New Found Intercepts 41 g/t Au Over 5.20M & 13 g/t Au Over 10.45M at Iceberg

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 16 diamond drill holes that were completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300m northeast of Keats Main 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.

Figure 1: Photos of mineralization from Left: at ~36m in NFGC-23-1154, Right: at ~107m in NFGC-23-1402. ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1154 and NFGC-23-1402. (Photo: Business Wire)

Iceberg Highlights:

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Zone
NFGC-23-11542	33.60	38.80	5.20	40.86	Iceberg
Including	35.35	37.80	2.45	83.20
NFGC-23-12941	101.10	112.15	11.05	3.09	Iceberg
Including	108.90	109.45	0.55	13.10
And	117.05	125.25	8.20	5.14
Including	117.05	117.80	0.75	45.86
NFGC-23-14021	99.30	109.75	10.45	12.51	Iceberg
Including	107.00	107.65	0.65	156.00
Including	109.10	109.75	0.65	14.15

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

• 40.9 g/t Au over 5.20m in NFGC-23-1154 occurs just 25m below surface and 50m along strike to the south of previously reported 105 g/t Au over 27.05m in NFGC-23-1210 (June 5, 2023) at Iceberg. The consistent flow of near-surface high-grade gold intercepts demonstrates the strength of Iceberg at a shallow depth, where mineralization begins at the bedrock surface and is covered by a thin layer of overburden that is generally 4-6m deep (Figures 1-4).
• 12.5 g/t Au over 10.45m in NFGC-23-1402 is located 200m further east, starting 65m below surface. This interval infills a 100m gap in the drilling, linking the Iceberg and Iceberg East Zones, which together is drill-defined over a strike length of 665m.
• Iceberg and Iceberg East remain open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.

Melissa Render, VP of Exploration of New Found, stated: “Like at Keats Main and Keats West, gold mineralization at Iceberg and Iceberg East is shallow, with several high-grade intervals occurring in the bedrock under minimal overburden. This glacial till provides just enough cover to conceal the zones, but at the same time, it speaks to the potential for new and near-surface zones to be discovered across the Queensway Project. Looking property-wide, only approximately 2% of bedrock is exposed. We work well in this environment, and we deploy a number of exploration techniques that inform us on what might be beneath our feet, allowing us to quickly generate gold targets for testing. With no shortage of targets, exploration at Queensway is always exciting and we continue to push into new areas along the highly prospective AFZ.”

Drillhole Details

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Zone
NFGC-23-1114	No Significant Values				Iceberg
NFGC-23-11542	33.60	38.80	5.20	40.86	Iceberg
Including	35.35	37.80	2.45	83.20
And2	51.75	54.00	2.25	3.23
And2	60.85	65.65	4.80	5.93
Including	61.60	62.60	1.00	19.83
And1	115.00	117.00	2.00	1.14
NFGC-23-11671	129.60	131.80	2.20	2.33	Iceberg
Including	130.45	130.90	0.45	10.76
And1	167.25	169.50	2.25	1.48
NFGC-23-12941	101.10	112.15	11.05	3.09	Iceberg
Including	108.90	109.45	0.55	13.10
And1	117.05	125.25	8.20	5.14
Including	117.05	117.80	0.75	45.86
NFGC-23-1297	No Significant Values				Iceberg
NFGC-23-13163	168.15	170.85	2.70	3.02	Iceberg
NFGC-23-13181	115.25	118.00	2.75	1.64	Iceberg East
NFGC-23-1334	No Significant Values				Iceberg East
NFGC-23-13434	78.00	80.50	2.50	2.07	Iceberg East
NFGC-23-13541	96.00	98.05	2.05	1.88	Iceberg East
NFGC-23-1359	No Significant Values				Iceberg East
NFGC-23-13653	95.10	100.75	5.65	1.25	Iceberg East
NFGC-23-1371	No Significant Values				Iceberg
NFGC-23-1378	No Significant Values				Iceberg East
NFGC-23-1394	No Significant Values				Iceberg East
NFGC-23-14021	99.30	109.75	10.45	12.51	Iceberg
Including	107.00	107.65	0.65	156.00
Including	109.10	109.75	0.65	14.15

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 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-23-1114	300	-45	95	658447	5427850	Iceberg
NFGC-23-1154	300	-45	158	658407	5427787	Iceberg
NFGC-23-1167	106	-45	219	658283	5427849	Iceberg
NFGC-23-1294	300	-45	305	658553	5427818	Iceberg
NFGC-23-1297	299	-47	384	658494	5427737	Iceberg
NFGC-23-1316	300	-45	260	658532	5427745	Iceberg
NFGC-23-1318	300	-45	321	658934	5428089	Iceberg
NFGC-23-1334	299	-45.5	257	659262	5428359	Iceberg East
NFGC-23-1343	300	-45	366	658938	5428145	Iceberg East
NFGC-23-1354	300	-45	288	658981	5428120	Iceberg East
NFGC-23-1359	300	-45	263	659363	5428534	Iceberg East
NFGC-23-1365	300	-45	303	658895	5428170	Iceberg East
NFGC-23-1371	300	-45	452	658524	5427691	Iceberg
NFGC-23-1378	300	-45	407	659074	5428182	Iceberg East
NFGC-23-1394	299	-45.5	332	659077	5428238	Iceberg East
NFGC-23-1402	346	-45.5	131	658556	5427846	Iceberg

Table 3: Details of drill holes reported in this press release

Queensway 500,000m Drill Program Update

The Company is currently undertaking a 500,000m drill program at Queensway and approximately 42,900m 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 metre 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, 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. Accreditation of the photon assay method at the MSA Val D’Or laboratory is in progress.

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 two 450g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis. If one of the jars 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 news 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 August 15, 2023, 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 500,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $47.5 million as of August 2023.

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”, “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 at SEDAR+ (www.sedarplus.ca), the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, 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/20230815846509/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.