Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries New Found Intercepts 36 g/t Au Over 16.7m, 34 g/t Au Over 14.7m, 43 g/t Au Over 7.35m & 41 g/t Au Over 5.85m at Iceberg By: New Found Gold Corp. via Business Wire March 13, 2024 at 06:30 AM EDT New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 61 diamond drill holes that were completed as part of a program designed to infill gaps, extend high-grade to surface, and test opposing vein orientations to the main east-northeast striking orientation of the Keats-Baseline Fault Zone at Iceberg-Iceberg East, a high-grade zone located 300m northeast of Keats along the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,662 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/20240313762569/en/Figure 1: Photos of mineralization from Left: at ~112.30m in NFGC-23-1323, Right: at 79.25m in NFGC-23-1766 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1323 and NFGC-23-1766. (Photo: Business Wire) Iceberg and Iceberg East Highlights: Hole No. From (m) To (m) Interval (m) Au (g/t) Zone NFGC-23-13231 109.00 125.70 16.70 12.56 Iceberg Including 112.25 113.50 1.25 132.84 Including 120.65 121.60 0.95 24.30 NFGC-23-16132 25.20 27.45 2.25 24.89 Iceberg East Including 27.15 27.45 0.30 168.52 NFGC-23-17462 50.80 58.15 7.35 42.80 Iceberg Including 51.60 53.40 1.80 172.02 NFGC-23-17662 55.35 65.00 9.65 4.89 Iceberg Including 59.00 60.90 1.90 18.47 NFGC-23-18051 62.15 64.70 2.55 21.06 Iceberg And1 70.70 82.15 11.45 3.96 Including 73.45 74.45 1.00 12.75 NFGC-23-18201 45.30 62.00 16.70 36.18 Iceberg Including1 46.10 52.00 5.90 43.85 Including1 53.00 56.40 3.40 78.82 Including2 59.00 61.00 2.00 24.55 And2 68.30 81.45 13.15 15.50 Including 71.40 72.15 0.75 21.00 Including 74.00 75.80 1.80 88.76 NFGC-23-18271 87.50 102.20 14.70 33.68 Iceberg Including1 90.20 92.20 2.00 229.26 Including2 99.50 101.00 1.50 12.59 NFGC-23-18381 14.10 19.95 5.85 40.51 Iceberg Including 14.10 14.80 0.70 278.00 Including 18.40 19.95 1.55 22.56 NFGC-23-18431 27.50 29.65 2.15 22.10 Iceberg Including 27.50 27.85 0.35 27.69 Including 28.40 29.25 0.85 36.84 NFGC-23-18731 35.00 37.45 2.45 27.77 Iceberg Including 36.45 37.05 0.60 110.50 And4 104.60 109.10 4.50 13.19 Including 104.60 105.25 0.65 13.80 Including 107.50 109.10 1.60 29.34 NFGC-23-19141 29.00 41.80 12.80 13.86 Iceberg Including1 31.60 32.20 0.60 27.90 Including1 33.85 35.40 1.55 69.10 Including2 40.50 41.00 0.50 61.40 And2 51.25 53.65 2.40 14.69 Including 52.20 53.00 0.80 42.30 NFGC-23-19521 14.70 16.90 2.20 21.39 Iceberg East Including 15.70 16.30 0.60 77.20 And1 23.00 25.15 2.15 11.04 Including 23.00 23.55 0.55 25.80 NFGC-23-19661 179.00 181.00 2.00 16.12 Iceberg Including 180.00 181.00 1.00 31.68 NFGC-23-19771 121.40 129.35 7.95 10.39 Iceberg Including 121.40 122.65 1.25 33.98 Including 125.00 125.45 0.45 77.68 And2 146.35 160.60 14.25 2.59 Including 155.10 155.95 0.85 12.34 Including 157.15 157.70 0.55 20.81 Table 1: Iceberg and Iceberg East Drilling Highlights 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. 36.2 g/t Au over 16.70m in NFGC-23-1820 and 33.7 g/t Au over 14.70m in NFGC-23-1827 are located approximately 45m apart within the high-grade domain of Iceberg where a confluence of high-grade gold veins and associated structures intersect. These holes were drilled from the west to the east to better test this secondary set of gold veins that are partly controlling the high-grade mineralization in this segment of the Keats-Baseline Fault Zone (“KBFZ”) and to gain a better understanding of their orientations and true widths. 40.5 g/t Au over 5.85m in NFGC-23-1838 and 13.9 g/t Au over 12.80m in NFGC-23-1914 are located at a vertical depth of just 20m and were designed to extend high-grade gold mineralization to surface at Iceberg. These holes are located 50m to the south and 150m to the north of NFGC-23-1820, respectively. Other notable intercepts from today’s release include 12.6 g/t Au over 16.70m in NFGC-23-1323 and 42.8 g/t Au over 7.35m in NFGC-23-1746, located 25m and 80m along strike to the north of NFGC-23-1820. The intercept of 24.9 g/t Au over 2.25m in NFGC-23-1613 is located a further 530m to the east at the far eastern extent of Iceberg East. The near-surface Iceberg-Iceberg East high-grade segment of the KBFZ has a strike length of 655m. When combined with the 400m high-grade segment of Keats Main, this near-surface, high-grade corridor covers over 1km of strike. This domain of high-grade occurs within the overall KBFZ, a gold mineralized damage zone that is drill-defined over 1.9km of strike, where it remains open. Melissa Render, VP of Exploration of New Found, stated: “Infill and definition drilling at Iceberg and Iceberg East have provided us with a comprehensive picture of the near-surface expression of this portion of the KBFZ, including the geometries of the veins at play and the controls on high-grade gold mineralization. The KBFZ has demonstrated several times over that it is a very important structure, with the majority of meters used to date to test only the top 250m vertical. The Company has now expanded the program at Iceberg-Iceberg east utilizing the seismic data to assist in targeting additional domains of gold mineralization within the KBFZ at depth.” Drillhole Details Hole No. From (m) To (m) Interval (m) Au (g/t) Zone NFGC-21-194 No Significant Values Iceberg NFGC-22-10654 20.10 22.40 2.30 7.39 Iceberg Including 21.85 22.40 0.55 30.45 NFGC-22-10691 4.65 7.20 2.55 3.03 Iceberg Including 5.80 6.20 0.40 13.89 And1 16.70 19.00 2.30 1.90 NFGC-23-11521 158.35 161.00 2.65 1.09 Iceberg NFGC-23-11774 25.85 28.05 2.20 1.38 Keats N And4 66.55 68.95 2.40 1.02 Iceberg And1 113.45 118.95 5.50 1.76 And4 129.70 132.20 2.50 1.18 NFGC-23-13231 109.00 125.70 16.70 12.56 Iceberg Including 112.25 113.50 1.25 132.84 Including 120.65 121.60 0.95 24.30 NFGC-23-13281 15.45 17.80 2.35 6.18 Iceberg East Including 15.45 16.00 0.55 11.34 Including 17.30 17.80 0.50 16.56 And1 37.40 40.75 3.35 2.16 NFGC-23-13401 132.15 135.75 3.60 8.39 Iceberg Including 132.15 133.10 0.95 22.63 And3 143.80 156.35 12.55 1.05 And3 184.00 186.50 2.50 1.07 NFGC-23-13581 212.80 216.40 3.60 2.01 Iceberg NFGC-23-14041 109.65 121.15 11.50 1.94 Iceberg Including 119.75 120.15 0.40 29.23 NFGC-23-14274 132.90 134.95 2.05 1.11 Iceberg And4 158.80 161.25 2.45 1.27 And4 165.25 168.35 3.10 1.75 And1 213.95 216.30 2.35 1.58 And1 220.00 222.50 2.50 1.04 NFGC-23-1436 No Significant Values Iceberg East NFGC-23-14431 162.85 165.30 2.45 1.06 Iceberg NFGC-23-14452 61.45 66.40 4.95 2.53 Iceberg NFGC-23-14891 157.00 159.90 2.90 1.10 Iceberg East NFGC-23-15143 115.70 118.00 2.30 1.43 Iceberg East NFGC-23-15251 97.00 99.20 2.20 1.70 Iceberg East NFGC-23-15331 90.80 102.45 11.65 1.21 Iceberg East And1 106.35 108.35 2.00 1.03 NFGC-23-16052 76.90 79.35 2.45 1.00 Iceberg East And1 85.60 87.60 2.00 2.90 NFGC-23-16072 12.00 14.00 2.00 1.25 Iceberg East And2 17.00 19.00 2.00 1.17 NFGC-23-16132 25.20 27.45 2.25 24.89 Iceberg East Including 27.15 27.45 0.30 168.52 NFGC-23-1622 No Significant Values Iceberg East NFGC-23-1622A1 102.80 111.45 8.65 1.67 Iceberg East Including 102.80 103.55 0.75 10.40 NFGC-23-17462 50.80 58.15 7.35 42.80 Iceberg Including 51.60 53.40 1.80 172.02 And2 63.10 65.30 2.20 1.13 NFGC-23-17574 71.00 74.50 3.50 1.87 Iceberg And1 91.00 107.35 16.35 1.13 NFGC-23-17662 55.35 65.00 9.65 4.89 Iceberg Including 59.00 60.90 1.90 18.47 And2 73.00 75.10 2.10 1.43 And2 79.45 86.30 6.85 1.51 NFGC-23-1769 No Significant Values Iceberg NFGC-23-1776 No Significant Values Iceberg NFGC-23-17801 140.50 144.55 4.05 1.49 Iceberg NFGC-23-17891 146.80 149.10 2.30 2.20 Iceberg And1 183.60 186.25 2.65 1.94 NFGC-23-18001 97.55 100.15 2.60 1.06 Iceberg And1 120.00 127.75 7.75 2.66 Including 127.00 127.75 0.75 15.05 And1 152.70 155.80 3.10 1.05 NFGC-23-18051 57.30 59.85 2.55 1.87 Iceberg And1 62.15 64.70 2.55 21.06 And1 70.70 82.15 11.45 3.96 Including 73.45 74.45 1.00 12.75 And1 91.00 93.00 2.00 1.02 And2 100.75 104.40 3.65 8.70 Including 101.40 102.40 1.00 17.01 And1 114.30 117.00 2.70 1.26 And1 121.20 126.40 5.20 1.04 NFGC-23-18131 140.00 142.10 2.10 1.07 Iceberg NFGC-23-18201 45.30 62.00 16.70 36.18 Iceberg Including1 46.10 52.00 5.90 43.85 Including1 53.00 56.40 3.40 78.82 Including2 59.00 61.00 2.00 24.55 And2 68.30 81.45 13.15 15.50 Including 71.40 72.15 0.75 21.00 Including 74.00 75.80 1.80 88.76 And1 101.30 103.70 2.40 1.01 NFGC-23-18272 74.00 76.25 2.25 1.35 Iceberg And1 87.50 102.20 14.70 33.68 Including1 90.20 92.20 2.00 229.26 Including2 99.50 101.00 1.50 12.59 And1 106.05 108.95 2.90 1.01 NFGC-23-18321 9.30 13.65 4.35 4.00 Iceberg Including 12.75 13.65 0.90 15.50 NFGC-23-18381 14.10 19.95 5.85 40.51 Iceberg Including 14.10 14.80 0.70 278.00 Including 18.40 19.95 1.55 22.56 NFGC-23-18431 27.50 29.65 2.15 22.10 Iceberg Including 27.50 27.85 0.35 27.69 Including 28.40 29.25 0.85 36.84 NFGC-23-18661 12.25 20.00 7.75 4.70 Iceberg Including 14.60 15.20 0.60 52.90 And4 90.55 93.85 3.30 1.44 And2 171.05 173.20 2.15 1.43 Keats N NFGC-23-18731 35.00 37.45 2.45 27.77 Iceberg Including 36.45 37.05 0.60 110.50 And4 104.60 109.10 4.50 13.19 Including 104.60 105.25 0.65 13.80 Including 107.50 109.10 1.60 29.34 NFGC-23-18791 80.95 90.50 9.55 3.10 Iceberg Including 80.95 81.95 1.00 11.95 And1 99.10 105.85 6.75 5.56 Keats N Including 100.10 101.10 1.00 25.60 NFGC-23-18871 100.00 102.00 2.00 1.31 Iceberg NFGC-23-1895 No Significant Values Iceberg NFGC-23-1902 No Significant Values Iceberg NFGC-23-19121 24.95 31.90 6.95 7.18 Iceberg Including 26.00 28.30 2.30 18.51 And4 40.50 46.80 6.30 2.44 NFGC-23-19141 29.00 41.80 12.80 13.86 Iceberg Including1 31.60 32.20 0.60 27.90 Including1 33.85 35.40 1.55 69.10 Including2 40.50 41.00 0.50 61.40 And2 51.25 53.65 2.40 14.69 Including 52.20 53.00 0.80 42.30 NFGC-23-1915 No Significant Values Iceberg NFGC-23-19201 28.00 30.00 2.00 1.35 Iceberg East And1 38.30 40.85 2.55 1.05 NFGC-23-1922 No Significant Values Iceberg NFGC-23-1924 No Significant Values Iceberg NFGC-23-1925 No Significant Values Iceberg East NFGC-23-1928 No Significant Values Iceberg East NFGC-23-19322 64.95 67.15 2.20 3.59 Iceberg East NFGC-23-1938 No Significant Values Iceberg NFGC-23-1950 No Significant Values Iceberg East NFGC-23-19521 14.70 16.90 2.20 21.39 Iceberg East Including 15.70 16.30 0.60 77.20 And1 23.00 25.15 2.15 11.04 Including 23.00 23.55 0.55 25.80 NFGC-23-1956 No Significant Values Iceberg NFGC-23-1957A No Significant Values Iceberg East NFGC-23-19661 179.00 181.00 2.00 16.12 Iceberg Including 180.00 181.00 1.00 31.68 NFGC-23-19701 161.00 163.35 2.35 1.39 Iceberg And2 184.30 187.15 2.85 1.07 NFGC-23-19771 121.40 129.35 7.95 10.39 Iceberg Including 121.40 122.65 1.25 33.98 Including 125.00 125.45 0.45 77.68 And2 146.35 160.60 14.25 2.59 Including 155.10 155.95 0.85 12.34 Including 157.15 157.70 0.55 20.81 And4 201.55 204.20 2.65 1.48 Table 2: Summary of composite results reported in this press release for Iceberg and Iceberg East 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. Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect NFGC-21-194 300 -45 608 658587 5427560 Iceberg NFGC-22-1065 300 -45 320 658422 5427866 Iceberg NFGC-22-1069 308 -49 251 658282 5427630 Iceberg NFGC-23-1152 83 -45 249 658284 5427850 Iceberg NFGC-23-1177 142 -45 166 658283 5427849 Iceberg NFGC-23-1323 300 -45 275 658515 5427783 Iceberg NFGC-23-1328 300 -45 225 658848 5428140 Iceberg East NFGC-23-1340 300 -45 305 658551 5427791 Iceberg NFGC-23-1358 299 -45.5 479 658507 5427672 Iceberg NFGC-23-1404 299 -45.5 161 658577 5427833 Iceberg NFGC-23-1427 300 -45 257 658347 5427592 Iceberg NFGC-23-1436 0 -45 227 658940 5428202 Iceberg East NFGC-23-1443 319 -53 269 658571 5427779 Iceberg NFGC-23-1445 318 -45 161 658338 5427660 Iceberg NFGC-23-1489 313 -45 230 658679 5427833 Iceberg East NFGC-23-1514 0 -90 141 658707 5428021 Iceberg East NFGC-23-1525 319 -45 129 658680 5427948 Iceberg East NFGC-23-1533 318 -57 150 658680 5427948 Iceberg East NFGC-23-1605 300 -72 105 658776 5428065 Iceberg East NFGC-23-1607 300 -60 161 658881 5428149 Iceberg East NFGC-23-1613 299 -68 140 658848 5428140 Iceberg East NFGC-23-1622 276 -45 64 658843 5428084 Iceberg East NFGC-23-1622A 276 -45 125 658844 5428083 Iceberg East NFGC-23-1746 119 -45 107 658456 5427887 Iceberg NFGC-23-1757 118 -54 131 658442 5427896 Iceberg NFGC-23-1766 120 -45 98 658435 5427872 Iceberg NFGC-23-1769 118 -46 155 658317 5427850 Iceberg NFGC-23-1776 120 -45 188 658316 5427883 Iceberg NFGC-23-1780 118 -53 215 658287 5427900 Iceberg NFGC-23-1789 120 -45 224 658288 5427900 Iceberg NFGC-23-1800 125 -49 164 658360 5427865 Iceberg NFGC-23-1805 155 -45 143 658359 5427864 Iceberg NFGC-23-1813 114 -48 176 658365 5427878 Iceberg NFGC-23-1820 165 -55 152 658407 5427858 Iceberg NFGC-23-1827 118 -60 116 658407 5427860 Iceberg NFGC-23-1832 299 -45.5 176 658400 5427819 Iceberg NFGC-23-1838 299 -45.5 98 658385 5427800 Iceberg NFGC-23-1843 299 -45.5 119 658377 5427776 Iceberg NFGC-23-1866 299 -45 191 658354 5427759 Iceberg NFGC-23-1873 299 -45 150 658375 5427747 Iceberg NFGC-23-1879 120 -54 129 658426 5427879 Iceberg NFGC-23-1887 119 -46.5 188 658382 5427902 Iceberg NFGC-23-1895 119 -46 173 658398 5427920 Iceberg NFGC-23-1902 173 -65 107 658310 5427784 Iceberg NFGC-23-1912 355 -45 62 658533 5427896 Iceberg NFGC-23-1914 16 -45 86 658534 5427895 Iceberg NFGC-23-1915 140 -56 101 658292 5427767 Iceberg NFGC-23-1920 280 -51 83 658602 5427964 Iceberg East NFGC-23-1922 167 -63 113 658292 5427767 Iceberg NFGC-23-1924 130 -45 92 658279 5427745 Iceberg NFGC-23-1925 335 -60 65 658603 5427965 Iceberg East NFGC-23-1928 7 -65 74 658615 5427987 Iceberg East NFGC-23-1932 280 -45 89 658685 5428004 Iceberg East NFGC-23-1938 299 -45 161 658318 5427723 Iceberg NFGC-23-1950 300 -50 50 658681 5428035 Iceberg East NFGC-23-1952 300 -45 50 658725 5428067 Iceberg East NFGC-23-1956 299 -45 221 658339 5427711 Iceberg NFGC-23-1957A 300 -45 47 658768 5428095 Iceberg East NFGC-23-1966 120 -45 191 658262 5427886 Iceberg NFGC-23-1970 121 -55 215 658262 5427886 Iceberg NFGC-23-1977 120 -45 212 658255 5427861 Iceberg Table 3: 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 4,500m of core is currently pending assay results. Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. 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. 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 method. 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, 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. 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 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay. For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are 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 13, 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20240313762569/en/Contacts New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486 Stock Quote API & Stock News API supplied by www.cloudquote.io Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
New Found Intercepts 36 g/t Au Over 16.7m, 34 g/t Au Over 14.7m, 43 g/t Au Over 7.35m & 41 g/t Au Over 5.85m at Iceberg By: New Found Gold Corp. via Business Wire March 13, 2024 at 06:30 AM EDT New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 61 diamond drill holes that were completed as part of a program designed to infill gaps, extend high-grade to surface, and test opposing vein orientations to the main east-northeast striking orientation of the Keats-Baseline Fault Zone at Iceberg-Iceberg East, a high-grade zone located 300m northeast of Keats along the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,662 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/20240313762569/en/Figure 1: Photos of mineralization from Left: at ~112.30m in NFGC-23-1323, Right: at 79.25m in NFGC-23-1766 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1323 and NFGC-23-1766. (Photo: Business Wire) Iceberg and Iceberg East Highlights: Hole No. From (m) To (m) Interval (m) Au (g/t) Zone NFGC-23-13231 109.00 125.70 16.70 12.56 Iceberg Including 112.25 113.50 1.25 132.84 Including 120.65 121.60 0.95 24.30 NFGC-23-16132 25.20 27.45 2.25 24.89 Iceberg East Including 27.15 27.45 0.30 168.52 NFGC-23-17462 50.80 58.15 7.35 42.80 Iceberg Including 51.60 53.40 1.80 172.02 NFGC-23-17662 55.35 65.00 9.65 4.89 Iceberg Including 59.00 60.90 1.90 18.47 NFGC-23-18051 62.15 64.70 2.55 21.06 Iceberg And1 70.70 82.15 11.45 3.96 Including 73.45 74.45 1.00 12.75 NFGC-23-18201 45.30 62.00 16.70 36.18 Iceberg Including1 46.10 52.00 5.90 43.85 Including1 53.00 56.40 3.40 78.82 Including2 59.00 61.00 2.00 24.55 And2 68.30 81.45 13.15 15.50 Including 71.40 72.15 0.75 21.00 Including 74.00 75.80 1.80 88.76 NFGC-23-18271 87.50 102.20 14.70 33.68 Iceberg Including1 90.20 92.20 2.00 229.26 Including2 99.50 101.00 1.50 12.59 NFGC-23-18381 14.10 19.95 5.85 40.51 Iceberg Including 14.10 14.80 0.70 278.00 Including 18.40 19.95 1.55 22.56 NFGC-23-18431 27.50 29.65 2.15 22.10 Iceberg Including 27.50 27.85 0.35 27.69 Including 28.40 29.25 0.85 36.84 NFGC-23-18731 35.00 37.45 2.45 27.77 Iceberg Including 36.45 37.05 0.60 110.50 And4 104.60 109.10 4.50 13.19 Including 104.60 105.25 0.65 13.80 Including 107.50 109.10 1.60 29.34 NFGC-23-19141 29.00 41.80 12.80 13.86 Iceberg Including1 31.60 32.20 0.60 27.90 Including1 33.85 35.40 1.55 69.10 Including2 40.50 41.00 0.50 61.40 And2 51.25 53.65 2.40 14.69 Including 52.20 53.00 0.80 42.30 NFGC-23-19521 14.70 16.90 2.20 21.39 Iceberg East Including 15.70 16.30 0.60 77.20 And1 23.00 25.15 2.15 11.04 Including 23.00 23.55 0.55 25.80 NFGC-23-19661 179.00 181.00 2.00 16.12 Iceberg Including 180.00 181.00 1.00 31.68 NFGC-23-19771 121.40 129.35 7.95 10.39 Iceberg Including 121.40 122.65 1.25 33.98 Including 125.00 125.45 0.45 77.68 And2 146.35 160.60 14.25 2.59 Including 155.10 155.95 0.85 12.34 Including 157.15 157.70 0.55 20.81 Table 1: Iceberg and Iceberg East Drilling Highlights 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. 36.2 g/t Au over 16.70m in NFGC-23-1820 and 33.7 g/t Au over 14.70m in NFGC-23-1827 are located approximately 45m apart within the high-grade domain of Iceberg where a confluence of high-grade gold veins and associated structures intersect. These holes were drilled from the west to the east to better test this secondary set of gold veins that are partly controlling the high-grade mineralization in this segment of the Keats-Baseline Fault Zone (“KBFZ”) and to gain a better understanding of their orientations and true widths. 40.5 g/t Au over 5.85m in NFGC-23-1838 and 13.9 g/t Au over 12.80m in NFGC-23-1914 are located at a vertical depth of just 20m and were designed to extend high-grade gold mineralization to surface at Iceberg. These holes are located 50m to the south and 150m to the north of NFGC-23-1820, respectively. Other notable intercepts from today’s release include 12.6 g/t Au over 16.70m in NFGC-23-1323 and 42.8 g/t Au over 7.35m in NFGC-23-1746, located 25m and 80m along strike to the north of NFGC-23-1820. The intercept of 24.9 g/t Au over 2.25m in NFGC-23-1613 is located a further 530m to the east at the far eastern extent of Iceberg East. The near-surface Iceberg-Iceberg East high-grade segment of the KBFZ has a strike length of 655m. When combined with the 400m high-grade segment of Keats Main, this near-surface, high-grade corridor covers over 1km of strike. This domain of high-grade occurs within the overall KBFZ, a gold mineralized damage zone that is drill-defined over 1.9km of strike, where it remains open. Melissa Render, VP of Exploration of New Found, stated: “Infill and definition drilling at Iceberg and Iceberg East have provided us with a comprehensive picture of the near-surface expression of this portion of the KBFZ, including the geometries of the veins at play and the controls on high-grade gold mineralization. The KBFZ has demonstrated several times over that it is a very important structure, with the majority of meters used to date to test only the top 250m vertical. The Company has now expanded the program at Iceberg-Iceberg east utilizing the seismic data to assist in targeting additional domains of gold mineralization within the KBFZ at depth.” Drillhole Details Hole No. From (m) To (m) Interval (m) Au (g/t) Zone NFGC-21-194 No Significant Values Iceberg NFGC-22-10654 20.10 22.40 2.30 7.39 Iceberg Including 21.85 22.40 0.55 30.45 NFGC-22-10691 4.65 7.20 2.55 3.03 Iceberg Including 5.80 6.20 0.40 13.89 And1 16.70 19.00 2.30 1.90 NFGC-23-11521 158.35 161.00 2.65 1.09 Iceberg NFGC-23-11774 25.85 28.05 2.20 1.38 Keats N And4 66.55 68.95 2.40 1.02 Iceberg And1 113.45 118.95 5.50 1.76 And4 129.70 132.20 2.50 1.18 NFGC-23-13231 109.00 125.70 16.70 12.56 Iceberg Including 112.25 113.50 1.25 132.84 Including 120.65 121.60 0.95 24.30 NFGC-23-13281 15.45 17.80 2.35 6.18 Iceberg East Including 15.45 16.00 0.55 11.34 Including 17.30 17.80 0.50 16.56 And1 37.40 40.75 3.35 2.16 NFGC-23-13401 132.15 135.75 3.60 8.39 Iceberg Including 132.15 133.10 0.95 22.63 And3 143.80 156.35 12.55 1.05 And3 184.00 186.50 2.50 1.07 NFGC-23-13581 212.80 216.40 3.60 2.01 Iceberg NFGC-23-14041 109.65 121.15 11.50 1.94 Iceberg Including 119.75 120.15 0.40 29.23 NFGC-23-14274 132.90 134.95 2.05 1.11 Iceberg And4 158.80 161.25 2.45 1.27 And4 165.25 168.35 3.10 1.75 And1 213.95 216.30 2.35 1.58 And1 220.00 222.50 2.50 1.04 NFGC-23-1436 No Significant Values Iceberg East NFGC-23-14431 162.85 165.30 2.45 1.06 Iceberg NFGC-23-14452 61.45 66.40 4.95 2.53 Iceberg NFGC-23-14891 157.00 159.90 2.90 1.10 Iceberg East NFGC-23-15143 115.70 118.00 2.30 1.43 Iceberg East NFGC-23-15251 97.00 99.20 2.20 1.70 Iceberg East NFGC-23-15331 90.80 102.45 11.65 1.21 Iceberg East And1 106.35 108.35 2.00 1.03 NFGC-23-16052 76.90 79.35 2.45 1.00 Iceberg East And1 85.60 87.60 2.00 2.90 NFGC-23-16072 12.00 14.00 2.00 1.25 Iceberg East And2 17.00 19.00 2.00 1.17 NFGC-23-16132 25.20 27.45 2.25 24.89 Iceberg East Including 27.15 27.45 0.30 168.52 NFGC-23-1622 No Significant Values Iceberg East NFGC-23-1622A1 102.80 111.45 8.65 1.67 Iceberg East Including 102.80 103.55 0.75 10.40 NFGC-23-17462 50.80 58.15 7.35 42.80 Iceberg Including 51.60 53.40 1.80 172.02 And2 63.10 65.30 2.20 1.13 NFGC-23-17574 71.00 74.50 3.50 1.87 Iceberg And1 91.00 107.35 16.35 1.13 NFGC-23-17662 55.35 65.00 9.65 4.89 Iceberg Including 59.00 60.90 1.90 18.47 And2 73.00 75.10 2.10 1.43 And2 79.45 86.30 6.85 1.51 NFGC-23-1769 No Significant Values Iceberg NFGC-23-1776 No Significant Values Iceberg NFGC-23-17801 140.50 144.55 4.05 1.49 Iceberg NFGC-23-17891 146.80 149.10 2.30 2.20 Iceberg And1 183.60 186.25 2.65 1.94 NFGC-23-18001 97.55 100.15 2.60 1.06 Iceberg And1 120.00 127.75 7.75 2.66 Including 127.00 127.75 0.75 15.05 And1 152.70 155.80 3.10 1.05 NFGC-23-18051 57.30 59.85 2.55 1.87 Iceberg And1 62.15 64.70 2.55 21.06 And1 70.70 82.15 11.45 3.96 Including 73.45 74.45 1.00 12.75 And1 91.00 93.00 2.00 1.02 And2 100.75 104.40 3.65 8.70 Including 101.40 102.40 1.00 17.01 And1 114.30 117.00 2.70 1.26 And1 121.20 126.40 5.20 1.04 NFGC-23-18131 140.00 142.10 2.10 1.07 Iceberg NFGC-23-18201 45.30 62.00 16.70 36.18 Iceberg Including1 46.10 52.00 5.90 43.85 Including1 53.00 56.40 3.40 78.82 Including2 59.00 61.00 2.00 24.55 And2 68.30 81.45 13.15 15.50 Including 71.40 72.15 0.75 21.00 Including 74.00 75.80 1.80 88.76 And1 101.30 103.70 2.40 1.01 NFGC-23-18272 74.00 76.25 2.25 1.35 Iceberg And1 87.50 102.20 14.70 33.68 Including1 90.20 92.20 2.00 229.26 Including2 99.50 101.00 1.50 12.59 And1 106.05 108.95 2.90 1.01 NFGC-23-18321 9.30 13.65 4.35 4.00 Iceberg Including 12.75 13.65 0.90 15.50 NFGC-23-18381 14.10 19.95 5.85 40.51 Iceberg Including 14.10 14.80 0.70 278.00 Including 18.40 19.95 1.55 22.56 NFGC-23-18431 27.50 29.65 2.15 22.10 Iceberg Including 27.50 27.85 0.35 27.69 Including 28.40 29.25 0.85 36.84 NFGC-23-18661 12.25 20.00 7.75 4.70 Iceberg Including 14.60 15.20 0.60 52.90 And4 90.55 93.85 3.30 1.44 And2 171.05 173.20 2.15 1.43 Keats N NFGC-23-18731 35.00 37.45 2.45 27.77 Iceberg Including 36.45 37.05 0.60 110.50 And4 104.60 109.10 4.50 13.19 Including 104.60 105.25 0.65 13.80 Including 107.50 109.10 1.60 29.34 NFGC-23-18791 80.95 90.50 9.55 3.10 Iceberg Including 80.95 81.95 1.00 11.95 And1 99.10 105.85 6.75 5.56 Keats N Including 100.10 101.10 1.00 25.60 NFGC-23-18871 100.00 102.00 2.00 1.31 Iceberg NFGC-23-1895 No Significant Values Iceberg NFGC-23-1902 No Significant Values Iceberg NFGC-23-19121 24.95 31.90 6.95 7.18 Iceberg Including 26.00 28.30 2.30 18.51 And4 40.50 46.80 6.30 2.44 NFGC-23-19141 29.00 41.80 12.80 13.86 Iceberg Including1 31.60 32.20 0.60 27.90 Including1 33.85 35.40 1.55 69.10 Including2 40.50 41.00 0.50 61.40 And2 51.25 53.65 2.40 14.69 Including 52.20 53.00 0.80 42.30 NFGC-23-1915 No Significant Values Iceberg NFGC-23-19201 28.00 30.00 2.00 1.35 Iceberg East And1 38.30 40.85 2.55 1.05 NFGC-23-1922 No Significant Values Iceberg NFGC-23-1924 No Significant Values Iceberg NFGC-23-1925 No Significant Values Iceberg East NFGC-23-1928 No Significant Values Iceberg East NFGC-23-19322 64.95 67.15 2.20 3.59 Iceberg East NFGC-23-1938 No Significant Values Iceberg NFGC-23-1950 No Significant Values Iceberg East NFGC-23-19521 14.70 16.90 2.20 21.39 Iceberg East Including 15.70 16.30 0.60 77.20 And1 23.00 25.15 2.15 11.04 Including 23.00 23.55 0.55 25.80 NFGC-23-1956 No Significant Values Iceberg NFGC-23-1957A No Significant Values Iceberg East NFGC-23-19661 179.00 181.00 2.00 16.12 Iceberg Including 180.00 181.00 1.00 31.68 NFGC-23-19701 161.00 163.35 2.35 1.39 Iceberg And2 184.30 187.15 2.85 1.07 NFGC-23-19771 121.40 129.35 7.95 10.39 Iceberg Including 121.40 122.65 1.25 33.98 Including 125.00 125.45 0.45 77.68 And2 146.35 160.60 14.25 2.59 Including 155.10 155.95 0.85 12.34 Including 157.15 157.70 0.55 20.81 And4 201.55 204.20 2.65 1.48 Table 2: Summary of composite results reported in this press release for Iceberg and Iceberg East 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. Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect NFGC-21-194 300 -45 608 658587 5427560 Iceberg NFGC-22-1065 300 -45 320 658422 5427866 Iceberg NFGC-22-1069 308 -49 251 658282 5427630 Iceberg NFGC-23-1152 83 -45 249 658284 5427850 Iceberg NFGC-23-1177 142 -45 166 658283 5427849 Iceberg NFGC-23-1323 300 -45 275 658515 5427783 Iceberg NFGC-23-1328 300 -45 225 658848 5428140 Iceberg East NFGC-23-1340 300 -45 305 658551 5427791 Iceberg NFGC-23-1358 299 -45.5 479 658507 5427672 Iceberg NFGC-23-1404 299 -45.5 161 658577 5427833 Iceberg NFGC-23-1427 300 -45 257 658347 5427592 Iceberg NFGC-23-1436 0 -45 227 658940 5428202 Iceberg East NFGC-23-1443 319 -53 269 658571 5427779 Iceberg NFGC-23-1445 318 -45 161 658338 5427660 Iceberg NFGC-23-1489 313 -45 230 658679 5427833 Iceberg East NFGC-23-1514 0 -90 141 658707 5428021 Iceberg East NFGC-23-1525 319 -45 129 658680 5427948 Iceberg East NFGC-23-1533 318 -57 150 658680 5427948 Iceberg East NFGC-23-1605 300 -72 105 658776 5428065 Iceberg East NFGC-23-1607 300 -60 161 658881 5428149 Iceberg East NFGC-23-1613 299 -68 140 658848 5428140 Iceberg East NFGC-23-1622 276 -45 64 658843 5428084 Iceberg East NFGC-23-1622A 276 -45 125 658844 5428083 Iceberg East NFGC-23-1746 119 -45 107 658456 5427887 Iceberg NFGC-23-1757 118 -54 131 658442 5427896 Iceberg NFGC-23-1766 120 -45 98 658435 5427872 Iceberg NFGC-23-1769 118 -46 155 658317 5427850 Iceberg NFGC-23-1776 120 -45 188 658316 5427883 Iceberg NFGC-23-1780 118 -53 215 658287 5427900 Iceberg NFGC-23-1789 120 -45 224 658288 5427900 Iceberg NFGC-23-1800 125 -49 164 658360 5427865 Iceberg NFGC-23-1805 155 -45 143 658359 5427864 Iceberg NFGC-23-1813 114 -48 176 658365 5427878 Iceberg NFGC-23-1820 165 -55 152 658407 5427858 Iceberg NFGC-23-1827 118 -60 116 658407 5427860 Iceberg NFGC-23-1832 299 -45.5 176 658400 5427819 Iceberg NFGC-23-1838 299 -45.5 98 658385 5427800 Iceberg NFGC-23-1843 299 -45.5 119 658377 5427776 Iceberg NFGC-23-1866 299 -45 191 658354 5427759 Iceberg NFGC-23-1873 299 -45 150 658375 5427747 Iceberg NFGC-23-1879 120 -54 129 658426 5427879 Iceberg NFGC-23-1887 119 -46.5 188 658382 5427902 Iceberg NFGC-23-1895 119 -46 173 658398 5427920 Iceberg NFGC-23-1902 173 -65 107 658310 5427784 Iceberg NFGC-23-1912 355 -45 62 658533 5427896 Iceberg NFGC-23-1914 16 -45 86 658534 5427895 Iceberg NFGC-23-1915 140 -56 101 658292 5427767 Iceberg NFGC-23-1920 280 -51 83 658602 5427964 Iceberg East NFGC-23-1922 167 -63 113 658292 5427767 Iceberg NFGC-23-1924 130 -45 92 658279 5427745 Iceberg NFGC-23-1925 335 -60 65 658603 5427965 Iceberg East NFGC-23-1928 7 -65 74 658615 5427987 Iceberg East NFGC-23-1932 280 -45 89 658685 5428004 Iceberg East NFGC-23-1938 299 -45 161 658318 5427723 Iceberg NFGC-23-1950 300 -50 50 658681 5428035 Iceberg East NFGC-23-1952 300 -45 50 658725 5428067 Iceberg East NFGC-23-1956 299 -45 221 658339 5427711 Iceberg NFGC-23-1957A 300 -45 47 658768 5428095 Iceberg East NFGC-23-1966 120 -45 191 658262 5427886 Iceberg NFGC-23-1970 121 -55 215 658262 5427886 Iceberg NFGC-23-1977 120 -45 212 658255 5427861 Iceberg Table 3: 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 4,500m of core is currently pending assay results. Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. 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. 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 method. 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, 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. 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 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay. For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are 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 13, 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20240313762569/en/Contacts New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 61 diamond drill holes that were completed as part of a program designed to infill gaps, extend high-grade to surface, and test opposing vein orientations to the main east-northeast striking orientation of the Keats-Baseline Fault Zone at Iceberg-Iceberg East, a high-grade zone located 300m northeast of Keats along the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,662 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/20240313762569/en/Figure 1: Photos of mineralization from Left: at ~112.30m in NFGC-23-1323, Right: at 79.25m in NFGC-23-1766 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1323 and NFGC-23-1766. (Photo: Business Wire) Iceberg and Iceberg East Highlights: Hole No. From (m) To (m) Interval (m) Au (g/t) Zone NFGC-23-13231 109.00 125.70 16.70 12.56 Iceberg Including 112.25 113.50 1.25 132.84 Including 120.65 121.60 0.95 24.30 NFGC-23-16132 25.20 27.45 2.25 24.89 Iceberg East Including 27.15 27.45 0.30 168.52 NFGC-23-17462 50.80 58.15 7.35 42.80 Iceberg Including 51.60 53.40 1.80 172.02 NFGC-23-17662 55.35 65.00 9.65 4.89 Iceberg Including 59.00 60.90 1.90 18.47 NFGC-23-18051 62.15 64.70 2.55 21.06 Iceberg And1 70.70 82.15 11.45 3.96 Including 73.45 74.45 1.00 12.75 NFGC-23-18201 45.30 62.00 16.70 36.18 Iceberg Including1 46.10 52.00 5.90 43.85 Including1 53.00 56.40 3.40 78.82 Including2 59.00 61.00 2.00 24.55 And2 68.30 81.45 13.15 15.50 Including 71.40 72.15 0.75 21.00 Including 74.00 75.80 1.80 88.76 NFGC-23-18271 87.50 102.20 14.70 33.68 Iceberg Including1 90.20 92.20 2.00 229.26 Including2 99.50 101.00 1.50 12.59 NFGC-23-18381 14.10 19.95 5.85 40.51 Iceberg Including 14.10 14.80 0.70 278.00 Including 18.40 19.95 1.55 22.56 NFGC-23-18431 27.50 29.65 2.15 22.10 Iceberg Including 27.50 27.85 0.35 27.69 Including 28.40 29.25 0.85 36.84 NFGC-23-18731 35.00 37.45 2.45 27.77 Iceberg Including 36.45 37.05 0.60 110.50 And4 104.60 109.10 4.50 13.19 Including 104.60 105.25 0.65 13.80 Including 107.50 109.10 1.60 29.34 NFGC-23-19141 29.00 41.80 12.80 13.86 Iceberg Including1 31.60 32.20 0.60 27.90 Including1 33.85 35.40 1.55 69.10 Including2 40.50 41.00 0.50 61.40 And2 51.25 53.65 2.40 14.69 Including 52.20 53.00 0.80 42.30 NFGC-23-19521 14.70 16.90 2.20 21.39 Iceberg East Including 15.70 16.30 0.60 77.20 And1 23.00 25.15 2.15 11.04 Including 23.00 23.55 0.55 25.80 NFGC-23-19661 179.00 181.00 2.00 16.12 Iceberg Including 180.00 181.00 1.00 31.68 NFGC-23-19771 121.40 129.35 7.95 10.39 Iceberg Including 121.40 122.65 1.25 33.98 Including 125.00 125.45 0.45 77.68 And2 146.35 160.60 14.25 2.59 Including 155.10 155.95 0.85 12.34 Including 157.15 157.70 0.55 20.81 Table 1: Iceberg and Iceberg East Drilling Highlights 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. 36.2 g/t Au over 16.70m in NFGC-23-1820 and 33.7 g/t Au over 14.70m in NFGC-23-1827 are located approximately 45m apart within the high-grade domain of Iceberg where a confluence of high-grade gold veins and associated structures intersect. These holes were drilled from the west to the east to better test this secondary set of gold veins that are partly controlling the high-grade mineralization in this segment of the Keats-Baseline Fault Zone (“KBFZ”) and to gain a better understanding of their orientations and true widths. 40.5 g/t Au over 5.85m in NFGC-23-1838 and 13.9 g/t Au over 12.80m in NFGC-23-1914 are located at a vertical depth of just 20m and were designed to extend high-grade gold mineralization to surface at Iceberg. These holes are located 50m to the south and 150m to the north of NFGC-23-1820, respectively. Other notable intercepts from today’s release include 12.6 g/t Au over 16.70m in NFGC-23-1323 and 42.8 g/t Au over 7.35m in NFGC-23-1746, located 25m and 80m along strike to the north of NFGC-23-1820. The intercept of 24.9 g/t Au over 2.25m in NFGC-23-1613 is located a further 530m to the east at the far eastern extent of Iceberg East. The near-surface Iceberg-Iceberg East high-grade segment of the KBFZ has a strike length of 655m. When combined with the 400m high-grade segment of Keats Main, this near-surface, high-grade corridor covers over 1km of strike. This domain of high-grade occurs within the overall KBFZ, a gold mineralized damage zone that is drill-defined over 1.9km of strike, where it remains open. Melissa Render, VP of Exploration of New Found, stated: “Infill and definition drilling at Iceberg and Iceberg East have provided us with a comprehensive picture of the near-surface expression of this portion of the KBFZ, including the geometries of the veins at play and the controls on high-grade gold mineralization. The KBFZ has demonstrated several times over that it is a very important structure, with the majority of meters used to date to test only the top 250m vertical. The Company has now expanded the program at Iceberg-Iceberg east utilizing the seismic data to assist in targeting additional domains of gold mineralization within the KBFZ at depth.” Drillhole Details Hole No. From (m) To (m) Interval (m) Au (g/t) Zone NFGC-21-194 No Significant Values Iceberg NFGC-22-10654 20.10 22.40 2.30 7.39 Iceberg Including 21.85 22.40 0.55 30.45 NFGC-22-10691 4.65 7.20 2.55 3.03 Iceberg Including 5.80 6.20 0.40 13.89 And1 16.70 19.00 2.30 1.90 NFGC-23-11521 158.35 161.00 2.65 1.09 Iceberg NFGC-23-11774 25.85 28.05 2.20 1.38 Keats N And4 66.55 68.95 2.40 1.02 Iceberg And1 113.45 118.95 5.50 1.76 And4 129.70 132.20 2.50 1.18 NFGC-23-13231 109.00 125.70 16.70 12.56 Iceberg Including 112.25 113.50 1.25 132.84 Including 120.65 121.60 0.95 24.30 NFGC-23-13281 15.45 17.80 2.35 6.18 Iceberg East Including 15.45 16.00 0.55 11.34 Including 17.30 17.80 0.50 16.56 And1 37.40 40.75 3.35 2.16 NFGC-23-13401 132.15 135.75 3.60 8.39 Iceberg Including 132.15 133.10 0.95 22.63 And3 143.80 156.35 12.55 1.05 And3 184.00 186.50 2.50 1.07 NFGC-23-13581 212.80 216.40 3.60 2.01 Iceberg NFGC-23-14041 109.65 121.15 11.50 1.94 Iceberg Including 119.75 120.15 0.40 29.23 NFGC-23-14274 132.90 134.95 2.05 1.11 Iceberg And4 158.80 161.25 2.45 1.27 And4 165.25 168.35 3.10 1.75 And1 213.95 216.30 2.35 1.58 And1 220.00 222.50 2.50 1.04 NFGC-23-1436 No Significant Values Iceberg East NFGC-23-14431 162.85 165.30 2.45 1.06 Iceberg NFGC-23-14452 61.45 66.40 4.95 2.53 Iceberg NFGC-23-14891 157.00 159.90 2.90 1.10 Iceberg East NFGC-23-15143 115.70 118.00 2.30 1.43 Iceberg East NFGC-23-15251 97.00 99.20 2.20 1.70 Iceberg East NFGC-23-15331 90.80 102.45 11.65 1.21 Iceberg East And1 106.35 108.35 2.00 1.03 NFGC-23-16052 76.90 79.35 2.45 1.00 Iceberg East And1 85.60 87.60 2.00 2.90 NFGC-23-16072 12.00 14.00 2.00 1.25 Iceberg East And2 17.00 19.00 2.00 1.17 NFGC-23-16132 25.20 27.45 2.25 24.89 Iceberg East Including 27.15 27.45 0.30 168.52 NFGC-23-1622 No Significant Values Iceberg East NFGC-23-1622A1 102.80 111.45 8.65 1.67 Iceberg East Including 102.80 103.55 0.75 10.40 NFGC-23-17462 50.80 58.15 7.35 42.80 Iceberg Including 51.60 53.40 1.80 172.02 And2 63.10 65.30 2.20 1.13 NFGC-23-17574 71.00 74.50 3.50 1.87 Iceberg And1 91.00 107.35 16.35 1.13 NFGC-23-17662 55.35 65.00 9.65 4.89 Iceberg Including 59.00 60.90 1.90 18.47 And2 73.00 75.10 2.10 1.43 And2 79.45 86.30 6.85 1.51 NFGC-23-1769 No Significant Values Iceberg NFGC-23-1776 No Significant Values Iceberg NFGC-23-17801 140.50 144.55 4.05 1.49 Iceberg NFGC-23-17891 146.80 149.10 2.30 2.20 Iceberg And1 183.60 186.25 2.65 1.94 NFGC-23-18001 97.55 100.15 2.60 1.06 Iceberg And1 120.00 127.75 7.75 2.66 Including 127.00 127.75 0.75 15.05 And1 152.70 155.80 3.10 1.05 NFGC-23-18051 57.30 59.85 2.55 1.87 Iceberg And1 62.15 64.70 2.55 21.06 And1 70.70 82.15 11.45 3.96 Including 73.45 74.45 1.00 12.75 And1 91.00 93.00 2.00 1.02 And2 100.75 104.40 3.65 8.70 Including 101.40 102.40 1.00 17.01 And1 114.30 117.00 2.70 1.26 And1 121.20 126.40 5.20 1.04 NFGC-23-18131 140.00 142.10 2.10 1.07 Iceberg NFGC-23-18201 45.30 62.00 16.70 36.18 Iceberg Including1 46.10 52.00 5.90 43.85 Including1 53.00 56.40 3.40 78.82 Including2 59.00 61.00 2.00 24.55 And2 68.30 81.45 13.15 15.50 Including 71.40 72.15 0.75 21.00 Including 74.00 75.80 1.80 88.76 And1 101.30 103.70 2.40 1.01 NFGC-23-18272 74.00 76.25 2.25 1.35 Iceberg And1 87.50 102.20 14.70 33.68 Including1 90.20 92.20 2.00 229.26 Including2 99.50 101.00 1.50 12.59 And1 106.05 108.95 2.90 1.01 NFGC-23-18321 9.30 13.65 4.35 4.00 Iceberg Including 12.75 13.65 0.90 15.50 NFGC-23-18381 14.10 19.95 5.85 40.51 Iceberg Including 14.10 14.80 0.70 278.00 Including 18.40 19.95 1.55 22.56 NFGC-23-18431 27.50 29.65 2.15 22.10 Iceberg Including 27.50 27.85 0.35 27.69 Including 28.40 29.25 0.85 36.84 NFGC-23-18661 12.25 20.00 7.75 4.70 Iceberg Including 14.60 15.20 0.60 52.90 And4 90.55 93.85 3.30 1.44 And2 171.05 173.20 2.15 1.43 Keats N NFGC-23-18731 35.00 37.45 2.45 27.77 Iceberg Including 36.45 37.05 0.60 110.50 And4 104.60 109.10 4.50 13.19 Including 104.60 105.25 0.65 13.80 Including 107.50 109.10 1.60 29.34 NFGC-23-18791 80.95 90.50 9.55 3.10 Iceberg Including 80.95 81.95 1.00 11.95 And1 99.10 105.85 6.75 5.56 Keats N Including 100.10 101.10 1.00 25.60 NFGC-23-18871 100.00 102.00 2.00 1.31 Iceberg NFGC-23-1895 No Significant Values Iceberg NFGC-23-1902 No Significant Values Iceberg NFGC-23-19121 24.95 31.90 6.95 7.18 Iceberg Including 26.00 28.30 2.30 18.51 And4 40.50 46.80 6.30 2.44 NFGC-23-19141 29.00 41.80 12.80 13.86 Iceberg Including1 31.60 32.20 0.60 27.90 Including1 33.85 35.40 1.55 69.10 Including2 40.50 41.00 0.50 61.40 And2 51.25 53.65 2.40 14.69 Including 52.20 53.00 0.80 42.30 NFGC-23-1915 No Significant Values Iceberg NFGC-23-19201 28.00 30.00 2.00 1.35 Iceberg East And1 38.30 40.85 2.55 1.05 NFGC-23-1922 No Significant Values Iceberg NFGC-23-1924 No Significant Values Iceberg NFGC-23-1925 No Significant Values Iceberg East NFGC-23-1928 No Significant Values Iceberg East NFGC-23-19322 64.95 67.15 2.20 3.59 Iceberg East NFGC-23-1938 No Significant Values Iceberg NFGC-23-1950 No Significant Values Iceberg East NFGC-23-19521 14.70 16.90 2.20 21.39 Iceberg East Including 15.70 16.30 0.60 77.20 And1 23.00 25.15 2.15 11.04 Including 23.00 23.55 0.55 25.80 NFGC-23-1956 No Significant Values Iceberg NFGC-23-1957A No Significant Values Iceberg East NFGC-23-19661 179.00 181.00 2.00 16.12 Iceberg Including 180.00 181.00 1.00 31.68 NFGC-23-19701 161.00 163.35 2.35 1.39 Iceberg And2 184.30 187.15 2.85 1.07 NFGC-23-19771 121.40 129.35 7.95 10.39 Iceberg Including 121.40 122.65 1.25 33.98 Including 125.00 125.45 0.45 77.68 And2 146.35 160.60 14.25 2.59 Including 155.10 155.95 0.85 12.34 Including 157.15 157.70 0.55 20.81 And4 201.55 204.20 2.65 1.48 Table 2: Summary of composite results reported in this press release for Iceberg and Iceberg East 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. Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect NFGC-21-194 300 -45 608 658587 5427560 Iceberg NFGC-22-1065 300 -45 320 658422 5427866 Iceberg NFGC-22-1069 308 -49 251 658282 5427630 Iceberg NFGC-23-1152 83 -45 249 658284 5427850 Iceberg NFGC-23-1177 142 -45 166 658283 5427849 Iceberg NFGC-23-1323 300 -45 275 658515 5427783 Iceberg NFGC-23-1328 300 -45 225 658848 5428140 Iceberg East NFGC-23-1340 300 -45 305 658551 5427791 Iceberg NFGC-23-1358 299 -45.5 479 658507 5427672 Iceberg NFGC-23-1404 299 -45.5 161 658577 5427833 Iceberg NFGC-23-1427 300 -45 257 658347 5427592 Iceberg NFGC-23-1436 0 -45 227 658940 5428202 Iceberg East NFGC-23-1443 319 -53 269 658571 5427779 Iceberg NFGC-23-1445 318 -45 161 658338 5427660 Iceberg NFGC-23-1489 313 -45 230 658679 5427833 Iceberg East NFGC-23-1514 0 -90 141 658707 5428021 Iceberg East NFGC-23-1525 319 -45 129 658680 5427948 Iceberg East NFGC-23-1533 318 -57 150 658680 5427948 Iceberg East NFGC-23-1605 300 -72 105 658776 5428065 Iceberg East NFGC-23-1607 300 -60 161 658881 5428149 Iceberg East NFGC-23-1613 299 -68 140 658848 5428140 Iceberg East NFGC-23-1622 276 -45 64 658843 5428084 Iceberg East NFGC-23-1622A 276 -45 125 658844 5428083 Iceberg East NFGC-23-1746 119 -45 107 658456 5427887 Iceberg NFGC-23-1757 118 -54 131 658442 5427896 Iceberg NFGC-23-1766 120 -45 98 658435 5427872 Iceberg NFGC-23-1769 118 -46 155 658317 5427850 Iceberg NFGC-23-1776 120 -45 188 658316 5427883 Iceberg NFGC-23-1780 118 -53 215 658287 5427900 Iceberg NFGC-23-1789 120 -45 224 658288 5427900 Iceberg NFGC-23-1800 125 -49 164 658360 5427865 Iceberg NFGC-23-1805 155 -45 143 658359 5427864 Iceberg NFGC-23-1813 114 -48 176 658365 5427878 Iceberg NFGC-23-1820 165 -55 152 658407 5427858 Iceberg NFGC-23-1827 118 -60 116 658407 5427860 Iceberg NFGC-23-1832 299 -45.5 176 658400 5427819 Iceberg NFGC-23-1838 299 -45.5 98 658385 5427800 Iceberg NFGC-23-1843 299 -45.5 119 658377 5427776 Iceberg NFGC-23-1866 299 -45 191 658354 5427759 Iceberg NFGC-23-1873 299 -45 150 658375 5427747 Iceberg NFGC-23-1879 120 -54 129 658426 5427879 Iceberg NFGC-23-1887 119 -46.5 188 658382 5427902 Iceberg NFGC-23-1895 119 -46 173 658398 5427920 Iceberg NFGC-23-1902 173 -65 107 658310 5427784 Iceberg NFGC-23-1912 355 -45 62 658533 5427896 Iceberg NFGC-23-1914 16 -45 86 658534 5427895 Iceberg NFGC-23-1915 140 -56 101 658292 5427767 Iceberg NFGC-23-1920 280 -51 83 658602 5427964 Iceberg East NFGC-23-1922 167 -63 113 658292 5427767 Iceberg NFGC-23-1924 130 -45 92 658279 5427745 Iceberg NFGC-23-1925 335 -60 65 658603 5427965 Iceberg East NFGC-23-1928 7 -65 74 658615 5427987 Iceberg East NFGC-23-1932 280 -45 89 658685 5428004 Iceberg East NFGC-23-1938 299 -45 161 658318 5427723 Iceberg NFGC-23-1950 300 -50 50 658681 5428035 Iceberg East NFGC-23-1952 300 -45 50 658725 5428067 Iceberg East NFGC-23-1956 299 -45 221 658339 5427711 Iceberg NFGC-23-1957A 300 -45 47 658768 5428095 Iceberg East NFGC-23-1966 120 -45 191 658262 5427886 Iceberg NFGC-23-1970 121 -55 215 658262 5427886 Iceberg NFGC-23-1977 120 -45 212 658255 5427861 Iceberg Table 3: 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 4,500m of core is currently pending assay results. Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. 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. 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 method. 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, 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. 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 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay. For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are 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 13, 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20240313762569/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486
