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

Rhea-AI Summary

New Found Gold Corp. announces positive drilling results from Iceberg Alley and Keats zones, showcasing high-grade gold mineralization. The Queensway project in Newfoundland and Labrador shows promising potential for further exploration.

Insights

Geologist

The reported drill results from New Found Gold Corp. provide significant geological information that could potentially impact the company's valuation and investor interest. The discovery of high-grade gold intercepts in the 'Iceberg Alley' zone and the Keats Zone, both part of the Queensway project, suggests the presence of a substantial gold system. The high-grade intercept of 186.71 g/t Au over 2.55m is particularly noteworthy, as it signals the potential for economically viable extraction.

Understanding the geological context, such as the steeply dipping host structures and the presence of infill veining, is important for assessing the continuity of the mineralization and the potential size of the deposit. The true width estimations, ranging from 170% to 95% and 240% to 70%, indicate a level of complexity that requires detailed modeling and evaluation. The proximity to the Appleton Fault Zone, a known corridor for high-grade gold, further enhances the prospectivity of the area.

Investors should consider the implications of these findings on the company's resource estimates and potential mine development. However, it is also important to note the risks associated with exploration, including the uncertainty of resource conversion and the capital required for further drilling and potential mine development.

Mining Analyst

From an investment perspective, the drilling results from New Found Gold Corp. could have material implications for the company's stock performance. The discovery of new high-grade zones, such as Iceberg Alley and the extension of known mineralized zones, can lead to an increase in resource estimates, which typically has a positive effect on a mining company's market valuation.

Investors often react favorably to exploration updates that show potential for resource expansion or higher-than-expected ore grades, as these can translate into lower production costs and higher profit margins if the project advances to production. The reported grades, including intervals exceeding 100 g/t Au, are significantly above the industry average for underground mines, which may attract further investor attention and speculative interest in the stock.

However, investors should also consider the stage of the project and the fact that moving from exploration to production involves numerous challenges, including securing financing, obtaining permits and constructing mining infrastructure. The company's ability to continue delivering positive exploration results and advancing the project towards a feasibility study will be key drivers for its stock performance in the medium to long term.

Financial Analyst

The financial implications of the drill results for New Found Gold Corp. are multifaceted. In the short term, the announcement of high-grade gold intercepts could lead to increased liquidity and trading volume in the company's shares. This could provide a favorable environment for capital raising activities, should the company seek to fund further exploration or development activities.

In the long term, the success of the exploration program and the delineation of a significant gold resource could position New Found Gold Corp. as an attractive acquisition target for larger mining companies looking to bolster their gold reserves. Furthermore, the strategic location of the Queensway project, with access via the Trans-Canada Highway, adds logistical advantages that could reduce future development costs.

It is important for investors to monitor the company's subsequent announcements regarding resource estimates and preliminary economic assessments, as these will provide a clearer picture of the project's viability. Additionally, the cost of drilling and the burn rate of the company's capital should be weighed against the progress in defining a commercially viable deposit.

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

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

Iceberg Alley Highlights:

Hole No.		From (m)		To (m)		Interval (m)		Au (g/t)		Zone
NFGC-23-19271		90.50		93.00		2.50		28.95		Iceberg Alley
Including		90.50		91.45		0.95		42.20
Including		91.80		92.10		0.30		105.00
NFGC-23-19361		48.95		52.65		3.70		6.04		Iceberg Alley
Including		48.95		49.45		0.50		10.51
Including		52.00		52.65		0.65		21.51
NFGC-23-19411		58.20		60.75		2.55		186.71		Iceberg Alley
Including		58.80		59.55		0.75		632.42
NFGC-23-19721		60.40		63.70		3.30		9.51		Iceberg Alley
Including		61.55		62.05		0.50		14.80
Including		63.25		63.70		0.45		50.80
NFGC-24-20352		150.90		152.90		2.00		12.46		Iceberg Alley
Including		150.90		151.45		0.55		25.89
Including		152.10		152.90		0.80		10.62

Table 1: Iceberg Alley Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be ¹70% to 95% and ²40% to 70%. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

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

Keats Highlights:

Hole No.		From (m)		To (m)		Interval (m)		Au (g/t)		Zone
NFGC-22-8861		192.15		194.20		2.05		23.82		Keats FW
Including		192.55		193.35		0.80		60.95
NFGC-22-8991		47.60		49.90		2.30		10.49		Keats Main
Including		47.60		48.05		0.45		38.94
NFGC-22-9141		11.85		26.15		14.30		1.71		Keats Main
Including		12.15		12.60		0.45		15.65
And4		578.25		584.00		5.75		7.85		Keats FW
Including		582.35		584.00		1.65		25.34
NFGC-22-9341		46.70		49.00		2.30		10.98		Keats Main
Including		46.70		47.35		0.65		37.63
NFGC-23-14872		13.95		25.25		11.30		1.15		Keats N
NFGC-23-17301		96.35		98.65		2.30		31.89		Keats N
Including		97.00		97.65		0.65		112.50
NFGC-23-17772		107.00		109.00		2.00		15.87		Keats FW
Including		108.00		109.00		1.00		31.40
NFGC-23-17934		85.30		87.55		2.25		12.52		Keats FW
Including		85.30		85.80		0.50		56.30
NFGC-23-18592		121.35		131.05		9.70		2.77		Keats N
Including		129.40		130.40		1.00		11.00
NFGC-23-18621		58.85		68.95		10.10		4.09		Keats Main
Including3		67.15		67.90		0.75		33.60
NFGC-23-19672		61.45		65.00		3.55		34.40		Keats FW
Including		63.25		64.05		0.80		148.96

Table 2: Keats Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be ¹70% to 95%, ²40% to 70%, and ³10% to 40%. ⁴True widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

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

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

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

Drillhole Details
Hole No.		From (m)		To (m)		Interval (m)		Au (g/t)		Zone
NFGC-21-842*		87.00		89.25		2.25		1.15		Keats Main
And1*		101.40		106.50		5.10		1.17
And1*		155.00		157.15		2.15		1.12		Keats FW
And2		264.35		270.15		5.80		3.86		Keats N
Including		264.35		264.85		0.50		30.36
NFGC-21-1041*		214.50		225.90		11.40		29.11		Keats Main
Including*		214.50		215.10		0.60		89.40
Including*		216.00		217.10		1.10		236.21
And2		253.80		256.40		2.60		2.40		Keats FW
And4		347.45		354.95		7.50		1.65
And4		390.05		392.60		2.55		1.50
And4		445.45		447.55		2.10		3.66
NFGC-21-3241*		96.20		99.45		3.25		2.14		Keats Main
And1*		103.00		105.00		2.00		1.34
And1*		115.70		119.20		3.50		2.48
Including*		115.70		117.90		2.20		3.35
And4*		314.90		317.30		2.40		9.68		Keats FW
Including*		315.90		316.40		0.50		46.35
And4*		329.90		333.30		3.40		1.57
And4*		336.20		340.55		4.35		1.31
And4*		344.15		346.70		2.55		2.18
And4*		352.00		354.70		2.70		3.23
And4		370.65		372.70		2.05		2.41
NFGC-21-410B1*		139.65		142.00		2.35		1.18		Keats Main
And1*		174.20		176.50		2.30		1.81
And4		407.00		409.45		2.45		1.01		Keats FW
NFGC-22-8292		18.00		21.40		3.40		1.58		Keats N
And2		237.65		240.15		2.50		1.03
NFGC-22-8383		26.85		28.85		2.00		1.12		Keats N
NFGC-22-862		No Significant Values								Keats Main
NFGC-22-8694		644.00		648.30		4.30		1.06		Keats Main
And2		703.00		705.00		2.00		1.17
And4		741.00		743.00		2.00		3.55
NFGC-22-8781		126.00		128.00		2.00		1.37		Keats Main
And4		292.00		294.00		2.00		2.08
NFGC-22-8861		192.15		194.20		2.05		23.82		Keats FW
Including		192.55		193.35		0.80		60.95
And1		262.90		265.00		2.10		1.10
And1		302.00		304.00		2.00		1.88
NFGC-22-8871		59.30		63.60		4.30		6.28		Keats Main
Including		59.30		60.30		1.00		14.35
Including		62.45		62.95		0.50		10.36
And1		159.80		162.00		2.20		2.43
And4		216.00		218.00		2.00		2.11		Keats FW
NFGC-22-8894		453.80		456.20		2.40		1.95		Keats HW
And4		625.60		627.80		2.20		1.91		Keats Main
NFGC-22-8903		15.00		17.00		2.00		1.59		Keats FW
And3		51.00		53.00		2.00		1.60
And4		171.00		174.00		3.00		2.36
And4		190.00		192.00		2.00		8.77
NFGC-22-8991		47.60		49.90		2.30		10.49		Keats Main
Including		47.60		48.05		0.45		38.94
And3		72.50		77.00		4.50		2.80
And3		91.00		93.00		2.00		1.71
And2		105.00		107.00		2.00		1.06
NFGC-22-9031		132.75		135.00		2.25		1.15		Keats S
NFGC-22-9141		11.85		26.15		14.30		1.71		Keats Main
Including		12.15		12.60		0.45		15.65
And4		293.80		296.20		2.40		1.40		Keats FW
And4		578.25		584.00		5.75		7.85
Including		582.35		584.00		1.65		25.34
And4		597.75		600.80		3.05		1.00
NFGC-22-9164		44.00		46.65		2.65		6.03		Keats Main
Including		46.00		46.65		0.65		24.34
And1		55.35		57.40		2.05		1.23
NFGC-22-9341		46.70		49.00		2.30		10.98		Keats Main
Including		46.70		47.35		0.65		37.63
And1		53.75		59.80		6.05		1.17
And2		73.85		77.00		3.15		1.44
NFGC-22-991		No Significant Values								Keats N
NFGC-22-10684		234.50		237.00		2.50		1.16		Keats Main
And4		249.10		251.55		2.45		4.56
Including		249.10		250.00		0.90		11.68
NFGC-23-10991		78.70		80.80		2.10		1.21		421
And1		88.50		90.55		2.05		2.29
NFGC-23-11401		89.75		92.00		2.25		1.61		421
NFGC-23-1457		No Significant Values								Keats N
NFGC-23-1474		No Significant Values								Keats N
NFGC-23-14792		16.10		20.30		4.20		1.04		Keats N
And2		28.55		33.15		4.60		1.12
And3		56.65		60.00		3.35		5.62
Including		57.65		58.40		0.75		11.33
NFGC-23-14872		13.95		25.25		11.30		1.15		Keats N
And3		47.20		49.50		2.30		1.51
NFGC-23-15021		25.45		28.00		2.55		1.17		Keats N
NFGC-23-1504		No Significant Values								Keats N
NFGC-23-1510		No Significant Values								Keats N
NFGC-23-1513		No Significant Values								421
NFGC-23-1527		No Significant Values								421
NFGC-23-1547		No Significant Values								421
NFGC-23-15561		60.00		62.25		2.25		2.34		421
NFGC-23-1560		No Significant Values								421
NFGC-23-1565		No Significant Values								421
NFGC-23-1638		No Significant Values								Keats N
NFGC-23-1643		No Significant Values								Keats N
NFGC-23-16521		80.15		82.20		2.05		1.07		Keats N
NFGC-23-1665		No Significant Values								Keats N
NFGC-23-1672		No Significant Values								Keats N
NFGC-23-1674		No Significant Values								Keats N
NFGC-23-16791		133.30		135.85		2.55		3.01		Keats N
NFGC-23-16851		113.00		115.30		2.30		1.36		Keats N
And1		138.50		140.70		2.20		1.66
NFGC-23-1692		No Significant Values								Keats N
NFGC-23-1695		No Significant Values								Keats N
NFGC-23-1699		No Significant Values								Keats N
NFGC-23-1702		No Significant Values								Keats N
NFGC-23-17111		172.80		175.30		2.50		4.48		Keats N
Including		173.70		174.35		0.65		15.00
NFGC-23-17171		132.10		134.85		2.75		4.54		Keats N
Including		134.00		134.85		0.85		11.81
NFGC-23-1723		No Significant Values								Keats N
NFGC-23-17301		75.15		78.05		2.90		1.03		Keats N
And1		96.35		98.65		2.30		31.89
Including		97.00		97.65		0.65		112.50
NFGC-23-17371		102.50		105.00		2.50		2.05		Keats N
NFGC-23-1739		No Significant Values								Keats N
NFGC-23-1749		No Significant Values								Keats N
NFGC-23-17533		48.60		51.40		2.80		1.03		Keats FW
And2		95.10		101.35		6.25		1.25
NFGC-23-17601		59.35		61.50		2.15		1.00		Keats FW
NFGC-23-1767		No Significant Values								Keats FW
NFGC-23-1770		No Significant Values								Keats FW
NFGC-23-1774		No Significant Values								Keats FW
NFGC-23-17772		65.90		68.25		2.35		6.01		Keats FW
Including		65.90		66.65		0.75		18.10
And2		96.00		98.00		2.00		1.69
And2		107.00		109.00		2.00		15.87
Including		108.00		109.00		1.00		31.40
And2		137.15		140.90		3.75		1.19
NFGC-23-17821		94.25		96.40		2.15		1.88		Keats FW
NFGC-23-17871		81.70		83.70		2.00		1.17		Keats N
And2		103.60		105.80		2.20		1.08
And1		113.00		116.80		3.80		1.23
NFGC-23-17934		85.30		87.55		2.25		12.52		Keats FW
Including		85.30		85.80		0.50		56.30
And4		174.90		179.00		4.10		1.46
NFGC-23-1795		No Significant Values								Keats N
NFGC-23-17981		94.20		96.75		2.55		1.25		Keats N
NFGC-23-1804		No Significant Values								Keats FW
NFGC-23-1808		No Significant Values								Keats N
NFGC-23-1815		No Significant Values								Keats FW
NFGC-23-18193		57.85		62.95		5.10		2.00		Keats Main
And3		93.75		95.75		2.00		2.11
NFGC-23-1824		No Significant Values								Keats FW
NFGC-23-1825		No Significant Values								Keats FW
NFGC-23-1830		No Significant Values								Keats FW
NFGC-23-1831		No Significant Values								Keats HW
NFGC-23-1834		No Significant Values								Keats FW
NFGC-23-1839		No Significant Values								Keats FW
NFGC-23-1840		No Significant Values								Keats HW
NFGC-23-1845		No Significant Values								Keats FW
NFGC-23-18492		29.60		31.70		2.10		6.11		Keats Main
Including		31.00		31.70		0.70		16.56
NFGC-23-1850		No Significant Values								421
NFGC-23-18512		21.00		23.50		2.50		1.04		Keats N
NFGC-23-1854		No Significant Values								Keats Main
NFGC-23-1856		No Significant Values								421
NFGC-23-18572		11.40		14.30		2.90		1.07		Keats Main
And2		18.50		20.80		2.30		1.21
NFGC-23-18592		121.35		131.05		9.70		2.77		Keats N
Including		129.40		130.40		1.00		11.00
NFGC-23-18623		11.50		13.85		2.35		1.03		Keats Main
And1		58.85		68.95		10.10		4.09
Including		67.15		67.90		0.75		33.60
And1		78.15		80.95		2.80		1.87
NFGC-23-1863		No Significant Values								Keats S
NFGC-23-18674		26.90		29.40		2.50		1.40		Keats Main
And2		35.60		40.40		4.80		1.35
And1		99.10		101.65		2.55		1.78
NFGC-23-18753		30.85		33.10		2.25		1.12		Keats Main
NFGC-23-1878		No Significant Values								421
NFGC-23-18824		153.55		155.90		2.35		1.84		Keats FW
NFGC-23-18921		77.55		80.50		2.95		1.80		Keats N
NFGC-23-1896		No Significant Values								Keats N
NFGC-23-19011		37.85		39.85		2.00		4.14		Keats N
NFGC-23-19062		27.80		30.00		2.20		1.16		Keats FW
NFGC-23-1907		No Significant Values								Keats N
NFGC-23-1911		No Significant Values								Keats FW
NFGC-23-19163		69.65		74.25		4.60		1.01		Keats Main
NFGC-23-19231		62.40		70.00		7.60		1.68		Keats Main
Including		67.40		68.00		0.60		10.50
And1		83.00		89.25		6.25		1.98
Including		83.00		83.50		0.50		14.95
NFGC-23-19294		26.75		30.55		3.80		1.70		Keats N
NFGC-23-1930		No Significant Values								Keats Main
NFGC-23-19341		76.35		79.10		2.75		1.43		Keats Main
And2		100.95		104.15		3.20		1.77
NFGC-23-19372		88.60		90.60		2.00		1.14		Keats Main
NFGC-23-19441		39.90		41.95		2.05		1.25		Keats Main
And1		44.80		47.40		2.60		1.25
NFGC-23-1947		No Significant Values								Keats N
NFGC-23-19493		60.00		62.50		2.50		1.62		Keats FW
NFGC-23-1953		No Significant Values								Keats FW
NFGC-23-19583		61.85		64.00		2.15		1.16		Keats Main
And3		77.55		81.20		3.65		2.92
Including		80.45		81.20		0.75		10.40
NFGC-23-1961		No Significant Values								Keats FW
NFGC-23-19672		61.45		65.00		3.55		34.40		Keats FW
Including		63.25		64.05		0.80		148.96
NFGC-23-19694		23.00		25.75		2.75		1.44		Keats FW
NFGC-23-19744		42.10		45.40		3.30		1.88		Keats FW
NFGC-23-19783		42.75		45.65		2.90		1.07		Keats N
And3		73.50		77.45		3.95		1.09
And1		123.65		126.65		3.00		1.31
NFGC-23-19842		41.25		44.65		3.40		2.10		Keats N
NFGC-23-19892		56.60		63.40		6.80		1.20		Keats N
NFGC-23-14224		75.25		77.30		2.05		2.37		Road
NFGC-23-18971		149.50		152.00		2.50		1.80		Iceberg Alley
NFGC-23-1905		No Significant Values								Iceberg Alley
NFGC-23-19101		58.75		60.75		2.00		17.68		Iceberg Alley
NFGC-23-1917		No Significant Values								Iceberg Alley
NFGC-23-19271		90.50		93.00		2.50		28.95		Iceberg Alley
Including		90.50		91.45		0.95		42.20
Including		91.80		92.10		0.30		105.00
NFGC-23-19331		98.30		101.15		2.85		1.14		Iceberg Alley
NFGC-23-19361		48.95		52.65		3.70		6.04		Iceberg Alley
Including		48.95		49.45		0.50		10.51
Including		52.00		52.65		0.65		21.51
NFGC-23-19411		58.20		60.75		2.55		186.71		Iceberg Alley
Including		58.80		59.55		0.75		632.42
NFGC-23-1948		No Significant Values								Iceberg Alley
NFGC-23-1954		No Significant Values								Iceberg Alley
NFGC-23-1959		No Significant Values								Iceberg Alley
NFGC-23-1963		No Significant Values								Iceberg Alley
NFGC-23-19721		60.40		63.70		3.30		9.51		Iceberg Alley
Including		61.55		62.05		0.50		14.80
Including		63.25		63.70		0.45		50.80
NFGC-23-19761		60.45		62.55		2.10		3.58		Iceberg Alley
Including		60.45		60.80		0.35		18.65
NFGC-23-19801		72.20		74.40		2.20		2.96		Iceberg Alley
NFGC-23-1983		No Significant Values								Iceberg Alley
NFGC-23-1988		No Significant Values								Iceberg Alley
NFGC-23-1991		No Significant Values								Iceberg Alley
NFGC-23-1994		No Significant Values								Iceberg Alley
NFGC-23-1995		No Significant Values								Iceberg Alley
NFGC-23-1998		No Significant Values								Iceberg Alley
NFGC-23-2001		No Significant Values								Iceberg Alley
NFGC-23-2005		No Significant Values								Iceberg Alley
NFGC-24-2006		No Significant Values								Iceberg Alley
NFGC-24-20121		106.25		108.65		2.40		1.37		Iceberg Alley
NFGC-24-2016		No Significant Values								Iceberg Alley
NFGC-24-2022		No Significant Values								Iceberg Alley
NFGC-24-2023		No Significant Values								Iceberg Alley
NFGC-24-2032		No Significant Values								Iceberg Alley
NFGC-24-20352		150.90		152.90		2.00		12.46		Iceberg Alley
Including		150.90		151.45		0.55		25.89
Including		152.10		152.90		0.80		10.62
NFGC-24-2040		No Significant Values								Iceberg Alley
NFGC-24-2044		No Significant Values								Iceberg Alley
NFGC-24-2046		No Significant Values								Iceberg Alley
NFGC-24-2052		No Significant Values								Iceberg Alley
NFGC-24-2054		No Significant Values								Road
NFGC-24-2065		No Significant Values								Iceberg Alley
NFGC-24-20754		125.55		129.25		3.70		2.45		Iceberg Alley
And4		135.50		137.50		2.00		1.33
And4		146.25		148.65		2.40		1.39

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

Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be ¹70% to 95%, ²40% to 70%, and ³10% to 40% of reported intervals. ⁴True widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. *Previously reported interval.

Hole No.		Dip (°)		Azimuth (°)		Length (m)		UTM E		UTM N		Prospect
NFGC-21-104		-45		300		471		658208		5427295		Keats
NFGC-21-324		-45.5		299		515		658067		5427348		Keats
NFGC-21-410B		-46.5		297		542		658075		5427285		Keats
NFGC-21-84		-45		300		362		658253		5427490		Keats
NFGC-22-1068		-90		0		296		658058		5427279		Keats
NFGC-22-829		-45		300		299		658311		5427813		Keats North
NFGC-22-838		-45		300		440		658150		5427590		Keats North
NFGC-22-862		-45		297		407		657800		5426839		Keats South
NFGC-22-869		-47		338		836		657845		5426815		Keats South
NFGC-22-878		-45		300		387		657844		5426936		Keats South
NFGC-22-886		-49		132		417		657887		5427612		Keats
NFGC-22-887		-57		10		228		657913		5427243		Keats
NFGC-22-889		-46		297		881		657842		5426410		Keats South
NFGC-22-890		-45		300		482		658151		5427559		Keats
NFGC-22-899		-45		345		150		657912		5427244		Keats
NFGC-22-903		-79		305		821		657801		5426839		Keats South
NFGC-22-914		-45		300		614		658199		5427532		Keats
NFGC-22-916		-56		350		240		657895		5427200		Keats
NFGC-22-934		-45		275		144		657894		5427200		Keats
NFGC-22-991		-45		300		581		658480		5428005		Keats North
NFGC-23-1099		-53		329		152		657756		5426958		Keats South
NFGC-23-1140		-45		300		188		657790		5427056		Keats South
NFGC-23-1422		-45		334		101		658980		5428285		Road
NFGC-23-1457		-45		32		48		658127		5427603		Keats North
NFGC-23-1474		-45		90		47		658129		5427602		Keats North
NFGC-23-1479		-78		355		95		658115		5427580		Keats North
NFGC-23-1487		-68		18		74		658114		5427581		Keats North
NFGC-23-1502		-76		68		62		658115		5427581		Keats North
NFGC-23-1504		-53		82		71		658115		5427581		Keats North
NFGC-23-1510		-62		127		74		658116		5427580		Keats North
NFGC-23-1513		-48		60		200		657889		5427018		Keats South
NFGC-23-1527		-45		70		113		657884		5426987		Keats South
NFGC-23-1547		-49		61		137		657823		5426971		Keats South
NFGC-23-1556		-45		70		101		657917		5426947		Keats South
NFGC-23-1560		-50		64		176		657891		5426900		Keats South
NFGC-23-1565		-45		51		212		657846		5426814		Keats South
NFGC-23-1638		-45		120		74		658100		5427681		Keats
NFGC-23-1643		-67		120		89		658100		5427681		Keats North
NFGC-23-1652		-45		120		203		658117		5427710		Keats North
NFGC-23-1665		-65		120		80		658117		5427710		Keats North
NFGC-23-1672		-45.5		119		128		658061		5427713		Keats West
NFGC-23-1674		-56		119		152		658060		5427713		Keats West
NFGC-23-1679		-70		119		182		658060		5427713		Keats West
NFGC-23-1685		-45.5		119		179		658069		5427679		Keats North
NFGC-23-1692		-60		120		155		658069		5427680		Keats North
NFGC-23-1695		-45.5		120		128		658055		5427663		Keats North
NFGC-23-1699		-58		120		143		658055		5427663		Keats North
NFGC-23-1702		-45		120		158		658020		5427649		Keats West
NFGC-23-1711		-60		88		185		658023		5427647		Keats West
NFGC-23-1717		-45		120		182		658009		5427627		Keats West
NFGC-23-1723		-65		120		155		658009		5427627		Keats West
NFGC-23-1730		-45		100		149		658034		5427584		Keats North
NFGC-23-1737		-45.5		165		122		658042		5427585		Keats North
NFGC-23-1739		-45.5		120		176		657984		5427581		Keats West
NFGC-23-1749		-67		120		140		657984		5427581		Keats West
NFGC-23-1753		-83		120		125		657984		5427581		Keats West
NFGC-23-1760		-45		120		125		657954		5427540		Keats
NFGC-23-1767		-80		120		131		657956		5427540		Keats
NFGC-23-1770		-45		75		83		657993		5427517		Keats
NFGC-23-1774		-45		68		83		657990		5427527		Keats
NFGC-23-1777		-80		120		185		657929		5427517		Keats
NFGC-23-1782		-45		120		128		657929		5427516		Keats
NFGC-23-1787		-45		120		140		657998		5427523		Keats
NFGC-23-1793		-68		155		182		657998		5427527		Keats
NFGC-23-1795		-62		120		219		658287		5427901		Keats North
NFGC-23-1798		-54		155		110		658036		5427582		Keats North
NFGC-23-1804		-47		120		137		658034		5427584		Keats North
NFGC-23-1808		-54		105		137		658032		5427584		Keats North
NFGC-23-1815		-45		65		50		657877		5427296		Keats
NFGC-23-1819		-48		44		110		657861		5427280		Keats
NFGC-23-1824		-54		7		69		657862		5427275		Keats
NFGC-23-1825		-45		300		122		657854		5427278		Keats
NFGC-23-1830		-46		274		137		657857		5427279		Keats
NFGC-23-1831		-45		125		123		658194		5427015		Keats
NFGC-23-1834		-45		225		101		657855		5427274		Keats
NFGC-23-1839		-70		340		80		657890		5427325		Keats
NFGC-23-1840		-45		125		225		658139		5427047		Keats
NFGC-23-1845		-45		300		149		657886		5427326		Keats
NFGC-23-1849		-45		68		86		657894		5427326		Keats
NFGC-23-1850		-45		10		81		658074		5426897		Keats South
NFGC-23-1851		-45.5		299		135		658355		5427788		Keats North
NFGC-23-1854		-55		106		93		657890		5427328		Keats
NFGC-23-1856		-45		135		165		658075		5426895		Keats South
NFGC-23-1857		-60		85		98		657865		5427276		Keats
NFGC-23-1859		-45		299		140		658333		5427772		Keats North
NFGC-23-1862		-72		27		101		657864		5427271		Keats
NFGC-23-1863		-45		85		249		658077		5426898		Keats South
NFGC-23-1867		-88		35		116		657865		5427272		Keats
NFGC-23-1875		-75		319		143		657855		5427269		Keats
NFGC-23-1878		-45		95		177		657904		5426895		Keats South
NFGC-23-1882		-72		292		185		657861		5427280		Keats
NFGC-23-1892		-52		115		116		658062		5427608		Keats North
NFGC-23-1896		-62		115		122		658062		5427608		Keats North
NFGC-23-1897		-46		345		206		659080		5428468		Iceberg Alley
NFGC-23-1901		-45		120		95		657935		5427488		Keats
NFGC-23-1905		-45		300		77		659080		5428585		Iceberg Alley
NFGC-23-1906		-46		120		71		657969		5427449		Keats
NFGC-23-1907		-45		300		116		658309		5427757		Keats North
NFGC-23-1910		-60.5		14.5		98		659081		5428585		Iceberg Alley
NFGC-23-1911		-45		300		101		657962		5427451		Keats
NFGC-23-1916		-50		120		131		657880		5427368		Keats
NFGC-23-1917		-65		302		230		659137		5428550		Iceberg Alley
NFGC-23-1923		-45.5		120		152		657843		5427329		Keats
NFGC-23-1927		-47		329		149		659137		5428551		Iceberg Alley
NFGC-23-1929		-45		299		318		658297		5427735		Keats North
NFGC-23-1930		-68		138		149		657843		5427327		Keats
NFGC-23-1933		-42		353		152		659137		5428551		Iceberg Alley
NFGC-23-1934		-45.5		156		113		657841		5427327		Keats
NFGC-23-1936		-45		325		77		659127		5428614		Iceberg Alley
NFGC-23-1937		-49		195		131		657844		5427324		Keats
NFGC-23-1941		-70		306		86		659127		5428614		Iceberg Alley
NFGC-23-1944		-45.5		121		71		657907		5427365		Keats
NFGC-23-1947		-45		299		164		658278		5427746		Keats North
NFGC-23-1948		-42		6		95		659128		5428616		Iceberg Alley
NFGC-23-1949		-45.5		121		107		657901		5427398		Keats
NFGC-23-1953		-65		341		104		657925		5427390		Keats
NFGC-23-1954		-51		333		92		659148		5428601		Iceberg Alley
NFGC-23-1958		-45		120		86		657935		5427410		Keats
NFGC-23-1959		-43		5		98		659149		5428602		Iceberg Alley
NFGC-23-1961		-45		120		92		657931		5427439		Keats
NFGC-23-1963		-64		5		95		659149		5428601		Iceberg Alley
NFGC-23-1967		-70		340		80		657939		5427407		Keats
NFGC-23-1969		-45		300		89		657903		5427397		Keats
NFGC-23-1972		-42		12		80		659081		5428586		Iceberg Alley
NFGC-23-1974		-45		300		116		657934		5427412		Keats
NFGC-23-1976		-45		338		104		659080		5428586		Iceberg Alley
NFGC-23-1978		-45		120		215		658172		5427880		Keats North
NFGC-23-1980		-65		323		92		659081		5428585		Iceberg Alley
NFGC-23-1983		-45		336		107		659055		5428602		Iceberg Alley
NFGC-23-1984		-45		94		122		658175		5427881		Keats North
NFGC-23-1988		-45		336		77		659070		5428623		Iceberg Alley
NFGC-23-1989		-45.5		78		137		658176		5427839		Keats North
NFGC-23-1991		-45		336		71		659095		5428629		Iceberg Alley
NFGC-23-1994		-45		336		50		659115		5428647		Iceberg Alley
NFGC-23-1995		-43		316		138		659136		5428551		Iceberg Alley
NFGC-23-1998		-57		317		149		659137		5428551		Iceberg Alley
NFGC-23-2001		-59		344		134		659137		5428552		Iceberg Alley
NFGC-23-2005		-61		336		146		659069		5428532		Iceberg Alley
NFGC-24-2006		-46		335		125		659069		5428533		Iceberg Alley
NFGC-24-2012		-66		3		146		659072		5428533		Iceberg Alley
NFGC-24-2016		-48		314		143		659071		5428534		Iceberg Alley
NFGC-24-2022		-65		20		59		659118		5428647		Iceberg Alley
NFGC-24-2023		-59		310		221		659028		5428384		Iceberg Alley
NFGC-24-2032		-45		327		164		658991		5428411		Iceberg Alley
NFGC-24-2035		-62.5		350		173		658991		5428411		Iceberg Alley
NFGC-24-2040		-60		320		122		658949		5428406		Iceberg Alley
NFGC-24-2044		-42		314		74		658968		5428452		Iceberg Alley
NFGC-24-2046		-70		344		152		658909		5428380		Iceberg Alley
NFGC-24-2052		-49		318		95		658909		5428381		Iceberg Alley
NFGC-24-2054		-57		2		215		658916		5428318		Road
NFGC-24-2065		-70.5		256		244		659050		5428486		Iceberg Alley
NFGC-24-2075		-66		295		239		659078		5428467		Iceberg Alley

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

Queensway 650,000m Drill Program Update

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

Sampling, Sub-sampling, and Laboratory

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated March 26, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $49 million as of March 2024.

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

Acknowledgements

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

Contact

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

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

Forward-Looking Statement Cautions

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240326753015/en/

New Found Gold Corp.

Per: “Collin Kettell”

Collin Kettell, Chief Executive Officer

Email: ckettell@newfoundgold.ca

Phone: +1 (845) 535-1486

Source: New Found Gold Corp.

FAQ

What are the highlights of the drilling results at Iceberg Alley?

The drilling results at Iceberg Alley include significant gold intercepts such as 186.71 g/t Au over 2.55m in NFGC-23-19411.

Where is the Queensway project located?

The Queensway project is located 15km west of Gander, Newfoundland and Labrador, accessible via the Trans-Canada Highway.

What is the significance of the Keats Main Zone?

The Keats Main Zone is a gold-mineralized segment of the Keats Baseline Fault Zone (KBFZ) with a strike length of 575m starting at surface.

Who is the VP of Exploration at New Found Gold Corp.?

Melissa Render is the VP of Exploration at New Found Gold Corp.

What are the future exploration plans for Iceberg Alley and Keats zones?

Future exploration plans include testing the down-dip extensions of mineralized structures and targeting areas of potential interaction with seismic data structures.