New Found Gold announces major discovery at Jackpot

New Found Gold Corp's ongoing drilling programme in the Queensway Project has yielded impressive findings in the newly discovered Jackpot area

New Found Gold Corp (New Found), headquartered at Vancouver, has unveiled results from its latest exploration efforts. The company's ongoing drilling programme in the Queensway Project has yielded impressive findings in the newly discovered Jackpot area.

Jackpot is located 2.5km north of the Keats section along the highly prospective Appleton Fault Zone (AFZ), This announcement comes as part of New Found's commitment to exploring the vast potential of its 1,662 square kilometre Queensway Project, situated just 15km west of Gander, Newfoundland and Labrador and accessible via the Trans-Canada Highway, which transects the property.

The Jackpot discovery, announced on June 22, 2023, with an initial hole yielding 95.7 g/t Au over 3.25m at a depth of 20 metres, has now been further validated by a series of follow-up diamond drill holes. These holes were strategically placed to ascertain the orientation of the gold-bearing vein for future expansion. The company is enthusiastic about these latest results. In hole NFGC-23-1425, 119 g/t Au over 4.10 metres was discovered, while hole NFGC-23-1423 unveiled 147 g/t Au over 2.7 metres. Both of these significant findings are located just a stone's throw away from the original discovery hole, NFGC-23-1292. All three intervals were found at a relatively shallow depth ranging from just 20 to 40 metres below the surface. Initial observations suggest that Jackpot is characterised by an approximately east-west striking, steeply north-dipping high-grade gold-bearing fault enriched with visible gold grains.

Follow-up programme to unlock zone's full potential

New Found is capitalising on the discovery with an aggressive ongoing follow-up programme which aims to unlock the full potential of this zone. It's important to note that Jackpot's vast potential remains open in all directions, leaving room for yet more developments there. Greg Matheson, Chief Operating Officer of New Found, said: "Jackpot is another exciting discovery for our team, delivering exceptional high-grade and near-surface gold mineralisation a full 2.5km north of our flagship Keats zone. The calibre of today's intercepts speaks to the growing mineralised canvas at Appleton North and demonstrates that these newly identified structures are host to high-grade mineralisation akin to many of our better-defined zones to the south. Similar to Lotto, Jackpot is characterised by the presence of an abundance of coarse gold that is associated with a substantial brittle fault and quartz veining. One drill is incrementally stepping out on this new discovery to follow it along strike and to depth with additional results expected in the near term."

New Found continues its ambitious Queensway 500,000m drill programme, which is currently in progress. Approximately 36,400 metres of core samples are awaiting assay results, promising further revelations in the near future. Currently, the company is in the midst of an industry-leading 3D seismic survey at Queensway North. The programme was announced in March 2023 and acquisition began on June 25, 2023. This data will provide information into the deeper layers of the local gold system, and areas further from the AFZ itself. The company will be able to test targets identified during the survey by October 2023.

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