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New Found Gold Expands and Confirms Continuity of High-Grade Gold Mineralization at the Keats West Zone

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New Found Gold Expands and Confirms Continuity of High-Grade Gold Mineralization at the Keats West Zone

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the first drill results from the Company’s 2025 Work Program at its 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada.

 

Highlights – Keats West1 in the AFZ Core:

  • Keats West open pit infill drilling:
    • 55.0 g/t of Au over 35.05 m (NFGC-24-2254)2
    • 20.7 g/t Au over 18.05 m (NFGC-24-2258).
    • 15.4 g/t Au over 16.70 m (NFGC-24-2260).
    • Confirms continuity of multiple domains of high-grade gold within Keats West.
    • Defines regions of new gold mineralization within the proposed Keats West open pit that are currently outside of the MRE3 block model.
  • Keats West UG4 infill drilling:
    • 7.08 g/t Au over 15.55 m (NFGC-24-2243A).
    • Demonstrates potential to expand high-grade mineralization beyond the current open pit extents.

 

Melissa Render, President of New Found Gold stated: “Today’s results confirm the continuity and high-grade tenor of gold mineralization at Keats West, as well as the in-pit and near-pit expansion potential. These domains of high-grade mineralization start at surface and remain above a vertical depth of 150 metres and are located in proximity to other key zones, such as Iceberg and Keats in the AFZ Core area. Project advancement following the release of the initial MRE in March 2025 is focused on derisking high priority open pits, like Keats West with infill drilling targeting the higher-grade portions to start.”

 

Results Summary

 

This news release includes results from 2,691 m of drilling in 22 diamond drill holes completed in Q2/25 as part of an infill program at Keats West in the AFZ Core (Tables 1 to 3). The program has been designed to target mineralization within the Keats West MRE open pit constraints, first focussing on converting resource blocks to indicated classification thereby increasing the confidence level in high-grade domains. In addition, results are reported from infill drilling, completed immediately beyond the south end of the proposed Keats West open pit within a preliminary UG panel.

________________________
1 Keats West = Keats West zone
2 g/t = grams per tonne, Au = gold, m = metres
3 MRE = Mineral resource estimate
4 UG = underground

 

Keats West Open Pit Infill:

  • Keats West highlight infill holes targeting the high-grade domains announced today include 55.0 g/t Au over 35.05 m (NFGC-25-2254), 20.7 g/t Au over 18.05 m (NFGC-25-2258), 15.4 g/t Au over 16.70 m (NFGC-25-2260) and 13.1 g/t Au over 10.60 m (NFGC-25-2245). These intercepts demonstrate the strong continuity of the high-grade corridors within the hosting Keats West fault zone that has a mineralized footprint of 315 m wide by 305 m long, with true widths averaging 20 m and ranging up to 50 m (Figure 1).
  • Multiple regions within the Keats West open pit tested by the infill program intercepted significant mineralization outside of the current MRE block model. Intervals in these regions include 4.29 g/t Au over 22.00 m (NFGC-25-2242), 2.85 g/t Au over 33.85 m (NFGC-25-2247), 1.31 g/t Au over 30.00 m (NFGC-25-2257) and 10.6 g/t Au over 4.85 m (NFGC-25-2245) (Figure 2).
  • Overall, the results correlate well to the MRE block model, with local fluctuations where grades were either higher or lower than anticipated.
  • Keats West mineralization occurs within a gently south-southwest dipping fault zone that hosts a series of stacked and cross-cutting gold-bearing quartz veins on the west side of the AFZ in the AFZ Core area. The high-grade mineralization starts at surface and extends to depths of 150 m vertical, a shallowly positioned gold system.

 

Keats West UG Infill:

  • 7.08 g/t Au over 15.55 m (NFGC-25-2243A) was intersected at the south end of the Keats West zone, immediately beyond the proposed open pit, within the extents of one 50 m long preliminary UG panel that contributed to the MRE in the Keats West area (Figures 1 and 2). Follow up drilling has been completed in this sparsely tested region; results of this program are pending.

 

Looking Ahead

 

The Company will continue the work program at Keats West in H2/25 to complete infill drilling targeting the remaining domains of lower grade material in addition to expansion drilling in new areas of mineralization within the open pit. Subject to obtaining positive results from the UG follow-up program, drilling at Keats West will work to expand the deeper portions of this zone. Infill drilling has also been completed at the Lotto and Lotto North zones, while step-out and infill drilling is ongoing at the Iceberg, K2, Dome-Lotto and Dropkick zones, as well as at AFZ Peripheral conceptual and early-stage exploration target areas.

 

The channel sampling at the Iceberg excavation that began in May 2025 is nearly complete. Results from ongoing work will be released as they become available.

 

Excavation of the Lotto Zone is underway. The objective of this work is to expose a 210 m long segment of Lotto to add certainty to the geological model and assess grade continuity. Excavating will be followed by detailed mapping, channel sampling and additional definition drilling. Tightly spaced definition drilling targeting key segments of the Keats-Baseline Fault Zone that have been excavated will also commence in Q3/25 starting at Keats, followed by Iceberg.

 

On November 6, 2024, the Company announced it had engaged SLR Consulting (Canada) Ltd to deliver an initial MRE and preliminary economic assessment. The MRE was announced on March 24, 2025, and a PEA is ongoing with a revised target completion date of early Q3/25. This is an important milestone for the Project as it will provide preliminary project economics in addition to defining the work programs that will allow the Company to advance the Project. Mine design and planning, metallurgical processing and economic optimizations will be conducted by SLR to complete the PEA.

 

Table 1: Drill Result Highlights

 

Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone
NFGC-25-2242 59.00 81.00 22.00 4.29 Unknown Keats West
Including 60.65 61.15 0.50 26.62 Unknown
Including 65.00 67.00 2.00 18.06 80-95
Including 73.00 74.05 1.05 10.95 80-95
NFGC-25-2243A 114.75 130.30 15.55 7.08 Unknown Keats West
Including 114.75 115.25 0.50 21.32 Unknown
Including 117.85 118.45 0.60 13.49 65-95
Including 119.00 119.70 0.70 67.38 65-95
Including 122.00 122.50 0.50 13.59 65-95
Including 129.20 129.75 0.55 15.62 65-95
NFGC-25-2245 14.90 19.75 4.85 10.63 Unknown Keats West
Including 16.65 17.25 0.60 73.37 Unknown
And 141.10 151.70 10.60 13.07 55-85
Including 148.95 149.50 0.55 12.48 55-85
Including 150.25 151.70 1.45 77.61 55-85
NFGC-25-2247 11.80 45.65 33.85 2.85 85-100 Keats West
NFGC-25-2248 30.90 51.90 21.00 1.73 70-100 Keats West
Including 51.00 51.90 0.90 12.09 70-100
NFGC-25-2251 92.85 105.25 12.40 1.55 70-100 Keats West
NFGC-25-2252 62.00 73.25 11.25 2.28 65-95
NFGC-25-2254 105.60 140.65 35.05 54.95 45-75 Kest West
Including 115.30 116.80 1.50 24.44 45-75
Including 119.05 119.70 0.65 79.61 45-75
Including 122.75 126.90 4.15 328.24 45-75
And Including 125.55 126.20 0.65 1,359.59 45-75
Including 129.90 130.50 0.60 26.25 45-75
Including 138.60 140.10 1.50 244.57 45-75
NFGC-25-2256 34.70 46.10 11.40 2.25 80-100 Keats West
NFGC-25-2257 23.70 53.70 30.00 1.31 Unknown Keats West
NFGC-25-2258 101.15 119.20 18.05 20.73 70-100 Keats West
Including 113.45 116.95 3.50 102.61 70-100
NFGC-25-2260 79.00 94.25 15.25 1.33 Unknown Keats West
And 135.10 151.80 16.70 15.38 55-85
Including 145.30 146.95 1.65 139.13 55-85

 

Note that the host structures are interpreted to be moderately to steeply dipping. 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 2 m with a maximum of 4m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m 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. Details of all 22 drill holes are included in Table 2 and Table 3 below.

 

Table 2: Summary of composite results reported in this news release for Keats West.

 

Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone
NFGC-25-2239 30.50 32.80 2.30 2.16 45-75 Keats West
And 40.60 48.95 8.35 1.25 80-95
NFGC-25-2240 36.00 39.05 3.05 1.14 80-95 Keats West
And 79.25 81.75 2.50 1.20 Unknown
NFGC-25-2241 37.70 39.85 2.15 1.14 50-80 Keats West
NFGC-25-2242 16.55 19.15 2.60 2.09 65-95 Keats West
And 31.05 35.55 4.50 1.20 65-95
And 59.00 81.00 22.00 4.29 Unknown
Including 60.65 61.15 0.50 26.62 Unknown
Including 65.00 67.00 2.00 18.06 80-95
Including 73.00 74.05 1.05 10.95 80-95
And 87.00 91.25 4.25 1.01 80-95
NFGC-25-2243A 114.75 130.30 15.55 7.08 Unknown Keats West
Including 114.75 115.25 0.50 21.32 Unknown
Including 117.85 118.45 0.60 13.49 65-95
Including 119.00 119.70 0.70 67.38 65-95
Including 122.00 122.50 0.50 13.59 65-95
Including 129.20 129.75 0.55 15.62 65-95
NFGC-25-2244 28.85 31.65 2.80 1.07 65-95 Keats West
And 42.15 45.00 2.85 1.11 65-95
NFGC-25-2245 14.90 19.75 4.85 10.63 Unknown Keats West
Including 16.65 17.25 0.60 73.37 Unknown
And 73.70 75.95 2.25 1.19 Unknown
And 92.75 99.05 6.30 1.06 Unknown
And 141.10 151.70 10.60 13.07 55-85
Including 148.95 149.50 0.55 12.48 55-85
Including 150.25 151.70 1.45 77.61 55-85
NFGC-25-2246 No Significant Values Keats West
NFGC-25-2247 11.80 45.65 33.85 2.85 85-100 Keats West
And 53.15 57.45 4.30 6.99 Unknown
Including 53.15 53.90 0.75 24.77 Unknown
And 78.50 84.45 5.95 1.62 70-100
NFGC-25-2248 30.90 51.90 21.00 1.73 70-100 Keats West
Including 51.00 51.90 0.90 12.09 70-100
NFGC-25-2249 104.60 106.75 2.15 1.32 70-100 Keats West
And 110.85 113.30 2.45 1.05 70-100
NFGC-25-2250 No Significant Values Keats West
NFGC-25-2251 81.90 84.80 2.90 1.09 60-90 Keats West
And 92.85 105.25 12.40 1.55 70-100
NFGC-25-2252 55.85 58.00 2.15 1.29 75-100 Keats West
And 62.00 73.25 11.25 2.28 65-95
And 90.75 94.00 3.25 2.38 60-90
NFGC-25-2253 26.00 29.10 3.10 1.43 75-100 Keats West
NFGC-25-2254 105.60 140.65 35.05 54.95 45-75 Kest West
Including 115.30 116.80 1.50 24.44 45-75
Including 119.05 119.70 0.65 79.61 45-75
Including 122.75 126.90 4.15 328.24 45-75
And Including 125.55 126.20 0.65 1,359.59 45-75
Including 129.90 130.50 0.60 26.25 45-75
Including 138.60 140.10 1.50 244.57 45-75
NFGC-25-2255 18.00 25.00 7.00 1.89 70-100 Keats West
NFGC-25-2256 12.00 14.60 2.60 6.92 Unknown Keats West
Including 12.50 12.80 0.30 56.45 Unknown
And 28.00 30.35 2.35 1.55 80-100
And 34.70 46.10 11.40 2.25 80-100
And 50.10 52.15 2.05 1.29 85-100
And 82.15 89.85 7.70 3.13 85-100
NFGC-25-2257 11.00 19.45 8.45 2.62 Unknown Keats West
Including 11.85 12.75 0.90 10.21 Unknown
And 23.70 53.70 30.00 1.31 Unknown
And 58.45 62.00 3.55 2.39 Unknown
NFGC-25-2258 101.15 119.20 18.05 20.73 70-100 Keats West
Including 113.45 116.95 3.50 102.61 70-100
NFGC-25-2260 11.90 14.50 2.60 1.17 Unknown Keats West
And 79.00 94.25 15.25 1.33 Unknown
And 135.10 151.80 16.70 15.38 55-85
Including 145.30 146.95 1.65 139.13 55-85
NFGC-25-2262 47.00 49.80 2.80 3.09 60-90 Keats West
And 76.55 78.75 2.20 1.05 65-95
And 115.60 119.95 4.35 1.56 50-80
And 125.60 129.00 3.40 1.97 85-100

 

Note that the host structures are interpreted to be moderately to steeply dipping. 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 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m 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.

 

Table 3: Details of drill holes reported in this news release.

 

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect
NFGC-25-2239 350 -61 83 657945 5427848 Keats West
NFGC-25-2240 45 -70 89 657963 5428032 Keats West
NFGC-25-2241 15 -62 86 658057 5428077 Keats West
NFGC-25-2242 265 -72 119 658013 5427980 Keats West
NFGC-25-2243A 105 -53 170 657950 5427762 Keats West
NFGC-25-2244 345 -65 74 658091 5428093 Keats West
NFGC-25-2245 143 -70 194 658031 5427891 Keats West
NFGC-25-2246 344 -65 86 658118 5428092 Keats West
NFGC-25-2247 338 -82 107 658013 5427949 Keats West
NFGC-25-2248 100 -45 98 658122 5427970 Keats West
NFGC-25-2249 130 -62 191 658030 5427891 Keats West
NFGC-25-2250 132 -57.5 155 657949 5427762 Keats West
NFGC-25-2251 120 -66 143 658070 5427932 Keats West
NFGC-25-2252 58 -68 98 658027 5427808 Keats West
NFGC-25-2253 90 -45 74 658140 5427995 Keats West
NFGC-25-2254 142 -75 141 658050 5427905 Keats West
NFGC-25-2255 120 -45 59 658151 5428032 Keats West
NFGC-25-2256 350 -74 125 658040 5427927 Keats West
NFGC-25-2257 120 -52 131 657992 5427767 Keats West
NFGC-25-2258 102 -66 158 658050 5427905 Keats West
NFGC-25-2260 154 -68 173 658033 5427913 Keats West
NFGC-25-2262 66 -50 137 657992 5427769 Keats West

 

 

Sampling, Sub-sampling, and Laboratory

 

All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. 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 Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. (“ALS”) since February 2024. ALS operates under a commercial contract with New Found Gold.

 

Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario.  ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

 

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.

 

Select samples prepared at ALS 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 the Project and that the Project does not have any reserves.

 

Qualified Person

 

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Mrs. Render 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 Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

 

The Company has completed an initial MRE at Queensway (see New Found Gold news release dated March 24, 2025). A preliminary economic assessment is underway, with completion scheduled for early Q3/25.

 

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,450 hectare project that covers a 110 km strike extent along two prospective fault zones.

 

New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway.

 

 


Figure 1: Inclined plan view map of the AFZ Core area. (CNW Group/New Found Gold Corp.)

 

 

 


Figure 2: Keats West cross-section (+/-15 m, looking northwest). (CNW Group/New Found Gold Corp.)

 

 

 


Figure 3: Keats West pit looking northeast with reported holes highlighted. (CNW Group/New Found Gold Corp.)

 

Posted July 10, 2025

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