New Found Gold drills 72.2 g/t gold over 9.65 metres at Iceberg, Newfoundland

New Found Gold Corp. [NFG-TSXV; NFGC-NYSE] has discovered Iceberg, a high-grade zone located 300 metres northeast of Keats Main, along the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,650-km² area, accessible through the Trans-Canada Highway, 15 km west of Gander, Newfoundland.

Today’s holes outline a new high-grade, at surface discovery named Iceberg that spans a strike length of 50m and remains open in all directions and to depth. Drilling collared into mineralization in NFGC-22-1084 with 15.3 g/t gold over 10.75 metres, while a 25-metres step-out south intersected 72.2 g/t gold over 9.65 metres in NFGC-23-1100, and a 25-metre step-out north intersected 19.7 g/t gold over 5.65 metres in NFGC-23-1109. All three intercepts are shallow, occurring at depths of less than 30 metres from surface.

Iceberg is found along the highly prolific Keats-Baseline Fault Zone (KBFZ), the structure that is host to the Keats Main Zone. Iceberg shares a similar orientation to Keats Main and is comprised of a multitude of intersecting veins concentrating high-grade gold mineralization. Geological characteristics of Iceberg are nearly identical to those observed at Keats Main and the company’s current interpretation is that Iceberg is the eastern continuation of Keats Main that has been displaced by faulting.

As a result of this new interpretation, additional drills have been mobilized to this area to aggressively explore the along strike potential of the KBFZ. Several holes at Iceberg are pending assay.

Greg Matheson, COO, stated: “The discovery of Iceberg renews our enthusiasm around the highly prolific KBFZ. Iceberg exudes the same qualities that our earlier drilling found at Keats Main. Both display significant quartz veining over several-metre-wide intercepts that start at surface and both are hosted by the KBFZ – a fault with demonstrated ability to concentrate significant amounts of high-grade gold mineralization with considerable strike continuity. The KBFZ is an extensive structure and it has proven once again that it has more to offer. Following the mantra to ‘explore by keeping one foot in mineralization’, we have beefed up our exploration efforts at Iceberg to expand upon the high-grade intercepts reported today and to seek additional near-surface mineralization along strike.

“It is worth noting that this discovery was made by New Found’s geologic team as a result of prediction-based modelling, with the team theorizing a potential faulting off at Keats Main. This is in itself an exciting development as it displays a growing understanding of what is no doubt a complex gold system.”

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 95% 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.

The company is currently undertaking a 500,000-metre drill program at Queensway. Approximately 51,500 metres of core is currently pending assay results.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, 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 well funded for this program with cash and marketable securities of approximately $72-million as of March 2023.

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