off grades were generated by assuming metallurgical recovery of 90%, standard treatment and refining charges, mining costs of C$5.0/t moved for open pit and C$120/t processed for underground, processing costs of C$20/t processed, and general and administrative costs of C$7.5/t processed. 6. Pierre Landry, of SLR, an independent Qualified Person who prepared the initial MRE is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate 7. Bulk density within the vein and halo mineralization domains is 2.7 t/m³. 8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 9. Numbers may not add due to rounding. Grade-Tonnage by Cut-off Grade:Table 2a and 2b show the variation in tonnes and grades at various gold cut-off grades ("COG") within the resource pit shell. At a gold cut-off grade of 2 g/t and within the resource pit shell, the Indicated Mineral Resource blocks total 3,854 thousand tonnes (kt) at a grade of 7.16 g/t Au for 887 thousand ounces (koz) and the Inferred Mineral Resource blocks total 993 kt at a grade of 4.16 g/t Au for 133 koz. This represents 73% of the contained ounces in only 24% of the tonnage for the indicated category only. The opportunity for high-grade starter pits will be investigated as part of the PEA. Table 2a: Open Pit Indicated Grade-Tonnage Table (as at the Effective Date) Indicated COG (g/t) Tonnage (kt) Au Grade (g/t) Au Metal (koz) 0.3 16,189 2.34 1,219 0.4 14,197 2.62 1,197 0.5 12,584 2.90 1,174 1.0 7,699 4.29 1,061 1.5 5,248 5.72 964 2.0 3,854 7.16 887 Table 2b: Open Pit Inferred Grade-Tonnage Table (as at the Effective Date) Inferred COG (g/t) Tonnage (kt) Au Grade (g/t) Au Metal (koz) 0.3 8,280 1.21 323 0.4 7,103 1.36 310 0.5 6,130 1.50 296 1.0 3,068 2.29 226 1.5 1,709 3.14 173 2.0 993 4.16 133 The resource database was closed on November 1, 2024 and contains 3,214 holes drilled by New Found Gold and previous operators, for a total of 723,387 m of which 550,949 m have assay intervals. The MRE incorporates multiple high-grade zones, including the Keats and Iceberg zones which has consistently returned significant gold intercepts in drilling. Open pit Indicated Mineral Resources are estimated to total 17.3 million dry metric tonnes (Mt) grading 2.25 g/t Au for 1.25 million ounces (Moz) of gold, and Inferred Mineral Resources are estimated to total 9 Mt grading 1.24 g/t for 0.36 Moz of gold (Table 1). The open pit MRE was reported within a preliminary optimized pit shell generated at a cut-off grade of 0.3 g/t Au. Underground Indicated Mineral Resources are estimated to total 0.8 Mt grading 5.76 g/t Au for 0.14 Moz of gold, and Inferred Mineral Resources are estimated to total 1.7 Mt grading 4.44 g/t for 0.25 Moz of gold. Underground Mineral Resources are constrained within reporting panels generated at a cut-off grade of 1.65 g/t and a minimum mining width of 1.8 m. The MRE is divided into Appleton Fault Zone Core ("AFZ Core"), Appleton Fault Zone Peripheral ("AFZ Peripheral") and JBP (Table 3), with 96% (by metal) of the Indicated Resource and 87% (by metal) of the Inferred Resource located within AFZ Core, for the total combined open pit and underground Mineral Resources. A conceptual operating scenario (for purposes of estimating cut-off grade inputs) includes: Conventional truck and shovel open pit mining.o Underground mining using narrow-vein longhole mining methods. Processing via crushing and grinding, gravity, sulphide flotation (when required), carbon in leach ("CIL"), elution and regeneration, and electrowinning gold recovery. Products will include primarily doré with a possible sulphide flotation concentrate. Exploration and Growth Potential: The Mineral Resource is reported constrained within a pit shell and underground reporting panels and shows strong continuity of mineralization. Recent drilling continues to intersect high-grade gold beyond the current Mineral Resource footprint, demonstrating significant expansion potential. The Company is preparing for an aggressive exploration campaign aimed at expanding the resource and further defining high-grade targets. Upcoming Milestones: Technical Report: The Technical Report (as defined below) in support of this MRE will be filed on the Company's website and SEDAR+ within 45 days of this news release. Drilling: The Company is currently finalizing plans for its 2025 drill program, which will include step-out and infill drilling, target delineation and exploratory drilling. Metallurgical Testwork: Additional testwork is underway to support a PEA. PEA: A PEA, which is also being prepared by SLR, is planned for release in late Q2/25. Permitting and Environmental Baseline Studies: Work is ongoing to support economic studies and future development. MRE Tabulations:The MRE is divided into AFZ Core (consisting of K2, Keats West, Keats, Iceberg and Lotto), AFZ Peripheral (consisting of Big Vein, Pristine, HM and Midway) and JBP (consisting of H Pond, 1744 and Pocket Pond), with 96% (by metal) of the indicated Mineral Resource and 87% (by metal) of the Inferred Mineral Resource located within AFZ Core as outlined in Table 3 and Figure 1. Table 3: MRE Tabulation by zone and area (as at the Effective Date) Zone Area CategoryTonnage (000 t) Grade (g/t Au) Contained Metal (000 oz Au)Open Pit K2, Monte Carlo AFZ Core Indicated3,588 1.51 175 Inferred 3,755 1.22 147 Keats West, Cokes, Powerline AFZ Core Indicated 4,392 1.85 261 Inferred 2,410 1.33 103 Keats, Keats South, Iceberg, Iceberg East, Iceberg Alley, Knob, Golden Bullet AFZ Core Indicated 7,004 2.94 662 Inferred 1,037 0.84 28 Lotto, Golden Joint, Jackpot, Honeypot AFZ Core Indicated 1,205 3.16 122 Inferred 1,078 1.31 45 Big Vein, Pristine, HM, Midway AFZ Peripheral Indicated 995 0.82 26 Inferred 474 1.56 24 H Pond, 1744, Pocket Pond JBP Indicated 83 1.54 4 Inferred 206 1.66 11 TotalIndicated 17,267 2.25 1,249 Inferred 8,960 1.24 358Underground K2, Monte Carlo AFZ Core Indicated32 3.02 3 Inferred335 2.78 30 Keats West, Cokes, Powerline AFZ Core Indicated - - - Inferred 28 2.76 3 Keats, Keats South, Iceberg, Iceberg East, Iceberg Alley, Knob, Golden Bullet AFZ Core Indicated 306 5.13 50 Inferred 660 4.53 96 Lotto, Golden Joint, Jackpot, Honeypot AFZ Core Indicated 303 6.97 68 Inferred 394 6.34 80 Big Vein, Pristine, HM, Midway AFZ Peripheral Indicated 100 5.42 17 Inferred 119 5.72 22 H Pond, 1744, Pocket Pond JBP Indicated 30 4.09 4 Inferred 214 2.79 19 TotalIndicated 771 5.76 142 Inferred 1,749 4.44 250Open Pit + Underground TotalIndicated18,038 2.40 1,392 Inferred 10,709 1.77 608 Queensway Geology and Structure:Queensway resides in the eastern Exploits Subzone of the Newfoundland Appalachians and is centered on a 110-km segment of the district-scale auriferous Appleton and JBP fault zones. The Appleton Fault is a major intraplate fault zone that separates rock packages of contrasting structural style and provides a first order control on gold mineralization. Second order subsidiary faults splay from the Appleton Fault with consistent geometry, orientation and kinematics that repeat throughout the deposit area. They host laminated shear and associated extensional vein arrays as well as hydraulic breccias with large well-developed vugs. Veins consist of quartz, ankerite, chalcopyrite, boulangerite/bournonite, arsenopyrite and pyrite and are associated with NH4 muscovite alteration. The Keats-Baseline Fault is a highly prospective northeast striking secondary fault with an interpreted strike length of 1.9 km. In 2019, while exploring the Keats-Baseline Fault a broad array of visible gold bearing veins was intercepted in what is now the Keats Zone. Since 2019, New Found Gold has discovered key high-grade zones such as Iceberg, Keats West, Golden Joint, Lotto, Jackpot, K2, Monte Carlo, (all within AFZ Core), as well as Golden Dome, Pistachio and Dropkick, where the majority of results were received by the Company after the initial resource database was closed. MRE Methodology and Parameters:Reasonable prospects for economic evaluation ("RPEEE") were demonstrated for the reported MRE by constraining the open pit MRE with a preliminary optimized pit shell, while the underground MRE were constrained within reporting panels. Open pit MRE were reported above a 0.3 g/t Au reporting cut-off grade. Underground MRE are constrained by reporting panels generated at a cut-off grade of 1.65 g/t Au and a minimum mining width of 1.8 m. For the purposes of open pit optimization, the block model was re-blocked to 5 m by 5 m by 5 m, while open pit Mineral Resources are reported from a block model regularized to the 2.5 m by 2.5 m by 5 m parent cell size. Underground reporting panels were generated from the original estimation sub-block model, with a minimum sub-block size of 0.625 m by 0.625 m by 1.25 m, which was also used to report the underground Mineral Resources. MRE classification was based primarily on drill hole spacings of up to approximately 30 m for Indicated Mineral Resources and up to approximately 60 m for Inferred Mineral Resources, which were applied to create continuous classification categories. High Grade RestrictionWithin AFZ Core high grade restrictions were applied, with the restriction process involving two key components, grade restriction threshold and restricted search dimensions. During estimation, composite values exceeding the grade threshold were permitted to have full influence within the restricted ellipsoid, while beyond this range, these values were capped to the threshold to limit their impact. This approach ensured that high-grade samples maintained local influence while preventing the over-projection of higher grades into lower-grade areas. SLR determined the impact of capping and high-grade restriction to be acceptable and necessary steps to prevent the smearing of high-grade samples throughout the estimate. MetallurgyNew Found Gold has completed two phases of metallurgical test work on the various mineralized zones. The initial test work evaluated three mineralized zones within the AFZ Core (Keats, Golden Joint, and Lotto). The next phase of work studied mineralization from the Iceberg and Iceberg East zones. See New Found Gold news releases dated April 3, 2024 and November 1, 2024 for additional information. In 2024, the Company began a third phase of testing using mineralized material also from the AFZ Core (Keats West), which was known to contain free gold and submicroscopic gold associated with pyrite and arsenopyrite. This material was also known to contain varying amounts of organic carbon. Reports are still pending and preliminary results have been provided to the Company for the purposes of the initial MRE. While test work to date has focussed on a gravity – CIL flowsheet, future test work will continue to investigate flotation for the recovery of refractory gold associated with pyrite and arsenopyrite into a sulphide concentrate that could potentially be processed on site or sold to a third party. Based on results received to date, a metallurgical recovery of 90% was applied across all deposits and grade ranges based on preliminary gravity, flotation, and CIL test work on samples from Keats, Golden Joint, Lotto, Iceberg, and Iceberg East, that demonstrated acceptable recoveries from samples using gravity-CIL test work, and improved recoveries of gold associated with sulphides by flotation where CIL of the gravity tails was inadequate (particularly from Keats West). Data VerificationThe data used in this Mineral Resource Estimate is supported by Quality Assurance and Quality Control ("QA/QC") procedures, such as the insertion of certified standards and blanks into the sample stream and the utilization of certified independent analytical laboratories for all assays. The QA/QC data and methodology on the project were reviewed and will be summarized in the NI 43-101 technical report. Pierre Landry, of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, has reviewed the adequacy of sample preparation, security, and analytical procedures conducted by New Found Gold from the start of the Queensway exploration programs in 2019 through to the Effective Date. This review found no material issues or inconsistencies that could adversely affect the quality or reliability of the data. The QP is of the opinion that: NFG's sample preparation procedures are appropriate for the deposit type and mineralization style. Analytical methods used, including fire assay, photon assay, and screen fire assay, are suitable for determining gold grades in the Project. The QA/QC program, which includes CRMs, blanks, and duplicates, is well-structured, meets industry standards, and provides confidence in the assay data. Sample security measures and chain of custody protocols are sufficient to ensure the integrity of the data. Overall, Pierre Landry, of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, is of the opinion that NFG's sampling, analytical methods, and QA/QC program meet industry standards and are suitable for use in the Mineral Resource estimate. Data verification for the drill hole database included comparing gold assay values used to support the Mineral Resource estimate against the original analytical certificates from ALS and MSALABS, the primary laboratories used by NFG between 2019 and 2024. The review covered a variety of assay methods including: fire assay with AAS or gravimetric finish, photon assay, and screen fire assay. SLR found no material discrepancies identified that would impact the validity of the Mineral Resource estimate. SLR's QP is of the opinion that the verification process confirms the reliability of the assay database, ensuring its suitability for use for Mineral Resource estimation. In accordance with NI 43-101, Pierre Landry, of SLR, conducted a site visit to the Project and related facilities on October 24 and 25, 2024. During this visit, he inspected the Keats and Iceberg trenches, the core shack, and reviewed the logging environment and procedures for data collection and sampling. He also examined core samples from the AFZ Core, AFZ Peripheral, and JBP deposits. In addition, he interviewed NFG's personnel and gathered information necessary for completing the Mineral Resource estimate and accompanying Technical Report. Mr. Landry also inspected drill collars and drill hole cores relevant to the Mineral Resource estimation, verifying collar locations using a handheld GPS and visually comparing mineralization with interpreted drilling sections. NFG provided full access to all facilities and personnel during the visit. Mr. Landry was accompanied by Melissa Render, President of NFG. Technical ReportA technical report will be prepared (the "Technical Report") by Qualified Persons in accordance with the requirements of NI 43-101 and will be filed on SEDAR+ within 45 days of this press release. Readers are cautioned that the conclusions, projections and estimates set out in this press release are subject to important qualifications, assumptions and exclusions, all of which will be detailed in the Technical Report. To fully understand the summary information set out in this press release, the Technical Report, which will be filed on SEDAR+ at should be read in its entirety. Qualified PersonThe initial MRE for Queensway was prepared by Pierre Landry, of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, who has reviewed and approved the contents of this news release. The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, President, and a Qualified Person as defined under NI 43-101. Ms. Render consents to the publication of this press release dated March 24, 2025, by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release. New Found Gold holds a 100% interest in Queensway in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. With over 600,000 metres of drilling completed since 2020, the Company has outlined multiple near-surface, high-grade gold discoveries over a 22 km strike extent. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare Project that covers a 110 km strike extent along two prospective fault zones. The Company has completed an initial mineral resource estimate and commissioned a preliminary economic assessment, which is scheduled for completion in late Q2/25. New Found Gold has a new management team in place, a solid shareholder base, which includes an 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's website at and the Company's SEDAR+ profile at Keith BoyleChief Executive OfficerNew Found Gold Corp. Follow us on social media athttps:// Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statement Cautions This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the MRE; exploration, drilling and mineralization on the Queensway Project ; plans for future exploration and drilling including expansion beyond this MRE, additional metallurgical testwork, exploration of our prospective landholdings and exploration campaign; the preparation, completion and timing of a PEA; the potential preparation, completion and timing of a pre-feasibility study and feasibility study; growth of the Queensway Project and value creation for shareholders and the communities; expansion potential of the Queensway Project; the 2025 drill program; filing the Technical Report and timing thereof; the jurisdiction of the Queensway Project ; and the merits of the Queensway Project. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the preliminary economic assessment, the results and timing of the preliminary economic assessment, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects. View original content to download multimedia: SOURCE New Found Gold Corp.
Yahoo
21-03-2025
- Business
- Yahoo
New Found Gold Corp. Files 2024 Year-End Disclosure Documents
VANCOUVER, BC, March 21, 2025 /CNW/ - New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) announces that it has filed its annual financial statements for the year ended December 31, 2024, the related Management's Discussion and Analysis, and its Annual Information Form for the year ended December 31, 2024 (together, the "2024 Annual Documents"), with Canadian securities regulators and with the U.S. Securities Exchange Commission (the "SEC") on Form 40-F, which includes the 2024 Annual Documents as appendices. The 2024 Annual Documents are available under the Company's profile on SEDAR+ at and the Form 40-F is available under the EDGAR system of the SEC ( New Found's financial disclosure documents are also available on the Company's website at Shareholders may also receive a hard copy of the financial disclosure documents without charge upon request through the Company's investor inquiry form on the Company's website at About New Found Gold Corp. New Found holds a 100% interest in the Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. With over 600,000 metres of drilling completed since 2020, the Company has outlined multiple near-surface, high-grade gold discoveries over a 22 kilometre strike extent. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare Project that covers a 110 km strike extent along two prospective fault zones. The Company has recently commissioned an initial mineral resource estimate and preliminary economic assessment, which are scheduled for completion in early and late Q2/25, respectively. New Found has a new management team in place, a solid shareholder base, which includes an 18% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's website at and the Company's SEDAR+ profile at Keith BoyleChief Executive OfficerNew Found Gold Corp. Contact For further information on New Found, please visit the Company's website at contact us through our investor inquiry form at Follow us on social media athttps:// Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statement Cautions This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the initial mineral resource estimate and preliminary economic assessment for the Queensway Project and the timing thereof; growth and value creation; exploration, drilling and mineralization on the Queensway Project; plans for future exploration and drilling; the jurisdiction of the Queensway Project; and the merits of the Queensway Project. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the initial mineral resource estimate and preliminary economic assessment, the results and timing of the initial mineral resource estimate and preliminary economic assessment, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects. View original content to download multimedia: SOURCE New Found Gold Corp. View original content to download multimedia:
