VANCOUVER - New Found Gold Corp. ('New Found' or the 'Company') (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce a new high-grade gold discovery located at the Lotto prospect.
This hole was drilled as part of an ongoing systematic grid drilling program to test along the highly prospective regional-scale Appleton Fault Zone ('AFZ'). New Found's 100% owned Queensway project comprises a 1500km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland. 1Note that the host structures are interpreted to be steeply dipping and 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 2m consecutive dilution. 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.
At the Lotto prospect, drill testing in the area between the 'Lotto Main' vein and the AFZ, intersected a new high-grade zone that returned 89.5 g/t Au over 2.00m in NFGC-22-552 that is 55m below surface, named the 'Tuesday' Zone.
The Tuesday Zone is located in a similar stratigraphic position as the Sunday Zone which is 80m north in the footwall to the AFZ where hole NFGC-20-44 returned 18.1 g/t Au over 6.50m, and NFGC-21-319 returned 23.1 g/t Au over 2.05m. The new Tuesday Zone is interpreted to comprise part of the network of high-grade veins and associated faults developed within the footwall to the AFZ occurring at an intersection between two differently oriented vein-trends, with mineralization remaining open in all directions.
Melissa Render, VP Exploration for New Found, stated, 'The ongoing systematic drill-testing along this well-mineralized Keats - Lotto segment of the AFZ continues to identify very gold-rich epizonal-style vein networks. Gold-bearing structures propagate in differing orientations throughout a +200m wide corridor of rock adjacent to the AFZ. The extent of this fracture zone is not well constrained by drilling to date, but many lengths of untested structure are interpreted in the volume defined so far, and these are currently being targeted by drilling, particularly focused on near-surface gold mineralization. The Lotto Main vein located further east remains an important open-ended high-grade gold target with drills currently working to define its extent along strike to the north.'
Discussion
Mineralization at the Queensway Project is hosted by a fold-thrust sequence of northeast-striking, steeply dipping turbiditic sedimentary rocks deposited and deformed and fractured during the closure of the Iapetus Ocean and subsequent continent-continent collision. During this prolonged period of continued shortening, at least two regional-scale deformation zones developed and include the AFZ and JBP fault zones. The AFZ is interpreted to be a significant, deep-seated thrust fault, that strikes southwest across the full +100km length of the property and is likely the main conduit for the gold mineralizing fluids, much like the Cadillac-Larder Lake Fault Zone in the Abitibi.
As a result of progressive deformation, the brittle host stratigraphy developed an extensive network of gold-bearing fault zones enveloping the AFZ, the extents of which are not yet known. Higher grades and widths of gold mineralization occur in areas where there was greater mineralizing fluid flow such as at structural intersections, at dilational openings within fault structures, and along lithological contacts where breakage occurs due to rheological differences in the compressional strength of contrasting sedimentary rock units. A significant amount of the high-grade gold mineralization intercepted in drilling to date is interpreted to be epizonal in nature, having been emplaced when tectonic movements resulted in the explosive tapping of deep gold-rich magmatic fluids that rapidly precipitated gold as they migrated towards surface.
Sampling, Sub-sampling, Laboratory, and Discussion
True widths of the intercepts reported in this press release have yet to be determined and further exploration is required. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. Assays are uncut, and composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.
All drilling recovers HQ core. Drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.
A professional 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 (
NEW FOUND GOLD CORP. 
