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
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VANCOUVER, BC, April 29, 2025 /PRNewswire/ – (“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:
Figure 1: Photos of mineralization at Dome, Keats-AFZ Deep and Keats South Deep. Top Left: Dome ~322 m in NFGC-24-2238, Top Right: Dome ~323 m in NFGC-24-2238, Bottom Left: KSD at ~861.70 m in NFGC-24-2112-W4 and Bottom Right: Keats-AFZ Deep ~1,137m in NFGC-24-2168. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-24-2238, NFGC-24-2112-W4, and NFGC-24-2168. (CNW Group/New Found Gold Corp.)
Figure 2: Plan view map of the AFZ Core at Queensway North (CNW Group/New Found Gold Corp.)
Figure 3: Composite long section of the AFZ Core at Queensway North (looking northeast, +/- 250 m) (CNW Group/New Found Gold Corp.)
Figure 4: Gold mineralized quartz vein domain from 981 m to 1,007.65 m in NFGC-24-2168 (Keats-AFZ Deep) (CNW Group/New Found Gold Corp.)
38.7 g/t Au over 6.55 m1, 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.
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1 g/t Au = grams of gold per tonne; m = metres. |
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).
Table 1: Drill Result Highlights
|
KSD |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-2112-W44 |
861.25 |
864.00 |
2.75 |
9.25 |
KSD |
|
Including |
861.25 |
862.00 |
0.75 |
33.88 |
|
|
NFGC-24-2112-W54 |
997.05 |
1005.25 |
8.20 |
10.27 |
KSD |
|
Including |
998.00 |
1000.00 |
2.00 |
37.67 |
|
|
KEATS-AFZ DEEP |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-21684 |
766.30 |
773.35 |
7.05 |
2.10 |
Keats – AFZ Deep |
|
And4 |
989.00 |
991.00 |
2.00 |
1.15 |
|
|
And4 |
991.65 |
994.55 |
2.90 |
1.07 |
|
|
And4 |
1010.65 |
1013.75 |
3.10 |
6.16 |
|
|
Including |
1011.50 |
1012.00 |
0.50 |
18.39 |
|
|
And4 |
1057.50 |
1059.60 |
2.10 |
2.07 |
|
|
And4 |
1080.25 |
1085.40 |
5.15 |
1.63 |
|
|
And4 |
1136.85 |
1139.70 |
2.85 |
2.55 |
|
|
Including |
1136.85 |
1137.25 |
0.40 |
16.67 |
|
|
KEATS WEST |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-21751 |
14.95 |
27.00 |
12.05 |
2.58 |
Keats West |
|
And1 |
80.50 |
84.15 |
3.65 |
1.10 |
|
|
And1 |
93.75 |
108.55 |
14.80 |
1.53 |
|
|
DOME |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-22384 |
317.00 |
323.55 |
6.55 |
38.66 |
Dome |
|
Including |
317.00 |
318.00 |
1.00 |
25.96 |
|
|
Including |
318.60 |
319.60 |
1.00 |
16.58 |
|
|
Including |
321.45 |
323.55 |
2.10 |
98.93 |
|
Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 170% to 90%. 4True 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. |
Table 2: Summary of composite results reported in this news release for Keats South Deep, Keats-AFZ Deep, Keats West, Golden Joint, Golden Dome and Dome.
|
KEATS SOUTH DEEP |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-2112-W44 |
852.75 |
854.90 |
2.15 |
2.40 |
Keats South Deep |
|
And4 |
861.25 |
864.00 |
2.75 |
9.25 |
|
|
Including |
861.25 |
862.00 |
0.75 |
33.88 |
|
|
NFGC-24-2112-W54 |
780.55 |
783.00 |
2.45 |
1.10 |
Keats South Deep |
|
And4 |
818.00 |
820.80 |
2.80 |
1.03 |
|
|
And4 |
899.00 |
901.75 |
2.75 |
2.37 |
|
|
And4 |
997.05 |
1005.25 |
8.20 |
10.27 |
|
|
Including |
998.00 |
1000.00 |
2.00 |
37.67 |
|
|
NFGC-24-21574 |
350.85 |
352.95 |
2.10 |
1.30 |
Keats South Deep |
|
KEATS-AFZ DEEP |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-21-4694 |
1498.00 |
1500.00 |
2.00 |
3.11 |
Keats-AFZ Deep |
|
NFGC-24-21684 |
766.30 |
773.35 |
7.05 |
2.10 |
Keats-AFZ Deep |
|
And4 |
989.00 |
991.00 |
2.00 |
1.15 |
|
|
And4 |
991.65 |
994.55 |
2.90 |
1.07 |
|
|
And4 |
1010.65 |
1013.75 |
3.10 |
6.16 |
|
|
Including |
1011.50 |
1012.00 |
0.50 |
18.39 |
|
|
And4 |
1057.50 |
1059.60 |
2.10 |
2.07 |
|
|
And4 |
1080.25 |
1085.40 |
5.15 |
1.63 |
|
|
And4 |
1136.85 |
1139.70 |
2.85 |
2.55 |
|
|
Including |
1136.85 |
1137.25 |
0.40 |
16.67 |
|
|
NFGC-24-21894 |
528.95 |
533.50 |
4.55 |
1.70 |
Keats-AFZ Deep |
|
And4 |
555.55 |
557.55 |
2.00 |
1.89 |
|
|
And4 |
620.85 |
623.40 |
2.55 |
3.63 |
|
|
And4 |
641.00 |
643.00 |
2.00 |
2.20 |
|
|
And4 |
667.70 |
669.70 |
2.00 |
1.18 |
|
|
KEATS WEST |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-21751 |
14.95 |
27.00 |
12.05 |
2.58 |
Keats West |
|
And1 |
80.50 |
84.15 |
3.65 |
1.10 |
|
|
And1 |
93.75 |
108.55 |
14.80 |
1.53 |
|
|
ICEBERG DEEP |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-2169 |
No Significant Values |
Iceberg Deep |
|||
|
GOLDEN JOINT |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-22294 |
323.30 |
325.60 |
2.30 |
1.51 |
Golden Joint |
|
And4 |
342.10 |
344.40 |
2.30 |
1.09 |
|
|
And4 |
521.75 |
524.15 |
2.40 |
1.31 |
Golden Dome |
|
DOME |
|||||
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-24-2234 |
No Significant Values |
Dome |
|||
|
NFGC-24-22364 |
240.40 |
243.20 |
2.80 |
1.28 |
Dome |
|
NFGC-24-22384 |
317.00 |
323.55 |
6.55 |
38.66 |
Dome |
|
Including |
317.00 |
318.00 |
1.00 |
25.96 |
|
|
Including |
318.60 |
319.60 |
1.00 |
16.58 |
|
|
Including |
321.45 |
323.55 |
2.10 |
98.93 |
|
|
Note that the host structures are interpreted to be moderately to steeply dipping and true widths estimated to be 170% to 95% of reported intervals. 4True 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. |
Table 3: Details of drill holes reported in this news release
|
Hole No. |
Azimuth (°) |
Dip (°) |
Length (m) |
UTM E |
UTM N |
Prospect |
|
NFGC-21-469 |
298 |
-57 |
1556 |
658318 |
5427234 |
Keats |
|
NFGC-24-2112-W4 |
320 |
-50 |
882 |
657840 |
5426411 |
Keats South |
|
NFGC-24-2112-W5 |
320 |
-50 |
1091 |
657840 |
5426411 |
Keats South |
|
NFGC-24-2157 |
294 |
-48 |
1142 |
657953 |
5426406 |
Keats South |
|
NFGC-24-2168 |
300 |
-45 |
1178 |
658264 |
5427319 |
Keats |
|
NFGC-24-2169 |
300 |
-45 |
710 |
658826 |
5427912 |
Iceberg East |
|
NFGC-24-2175 |
116 |
-58 |
227 |
658019 |
5427962 |
Keats West |
|
NFGC-24-2189 |
119 |
-60 |
746 |
657498 |
5427556 |
Cokes |
|
NFGC-24-2229 |
93 |
-56.5 |
596 |
658233 |
5428564 |
Powerline |
|
NFGC-24-2234 |
305 |
-45 |
449 |
658882 |
5428465 |
Road |
|
NFGC-24-2236 |
297 |
-55 |
287 |
658799 |
5428602 |
Dome |
|
NFGC-24-2238 |
300 |
-50 |
329 |
658816 |
5428566 |
Dome |
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 (