New Found Commences Surface Trenching at Iceberg

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New Found Commences Surface Trenching at Iceberg

2024-07-03 18:31 Last Updated At：18:40

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jul 3, 2024--

New Found Gold Corp. (“ New Found ” or the “ Company ”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the initiation of surface trenching at the Iceberg Zone at its Queensway Project (“ Queensway ”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240703671356/en/

Highlights:

Table 1: Iceberg Near Surface Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 70% 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. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Keats Trench Update:

Greg Matheson, Chief Operating Officer of New Found, stated: “Trenching along a 200m strike length of the Keats Zone in late 2023 has yielded a great deal of geological information and significantly strengthened confidence in our sub surface 3-D models. Having the ability to observe large surface exposures of mineralization provides added confidence beyond what can be garnered from drilling alone, paving the way for more accurate modelling. We want to de-risk Iceberg in the same way by exposing the bedrock surface above the zone. Like Keats, Iceberg was blind, it does not outcrop at surface but rather exists under a thin layer of till cover.

“The ongoing systematic channel sampling program at Keats is expected to provide significant insights into the grade distribution across the vein network associated with the Keats-Baseline Fault where the vein model is now very well constrained as a result of having the trench exposure. The process of mapping and systematic sampling across our key zones is an important step and one easily accomplished at Queensway since many of our mineralized zones extend to the bedrock surface with limited cover. It is exciting to know we will have the first glimpse of Iceberg in a few weeks’ time.”

At-The-Market Quarterly Update

The Company is pleased to provide a quarterly update with respect to the Company’s at-the-market equity offering program (the “ ATM ”) implemented on August 26, 2022, pursuant to an equity distribution agreement (the “ Equity Distribution Agreement ”) with BMO Nesbitt Burns Inc., Paradigm Capital Inc. (together, the “ Canadian Agents ”) and BMO Capital Markets Corp. (the “ U.S. Agent ” and, together with the Canadian Agents, the “ Agents ”).

From the commencement of the ATM to June 30, 2024, the Company issued an aggregate of 9,539,695 common shares in the capital of the Company (the “ ATM Shares ”), through the facilities of the TSX Venture Exchange and NYSE American, at an average price per ATM Share of C$5.37. From March 31, 2024, to June 30, 2024, the Company issued 2,925,552 ATM Shares, at an average price per ATM Share of C$4.71, for aggregate gross proceeds of C$13,784,148. Pursuant to the Equity Distribution Agreement, a cash commission of C$323,927 was paid to the Agents in connection with the issuance of the ATM Shares during the last fiscal quarter, resulting in aggregate net proceeds of C$13,460,140.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated July 3, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

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 currently undertaking a 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $54 million as of July 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

Acknowledgements

New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

New Found Gold Corp.
Per: “Collin Kettell”
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; the Iceberg surface trenching program and the expected timing and benefits of such program; the detailed geological mapping program expected to follow the Iceberg surface trenching program and the timing thereof; the Keats high-density surface channel sampling program and the expected timing and benefits of such program; assay results; the interpretation of drilling and assay results, the results of drilling programs, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

Tropical Storm Beryl topples trees, floods highways and leaves more than 2M without power in Texas

2024-07-09 05:19 Last Updated At：05:22

HOUSTON (AP) — Tropical Storm Beryl sped across the Texas coast on Monday, leaving more than 2 million people and businesses without power in the Houston area and unleashing heavy rains that prompted dozens of high-water rescues. The fast-moving tempest threatened to carve a harsh path over several more states in coming days.

Within hours after Beryl swept ashore as a Category 1 hurricane, it had weakened into a tropical storm, far less powerful than the Category 5 behemoth that tore a deadly path of destruction through parts of Mexico and the Caribbean last weekend.

But the winds and rains of the fast-moving storm were still powerful enough to knock down hundreds of trees that had already been teetering in water-saturated earth and to strand dozens of cars on flooded roadways.

At least two people were killed when trees fell on homes, and the National Hurricane Center said damaging winds and flash flooding would continue as Beryl pushes inland. There were no immediate reports of widespread structural damage, however.

More than 2.2 million homes and businesses were without power around Houston, the nation's fourth-largest city, after Beryl blew through, according to the CenterPoint Energy utility. For many, it was an all-too-familiar experience: Powerful storms had just ripped through the area in May, killing eight people, leaving nearly 1 million without power and flooding numerous streets.

Residents without power after Beryl were doing their best.

“We haven’t really slept,” said Eva Costancio as she gazed at a large tree that had fallen across electric lines in her neighborhood in the Houston suburb of Rosenberg. Costancio, 67, said already been without power for several hours and worried that food in her refrigerator would be spoiled.

“We are struggling to have food and losing that food would be difficult,” she said.

Houston and Harris County officials said power crews would be sent into the area to restore service as quickly as possible, an urgent priority for homes also left without air conditioning in the middle of summer. Temperatures, which had cooled slightly with the storm, were expected to reach back into the 90s as early as Tuesday.

“While these efforts are full steam ahead, we want residents to know and prepare for a possible multi-day power outage," Galveston city officials said on Facebook. "The estimated timeline is anywhere from 72 hours to two weeks in parts of the island.”

Beryl's rains pounded Houston and other areas of the coast on Monday, reclosing streets in neighborhoods that had already been washed out by previous storms. Television stations on Monday broadcast the dramatic rescue of a man who had climbed to the roof of his pickup truck after it got trapped in fast-flowing waters. Emergency crews used an extension ladder from a fire truck to drop him a life preserver and a tether before moving him to dry land.

Houston officials reported at least 25 water rescues by Monday afternoon, mostly for people with vehicles stuck in floodwaters.

“First responders are putting their lives at risk. That’s what they’re trained for. It’s working,” Houston Mayor John Whitmire said.

Javier Mejia was one of about 20 people who gathered near the pickup truck rescue site to take pictures of other submerged vehicles sitting on the flooded highway.

“If you don’t have a way through, you’re going to get stuck like that,” Mejia said.

Having experienced previous storms in Houston, Mejia stocked up on food and water before Beryl hit, but forgot gas for his portable generator. He planned to spend the day looking for some.

“I don’t want it to go bad," he said of the food, adding that if he can't find gas, “We can just fire up the grill.”

Many streets and neighborhoods throughout Houston were littered with fallen branches and other debris. The buzz of chainsaws filled the air Monday afternoon as residents set to work chopping up knocked-down trees and big branches that had blocked streets and sidewalks.

Two people were killed after trees fell on their houses: a man in the Houston suburb of Humble and a woman in Harris County, authorities said. Hundreds of trees fell in the county, crushing vehicles and damaging homes, said Precinct 4 County Constable Mark Herman.

Texas Lt. Gov. Dan Patrick, who is acting governor while Gov. Greg Abbott is out of the country, warned that flooding could last for days as rain continued to fall on already saturated ground.

“This is not a one-day event,” he said.

President Joe Biden was getting regular updates on the storm after it made landfall, the White House said. The U.S. Coast Guard and FEMA had prepared search and rescue teams, and FEMA collected bottled water, meals, tarps and electric generators in case they are needed.

Several companies with refineries or industrial plants in the area reported that the power disruptions necessitated the flaring of gases at the facilities.

Marathon Petroleum Corp. said it conducted a “safe combustion of excess gases” at its Galveston Bay Refinery in Texas City, but did not provide information on the amount of gas flared or how long it would continue. Formosa Plastics Corporation and Freeport LNG also reported flaring related to Beryl, according to the Texas Commission on Environmental Quality.

Companies have 24 hours to share emissions data after the flaring stops, a representative from the TCEQ said in an email.

The earliest storm to develop into a Category 5 hurricane in the Atlantic, Beryl caused at least 11 deaths as it passed through the Caribbean on its way to Texas. The storm ripped off doors, windows and roofs with devastating winds and storm surge fueled by the Atlantic’s record warmth.

Three times during the week, Beryl gained 35 mph (56 kph) in wind speed in 24 hours or less, the official weather service definition of rapid intensification.

Beryl’s explosive growth into an unprecedented early whopper of a storm indicates the hot water of the Atlantic and Caribbean and what the Atlantic hurricane belt can expect for the rest of the storm season, experts said. In Jamaica, officials said Monday that island residents will have to contend with food shortages after Beryl destroyed over $6.4 million in crops and supporting infrastructure.

In Louisiana, heavy bands of rain were expected all day Monday and “the risk is going to be for that heavy rainfall and potential for flash flooding,” National Weather Service meteorologist Donald Jones said in a Monday morning Facebook Live briefing.

Meteorologists in Louisiana are watching for lingering rainbands, which could drop copious amounts of rain wherever they materialize, as well as “quick, spin-up tornadoes,” said Donald Jones, a National Weather Service meteorologist in Lake Charles, Louisiana.

“It’s just a matter of exactly where that’s going to be,” Jones said. “That’s very difficult to predict more than maybe an hour or so in advance.”

Beryl was forecast to bring more strong rain and winds into additional states over the coming days. One of those, Missouri was already dealing with a wet summer. Heavy rains unrelated to the storm prompted several water rescues around the city of Columbia, where rivers and creeks were already high ahead of Beryl's expected arrival on Tuesday.

Associated Press reporters Jim Vertuno in Austin, Texas; Corey Williams in Detroit; Julie Walker in New York; Melina Walling in Chicago; and Jeff Martin in Atlanta contributed to this report.