New Found Gold Provides Update on Technical Disclosure

2022-04-06 05:14:36

VANCOUVER, British Columbia / Apr 06, 2022 / Business Wire / New Found Gold (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is issuing this press release as a result of a review by the British Columbia Securities Commission (‘BCSC’) to clarify its disclosure in its March 24, 2022 news release which has been amended to include the changes outlined below.

To meet the requirements of section 3.3 (2) of NI 43-101 the Company has added additional higher-grade intervals within lower grade intersections to Tables 1, 2 and 3. Additionally, the Company would like to clarify that the assay data disclosed has been verified by the Company’s Qualified Person against the original assay certificates and that 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.

Golden Joint and Lotto Zone Highlights































Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-243

243.75

245.75

2.00

10.74

Lotto Main

 

244.50

245.45

0.95

22.49

 

NFGC-21-289

192.95

195.35

2.40

12.57

Lotto Main

 

193.25

194.55

1.3

21.58

 

NFGC-21-295

110.20

112.20

2.00

12.19

Lotto Main

 

110.55

111.25

0.7

34.81

 

NFGC-21-296

228.00

230.60

2.60

15.66

Lotto Main

NFGC-21-319

176.60

179.00

2.40

20.01

Lotto Main

Including

176.6

177.7

1.1

43.31

And

315.30

317.35

2.05

23.08

Sunday

NFGC-21-333

61.40

64.00

2.60

11.67

Lotto Main

Including

62.75

63.25

0.50

58.00

NFGC-21-338

282.65

284.80

2.15

25.31

Lotto Main

Including

284.05

284.50

0.45

115.25

Lotto Main

NFGC-21-367A

324.45

326.65

2.20

24.25

Lotto Main

NFGC-21-404A

217.15

219.20

2.05

31.63

Lotto Main

Including

217.45

218.05

0.60

107.50

Lotto Main

NFGC-21-264

102.00

104.10

2.10

13.35

Golden Joint HW

NFGC-21-462

325.75

339.90

14.15

69.15

Golden Joint

Including

325.75

330.70

4.95

40.36

Including

326.30

327.25

0.95

182.50

And Including

333.30

339.90

6.60

117.85

Including

333.30

334.25

0.95

96.10

Including

335.85

337.15

1.30

190.63

Including

338.00

339.90

1.90

228.03

Table 1: Golden Joint and Lotto Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. 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. Grades have not been capped in the averaging and intervals are reported as drill thickness. All composited intervals are provided in Tables 2 and 3.

 

Drillhole Details












































Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-224

111.30

113.30

2.00

5.83

Lotto Main

And

242.00

244.00

2.00

1.23

NFGC-21-243

243.75

245.75

2.00

10.74

Lotto Main

Including

244.50

245.45

0.95

22.49

NFGC-21-260

320.00

322.00

2.00

2.04

Sunday

And

328.80

331.10

2.30

1.77

NFGC-21-266

No Significant Values

Lotto Main

NFGC-21-271

No Significant Values

Lotto Main

NFGC-21-289

192.95

195.35

2.40

12.57

Lotto Main

Including

193.25

194.55

1.3

21.58

NFGC-21-295

110.20

112.20

2.00

12.19

Lotto Main

Including

110.55

111.25

0.70

34.81

NFGC-21-296

228.00

230.60

2.60

15.66

Lotto Main

NFGC-21-303

253.75

257.50

3.75

6.37

Lotto Main

NFGC-21-319

176.60

179.00

2.40

20.01

Lotto Main

Including

176.6

177.7

1.1

43.31

And

183.60

186.00

2.40

1.17

And

315.30

317.35

2.05

23.08

Sunday

NFGC-21-333

61.40

64.00

2.60

11.67

Lotto Main

Including

62.75

63.25

0.50

58.00

And

78.00

80.80

2.80

1.89

And

124.15

126.45

2.30

3.25

Lotto Main

NFGC-21-338

282.65

284.80

2.15

25.31

Lotto Main

Including

284.05

284.50

0.45

115.25

Lotto Main

NFGC-21-355

394.00

396.85

2.85

1.30

Lotto Main

NFGC-21-367A

324.45

326.65

2.20

24.25

Lotto Main

NFGC-21-379

No Significant Values

Lotto Main

NFGC-21-382A

204.75

206.75

2.00

1.90

Lotto Main

And

213.00

215.10

2.10

1.33

And

218.00

220.10

2.10

2.80

NFGC-21-391

No Significant Values

Lotto Main

NFGC-21-399

No Significant Values

Lotto Main

NFGC-21-404A

202.00

204.10

2.10

1.50

Lotto Main

And

217.15

219.20

2.05

31.63

Including

217.45

218.05

0.60

107.50

And

222.50

224.95

2.45

3.43

NFGC-21-409

230.05

232.20

2.15

3.09

Lotto Main

And

268.75

271.00

2.25

1.05

Table 2: Summary of composite results reported in this release for Lotto Zone

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. 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. Grades have not been capped in the averaging and intervals are reported as drill thickness.

 












































Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-249

59.80

64.15

4.35

1.04

Golden Joint HW

NFGC-21-252A

136.80

139.20

2.40

1.53

Golden Joint HW

NFGC-21-262

13.00

15.85

2.85

1.62

Golden Joint HW

And

163.60

165.95

2.35

1.49

Golden Joint

NFGC-21-264

102.00

104.10

2.10

13.35

Golden Joint HW

And

337.35

339.60

2.25

1.08

Golden Joint

And

353.55

355.55

2.00

2.36

NFGC-21-268A

165.15

167.40

2.25

2.12

Golden Joint HW

And

201.65

203.85

2.20

1.58

NFGC-21-281B

228.00

230.50

2.50

1.08

Golden Joint HW

And

238.00

240.00

2.00

2.91

Golden Joint

NFGC-21-287

223.00

225.00

2.00

2.34

Golden Joint HW

NFGC-21-294

No Significant Values

Golden Joint

NFGC-21-301

282.70

284.85

2.15

2.63

Golden Joint

And

288.45

291.60

3.15

2.26

NFGC-21-302

No Significant Values

Golden Joint

NFGC-21-326

No Significant Values

Golden Joint

NFGC-21-332

418.70

421.00

2.30

1.84

Golden Joint

NFGC-21-335

No Significant Values

Golden Joint

NFGC-21-343A

163.00

165.00

2.00

1.52

Golden Joint HW

NFGC-21-344B

No Significant Values

Golden Joint

NFGC-21-353

187.30

189.50

2.20

2.35

Golden Joint

NFGC-21-359

228.50

231.00

2.50

1.72

Golden Joint HW

And

403.60

405.75

2.15

1.77

Golden Joint

NFGC-21-365

No Significant Values

Golden Joint

NFGC-21-373

268.00

270.20

2.20

1.39

Golden Joint

NFGC-21-374

No Significant Values

Golden Joint

NFGC-21-389

294.35

296.60

2.25

5.91

Golden Joint HW

And

302.55

304.60

2.05

2.77

And

307.85

310.20

2.35

1.35

NFGC-21-453

No Significant Values

Golden Joint

NFGC-21-462

325.75

339.9

14.15

69.15

Golden Joint

Including

325.75

330.70

4.95

40.36

Including

326.30

327.25

0.95

182.50

And Including

333.3

339.9

6.60

117.85

Including

333.30

334.25

0.95

96.10

Including

335.85

337.15

1.30

190.63

Including

338.00

339.90

1.90

228.03

Table 3: Summary of composite results reported in this release for Golden Joint Zone

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. 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. Grades have not been capped in the averaging and intervals are reported as drill thickness.

 

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this news release dated April 6, 2022, by New Found. Mr. Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 400,000m drill program at Queensway, now approximately 38% complete. The Company is well funded for this program with a current working capital balance of approximately $106 million.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Acknowledgements

New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

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 assay results, exploration and drilling on the Company’s Queensway gold project in Newfoundland, interpretation of the assay results and the results of the drilling program, the discovery of zones of high-grade gold mineralization, follow-up step-out drilling, funding of the drilling program, the Company’s future technical disclosure and the Company’s response to the BCSC disclosure review. 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,” “intends,” “estimates,” “projects,” “aims,” “suggests,” “potential,” “goal,” “objective,” “prospective,” “possibly,” 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 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 assay results and the drilling program, 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 www.sedar.com for a more complete discussion of such risk factors and their potential effects.





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