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New Found Intercepts 17.8 g/t Au Over 13.5m, 27.7 g/t Au Over 2.7m, 12.7 g/t Au Over 4.6m and 1.23 g/t Au Over 47.2m at K2 Zone

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New Found Intercepts 17.8 g/t Au Over 13.5m, 27.7 g/t Au Over 2.7m, 12.7 g/t Au Over 4.6m and 1.23 g/t Au Over 47.2m at K2 Zone

 

 

 

 

 

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results from 51 diamond drill holes that were completed as part of a drill program designed to expand and further define domains of high-grade gold mineralization at the K2 Zone located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone.  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.

 

K2 Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-16451 23.65 39.00 15.35 2.87 K2
Including 30.45 31.15 0.70 24.30
NFGC-23-16473 204.30 207.00 2.70 27.68 K2
Including 205.00 205.60 0.60 124.50
And1 223.80 237.65 13.85 3.26
Including 223.80 224.55 0.75 24.50
NFGC-23-16501 20.70 25.05 4.35 4.03 K2
Including 24.35 25.05 0.70 10.55
And1 37.85 47.65 9.80 3.23
Including 39.30 39.90 0.60 11.20
And1 52.80 62.50 9.70 1.82
And1 77.70 82.45 4.75 7.85
Including 79.10 80.40 1.30 16.12
NFGC-23-16621 38.00 48.05 10.05 1.46 K2
NFGC-23-17991 44.55 57.90 13.35 1.90 K2
NFGC-23-18181 26.75 30.75 4.00 7.31 K2
Including 26.75 28.05 1.30 18.06
NFGC-23-18721 110.25 119.80 9.55 2.63 K2
Including 110.75 111.40 0.65 11.60
Including 116.30 116.95 0.65 10.65
NFGC-23-18832 147.10 151.60 4.50 14.52 K2
Including 147.10 147.65 0.55 111.62
NFGC-23-19181 95.20 107.45 12.25 1.91 K2
NFGC-23-19511 179.00 194.65 15.65 1.71 K2
NFGC-23-19621 190.35 201.95 11.60 2.79 K2
Including 190.35 190.65 0.30 56.70
And2 211.85 213.90 2.05 26.26
Including 212.40 212.90 0.50 106.50
And4 256.85 259.10 2.25 31.19
Including 257.20 257.55 0.35 198.50
NFGC-23-19711 195.10 198.15 3.05 15.58 K2
Including 195.10 195.70 0.60 68.80
NFGC-23-19791 144.60 147.10 2.50 9.61 K2
Including 145.55 146.55 1.00 23.20
NFGC-23-19861 85.85 88.35 2.50 16.01 K2
Including 85.85 86.15 0.30 130.14
And2 167.70 181.15 13.45 17.77
Including 172.15 174.30 2.15 93.96
Including 180.80 181.15 0.35 17.02
NFGC-23-19973 233.15 237.75 4.60 12.69 K2
Including 233.15 234.10 0.95 32.36
Including 234.65 235.15 0.50 27.10
And1 243.40 290.60 47.20 1.23
NFGC-23-20041 152.20 172.00 19.80 1.27 K2
NFGC-24-20072 33.90 44.10 10.20 1.45 K2
NFGC-24-20101 59.45 74.00 14.55 3.75 K2
Including 60.90 61.25 0.35 24.34
Including 62.00 62.35 35.00 10.54
NFGC-24-20193 29.80 37.00 7.20 1.45 K2
And1 66.75 77.95 11.20 1.86
Including 77.40 77.95 0.55 16.54
And1 105.00 114.00 9.00 1.11
NFGC-24-20413 13.55 15.85 2.30 21.19 K2
Including 14.40 15.85 1.45 33.37

 

Table 1: K2 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%. 3True 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.

 

  • 17.8 g/t Au over 13.45m in NFGC-23-1986, 12.7 g/t Au over 4.60m and 1.23 g/t Au over 47.20m in NFGC-23-1997, 27.7 g/t Au over 2.70m and 3.26 g/t Au over 13.85m in NFGC-23-1647, 14.5 g/t Au over 4.50m in NFGC-23-1883, and 31.2 g/t Au over 2.25m, and 26.3 g/t Au over 2.05m in NFGC-23-1962 are just a few of the highlight intervals that occur above 200m vertical that were intercepted as part of an ongoing program designed to expand and further define a central high-grade domain within the K2 structure that now spans an area measuring 180m long x 90m wide.
  • K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that currently has a defined mineralized footprint of 490m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250m (Figures 1-5), where it remains open and untested. Much of the gold at K2 is found in the “K2 Main” structure (shown in red in Figure 3), a low-angle gold-bearing fault zone starting at surface that dips 30-40° to the southeast which shares a similar dip to Keats West and strike to the Keats-Baseline Fault Zone.
  • Within the overall K2 structure, there are multiple domains of high-grade gold in addition to regions with gold mineralization concentrated over broad thicknesses, typically occurring near structural intersections or areas of structural complexity. A few examples include the aforementioned central high-grade domain, as well as the previously released “Stibnite Vein” (see purple highlighted vein in Figure 3), which is located 250m up-dip and has produced several notable intervals including 3.48 g/t Au over 25.30m in NFGC-23-1783 (January 31, 2024) and 4.50 g/t Au over 12.95m in NFGC-23-1303 (August 28, 2023).
  • Exploration drilling has also led to the discovery of a panel of thick gold mineralization located near to surface, a further 65m south of the central panel reported in today’s release, where highlight intervals of 3.75 g/t Au over 14.55m in NFGC-24-2010, 2.87 g/t Au over 15.35m in NFGC-23-1645, and 15.6 g/t Au over 3.05m in NFGC-23-1971 were intercepted. This panel covers an area that is currently 200m long by 60m wide and is hosted within a potentially folded and uplifted segment of the K2 structure that is sandwiched between two crosscutting gold-bearing faults. Additional notable intervals that further define this domain include 1.27 g/t Au over 19.80m in NFGC-23-2004, 1.71 g/t Au over 15.65m in NFGC-23-1951, 2.79 g/t Au over 11.60m in NFGC-23-1962, and 16.0 g/t Au over 2.50m in NFGC-23-1986.
  • Additional infill results included in today’s release were completed in the up-dip, close to surface segment of the K2 structure, aimed at extending mineralization to surface. NFGC-23-1650 intercepted 4.03 g/t Au over 4.35m, 3.23 g/t Au over 9.80m, 1.82 g/t Au over 9.70m and 7.85 g/t Au over 4.75m and is 43m down dip of previously reported interval of 8.69 g/t Au over 12.25m in NFGC-23-1786 (January 31, 2024).

 

Melissa Render, VP of Exploration of New Found, stated: “K2 is an expansive and complex structure with a sizeable associated damage zone. Our growing understanding of this evolving zone has led to better targeting of high-grade domains and allowed us to expand on them and look for new areas that either were overstepped or found outside of the prior drill footprint. Recognizing the significance of the Glenwood Shear Zone has proven to be another important revelation, where K2 seems to have developed between it and the AFZ. This relationship is likely an important one to understand and opens the possibility that the Glenwood, like the AFZ is another conduit for channelling gold bearing fluids. Exploration will continue in the greater K2 area, both looking to extend K2 to depth, in addition to looking below it and adjacent to the Glenwood Shear Zone. Follow-up drilling is also planned on several interesting gold-bearing fault zones that were identified during our reconnaissance grid drilling program completed on the west side of the AFZ.”

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-1557 No Significant Values Monte Carlo
NFGC-22-9471 170.10 172.30 2.20 1.53 K2
And1 175.55 177.60 2.05 1.22
And1 236.75 238.85 2.10 4.67
Including 236.75 237.55 0.80 10.31
And2 260.95 263.00 2.05 1.37
NFGC-23-1640 No Significant Values K2
NFGC-23-16421 75.50 80.80 5.30 1.35 K2
NFGC-23-16451 23.65 39.00 15.35 2.87 K2
Including 30.45 31.15 0.70 24.30
NFGC-23-16474 23.00 26.00 3.00 1.22 Everest
And4 204.30 207.00 2.70 27.68 K2
Including 205.00 205.60 0.60 124.50
And1 223.80 237.65 13.85 3.26
Including 223.80 224.55 0.75 24.50
NFGC-23-16501 20.70 25.05 4.35 4.03 K2
Including 24.35 25.05 0.70 10.55
And1 37.85 47.65 9.80 3.23
Including 39.30 39.90 0.60 11.20
And1 52.80 62.50 9.70 1.82
And1 77.70 82.45 4.75 7.85
Including 79.10 80.40 1.30 16.12
NFGC-23-16511 49.95 52.25 2.30 1.45 K2
NFGC-23-16594 45.60 48.30 2.70 1.21 K2
And1 70.65 74.85 4.20 2.51
Including 74.40 74.85 0.45 12.20
NFGC-23-16621 20.65 22.85 2.20 1.02 K2
And1 38.00 48.05 10.05 1.46
NFGC-23-16881 81.10 86.00 4.90 1.79 K2
And1 110.95 113.25 2.30 1.30
And2 132.20 134.20 2.00 1.52
NFGC-23-17991 44.55 57.90 13.35 1.90 K2
And1 67.85 71.80 3.95 1.01
And1 142.20 144.95 2.75 1.31
NFGC-23-18031 12.30 14.90 2.60 1.19 K2
And2 26.85 29.00 2.15 1.08
NFGC-23-1812 No Significant Values K2
NFGC-23-18141 45.90 48.30 2.40 2.29 K2
NFGC-23-18181 26.75 30.75 4.00 7.31 K2
Including 26.75 28.05 1.30 18.06
NFGC-23-18221 73.05 75.55 2.50 1.52 K2
And1 83.55 91.15 7.60 1.08
And1 118.65 121.00 2.35 1.57
And1 125.00 128.85 3.85 4.14
Including 126.00 126.70 0.70 15.60
NFGC-23-18292 162.80 168.00 5.20 1.15 K2
NFGC-23-18721 101.80 104.50 2.70 1.06 K2
And1 110.25 119.80 9.55 2.63
Including 110.75 111.40 0.65 11.60
Including 116.30 116.95 0.65 10.65
And2 169.35 171.60 2.25 2.16
And2 217.65 219.85 2.20 1.48
NFGC-23-18831 117.20 119.55 2.35 1.17 K2
And1 126.50 131.05 4.55 1.11
And2 147.10 151.60 4.50 14.52
Including 147.10 147.65 0.55 111.62
NFGC-23-18944 140.00 142.00 2.00 1.93 K2
And1 180.55 183.00 2.45 1.61
And1 197.80 203.40 5.60 2.68
And1 209.45 215.80 6.35 3.91
Including 214.10 215.10 1.00 20.20
NFGC-23-19182 48.55 51.25 2.70 1.81 K2
And4 67.10 69.75 2.65 1.44
And1 86.80 89.35 2.55 1.01
And1 95.20 107.45 12.25 1.91
NFGC-23-19261 64.70 69.10 4.40 1.24 K2
And1 151.85 155.10 3.25 4.18
And2 169.60 172.00 2.40 1.60
And1 180.15 187.55 7.40 1.80
And2 286.00 288.35 2.35 1.41
NFGC-23-19514 40.15 42.30 2.15 1.19 K2
And4 81.50 83.60 2.10 2.01
And1 179.00 194.65 15.65 1.71
And2 221.00 223.25 2.25 7.07
Including 221.00 221.65 0.65 19.15
NFGC-23-19621 60.65 63.40 2.75 1.53 K2
And4 166.80 169.15 2.35 1.01
And1 190.35 201.95 11.60 2.79
Including 190.35 190.65 0.30 56.70
And2 211.85 213.90 2.05 26.26
Including 212.40 212.90 0.50 106.50
And1 234.00 236.30 2.30 2.54
And4 256.85 259.10 2.25 31.19
Including 257.20 257.55 0.35 198.50
NFGC-23-19711 59.00 61.60 2.60 1.33 K2
And1 195.10 198.15 3.05 15.58
Including 195.10 195.70 0.60 68.80
And1 203.00 205.50 2.50 1.84
And1 215.75 218.00 2.25 1.25
NFGC-23-19792 44.85 48.15 3.30 1.21 K2
And1 144.60 147.10 2.50 9.61
Including 145.55 146.55 1.00 23.20
NFGC-23-19862 29.90 32.15 2.25 4.50 K2
Including 30.90 31.40 0.50 16.36
And1 85.85 88.35 2.50 16.01
Including 85.85 86.15 0.30 130.14
And1 98.90 101.30 2.40 1.43
And1 103.00 105.35 2.35 1.20
And1 127.05 131.50 4.45 2.68
And2 139.00 141.45 2.45 1.91
And2 146.10 150.30 4.20 1.93
Including 149.90 150.30 0.40 12.55
And2 167.70 181.15 13.45 17.77
Including 172.15 174.30 2.15 93.96
Including 180.80 181.15 0.35 17.02
NFGC-23-19971 135.55 141.85 6.30 1.23 K2
And1 152.50 154.70 2.20 1.01
And1 157.10 160.00 2.90 1.39
And2 184.00 187.20 3.20 2.24
And4 225.50 228.30 2.80 1.32
And4 233.15 237.75 4.60 12.69
Including 233.15 234.10 0.95 32.36
Including 234.65 235.15 0.50 27.10
And1 243.40 290.60 47.20 1.23
NFGC-23-20044 66.00 68.55 2.55 1.02 K2
And1 152.20 172.00 19.80 1.27
And2 201.00 203.00 2.00 1.10
And4 211.85 216.00 4.15 1.05
And4 235.00 237.00 2.00 1.17
NFGC-24-20074 26.20 29.00 2.80 1.18 K2
And2 33.90 44.10 10.20 1.45
NFGC-24-20101 59.45 74.00 14.55 3.75 K2
Including 60.90 61.25 0.35 24.34
Including 62.00 62.35 0.35 10.54
NFGC-24-20152 24.20 26.55 2.35 1.38 K2
And1 41.80 45.75 3.95 2.02
And4 54.80 60.25 5.45 1.21
NFGC-24-20181 22.80 25.75 2.95 1.48 K2
NFGC-24-20194 29.80 37.00 7.20 1.45 K2
And1 66.75 77.95 11.20 1.86
Including 77.40 77.95 0.55 16.54
And1 91.30 95.25 3.95 1.49
And1 105.00 114.00 9.00 1.11
And4 136.20 142.65 6.45 1.74
And4 164.25 166.90 2.65 1.34
NFGC-24-20262 36.00 39.30 3.30 3.31 K2
NFGC-24-20301 27.95 30.45 2.50 1.61 K2
NFGC-24-20361 7.00 15.60 8.60 2.17 K2
Including 13.55 14.25 0.70 12.77
NFGC-24-20394 4.65 7.50 2.85 4.28 K2
Including 7.05 7.50 0.45 17.22
NFGC-24-20414 13.55 15.85 2.30 21.19 K2
Including 14.40 15.85 1.45 33.37
And4 141.70 143.70 2.00 1.14
And4 155.40 158.00 2.60 1.44
NFGC-24-20472 51.00 55.25 4.25 2.89 K2
Including 51.00 51.40 0.40 23.90
NFGC-24-20502 133.00 135.80 2.80 1.00 K2
And2 138.15 140.70 2.55 2.28
NFGC-24-20551 213.40 217.20 3.80 2.31 K2
NFGC-24-20624 167.60 169.65 2.05 2.65 K2
And4 242.65 245.85 3.20 1.14
NFGC-24-2068 No Significant Values K2
NFGC-24-20731 202.15 204.25 2.10 1.98 K2
And2 218.90 221.00 2.10 1.24
NFGC-24-20784 129.05 131.70 2.65 2.22 K2
NFGC-24-20824 37.70 40.40 2.70 1.15 K2
And1 157.15 163.00 5.85 1.61
NFGC-24-20841 102.50 110.60 8.10 2.04 K2
And4 193.40 196.60 3.20 2.20
And4 226.70 229.45 2.75 2.70
NFGC-24-20852 225.60 227.80 2.20 1.70 K2
NFGC-24-2086 No Significant Values K2

 

Table 2: Summary of composite results reported in this press release for K2

 

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. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect
NFGC-22-947 31 -57 302 658934 5429700 K2
NFGC-23-1557 75 -45 248 658502 5428802 Monte Carlo
NFGC-23-1640 345 -45 150 658948 5429933 K2
NFGC-23-1642 55 -45 128 659051 5429923 K2
NFGC-23-1645 345 -45 105 658884 5429831 K2
NFGC-23-1647 300 -45 260 659100 5429749 K2
NFGC-23-1650 345 -45 134 659080 5429968 K2
NFGC-23-1651 345 -45 126 658835 5429840 K2
NFGC-23-1659 5 -50 107 659081 5429967 K2
NFGC-23-1662 325 -42 86 659081 5429968 K2
NFGC-23-1688 358 -61 182 659028 5429847 K2
NFGC-23-1799 10 -60 185 658985 5429906 K2
NFGC-23-1803 90 -50 74 659093 5430056 K2
NFGC-23-1812 25 -55 80 659019 5430119 K2
NFGC-23-1814 11 -54.5 86 659038 5430075 K2
NFGC-23-1818 25 -55 50 659001 5430079 K2
NFGC-23-1822 14 -53.5 152 659031 5429848 K2
NFGC-23-1829 26 -45 185 659002 5429789 K2
NFGC-23-1872 10 -47 278 658949 5429809 K2
NFGC-23-1883 10 -62 254 658949 5429808 K2
NFGC-23-1894 50 -72 272 658950 5429808 K2
NFGC-23-1918 20 -50 155 658865 5429770 K2
NFGC-23-1926 40 -50 356 658842 5429663 K2
NFGC-23-1951 48 -46 245 658843 5429662 K2
NFGC-23-1962 59 -49 317 658843 5429662 K2
NFGC-23-1971 66 -45 227 658844 5429663 K2
NFGC-23-1979 73 -54.5 185 658871 5429746 K2
NFGC-23-1986 39 -46 194 658867 5429772 K2
NFGC-23-1997 60 -45.5 302 658829 5429766 K2
NFGC-23-2004 77 -51 239 658829 5429765 K2
NFGC-24-2007 72 -62 74 658914 5429820 K2
NFGC-24-2010 13 -45 167 658900 5429829 K2
NFGC-24-2015 35 -45 71 658836 5429840 K2
NFGC-24-2018 45 -45 62 658881 5429890 K2
NFGC-24-2019 30 -45 218 658845 5429793 K2
NFGC-24-2026 35 -46 110 658869 5429871 K2
NFGC-24-2030 37 -45 167 658844 5429880 K2
NFGC-24-2036 37 -45 50 658822 5429894 K2
NFGC-24-2039 61 -45 80 658846 5429917 K2
NFGC-24-2041 122 -52.5 173 658937 5429732 K2
NFGC-24-2047 109 -45 119 658959 5429692 K2
NFGC-24-2050 75 -45 185 658881 5429626 K2
NFGC-24-2055 342 -77 251 658795 5429622 K2
NFGC-24-2062 335 -73 257 658859 5429588 K2
NFGC-24-2068 312 -63 248 658842 5429662 K2
NFGC-24-2073 48 -57 230 658881 5429626 K2
NFGC-24-2078 20 -72 218 658844 5429662 K2
NFGC-24-2082 22 -61 206 658845 5429663 K2
NFGC-24-2084 0 -76 260 658830 5429765 K2
NFGC-24-2085 31 -58.5 266 658859 5429589 K2
NFGC-24-2086 50 -73 275 658641 5429646 K2

 

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 3,600m 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 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, which are then sealed and marked with the contents.

 

New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. and by photon assay to MSALABS 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 April 10, 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 $53.6 million as of April 2024.

 

Figure 1: Photos of mineralization from Left: at ~224.5m in NFGC-23-1647, Right: at ~147.4m in NFGC-23-1883 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1647 and NFGC-23-1883. (Photo: Business Wire)

 

Figure 2. K2 area plan view map (Photo: Business Wire)

 

Figure 3. K2 Zone inclined 3-D view (looking southeast) (Photo: Business Wire)

 

Figure 4. K2 long section (looking north) (Photo: Business Wire)

 

Figure 5. Grouse– Everest plan view map (Photo: Business Wire)

 

Posted April 10, 2024

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