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New Found Receives Final Permits and Mobilizes for Drilling at Keats "Discovery" Zone Queensway Project, Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2020) - New Found Gold Corp. (TS...
About this update from New Found Gold Corp
[{"type":"text","content":"New Found Receives Final Permits and Mobilizes for Drilling at Keats \"Discovery\" Zone Queensway Project, NewfoundlandVancouver, British Columbia--(Newsfile Corp. - September 3, 2020) - New Found Gold Corp. (TSXV: NFG) (\"New Found\" or the \"Company\") is pleased to announce it has now received all permits required to commence drilling at its Keats \"Discovery\" Zone at its Queensway Project, Central Newfoundland. Preparatory surface work is now under way and the first drill will be mobilized to the area shortly. Craig Roberts, P.Eng., Chief Executive Officer of New Found, stated: \"We are excited to return to the Keats Zone to follow up on the discovery made in November 2019 when New Found intersected 19.0 m of 92.9 g/t Au at approximately 75 m depth in hole NFGC-19-01. Since this program we have made significant progress towards understanding the geology, controls of mineralization, and likely genesis of this high-grade gold interval and we are excited to be moving into a program to grid drill this zone. More detail on the targeting and planned program at Keats will be provided in the coming days.\"Option Grant New Found announces that it has granted stock options exercisable for a total of 215,000 common shares in the capital of the Company, to certain officers, directors, employees, and consultants of the Company. These stock options have an exercise price of $2.07 per option and expire on September 3, 2025. The options are governed by the terms and conditions of the Company's Amended and Restated Stock Option Plan. Following the grant of the stock options, the Company has a total of 13,995,000 stock options outstanding, representing approximately 9.85% of the outstanding common shares of the Company. This stock option grant is subject to TSX Venture Exchange approval.QA/QCTrue widths of the new exploration intercepts reported in this press release have yet to be determined but are estimated to typically be 70%-80% of reported core lengths; all channel sample true widths are estimated to be close to the reported widths. Assays are uncut, and calculated intervals are reported over a minimum length of 2 metres using a lower cutoff of 3.0 g/t Au. All HQ core assays reported were obtained by either whole sample rock metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, Briti...