Advertisement
Canada markets close in 4 hours 33 minutes
  • S&P/TSX

    21,874.69
    -137.03 (-0.62%)
     
  • S&P 500

    5,060.72
    -9.83 (-0.19%)
     
  • DOW

    38,357.97
    -145.72 (-0.38%)
     
  • CAD/USD

    0.7288
    -0.0033 (-0.45%)
     
  • CRUDE OIL

    82.83
    -0.53 (-0.64%)
     
  • Bitcoin CAD

    88,937.82
    -2,674.91 (-2.92%)
     
  • CMC Crypto 200

    1,408.13
    -15.97 (-1.12%)
     
  • GOLD FUTURES

    2,346.60
    +4.50 (+0.19%)
     
  • RUSSELL 2000

    1,990.08
    -12.56 (-0.63%)
     
  • 10-Yr Bond

    4.6500
    +0.0520 (+1.13%)
     
  • NASDAQ

    15,713.10
    +16.46 (+0.10%)
     
  • VOLATILITY

    16.10
    +0.41 (+2.61%)
     
  • FTSE

    8,032.69
    -12.12 (-0.15%)
     
  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     
  • CAD/EUR

    0.6819
    -0.0017 (-0.25%)
     

New Found Makes New Discovery With 35 g/t Au Over 17m Including 1,910 g/t Au Over 0.3m at "Vegas Zone"

Figure 1. Photos of mineralization, Left: at ~97.60m in NFGC-23-1848, Right: at ~97.60m in NFGC-23-1848 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1848. (Photo: Business Wire)
Figure 1. Photos of mineralization, Left: at ~97.60m in NFGC-23-1848, Right: at ~97.60m in NFGC-23-1848 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1848. (Photo: Business Wire)
Figure 2. Powerline to K2 plan view map (Graphic: Business Wire)
Figure 2. Powerline to K2 plan view map (Graphic: Business Wire)
Figure 3. 3D Cross-Section of AFZ West (looking east, +/- 35m) (Graphic: Business Wire)
Figure 3. 3D Cross-Section of AFZ West (looking east, +/- 35m) (Graphic: Business Wire)
Figure 4. Monte Carlo long section (looking north) (Graphic: Business Wire)
Figure 4. Monte Carlo long section (looking north) (Graphic: Business Wire)
Figure 5. Grouse – Everest plan view map (Graphic: Business Wire)
Figure 5. Grouse – Everest plan view map (Graphic: Business Wire)

VANCOUVER, British Columbia, February 29, 2024--(BUSINESS WIRE)--New Found Gold Corp. ("New Found" or the "Company") (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 97 diamond drill holes that were completed as part of a drill program designed to test targets generated by systematic grid drilling in proximity to the Monte Carlo Zone located 800m southwest of the K2 Zone on the west side of the highly prospective Appleton Fault Zone ("AFZ"). New Found’s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

ADVERTISEMENT

Monte Carlo, Vegas, and Powerline Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-10592

68.75

77.75

9.00

1.93

Monte Carlo

NFGC-22-10641

86.55

88.55

2.00

25.77

Monte Carlo

Including

87.40

87.90

0.50

92.51

NFGC-23-16562

62.00

76.75

14.75

1.23

Monte Carlo

NFGC-23-16661

62.75

66.00

3.25

10.57

Monte Carlo

Including

64.55

65.30

0.75

36.56

NFGC-23-16732

59.45

66.70

7.25

6.87

Monte Carlo

Including

61.00

62.25

1.25

27.76

NFGC-23-17361

140.00

149.25

9.25

1.99

Monte Carlo

NFGC-23-18481

89.70

106.55

16.85

35.24

Vegas

Including

97.40

97.70

0.30

1910.00

NFGC-23-13212

46.00

53.00

7.00

3.32

Powerline / West Grid

And2

58.70

65.00

6.30

1.85

NFGC-23-18842

43.00

53.55

10.55

1.80

Powerline

Table 1: Monte Carlo, Vegas, and Powerline 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% and 240%-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.

  • 35.2 g/t Au over 16.85m in NFGC-23-1848 was intercepted midway between the Monte Carlo and the K2 Zones on the west side of the AFZ at a new zone named Vegas. The intercept includes an elevated high-grade sample running 1,910 g/t Au over 0.30m that exhibits significant visible gold over a 3cm length, as shown below in Figure 1. Vegas was discovered through reconnaissance grid drilling and subsequent, follow-up drilling has identified a high-grade segment of this moderately northeast-dipping fault that appears to link between the Monte Carlo and K2 structures. Additional drilling is planned to expand on this newly identified high-grade domain.

  • Further south at the Monte Carlo Zone (initial discovery announced May 10, 2023), additional targeted drilling has intersected multiple high-grade gold intervals including 25.8 g/t Au over 2.00m in NFGC-22-1064, 10.6 g/t Au over 3.25m in NFGC-23-1666 and 6.87 g/t Au over 7.25m in NFGC-23-1673. These results successfully expand the near-surface high-grade mineralization to cover a strike length of 185m with a depth extent of 160m. Monte Carlo is an east-west striking, steeply dipping vein that remains open along strike and to depth.

  • Reconnaissance grid drilling on the west side of the AFZ a further 800 metres south of Monte Carlo encountered a broad gold mineralized shallowly northeast-dipping shear zone, a new zone called "Powerline", with characteristics similar to the neighbouring Keats West Zone. Powerline was first intercepted by grid drilling that returned the highlight intervals of 3.32 g/t Au over 7.00m and 1.85m over 6.30m in NFGC-23-1321. Targeted follow-up drilling intercepted 1.80 g/t Au over 10.55m in NFGC-23-1884, found 50m along strike of the initial discovery. Highly anomalous and low-grade mineralization has been defined over a current strike length of 350m at Powerline and testing has only occurred at shallow depths.

Melissa Render, VP of Exploration of New Found, stated: "Our reconnaissance grid drilling campaign conducted on the west side of the AFZ has uncovered several new structures of interest and has added to our understanding of the gold mineralized system. Structural orientations west of the AFZ do tend to be quite different than zones found on the east, however, the character of mineralization and its potential appear quite similar. Our list of targets in the west has now grown and will continue to be an area of focus in 2024."

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-859A1

126.05

128.85

2.80

2.56

Monte Carlo

And1

180.75

183.00

2.25

1.20

NFGC-22-9843

97.35

104.70

7.35

2.57

Monte Carlo

And3

121.80

124.05

2.25

1.38

NFGC-22-10343

61.35

63.65

2.30

1.46

Monte Carlo

NFGC-22-10592

68.75

77.75

9.00

1.93

Monte Carlo

And1

86.20

89.00

2.80

5.88

Including

87.80

88.20

0.40

33.71

NFGC-22-10641

58.00

62.50

4.50

1.76

Monte Carlo

And1

86.55

88.55

2.00

25.77

Including

87.40

87.90

0.50

92.51

NFGC-22-10833

13.85

16.00

2.15

3.44

Monte Carlo

And2

29.65

31.65

2.00

1.63

And1

51.45

53.95

2.50

2.61

NFGC-23-1469

No Significant Values

Monte Carlo

NFGC-23-1490

No Significant Values

Monte Carlo

NFGC-23-15872

171.45

174.55

3.10

2.89

Monte Carlo / West Grid

And1

224.25

226.95

2.70

3.17

NFGC-23-16004

228.70

232.20

3.50

1.84

Monte Carlo

NFGC-23-16562

62.00

76.75

14.75

1.23

Monte Carlo

NFGC-23-16611

69.80

72.25

2.45

2.09

Monte Carlo

NFGC-23-16661

32.90

35.10

2.20

1.37

Monte Carlo

And1

47.45

50.40

2.95

9.33

Including

47.45

48.80

1.35

19.31

And1

62.75

66.00

3.25

10.57

Including

64.55

65.30

0.75

36.56

NFGC-23-16701

155.10

159.30

4.20

1.70

Monte Carlo / West Grid

NFGC-23-16732

59.45

66.70

7.25

6.87

Monte Carlo

Including

61.00

62.25

1.25

27.76

NFGC-23-16751

17.35

22.15

4.80

1.84

Monte Carlo

And1

35.35

37.45

2.10

1.22

And1

57.60

60.00

2.40

8.95

Including

59.00

59.50

0.50

40.26

NFGC-23-16781

17.35

19.45

2.10

1.17

Monte Carlo

And1

28.65

32.10

3.45

1.19

NFGC-23-16912

44.60

52.75

8.15

1.38

Monte Carlo

And1

90.80

93.00

2.20

4.95

Including

91.75

92.25

0.50

16.64

And1

96.00

98.00

2.00

5.54

Including

97.00

97.45

0.45

20.77

NFGC-23-16973

121.65

124.10

2.45

1.32

Monte Carlo / West Grid

NFGC-23-16981

60.60

62.85

2.25

3.40

Cassino / West Grid

Including

60.60

60.95

0.35

17.85

NFGC-23-17034

131.00

133.00

2.00

1.43

Monte Carlo / West Grid

And4

205.00

207.40

2.40

1.28

And4

245.00

247.00

2.00

1.26

NFGC-23-17262

95.45

97.60

2.15

1.15

Monte Carlo

And1

127.00

129.60

2.60

2.65

Including

128.60

129.00

0.40

17.05

And4

173.00

175.50

2.50

1.15

NFGC-23-17364

85.25

91.45

6.20

1.69

Monte Carlo

And1

140.00

149.25

9.25

1.99

NFGC-23-17424

92.75

95.00

2.25

1.19

Monte Carlo

And1

130.05

132.65

2.60

1.29

And1

136.35

139.65

3.30

1.32

And1

151.65

154.10

2.45

1.42

NFGC-23-17521

129.55

139.35

9.80

1.43

Monte Carlo

NFGC-23-1768

No Significant Values

Monte Carlo

NFGC-23-1775

No Significant Values

Monte Carlo

NFGC-23-17844

98.45

104.85

6.40

1.34

Monte Carlo

And1

178.80

181.15

2.35

2.63

NFGC-23-17901

153.60

158.40

4.80

3.26

Monte Carlo

NFGC-23-17974

108.35

110.65

2.30

1.53

Monte Carlo

And2

172.45

174.50

2.05

1.50

NFGC-23-18024

127.75

129.85

2.10

1.69

Monte Carlo

NFGC-23-18112

99.45

108.35

8.90

1.51

Cassino

NFGC-23-18172

108.60

111.40

2.80

1.92

Cassino

NFGC-23-18211

127.45

129.70

2.25

3.61

Cassino / West Grid

NFGC-23-1826

No Significant Values

Cassino

NFGC-23-18333

53.00

55.00

2.00

1.67

Cassino

NFGC-23-18413

75.30

77.40

2.10

5.15

Cassino

And1

118.45

120.75

2.30

3.90

Including

119.85

120.30

0.45

13.99

NFGC-23-18481

89.70

106.55

16.85

35.24

Vegas

Including

97.40

97.70

0.30

1910.00

And4

141.00

143.00

2.00

3.13

NFGC-23-1855

No Significant Values

Cassino

NFGC-23-18761

132.90

135.70

2.80

4.75

Cassino

Including

133.25

133.95

0.70

18.84

NFGC-23-1881

No Significant Values

Cassino

NFGC-23-1899

No Significant Values

Cassino

 

 

 

 

 

NFGC-22-10544

52.60

54.90

2.30

1.30

Powerline

NFGC-23-11914

5.10

9.10

4.00

1.06

Little

And4

19.60

22.15

2.55

1.18

And4

26.60

29.15

2.55

1.03

And4

34.70

37.20

2.50

1.44

NFGC-23-11991

20.50

22.85

2.35

1.12

Little

NFGC-23-1202

No Significant Values

Little

NFGC-23-1207

No Significant Values

Little

NFGC-23-1213

No Significant Values

Little

NFGC-23-1215

No Significant Values

Little

NFGC-23-1219

No Significant Values

Powerline

NFGC-23-1224

No Significant Values

Powerline

NFGC-23-1230

No Significant Values

Little

NFGC-23-1234

No Significant Values

Powerline

NFGC-23-1238

No Significant Values

Little

NFGC-23-1257

No Significant Values

Little

NFGC-23-12634

10.00

12.00

2.00

1.13

Little

NFGC-23-1269

No Significant Values

Powerline

NFGC-23-1278

No Significant Values

Little / West Grid

NFGC-23-1284

No Significant Values

Powerline / West Grid

NFGC-23-1291

No Significant Values

Powerline / West Grid

NFGC-23-1300

No Significant Values

Powerline / West Grid

NFGC-23-13111

35.80

38.00

2.20

1.99

Powerline / West Grid

NFGC-23-13212

46.00

53.00

7.00

3.32

Powerline / West Grid

And2

58.70

65.00

6.30

1.85

NFGC-23-13302

19.35

22.40

3.05

1.80

Powerline / West Grid

And2

76.30

79.20

2.90

1.77

NFGC-23-1341

No Significant Values

Powerline / West Grid

NFGC-23-1352

No Significant Values

Little / West Grid

NFGC-23-13564

178.00

180.60

2.60

1.05

Little / West Grid

NFGC-23-1363

No Significant Values

Little / West Grid

NFGC-23-13794

216.20

219.80

3.60

1.83

Little / West Grid

NFGC-23-1388

No Significant Values

Little / West Grid

NFGC-23-1400

No Significant Values

Little / West Grid

NFGC-23-1407

No Significant Values

Little / West Grid

NFGC-23-1417

No Significant Values

Little / West Grid

NFGC-23-1435

No Significant Values

Powerline / West Grid

NFGC-23-1446

No Significant Values

Little / West Grid

NFGC-23-1460

No Significant Values

Powerline / West Grid

NFGC-23-1493

No Significant Values

Powerline / West Grid

NFGC-23-1543

No Significant Values

Powerline / West Grid

NFGC-23-16641

89.00

91.00

2.00

1.02

Powerline

And1

95.00

98.00

3.00

1.07

NFGC-23-1671

No Significant Values

Powerline

NFGC-23-1677

No Significant Values

Powerline

NFGC-23-18651

16.00

18.35

2.35

1.01

Powerline

NFGC-23-1869

No Significant Values

Powerline

NFGC-23-18711

19.40

21.75

2.35

1.38

Powerline

And1

34.20

36.30

2.10

1.07

NFGC-23-1877

No Significant Values

Powerline

NFGC-23-18801

9.60

12.00

2.40

5.33

Powerline

Including

9.60

10.05

0.45

27.10

And1

12.80

15.60

2.80

1.22

NFGC-23-18842

43.00

53.55

10.55

1.80

Powerline

NFGC-23-1888

No Significant Values

Powerline

NFGC-23-1889

No Significant Values

Powerline

NFGC-23-1890

No Significant Values

Powerline

NFGC-23-1898

No Significant Values

Powerline

NFGC-23-1903

No Significant Values

Powerline

NFGC-23-1909

No Significant Values

Powerline

NFGC-23-19131

27.20

29.75

2.55

1.29

Powerline

NFGC-23-19212

28.30

30.65

2.35

1.43

Powerline

NFGC-24-2027

No Significant Values

Little

NFGC-24-2028

No Significant Values

Little

Table 2: Summary of composite results reported in this press release for Monte Carlo, Vegas, and Powerline

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-22-859A

300

-45

448

658553

5429121

Monte Carlo

NFGC-22-984

110

-45

215

658210

5429221

Monte Carlo

NFGC-22-1034

315

-45

170

658264

5429141

Monte Carlo

NFGC-22-1054

135

-76

224

658384

5428517

Powerline

NFGC-22-1059

315

-80

131

658659

5429190

Monte Carlo

NFGC-22-1064

330

-50

137

658589

5429172

Monte Carlo

NFGC-22-1083

295

-48

117

658613

5429217

Monte Carlo

NFGC-23-1191

80

-45

92

657837

5428477

Little Zone

NFGC-23-1199

80

-45

68

657851

5428514

Little Zone

NFGC-23-1202

80

-45

83

657840

5428449

Little Zone

NFGC-23-1207

108

-45

89

657840

5428448

Little Zone

NFGC-23-1213

80

-45

86

657877

5428374

Little Zone

NFGC-23-1215

82

-67

86

657876

5428373

Little Zone

NFGC-23-1219

75

-45

89

658010

5428395

Powerline

NFGC-23-1224

345

-60

311

658048

5428346

Powerline

NFGC-23-1230

345

-60

260

657907

5428242

Little Zone

NFGC-23-1234

75

-45

332

658050

5428344

Powerline

NFGC-23-1238

75

-45

269

657909

5428242

Little Zone

NFGC-23-1257

347

-59

257

658032

5428264

Little Zone

NFGC-23-1263

345

-59

263

658091

5428303

Little Zone

NFGC-23-1269

75

-45

320

658092

5428304

Powerline

NFGC-23-1278

345

-60

251

657936

5428435

Little Zone

NFGC-23-1284

75

-45

308

657937

5428435

Powerline

NFGC-23-1291

347

-59

251

657995

5428519

Powerline

NFGC-23-1300

75

-46

287

658039

5428492

Powerline

NFGC-23-1311

345

-60

254

658150

5428428

Powerline

NFGC-23-1321

75

-45

251

658152

5428428

Powerline

NFGC-23-1330

75

-45

251

658051

5428601

Powerline

NFGC-23-1341

345

-60

254

658050

5428602

Powerline

NFGC-23-1352

345

-61

254

657611

5428379

Little Zone

NFGC-23-1356

74

-46

260

657616

5428378

Little Zone

NFGC-23-1363

75

-45

260

657741

5428448

Little Zone

NFGC-23-1379

75

-45

251

657652

5428600

Little Zone

NFGC-23-1388

345

-60

272

657651

5428600

Little Zone

NFGC-23-1400

75

-45

251

657741

5428664

Little Zone

NFGC-23-1407

345

-60

245

657739

5428665

Little Zone

NFGC-23-1417

345

-60

266

657875

5428587

Little Zone

NFGC-23-1435

75

-45

251

657877

5428587

Powerline

NFGC-23-1446

345

-60

257

657838

5428369

Little Zone

NFGC-23-1460

345

-60

302

658191

5428634

Powerline

NFGC-23-1469

78

-45

251

658254

5428830

Monte Carlo

NFGC-23-1490

75

-45

251

658234

5428725

Monte Carlo

NFGC-23-1493

345

-60

248

658287

5428580

Powerline

NFGC-23-1543

75

-45

266

658288

5428579

Powerline

NFGC-23-1587

345

-60

263

658486

5428926

Monte Carlo

NFGC-23-1600

75

-45

251

658487

5428926

Monte Carlo

NFGC-23-1656

41

-45

113

658692

5429201

Monte Carlo

NFGC-23-1661

10

-66

143

658691

5429201

Monte Carlo

NFGC-23-1664

195

-57

110

658308

5428508

Powerline

NFGC-23-1666

0

-45

101

658679

5429209

Monte Carlo

NFGC-23-1670

345

-60

249

658618

5429077

Monte Carlo

NFGC-23-1671

155

-47

161

658288

5428476

Powerline

NFGC-23-1673

0

-70

110

658680

5429208

Monte Carlo

NFGC-23-1675

0

-45

104

658664

5429223

Monte Carlo

NFGC-23-1677

255

-45

110

658287

5428477

Powerline

NFGC-23-1678

0

-45

92

658644

5429217

Monte Carlo

NFGC-23-1691

345

-52

152

658632

5429148

Monte Carlo

NFGC-23-1697

345

-60

273

658471

5429051

Monte Carlo

NFGC-23-1698

345

-60

250

658755

5429346

Monte Carlo

NFGC-23-1703

75

-45

270

658472

5429051

Monte Carlo

NFGC-23-1726

5

-45

189

658584

5429103

Monte Carlo

NFGC-23-1736

30

-54

186

658584

5429103

Monte Carlo

NFGC-23-1742

5

-57

219

658584

5429102

Monte Carlo

NFGC-23-1752

17

-50

198

658584

5429103

Monte Carlo

NFGC-23-1768

0

-45

203

658654

5429094

Monte Carlo

NFGC-23-1775

15

-45

251

658631

5429027

Monte Carlo

NFGC-23-1784

350

-47

233

658631

5429027

Monte Carlo

NFGC-23-1790

7

-63

224

658617

5429078

Monte Carlo

NFGC-23-1797

355

-75

179

658553

5429121

Monte Carlo

NFGC-23-1802

0

-58

248

658549

5429020

Monte Carlo

NFGC-23-1811

278

-66

155

658754

5429347

Monte Carlo

NFGC-23-1817

33

-45

125

658758

5429346

Monte Carlo

NFGC-23-1821

345

-60

161

658686

5429273

Monte Carlo

NFGC-23-1826

323

-68

203

658685

5429273

Monte Carlo

NFGC-23-1833

170

-75

179

658546

5429580

Monte Carlo

NFGC-23-1841

210

-63

194

658544

5429579

Monte Carlo

NFGC-23-1848

200

-75

146

658656

5429521

Monte Carlo

NFGC-23-1855

210

-45

212

658771

5429569

Monte Carlo

NFGC-23-1865

220

-45

110

658176

5428425

Powerline

NFGC-23-1869

295

-45

114

658015

5428713

Powerline

NFGC-23-1871

294

-45

99

658050

5428661

Powerline

NFGC-23-1876

312

-45

182

658850

5429309

Monte Carlo

NFGC-23-1877

115

-55

96

658137

5428496

Powerline

NFGC-23-1880

220

-45

135

658136

5428495

Powerline

NFGC-23-1881

314

-60

197

658850

5429308

Monte Carlo

NFGC-23-1884

30

-55

75

658212

5428391

Powerline

NFGC-23-1888

217

-46

111

658211

5428389

Powerline

NFGC-23-1889

339

-53

236

658851

5429309

Powerline

NFGC-23-1890

200

-45

153

658232

5428564

Powerline

NFGC-23-1898

242

-45

138

658231

5428565

Powerline

NFGC-23-1899

318

-45

209

658893

5429377

Monte Carlo

NFGC-23-1903

215

-55

108

658247

5428358

Powerline

NFGC-23-1909

35

-55

33

658247

5428359

Powerline

NFGC-23-1913

225

-45

150

658191

5428634

Powerline

NFGC-23-1921

335

-50

111

658136

5428492

Powerline

NFGC-24-2027

300

-45

71

657838

5428450

Little Zone

NFGC-24-2028

190

-70

80

657837

5428450

Little Zone

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 5,200m 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 February 29, 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 $53.5 million as of February 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; visible gold; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "appears", "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/20240229706569/en/

Contacts

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