Latest news with #QueenswayGoldProject
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.
Cision Canada
07-05-2025
- Business
- Cision Canada
New Found Gold Commences 2025 Work Program on the Queensway Gold Project
VANCOUVER, BC, May 7, 2025 /CNW/ - New Found Gold Corp. (" New Found Gold" or the " Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce the start of the 2025 work program on the Company's 100%-owned Queensway Gold Project (" Queensway" or the " Project") in Newfoundland and Labrador, Canada. Highlights: Infill drilling is underway at the Keats West (" Keats West") and Lotto (" Lotto") zones with four diamond drill rigs. Two additional drills will be mobilized in June 2025 to allow for both infill and exploration drilling. Exploration drilling will focus on high-priority exploration targets, including the Dome (" Dome") and Dropkick (" Dropkick") zones. Dewatering of the Iceberg zone (" Iceberg") excavation is underway in advance of channel sampling. Melissa Render, President of New Found Gold, stated:"We are excited to begin our 2025 work program at Queensway. With an initial mineral resource announced in Q1/25 and a fully-funded PEA scheduled for completion later this quarter, the primary focus at Queensway has shifted to put the Company on a path towards development. Our 2025 drilling will focus first on infill of the mineral resource and then progress to target areas close to the mineral resource with potential for future resource expansion. Concurrent with drilling, we are expanding our excavation program in advance of bulk sampling planned for the first half of 2026." Diamond Drilling Drilling has commenced with four rigs at Keats West and Lotto in the AFZ Core of the Queensway mineral resource (" MRE"; see New Found Gold news release dated March 24, 2025). This infill drilling is being conducted prior to the excavation of the near-surface portions of Keats West and Lotto. On completion of the Keats West and Lotto infill drilling, the Company will begin infill drilling priority open pits and underground portions of the MRE in parallel with further drilling of the Dome (" Dome") and Golden Dome (" Golden Dome") zones. The recently discovered high-grade mineralization at Dome and Golden Dome is located in proximity to the initial MRE and within 250 and 350 metres (" m"), respectively, of surface (see the New Found Gold news releases dated February 24, 2025 and April 29, 2025; Figure 1). An additional two drill rigs are scheduled to be mobilized to the Project in early June and will focus on exploration targets 10 to 12 kilometres (" km") north of AFZ Core. This work will follow up drilling on high-priority exploration targets, including Dropkick, located 11 km north of AFZ Core. Drill highlights from Dropkick in 2024 include 89.5 g/t Au[1] over 5.85 m and 26.2 g/t Au over 16.2 m (see the New Found Gold news release dated February 11, 2025). AFZ Core Excavation Program Excavation of the shallow overburden covering the near-surface portion of key zones in AFZ Core began with Keats, which was excavated in 2023 and mapped and sampled in 2024 (see the New Found Gold news release dated December 2, 2024). This work was successful in providing greater confidence in the geologic model, the grade distribution of very high-grade veins, and the structural controls on mineralization in this zone. Iceberg was excavated over a 220 m by 105 m area in late 2024 and is currently being dewatered. The Iceberg excavation has exposed broad zones of gold-bearing quartz veins directly below 2.5 to 9 m of overburden (Figure 2). Once dewatering of this excavation has been completed the Company will conduct channel sampling, which is expected to commence in late May and take approximately three weeks to complete. Channel lines will be spaced 7.5 m apart and will focus on the key mineralized domains within the excavated area. Following the completion of the infill drilling at Keats West and Lotto, the 7 to 14 m of overburden at Keats West and 3 to 5 m of overburden at Lotto will be excavated to expose the gold-bearing quartz veins. Excavation of Keats West and Lotto is expected to be completed in Q4/25 and channel sampling is planned for Q2/26. Looking Ahead: The Company continues to evaluate the potential to add additional drills to expand the 2025 work program and will provide an update when the full 2025 program has been finalized. Appointment of Target IR New Found Gold announces that it has entered into an investor relations agreement (the " IR Agreement") with Target IR & Communications (" Target IR"), to provide investor relations services, including digital marking support, to the Company. Target IR will receive consideration from the Company of $8,500/month, payable monthly in arrears, for an initial term of six months commencing May 15, 2025, with the option for the Company to renew on a quarterly basis thereafter. Target IR, a company based in Toronto, Ontario, provides investor communications and marketing strategies for growing and emerging public companies. Salisha Ilyas, the principal of Target IR, is a senior investor relations professional with more than 20 years of experience across a range of industries, such as mining, healthcare, and renewable/green energy. She has held senior investor relations and communication roles at Canadian and UK publicly listed companies and has also served as the head of professional development at the Canadian Investor Relations Institute in Toronto. Salisha holds a Bachelor of Commerce from the University of Toronto, a Master in Business Administration from the Schulich School of Business (York University), and has completed the Canadian Securities Course. Neither Target IR, nor any of its principals has any interest in New Found Gold or its securities, or any right or intent to acquire such an interest. The IR Agreement is subject to the approval of the TSX Venture Exchange. 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. Ms. 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 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 mineral resource estimate 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 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 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 the 2025 work program for the Project, including excavation programs, channel sampling, drilling, the possibility of additional drills, and the timing thereof; exploration, drilling and mineralization on the Project; the interpretation of the results and benefits of exploration and drilling; the initial resource estimate; the preliminary economic assessment and the expected funding, timing and benefits thereof; the extent of mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the focus and timing of same; the merits of the Queensway Project and its jurisdiction; 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 2025 work program and preliminary economic assessment, the results and timing of the 2025 work program 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. SOURCE New Found Gold Corp.
Cision Canada
29-04-2025
- Business
- Cision Canada
New Found Gold Continues to Expand Queensway Gold Project at Depth: 38.7 g/t Au over 6.55 m at Dome and 10.3 g/t Au over 8.20 m at Keats South Deep
VANCOUVER, BC, April 29, 2025 /CNW/ - (" 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: 38.7 g/t Au over 6.55 m 1, including 98.9 g/t Au over 2.10 m from the Dome Zone ("Dome"; NFGC-24-2238) 10.3 g/t Au over 8.20 m, including 37.7 g/t Au over 2.00 m from the Keats South Deep Zone ("KSD", NFGC-24-2112-W5), and 6.16 g/t Au over 3.10 m, including 18.4 g/t Au over 0.50 m from the Keats-Appleton Fault Zone Deep Zone ("Keats-AFZ Deep", NFGC-24-2168) Melissa Render, President of New Found Gold, stated:"With these new drill results we continue to intersect gold mineralization in target areas outside the initial mineral resource at Queensway. At Dome we are finding new high-grade gold mineralization within 250 m of surface. This mineralization, located in proximity to the Lotto Zone, highlights the potential for near-resource expansion." "Our Phase I deep drilling program successfully met its primary objective of beginning to assess the depth potential of the orogenic gold system at Queensway. The Phase I deep drilling at KSD and Keats-AFZ Deep, located well below the initial mineral resource, has begun to define new zones more than a kilometre below surface, pointing to the depth potential at Queensway," continued Ms. Render. Results Summary – This Release: This news release includes results from 7,765 m of drilling in 12 diamond drill holes (" DDH") completed in Q4/24 as part of a step-out program targeting the depth extension of Dome, and a deep drilling program testing the main structural corridor associated with known gold mineralization at Queensway (Dome-Golden Dome, Keats-AFZ Deep and KSD on Figure 1). Eleven of the 12 DDH reported herein were drilled outside the initial mineral resource estimate (" MRE") area (see the New Found Gold news release dated March 24, 2025). The drill holes announced in this release include both new deep DDH collared at surface and through a series of DDH wedges targeting deep mineralization at KSD and Keats-AFZ Deep. The deep drilling is following up on earlier drilling and is targeting structural lineaments identified by a deep 3D seismic survey completed by the Company in 2023 (see the New Found Gold news release dated August 21, 2023). Drill highlights, along with details from all 12 DDH in this news release are included in Tables 1-3 below. Dome: Building on successful results from past drilling at Dome, two holes were drilled to test the down-dip extent of a structure with a similar orientation to the prolific Keats-Baseline Fault Zone (" KBFZ"). The KBFZ is a secondary structure that controls gold mineralization at the Keats and Iceberg zones that are in the initial MRE. DDH NFGC-24-2238 returned 38.7 g/t Au over 6.55 m, including 98.9 g/t Au over 2.10 m starting at a vertical depth of 240 m (Figure 1). This interval is interpreted to occur between the fault that hosts previously identified gold mineralization at Dome and the Appleton Fault Zone (" AFZ"). Mineralization at Dome consists of fault-fill quartz veins containing free coarse gold hosted by an interbedded sequence of siltstones and sandstones within a fault that dips moderately to the southeast. Previously released initial results from 2024 drilling at Dome included 51.2 g/t Au over 13.30 m (NFGC-24-2227), 9.33 g/t Au over 6.35 m (NFGC-24-2217) and 5.60 g/t Au over 8.90 m (NFGC-24-2230) in a series of holes spaced 20 m to 30 m apart in a down-dip direction, 50 m below existing drilling (see New Found Gold news release dated February 24, 2025 and Figure 3). The DDH announced in this and the February 24, 2025 news release are outside of the area of the Queensway initial MRE. Additional drilling is required to expand on these results and determine the relationship between this mineralization and the previously drilled gold mineralization at Dome. KSD: Following up on discovery hole NFGC-24-2112, an additional five wedges were drilled into KSD to target deep gold mineralization between the KBFZ and the AFZ approximately 200 m below the Keats South Zone (" Keats South") in the initial MRE (Figures 1 to 3). A total of seven holes, including five wedges, have now been drilled into KSD at vertical depths of 585 m to 800 m over a 100 m by 170 m area that is open in all directions. All holes have intersected gold mineralization, with six of the seven containing visible gold. Highlights from the final two wedges released herein include 10.3 g/t Au over 8.20 m, including 37.7 g/t Au over 2.00 m (NFGC-24-2112-W5) at 775 m vertical depth. This intercept is an approximately 60 m step-out to the south from NFGC-24-2112-W3 (1.97 g/t Au over 7.20 m; see the New Found Gold news release dated October 31, 2024). In addition, NFGC-24-2112-W4 reported 9.25 g/t Au over 2.75 m, including 33.9 g/t Au over 0.75 m, a 13 m step out to the north of NFGC-24-2112-W1 (23.3 g/t Au over 2.20 m). The discovery hole crossed four distinct gold-bearing intervals along a downhole length of 258 m at vertical depths of 585 m to 770 m, including 11.0 g/t Au over 2.65 m (see the New Found Gold news release dated July 11, 2024). KSD is located between the KBFZ and the AFZ approximately 200 m below Keats South. The deep drilling at KSD has identified mineralization with characteristics similar to the Keats and Iceberg zones both west and east of the AFZ, indicating that the gold mineralized system is present at depth approximately 200 m below the initial MRE. Keats-AFZ Deep: Systematic deep drilling, testing the area between the KBFZ and the AFZ, 750 m northeast of KSD, continues to yield broad intervals of quartz veining associated with low grade gold mineralization and localized occurrences of visible gold (Figures 1 to 3). This mineralization exhibits characteristics similar to those observed at KSD and within the initial MRE (Figures 4 and 5). DDH NFGC-24-2168 intersected 6.16 g/t Au over 3.10 m, including 18.4 g/t Au over 0.50 m and 2.10 g/t Au over 7.05 m. Mineralization in this DDH transected a broad zone of gold mineralization from 760 m to 870 m vertical depth (Figures 3 and 4). DDH NFGC-21-469 was extended to cross the AFZ and intersected 3.11 g/t Au over 2.00 m at a vertical depth of 1,150 m and 435 m below NFGC-24-2168. This is the deepest mineralization encountered to date on the Project, further highlighting the depth potential of the gold mineralized system at Queensway. Looking Ahead: The Phase I deep drilling program is complete and successfully met its primary objective to begin to assess the depth potential of the orogenic gold system at Queensway. Planning for the 2025 drill program at Queensway is well underway. Drilling will focus on near-surface targets including resource conversion and within the MRE area, along with exploration drilling at recent high-priority discoveries including Dropkick, Dome and Golden Dome where there is limited drill testing and upside potential (see the New Found Gold news releases dated February 11, 2025 and February 24, 2025). Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 1 70% to 90%. 4 True widths are unknown at this time. 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 12 drill holes are included in Table 2 and Table 3 below. Note that the host structures are interpreted to be moderately to steeply dipping and true widths estimated to be 1 70% to 95% of reported intervals. 4 True widths are unknown at this time. 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. 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 mineral resource estimate 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 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 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; 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; plans for future exploration and drilling 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
16-04-2025
- Business
- Yahoo
PALISADES ANNOUNCES NEW FOUND TECHNICAL REPORT FILING
VANCOUVER, BC, April 15, 2025 /CNW/ - Palisades Goldcorp Ltd. (TSXV: PALI) ("Palisades" or the "Company") reports that New Found Gold Corp. ("New Found"), a significant equity investee of Palisades within the meaning of applicable Canadian securities legislation, has provided an overview of, and plans for, its 100% owned Queensway Gold Project located in Newfoundland and Labrador, Canada, and has filed the technical report for the initial mineral resource estimate for the Queensway Gold Project (the "Technical Report"). For further details regarding the Technical Report, including highlights, please see New Found's news release dated April 15, 2025, accessible on New Found's website ( and under New Found's profile on SEDAR+ at About Palisades Goldcorp Ltd. Palisades Goldcorp Ltd. is a resource investment company focused on junior companies in the resource and mining sector. The Company seeks to acquire equity participation in pre-initial public offering and early-stage public resource companies with undeveloped or undervalued high quality projects. The Company focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets, and/or operate in jurisdictions with low to moderate local political risk. The Company expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciation in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which the Company holds larger positions. The Company is listed on the TSX Venture Exchange under the stock symbol "PALI". Palisades holds a diverse portfolio of securities and derivatives, among which it holds a 21.62% interest in New Found Gold Corp. (TSX-V: NFG). On behalf of the Board of Directors "Collin Kettell" Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release. SOURCE Palisades Goldcorp Ltd. View original content to download multimedia: Sign in to access your portfolio
