Impressive Intercept At The Iceberg Discovery

VANCOUVER - New Found Gold Corp. reported on a diamond drill hole that was completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300m northeast of Keats Main along the Appleton Fault Zone (AFZ). The Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Greg Matheson, COO, said, “With this impressive intercept located 25m below the fence of three holes, we have now added vertical dimension to this new and growing discovery. Like Keats, Iceberg is shallowly located and demonstrates strong quartz veining over significant widths. Drilling is ongoing at Iceberg with a focus on both expansion of this new discovery and exploring along strike within the projection of the highly prospective KBFZ in search of additional near-surface high-grade gold mineralization; several assays are pending from this area." 

49.7 g/t Au over 29.85m and 14.6 g/t Au over 3.80m in NFGC-23-1120 is a 25m step-down from the fence of three Iceberg discovery holes which outlined a new, at-surface zone traced over 50m in strike length, with the highlight interval of 72.2 g/t Au over 9.65m in NFGC-23-1100. Starting at just 35m from surface NFGC-23-1120 exhibits a nearly continuous 40m drilled mineralized interval. High-grade gold mineralization is well distributed throughout the intercept with 19 samples registering over 10 g/t Au and 9 samples grading above 50 g/t Au. Characteristics of mineralization remain consistent with those seen at Keats Main, further supporting the interpretation that Iceberg is hosted by the Keats-Baseline Fault Zone (KBFZ) and is likely the eastern extension of Keats Main that has been displaced by faulting.