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New Found drills 95.7 g/t gold over 3.25m near surface at Jackpot

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - New Found Gold (TSX-V: NFG) (NYSE-A: NFGC) today announced the results from one diamond drill hole that was completed as part of a drill program designed to test new target areas along the northern segment of the Appleton fault zone (AFZ).

The company said that 95.7 g/t Au over 3.25m in NFGC-23-1292 was intersected in a new zone named "Jackpot" located 2.5km north of Keats and 950m north of Lotto, adding that this new discovery is at a vertical depth of just 20m and is situated 280m east of the AFZ.

Jackpot was discovered through a targeted drilling program that was designed to test an east-west striking topographic lineament, a similar orientation to the Keats-Baseline Fault Zone. Jackpot is characterized by a brittle fault zone that is laced with coarse-grained visible gold.

New Found also pointed out that an "aggressive" follow-up program is currently underway and several intervals are already pending assay results.

VP of Exploration Melissa Render commented, "Our targeted drill program continues to successfully outline new zones of gold mineralization. Jackpot is the sixteenth near surface zone identified along a 4.1km stretch of Appleton North, starting at the south end of Keats and running up to Everest.

"Initial drilling at Jackpot is reminiscent of our early findings at Lotto, a structural zone associated with a strong presence of visible gold. We have locked onto something new here and our ability to interpret and act quickly will allow us to rapidly assess this new and exciting target."

New Found's district-scale Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador. The company is currently undertaking a 500,000m drill program at Queensway and approximately 61,300m of core is currently pending assay results.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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