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New Found Identifies Continuation of the Keats-Baseline Fault Zone With 187 g/t Au Over 2.55m at "Iceberg Alley"

2024-03-26 06:30 ET - News Release


Company Website: https://newfoundgold.ca/
VANCOUVER, British Columbia -- (Business Wire)

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 38 diamond drill holes that were completed as part of a program designed to expand on a new discovery called ‘Iceberg Alley’ that is located 1km along strike of Iceberg, as well as 114 diamond drill holes that were completed to test a segment of the Keats Baseline Fault Zone (“KBFZ”) that trends under South Hermans Pond at the Keats Zone adjacent to the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,665 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240326753015/en/

Figure 1: Photos of mineralization from Left: at ~97.6m in NFGC-23-1730, Right: at 59.0m in NFGC-23-1941, Bottom Left: at ~63.3m in NFGC-23-1967, Bottom Right: at ~15.3m in NFGC-22-914 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-914, NFGC-23-1730, NFGC-23-1941, and NFGC-23-1967. (Photo: Business Wire)

Figure 1: Photos of mineralization from Left: at ~97.6m in NFGC-23-1730, Right: at 59.0m in NFGC-23-1941, Bottom Left: at ~63.3m in NFGC-23-1967, Bottom Right: at ~15.3m in NFGC-22-914 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-914, NFGC-23-1730, NFGC-23-1941, and NFGC-23-1967. (Photo: Business Wire)

Iceberg Alley Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-19271

90.50

93.00

2.50

28.95

Iceberg Alley

Including

90.50

91.45

0.95

42.20

Including

91.80

92.10

0.30

105.00

NFGC-23-19361

48.95

52.65

3.70

6.04

Iceberg Alley

Including

48.95

49.45

0.50

10.51

Including

52.00

52.65

0.65

21.51

NFGC-23-19411

58.20

60.75

2.55

186.71

Iceberg Alley

Including

58.80

59.55

0.75

632.42

NFGC-23-19721

60.40

63.70

3.30

9.51

Iceberg Alley

Including

61.55

62.05

0.50

14.80

Including

63.25

63.70

0.45

50.80

NFGC-24-20352

150.90

152.90

2.00

12.46

Iceberg Alley

Including

150.90

151.45

0.55

25.89

Including

152.10

152.90

0.80

10.62

Table 1: Iceberg Alley Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70%. 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.

  • The highlight interval of 187 g/t Au over 2.55m in NFGC-23-1941 is part of a newly discovered zone called Iceberg Alley that was intersected as part of a targeted program to follow the eastern continuation of the Keats-Iceberg-Iceberg East corridor along the high-grade KBFZ. Based on the fault characteristics observed at Iceberg Alley, as well as the zone’s orientation, intensity, and width of the damage zone, the Company’s preliminary interpretation indicates that it is another displaced segment of the KBFZ, in a northward direction.
  • Additional highlights from immediate follow-up drilling include 29.0 g/t Au over 2.50m in NFGC-23-1927, 9.51 g/t Au over 3.30m in NFGC-24-1972, and 12.5 g/t Au over 2.00m in NFGC-24-2035.
  • These intervals currently define a high-grade domain that spans 30m wide by 60m deep, starting close to surface. Follow-up drilling is planned at Iceberg Alley to follow this structure along strike to the east.

Keats Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-8861

192.15

194.20

2.05

23.82

Keats FW

Including

192.55

193.35

0.80

60.95

NFGC-22-8991

47.60

49.90

2.30

10.49

Keats Main

Including

47.60

48.05

0.45

38.94

NFGC-22-9141

11.85

26.15

14.30

1.71

Keats Main

Including

12.15

12.60

0.45

15.65

And4

578.25

584.00

5.75

7.85

Keats FW

Including

582.35

584.00

1.65

25.34

NFGC-22-9341

46.70

49.00

2.30

10.98

Keats Main

Including

46.70

47.35

0.65

37.63

NFGC-23-14872

13.95

25.25

11.30

1.15

Keats N

NFGC-23-17301

96.35

98.65

2.30

31.89

Keats N

Including

97.00

97.65

0.65

112.50

NFGC-23-17772

107.00

109.00

2.00

15.87

Keats FW

Including

108.00

109.00

1.00

31.40

NFGC-23-17934

85.30

87.55

2.25

12.52

Keats FW

Including

85.30

85.80

0.50

56.30

NFGC-23-18592

121.35

131.05

9.70

2.77

Keats N

Including

129.40

130.40

1.00

11.00

NFGC-23-18621

58.85

68.95

10.10

4.09

Keats Main

Including3

67.15

67.90

0.75

33.60

NFGC-23-19672

61.45

65.00

3.55

34.40

Keats FW

Including

63.25

64.05

0.80

148.96

Table 2: Keats Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40%. 4True widths are unknown at this time. 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.

  • At Keats, all results have now been received from a shallow step-out program that utilized a barge-mounted drill situated on South Hermans Pond. This program was designed to test the shallow continuation of the KBFZ that was inaccessible from land. Today’s results confirm the near-surface continuation of the Keats Main Zone, a gold-mineralized segment of the KBFZ that has a strike length of 575m and starts at surface.
  • Highlights from the barge program include 34.4 g/t Au over 3.55m in NFGC-23-1967 which is hosted by the East-West Vein, a known high-grade vein that was exposed by the Keats Trench and found to contain a high concentration of coarse gold (November 17, 2023). This interval is 275m along strike, west of the exposed segment in the trench.
  • Drilling from both the barge and from on-land extensions of drill holes originally targeting the Keats Main Zone expanded on a series of mineralized structures located between the Keats Main Zone and the AFZ. Within this domain of rock, there are several lower-grade structures that trend parallel to the AFZ but also contain domains of localized high-grade gold. Example highlight intervals include 1.71 g/t Au over 14.30m in NFGC-22-914 located ~350m down-dip of NFGC-22-825, containing 20.8 g/t Au over 2.00m and 11.6 g/t Au over 2.55m (December 5, 2022). NFGC-23-1777 located a further 155m along strike to the southwest graded 15.9 g/t Au over 2.00m. This area of mineralization immediately east of the AFZ remains poorly tested at depth and will be a focus of future deep drilling efforts.

Melissa Render, VP of Exploration of New Found, stated: “The high-grade intercepts at Iceberg Alley are very encouraging. This newly identified zone shares many features and characteristics with the KBFZ which is host to the high-grade Keats, Iceberg, and Iceberg East discoveries. Iceberg Alley was discovered in an attempt to extend Iceberg East to beyond the Road Zone and our preliminary interpretation indicates that Iceberg Alley likely represents another displaced segment of the KBFZ. The KBFZ is known to be important for concentrating high-grade gold and understanding the location of this fault is significant for ongoing exploration targeting.

“Meanwhile, at Keats, we have now received all of the results from the barge program and we are pleased with the outcome, adding critical information and delineating the up-dip extent of mineralization associated with the Keats-Baseline Fault Zone underneath South Hermans Pond in addition to adding continuity and extent to the series of gold mineralized structures that exist between the Keats Main Zone and the AFZ (Keats Footwall). This program was completed on time, on budget, and with no incidents. Exploration will now test the down-dip extensions of these structures and target areas where they potentially interact with structures interpreted in the seismic data.”

Drillhole Details

 

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-21-842*

87.00

89.25

2.25

1.15

Keats Main

And1*

101.40

106.50

5.10

1.17

And1*

155.00

157.15

2.15

1.12

Keats FW

And2

264.35

270.15

5.80

3.86

Keats N

Including

264.35

264.85

0.50

30.36

NFGC-21-1041*

214.50

225.90

11.40

29.11

Keats Main

Including*

214.50

215.10

0.60

89.40

Including*

216.00

217.10

1.10

236.21

And2

253.80

256.40

2.60

2.40

Keats FW

And4

347.45

354.95

7.50

1.65

And4

390.05

392.60

2.55

1.50

And4

445.45

447.55

2.10

3.66

NFGC-21-3241*

96.20

99.45

3.25

2.14

Keats Main

And1*

103.00

105.00

2.00

1.34

And1*

115.70

119.20

3.50

2.48

Including*

115.70

117.90

2.20

3.35

And4*

314.90

317.30

2.40

9.68

Keats FW

Including*

315.90

316.40

0.50

46.35

And4*

329.90

333.30

3.40

1.57

And4*

336.20

340.55

4.35

1.31

And4*

344.15

346.70

2.55

2.18

And4*

352.00

354.70

2.70

3.23

And4

370.65

372.70

2.05

2.41

NFGC-21-410B1*

139.65

142.00

2.35

1.18

Keats Main

And1*

174.20

176.50

2.30

1.81

And4

407.00

409.45

2.45

1.01

Keats FW

NFGC-22-8292

18.00

21.40

3.40

1.58

Keats N

And2

237.65

240.15

2.50

1.03

NFGC-22-8383

26.85

28.85

2.00

1.12

Keats N

NFGC-22-862

No Significant Values

Keats Main

NFGC-22-8694

644.00

648.30

4.30

1.06

Keats Main

And2

703.00

705.00

2.00

1.17

And4

741.00

743.00

2.00

3.55

NFGC-22-8781

126.00

128.00

2.00

1.37

Keats Main

And4

292.00

294.00

2.00

2.08

NFGC-22-8861

192.15

194.20

2.05

23.82

Keats FW

Including

192.55

193.35

0.80

60.95

And1

262.90

265.00

2.10

1.10

And1

302.00

304.00

2.00

1.88

NFGC-22-8871

59.30

63.60

4.30

6.28

Keats Main

Including

59.30

60.30

1.00

14.35

Including

62.45

62.95

0.50

10.36

And1

159.80

162.00

2.20

2.43

And4

216.00

218.00

2.00

2.11

Keats FW

NFGC-22-8894

453.80

456.20

2.40

1.95

Keats HW

And4

625.60

627.80

2.20

1.91

Keats Main

NFGC-22-8903

15.00

17.00

2.00

1.59

Keats FW

And3

51.00

53.00

2.00

1.60

And4

171.00

174.00

3.00

2.36

And4

190.00

192.00

2.00

8.77

NFGC-22-8991

47.60

49.90

2.30

10.49

Keats Main

Including

47.60

48.05

0.45

38.94

And3

72.50

77.00

4.50

2.80

And3

91.00

93.00

2.00

1.71

And2

105.00

107.00

2.00

1.06

NFGC-22-9031

132.75

135.00

2.25

1.15

Keats S

NFGC-22-9141

11.85

26.15

14.30

1.71

Keats Main

Including

12.15

12.60

0.45

15.65

And4

293.80

296.20

2.40

1.40

Keats FW

And4

578.25

584.00

5.75

7.85

Including

582.35

584.00

1.65

25.34

And4

597.75

600.80

3.05

1.00

NFGC-22-9164

44.00

46.65

2.65

6.03

Keats Main

Including

46.00

46.65

0.65

24.34

And1

55.35

57.40

2.05

1.23

NFGC-22-9341

46.70

49.00

2.30

10.98

Keats Main

Including

46.70

47.35

0.65

37.63

And1

53.75

59.80

6.05

1.17

And2

73.85

77.00

3.15

1.44

NFGC-22-991

No Significant Values

Keats N

NFGC-22-10684

234.50

237.00

2.50

1.16

Keats Main

And4

249.10

251.55

2.45

4.56

Including

249.10

250.00

0.90

11.68

NFGC-23-10991

78.70

80.80

2.10

1.21

421

And1

88.50

90.55

2.05

2.29

NFGC-23-11401

89.75

92.00

2.25

1.61

421

NFGC-23-1457

No Significant Values

Keats N

NFGC-23-1474

No Significant Values

Keats N

NFGC-23-14792

16.10

20.30

4.20

1.04

Keats N

And2

28.55

33.15

4.60

1.12

And3

56.65

60.00

3.35

5.62

Including

57.65

58.40

0.75

11.33

NFGC-23-14872

13.95

25.25

11.30

1.15

Keats N

And3

47.20

49.50

2.30

1.51

NFGC-23-15021

25.45

28.00

2.55

1.17

Keats N

NFGC-23-1504

No Significant Values

Keats N

NFGC-23-1510

No Significant Values

Keats N

NFGC-23-1513

No Significant Values

421

NFGC-23-1527

No Significant Values

421

NFGC-23-1547

No Significant Values

421

NFGC-23-15561

60.00

62.25

2.25

2.34

421

NFGC-23-1560

No Significant Values

421

NFGC-23-1565

No Significant Values

421

NFGC-23-1638

No Significant Values

Keats N

NFGC-23-1643

No Significant Values

Keats N

NFGC-23-16521

80.15

82.20

2.05

1.07

Keats N

NFGC-23-1665

No Significant Values

Keats N

NFGC-23-1672

No Significant Values

Keats N

NFGC-23-1674

No Significant Values

Keats N

NFGC-23-16791

133.30

135.85

2.55

3.01

Keats N

NFGC-23-16851

113.00

115.30

2.30

1.36

Keats N

And1

138.50

140.70

2.20

1.66

NFGC-23-1692

No Significant Values

Keats N

NFGC-23-1695

No Significant Values

Keats N

NFGC-23-1699

No Significant Values

Keats N

NFGC-23-1702

No Significant Values

Keats N

NFGC-23-17111

172.80

175.30

2.50

4.48

Keats N

Including

173.70

174.35

0.65

15.00

NFGC-23-17171

132.10

134.85

2.75

4.54

Keats N

Including

134.00

134.85

0.85

11.81

NFGC-23-1723

No Significant Values

Keats N

NFGC-23-17301

75.15

78.05

2.90

1.03

Keats N

And1

96.35

98.65

2.30

31.89

Including

97.00

97.65

0.65

112.50

NFGC-23-17371

102.50

105.00

2.50

2.05

Keats N

NFGC-23-1739

No Significant Values

Keats N

NFGC-23-1749

No Significant Values

Keats N

NFGC-23-17533

48.60

51.40

2.80

1.03

Keats FW

And2

95.10

101.35

6.25

1.25

NFGC-23-17601

59.35

61.50

2.15

1.00

Keats FW

NFGC-23-1767

No Significant Values

Keats FW

NFGC-23-1770

No Significant Values

Keats FW

NFGC-23-1774

No Significant Values

Keats FW

NFGC-23-17772

65.90

68.25

2.35

6.01

Keats FW

Including

65.90

66.65

0.75

18.10

And2

96.00

98.00

2.00

1.69

And2

107.00

109.00

2.00

15.87

Including

108.00

109.00

1.00

31.40

And2

137.15

140.90

3.75

1.19

NFGC-23-17821

94.25

96.40

2.15

1.88

Keats FW

NFGC-23-17871

81.70

83.70

2.00

1.17

Keats N

And2

103.60

105.80

2.20

1.08

And1

113.00

116.80

3.80

1.23

NFGC-23-17934

85.30

87.55

2.25

12.52

Keats FW

Including

85.30

85.80

0.50

56.30

And4

174.90

179.00

4.10

1.46

NFGC-23-1795

No Significant Values

Keats N

NFGC-23-17981

94.20

96.75

2.55

1.25

Keats N

NFGC-23-1804

No Significant Values

Keats FW

NFGC-23-1808

No Significant Values

Keats N

NFGC-23-1815

No Significant Values

Keats FW

NFGC-23-18193

57.85

62.95

5.10

2.00

Keats Main

And3

93.75

95.75

2.00

2.11

NFGC-23-1824

No Significant Values

Keats FW

NFGC-23-1825

No Significant Values

Keats FW

NFGC-23-1830

No Significant Values

Keats FW

NFGC-23-1831

No Significant Values

Keats HW

NFGC-23-1834

No Significant Values

Keats FW

NFGC-23-1839

No Significant Values

Keats FW

NFGC-23-1840

No Significant Values

Keats HW

NFGC-23-1845

No Significant Values

Keats FW

NFGC-23-18492

29.60

31.70

2.10

6.11

Keats Main

Including

31.00

31.70

0.70

16.56

NFGC-23-1850

No Significant Values

421

NFGC-23-18512

21.00

23.50

2.50

1.04

Keats N

NFGC-23-1854

No Significant Values

Keats Main

NFGC-23-1856

No Significant Values

421

NFGC-23-18572

11.40

14.30

2.90

1.07

Keats Main

And2

18.50

20.80

2.30

1.21

NFGC-23-18592

121.35

131.05

9.70

2.77

Keats N

Including

129.40

130.40

1.00

11.00

NFGC-23-18623

11.50

13.85

2.35

1.03

Keats Main

And1

58.85

68.95

10.10

4.09

Including

67.15

67.90

0.75

33.60

And1

78.15

80.95

2.80

1.87

NFGC-23-1863

No Significant Values

Keats S

NFGC-23-18674

26.90

29.40

2.50

1.40

Keats Main

And2

35.60

40.40

4.80

1.35

And1

99.10

101.65

2.55

1.78

NFGC-23-18753

30.85

33.10

2.25

1.12

Keats Main

NFGC-23-1878

No Significant Values

421

NFGC-23-18824

153.55

155.90

2.35

1.84

Keats FW

NFGC-23-18921

77.55

80.50

2.95

1.80

Keats N

NFGC-23-1896

No Significant Values

Keats N

NFGC-23-19011

37.85

39.85

2.00

4.14

Keats N

NFGC-23-19062

27.80

30.00

2.20

1.16

Keats FW

NFGC-23-1907

No Significant Values

Keats N

NFGC-23-1911

No Significant Values

Keats FW

NFGC-23-19163

69.65

74.25

4.60

1.01

Keats Main

NFGC-23-19231

62.40

70.00

7.60

1.68

Keats Main

Including

67.40

68.00

0.60

10.50

And1

83.00

89.25

6.25

1.98

Including

83.00

83.50

0.50

14.95

NFGC-23-19294

26.75

30.55

3.80

1.70

Keats N

NFGC-23-1930

No Significant Values

Keats Main

NFGC-23-19341

76.35

79.10

2.75

1.43

Keats Main

And2

100.95

104.15

3.20

1.77

NFGC-23-19372

88.60

90.60

2.00

1.14

Keats Main

NFGC-23-19441

39.90

41.95

2.05

1.25

Keats Main

And1

44.80

47.40

2.60

1.25

NFGC-23-1947

No Significant Values

Keats N

NFGC-23-19493

60.00

62.50

2.50

1.62

Keats FW

NFGC-23-1953

No Significant Values

Keats FW

NFGC-23-19583

61.85

64.00

2.15

1.16

Keats Main

And3

77.55

81.20

3.65

2.92

Including

80.45

81.20

0.75

10.40

NFGC-23-1961

No Significant Values

Keats FW

NFGC-23-19672

61.45

65.00

3.55

34.40

Keats FW

Including

63.25

64.05

0.80

148.96

NFGC-23-19694

23.00

25.75

2.75

1.44

Keats FW

NFGC-23-19744

42.10

45.40

3.30

1.88

Keats FW

NFGC-23-19783

42.75

45.65

2.90

1.07

Keats N

And3

73.50

77.45

3.95

1.09

And1

123.65

126.65

3.00

1.31

NFGC-23-19842

41.25

44.65

3.40

2.10

Keats N

NFGC-23-19892

56.60

63.40

6.80

1.20

Keats N

NFGC-23-14224

75.25

77.30

2.05

2.37

Road

NFGC-23-18971

149.50

152.00

2.50

1.80

Iceberg Alley

NFGC-23-1905

No Significant Values

Iceberg Alley

NFGC-23-19101

58.75

60.75

2.00

17.68

Iceberg Alley

NFGC-23-1917

No Significant Values

Iceberg Alley

NFGC-23-19271

90.50

93.00

2.50

28.95

Iceberg Alley

Including

90.50

91.45

0.95

42.20

Including

91.80

92.10

0.30

105.00

NFGC-23-19331

98.30

101.15

2.85

1.14

Iceberg Alley

NFGC-23-19361

48.95

52.65

3.70

6.04

Iceberg Alley

Including

48.95

49.45

0.50

10.51

Including

52.00

52.65

0.65

21.51

NFGC-23-19411

58.20

60.75

2.55

186.71

Iceberg Alley

Including

58.80

59.55

0.75

632.42

 

NFGC-23-1948

No Significant Values

Iceberg Alley

NFGC-23-1954

No Significant Values

Iceberg Alley

NFGC-23-1959

No Significant Values

Iceberg Alley

NFGC-23-1963

No Significant Values

Iceberg Alley

NFGC-23-19721

60.40

63.70

3.30

9.51

Iceberg Alley

Including

61.55

62.05

0.50

14.80

Including

63.25

63.70

0.45

50.80

NFGC-23-19761

60.45

62.55

2.10

3.58

Iceberg Alley

 

Including

60.45

60.80

0.35

18.65

NFGC-23-19801

72.20

74.40

2.20

2.96

Iceberg Alley

NFGC-23-1983

No Significant Values

Iceberg Alley

NFGC-23-1988

No Significant Values

Iceberg Alley

NFGC-23-1991

No Significant Values

Iceberg Alley

NFGC-23-1994

No Significant Values

Iceberg Alley

NFGC-23-1995

No Significant Values

Iceberg Alley

NFGC-23-1998

No Significant Values

Iceberg Alley

NFGC-23-2001

No Significant Values

Iceberg Alley

NFGC-23-2005

No Significant Values

Iceberg Alley

NFGC-24-2006

No Significant Values

Iceberg Alley

NFGC-24-20121

106.25

108.65

2.40

1.37

Iceberg Alley

NFGC-24-2016

No Significant Values

Iceberg Alley

NFGC-24-2022

No Significant Values

Iceberg Alley

NFGC-24-2023

No Significant Values

Iceberg Alley

NFGC-24-2032

No Significant Values

Iceberg Alley

NFGC-24-20352

150.90

152.90

2.00

12.46

Iceberg Alley

 

Including

150.90

151.45

0.55

25.89

Including

152.10

152.90

0.80

10.62

NFGC-24-2040

No Significant Values

Iceberg Alley

NFGC-24-2044

No Significant Values

Iceberg Alley

NFGC-24-2046

No Significant Values

Iceberg Alley

NFGC-24-2052

No Significant Values

Iceberg Alley

NFGC-24-2054

No Significant Values

Road

NFGC-24-2065

No Significant Values

Iceberg Alley

NFGC-24-20754

125.55

129.25

3.70

2.45

Iceberg Alley

And4

135.50

137.50

2.00

1.33

And4

146.25

148.65

2.40

1.39

Table 3: Summary of composite results reported in this press release for Keats and Iceberg Alley

Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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. *Previously reported interval.

Hole No.

Dip (°)

Azimuth (°)

Length (m)

UTM E

UTM N

Prospect

NFGC-21-104

-45

300

471

658208

5427295

Keats

NFGC-21-324

-45.5

299

515

658067

5427348

Keats

NFGC-21-410B

-46.5

297

542

658075

5427285

Keats

NFGC-21-84

-45

300

362

658253

5427490

Keats

NFGC-22-1068

-90

0

296

658058

5427279

Keats

NFGC-22-829

-45

300

299

658311

5427813

Keats North

NFGC-22-838

-45

300

440

658150

5427590

Keats North

NFGC-22-862

-45

297

407

657800

5426839

Keats South

NFGC-22-869

-47

338

836

657845

5426815

Keats South

NFGC-22-878

-45

300

387

657844

5426936

Keats South

NFGC-22-886

-49

132

417

657887

5427612

Keats

NFGC-22-887

-57

10

228

657913

5427243

Keats

NFGC-22-889

-46

297

881

657842

5426410

Keats South

NFGC-22-890

-45

300

482

658151

5427559

Keats

NFGC-22-899

-45

345

150

657912

5427244

Keats

NFGC-22-903

-79

305

821

657801

5426839

Keats South

NFGC-22-914

-45

300

614

658199

5427532

Keats

NFGC-22-916

-56

350

240

657895

5427200

Keats

NFGC-22-934

-45

275

144

657894

5427200

Keats

NFGC-22-991

-45

300

581

658480

5428005

Keats North

NFGC-23-1099

-53

329

152

657756

5426958

Keats South

NFGC-23-1140

-45

300

188

657790

5427056

Keats South

NFGC-23-1422

-45

334

101

658980

5428285

Road

NFGC-23-1457

-45

32

48

658127

5427603

Keats North

NFGC-23-1474

-45

90

47

658129

5427602

Keats North

NFGC-23-1479

-78

355

95

658115

5427580

Keats North

NFGC-23-1487

-68

18

74

658114

5427581

Keats North

NFGC-23-1502

-76

68

62

658115

5427581

Keats North

NFGC-23-1504

-53

82

71

658115

5427581

Keats North

NFGC-23-1510

-62

127

74

658116

5427580

Keats North

NFGC-23-1513

-48

60

200

657889

5427018

Keats South

NFGC-23-1527

-45

70

113

657884

5426987

Keats South

NFGC-23-1547

-49

61

137

657823

5426971

Keats South

NFGC-23-1556

-45

70

101

657917

5426947

Keats South

NFGC-23-1560

-50

64

176

657891

5426900

Keats South

NFGC-23-1565

-45

51

212

657846

5426814

Keats South

NFGC-23-1638

-45

120

74

658100

5427681

Keats

NFGC-23-1643

-67

120

89

658100

5427681

Keats North

NFGC-23-1652

-45

120

203

658117

5427710

Keats North

NFGC-23-1665

-65

120

80

658117

5427710

Keats North

NFGC-23-1672

-45.5

119

128

658061

5427713

Keats West

NFGC-23-1674

-56

119

152

658060

5427713

Keats West

NFGC-23-1679

-70

119

182

658060

5427713

Keats West

NFGC-23-1685

-45.5

119

179

658069

5427679

Keats North

NFGC-23-1692

-60

120

155

658069

5427680

Keats North

NFGC-23-1695

-45.5

120

128

658055

5427663

Keats North

NFGC-23-1699

-58

120

143

658055

5427663

Keats North

NFGC-23-1702

-45

120

158

658020

5427649

Keats West

NFGC-23-1711

-60

88

185

658023

5427647

Keats West

NFGC-23-1717

-45

120

182

658009

5427627

Keats West

NFGC-23-1723

-65

120

155

658009

5427627

Keats West

NFGC-23-1730

-45

100

149

658034

5427584

Keats North

NFGC-23-1737

-45.5

165

122

658042

5427585

Keats North

NFGC-23-1739

-45.5

120

176

657984

5427581

Keats West

NFGC-23-1749

-67

120

140

657984

5427581

Keats West

NFGC-23-1753

-83

120

125

657984

5427581

Keats West

NFGC-23-1760

-45

120

125

657954

5427540

Keats

NFGC-23-1767

-80

120

131

657956

5427540

Keats

NFGC-23-1770

-45

75

83

657993

5427517

Keats

NFGC-23-1774

-45

68

83

657990

5427527

Keats

NFGC-23-1777

-80

120

185

657929

5427517

Keats

NFGC-23-1782

-45

120

128

657929

5427516

Keats

NFGC-23-1787

-45

120

140

657998

5427523

Keats

NFGC-23-1793

-68

155

182

657998

5427527

Keats

NFGC-23-1795

-62

120

219

658287

5427901

Keats North

NFGC-23-1798

-54

155

110

658036

5427582

Keats North

NFGC-23-1804

-47

120

137

658034

5427584

Keats North

NFGC-23-1808

-54

105

137

658032

5427584

Keats North

NFGC-23-1815

-45

65

50

657877

5427296

Keats

NFGC-23-1819

-48

44

110

657861

5427280

Keats

NFGC-23-1824

-54

7

69

657862

5427275

Keats

NFGC-23-1825

-45

300

122

657854

5427278

Keats

NFGC-23-1830

-46

274

137

657857

5427279

Keats

NFGC-23-1831

-45

125

123

658194

5427015

Keats

NFGC-23-1834

-45

225

101

657855

5427274

Keats

NFGC-23-1839

-70

340

80

657890

5427325

Keats

NFGC-23-1840

-45

125

225

658139

5427047

Keats

NFGC-23-1845

-45

300

149

657886

5427326

Keats

NFGC-23-1849

-45

68

86

657894

5427326

Keats

NFGC-23-1850

-45

10

81

658074

5426897

Keats South

NFGC-23-1851

-45.5

299

135

658355

5427788

Keats North

NFGC-23-1854

-55

106

93

657890

5427328

Keats

NFGC-23-1856

-45

135

165

658075

5426895

Keats South

NFGC-23-1857

-60

85

98

657865

5427276

Keats

NFGC-23-1859

-45

299

140

658333

5427772

Keats North

NFGC-23-1862

-72

27

101

657864

5427271

Keats

NFGC-23-1863

-45

85

249

658077

5426898

Keats South

NFGC-23-1867

-88

35

116

657865

5427272

Keats

NFGC-23-1875

-75

319

143

657855

5427269

Keats

NFGC-23-1878

-45

95

177

657904

5426895

Keats South

NFGC-23-1882

-72

292

185

657861

5427280

Keats

NFGC-23-1892

-52

115

116

658062

5427608

Keats North

NFGC-23-1896

-62

115

122

658062

5427608

Keats North

NFGC-23-1897

-46

345

206

659080

5428468

Iceberg Alley

NFGC-23-1901

-45

120

95

657935

5427488

Keats

NFGC-23-1905

-45

300

77

659080

5428585

Iceberg Alley

NFGC-23-1906

-46

120

71

657969

5427449

Keats

NFGC-23-1907

-45

300

116

658309

5427757

Keats North

NFGC-23-1910

-60.5

14.5

98

659081

5428585

Iceberg Alley

NFGC-23-1911

-45

300

101

657962

5427451

Keats

NFGC-23-1916

-50

120

131

657880

5427368

Keats

NFGC-23-1917

-65

302

230

659137

5428550

Iceberg Alley

NFGC-23-1923

-45.5

120

152

657843

5427329

Keats

NFGC-23-1927

-47

329

149

659137

5428551

Iceberg Alley

NFGC-23-1929

-45

299

318

658297

5427735

Keats North

NFGC-23-1930

-68

138

149

657843

5427327

Keats

NFGC-23-1933

-42

353

152

659137

5428551

Iceberg Alley

NFGC-23-1934

-45.5

156

113

657841

5427327

Keats

NFGC-23-1936

-45

325

77

659127

5428614

Iceberg Alley

NFGC-23-1937

-49

195

131

657844

5427324

Keats

NFGC-23-1941

-70

306

86

659127

5428614

Iceberg Alley

NFGC-23-1944

-45.5

121

71

657907

5427365

Keats

NFGC-23-1947

-45

299

164

658278

5427746

Keats North

NFGC-23-1948

-42

6

95

659128

5428616

Iceberg Alley

NFGC-23-1949

-45.5

121

107

657901

5427398

Keats

NFGC-23-1953

-65

341

104

657925

5427390

Keats

NFGC-23-1954

-51

333

92

659148

5428601

Iceberg Alley

NFGC-23-1958

-45

120

86

657935

5427410

Keats

NFGC-23-1959

-43

5

98

659149

5428602

Iceberg Alley

NFGC-23-1961

-45

120

92

657931

5427439

Keats

NFGC-23-1963

-64

5

95

659149

5428601

Iceberg Alley

NFGC-23-1967

-70

340

80

657939

5427407

Keats

NFGC-23-1969

-45

300

89

657903

5427397

Keats

NFGC-23-1972

-42

12

80

659081

5428586

Iceberg Alley

NFGC-23-1974

-45

300

116

657934

5427412

Keats

NFGC-23-1976

-45

338

104

659080

5428586

Iceberg Alley

NFGC-23-1978

-45

120

215

658172

5427880

Keats North

NFGC-23-1980

-65

323

92

659081

5428585

Iceberg Alley

NFGC-23-1983

-45

336

107

659055

5428602

Iceberg Alley

NFGC-23-1984

-45

94

122

658175

5427881

Keats North

NFGC-23-1988

-45

336

77

659070

5428623

Iceberg Alley

NFGC-23-1989

-45.5

78

137

658176

5427839

Keats North

NFGC-23-1991

-45

336

71

659095

5428629

Iceberg Alley

NFGC-23-1994

-45

336

50

659115

5428647

Iceberg Alley

NFGC-23-1995

-43

316

138

659136

5428551

Iceberg Alley

NFGC-23-1998

-57

317

149

659137

5428551

Iceberg Alley

NFGC-23-2001

-59

344

134

659137

5428552

Iceberg Alley

NFGC-23-2005

-61

336

146

659069

5428532

Iceberg Alley

NFGC-24-2006

-46

335

125

659069

5428533

Iceberg Alley

NFGC-24-2012

-66

3

146

659072

5428533

Iceberg Alley

NFGC-24-2016

-48

314

143

659071

5428534

Iceberg Alley

NFGC-24-2022

-65

20

59

659118

5428647

Iceberg Alley

NFGC-24-2023

-59

310

221

659028

5428384

Iceberg Alley

NFGC-24-2032

-45

327

164

658991

5428411

Iceberg Alley

NFGC-24-2035

-62.5

350

173

658991

5428411

Iceberg Alley

NFGC-24-2040

-60

320

122

658949

5428406

Iceberg Alley

NFGC-24-2044

-42

314

74

658968

5428452

Iceberg Alley

NFGC-24-2046

-70

344

152

658909

5428380

Iceberg Alley

NFGC-24-2052

-49

318

95

658909

5428381

Iceberg Alley

NFGC-24-2054

-57

2

215

658916

5428318

Road

NFGC-24-2065

-70.5

256

244

659050

5428486

Iceberg Alley

NFGC-24-2075

-66

295

239

659078

5428467

Iceberg Alley

Table 4: Details of drill holes reported in this press release

Queensway 650,000m Drill Program Update

The Company is currently undertaking a 650,000m drill program at Queensway and approximately 3,500m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”) since June 2022. As of February 2024, gold analysis at ALS has been performed by photon assay. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay and photon assay methods.

Drill core samples are also submitted to MSA in Val-d’Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photon assay method.

At ALS for fire assay, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire-assayed, and two splits of the fine fraction (sized less than 106 microns) are fire-assayed. The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For “routine” samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

At MSA, the entire sample is crushed to approximately 70% passing 2mm. For “routine” samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill one 450g jar for photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is weighed into multiple jars and submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found’s quality control protocols.

New Found’s quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

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 March 26, 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 $49 million as of March 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.

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; assay results; the interpretation of drilling and assay results, the results of the drilling program, 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”, “demonstrates”, “encouraging”, “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 assay results and the drilling program, 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.

Contacts:

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

Source: New Found Gold Corp.

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