Category: Gold News

2024-03-13 | TSXV:NFG | Press Release

By Published On: March 13, 202415.6 min readViews: 1710 Comments on 2024-03-13 | TSXV:NFG | Press Release

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 61 diamond drill holes that were completed as part of a program designed to infill gaps, extend high-grade to surface, and test opposing vein orientations to the main east-northeast striking orientation of the Keats-Baseline Fault Zone at Iceberg-Iceberg East, a high-grade zone located 300m northeast of Keats 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240313762569/en/

Figure 1: Photos of mineralization from Left: at ~112.30m in NFGC-23-1323, Right: at 79.25m in NFGC-23-1766 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1323 and NFGC-23-1766. (Photo: Business Wire)

Iceberg and Iceberg East Highlights:

Hole No.

From (m)

banner image

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-13231

109.00

125.70

16.70

12.56

Iceberg

Including

112.25

113.50

1.25

132.84

Including

120.65

121.60

0.95

24.30

NFGC-23-16132

25.20

27.45

2.25

24.89

Iceberg East

Including

27.15

27.45

0.30

168.52

NFGC-23-17462

50.80

58.15

7.35

42.80

Iceberg

Including

51.60

53.40

1.80

172.02

NFGC-23-17662

55.35

65.00

9.65

4.89

Iceberg

Including

59.00

60.90

1.90

18.47

NFGC-23-18051

62.15

64.70

2.55

21.06

Iceberg

And1

70.70

82.15

11.45

3.96

Including

73.45

74.45

1.00

12.75

NFGC-23-18201

45.30

62.00

16.70

36.18

Iceberg

Including1

46.10

52.00

5.90

43.85

Including1

53.00

56.40

3.40

78.82

Including2

59.00

61.00

2.00

24.55

And2

68.30

81.45

13.15

15.50

Including

71.40

72.15

0.75

21.00

Including

74.00

75.80

1.80

88.76

NFGC-23-18271

87.50

102.20

14.70

33.68

Iceberg

Including1

90.20

92.20

2.00

229.26

Including2

99.50

101.00

1.50

12.59

NFGC-23-18381

14.10

19.95

5.85

40.51

Iceberg

Including

14.10

14.80

0.70

278.00

Including

18.40

19.95

1.55

22.56

NFGC-23-18431

27.50

29.65

2.15

22.10

Iceberg

Including

27.50

27.85

0.35

27.69

Including

28.40

29.25

0.85

36.84

NFGC-23-18731

35.00

37.45

2.45

27.77

Iceberg

Including

36.45

37.05

0.60

110.50

And4

104.60

109.10

4.50

13.19

Including

104.60

105.25

0.65

13.80

Including

107.50

109.10

1.60

29.34

NFGC-23-19141

29.00

41.80

12.80

13.86

Iceberg

Including1

31.60

32.20

0.60

27.90

Including1

33.85

35.40

1.55

69.10

Including2

40.50

41.00

0.50

61.40

And2

51.25

53.65

2.40

14.69

Including

52.20

53.00

0.80

42.30

NFGC-23-19521

14.70

16.90

2.20

21.39

Iceberg East

Including

15.70

16.30

0.60

77.20

And1

23.00

25.15

2.15

11.04

Including

23.00

23.55

0.55

25.80

NFGC-23-19661

179.00

181.00

2.00

16.12

Iceberg

Including

180.00

181.00

1.00

31.68

NFGC-23-19771

121.40

129.35

7.95

10.39

Iceberg

Including

121.40

122.65

1.25

33.98

Including

125.00

125.45

0.45

77.68

And2

146.35

160.60

14.25

2.59

Including

155.10

155.95

0.85

12.34

Including

157.15

157.70

0.55

20.81

Table 1: Iceberg and Iceberg East Drilling Highlights

Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 170% to 95%, 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.

  • 36.2 g/t Au over 16.70m in NFGC-23-1820 and 33.7 g/t Au over 14.70m in NFGC-23-1827 are located approximately 45m apart within the high-grade domain of Iceberg where a confluence of high-grade gold veins and associated structures intersect. These holes were drilled from the west to the east to better test this secondary set of gold veins that are partly controlling the high-grade mineralization in this segment of the Keats-Baseline Fault Zone (“KBFZ”) and to gain a better understanding of their orientations and true widths.
  • 40.5 g/t Au over 5.85m in NFGC-23-1838 and 13.9 g/t Au over 12.80m in NFGC-23-1914 are located at a vertical depth of just 20m and were designed to extend high-grade gold mineralization to surface at Iceberg. These holes are located 50m to the south and 150m to the north of NFGC-23-1820, respectively.
  • Other notable intercepts from today’s release include 12.6 g/t Au over 16.70m in NFGC-23-1323 and 42.8 g/t Au over 7.35m in NFGC-23-1746, located 25m and 80m along strike to the north of NFGC-23-1820. The intercept of 24.9 g/t Au over 2.25m in NFGC-23-1613 is located a further 530m to the east at the far eastern extent of Iceberg East.
  • The near-surface Iceberg-Iceberg East high-grade segment of the KBFZ has a strike length of 655m. When combined with the 400m high-grade segment of Keats Main, this near-surface, high-grade corridor covers over 1km of strike. This domain of high-grade occurs within the overall KBFZ, a gold mineralized damage zone that is drill-defined over 1.9km of strike, where it remains open.

Melissa Render, VP of Exploration of New Found, stated: “Infill and definition drilling at Iceberg and Iceberg East have provided us with a comprehensive picture of the near-surface expression of this portion of the KBFZ, including the geometries of the veins at play and the controls on high-grade gold mineralization. The KBFZ has demonstrated several times over that it is a very important structure, with the majority of meters used to date to test only the top 250m vertical. The Company has now expanded the program at Iceberg-Iceberg east utilizing the seismic data to assist in targeting additional domains of gold mineralization within the KBFZ at depth.”

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-21-194

No Significant Values

Iceberg

NFGC-22-10654

20.10

22.40

2.30

7.39

Iceberg

Including

21.85

22.40

0.55

30.45

NFGC-22-10691

4.65

7.20

2.55

3.03

Iceberg

Including

5.80

6.20

0.40

13.89

And1

16.70

19.00

2.30

1.90

NFGC-23-11521

158.35

161.00

2.65

1.09

Iceberg

NFGC-23-11774

25.85

28.05

2.20

1.38

Keats N

And4

66.55

68.95

2.40

1.02

Iceberg

And1

113.45

118.95

5.50

1.76

And4

129.70

132.20

2.50

1.18

NFGC-23-13231

109.00

125.70

16.70

12.56

Iceberg

Including

112.25

113.50

1.25

132.84

Including

120.65

121.60

0.95

24.30

NFGC-23-13281

15.45

17.80

2.35

6.18

Iceberg East

Including

15.45

16.00

0.55

11.34

Including

17.30

17.80

0.50

16.56

And1

37.40

40.75

3.35

2.16

NFGC-23-13401

132.15

135.75

3.60

8.39

Iceberg

Including

132.15

133.10

0.95

22.63

And3

143.80

156.35

12.55

1.05

And3

184.00

186.50

2.50

1.07

NFGC-23-13581

212.80

216.40

3.60

2.01

Iceberg

NFGC-23-14041

109.65

121.15

11.50

1.94

Iceberg

Including

119.75

120.15

0.40

29.23

NFGC-23-14274

132.90

134.95

2.05

1.11

Iceberg

And4

158.80

161.25

2.45

1.27

And4

165.25

168.35

3.10

1.75

And1

213.95

216.30

2.35

1.58

And1

220.00

222.50

2.50

1.04

NFGC-23-1436

No Significant Values

Iceberg East

NFGC-23-14431

162.85

165.30

2.45

1.06

Iceberg

NFGC-23-14452

61.45

66.40

4.95

2.53

Iceberg

NFGC-23-14891

157.00

159.90

2.90

1.10

Iceberg East

NFGC-23-15143

115.70

118.00

2.30

1.43

Iceberg East

NFGC-23-15251

97.00

99.20

2.20

1.70

Iceberg East

NFGC-23-15331

90.80

102.45

11.65

1.21

Iceberg East

And1

106.35

108.35

2.00

1.03

NFGC-23-16052

76.90

79.35

2.45

1.00

Iceberg East

And1

85.60

87.60

2.00

2.90

NFGC-23-16072

12.00

14.00

2.00

1.25

Iceberg East

And2

17.00

19.00

2.00

1.17

NFGC-23-16132

25.20

27.45

2.25

24.89

Iceberg East

Including

27.15

27.45

0.30

168.52

NFGC-23-1622

No Significant Values

Iceberg East

NFGC-23-1622A1

102.80

111.45

8.65

1.67

Iceberg East

Including

102.80

103.55

0.75

10.40

NFGC-23-17462

50.80

58.15

7.35

42.80

Iceberg

Including

51.60

53.40

1.80

172.02

And2

63.10

65.30

2.20

1.13

NFGC-23-17574

71.00

74.50

3.50

1.87

Iceberg

And1

91.00

107.35

16.35

1.13

NFGC-23-17662

55.35

65.00

9.65

4.89

Iceberg

Including

59.00

60.90

1.90

18.47

And2

73.00

75.10

2.10

1.43

And2

79.45

86.30

6.85

1.51

NFGC-23-1769

No Significant Values

Iceberg

NFGC-23-1776

No Significant Values

Iceberg

NFGC-23-17801

140.50

144.55

4.05

1.49

Iceberg

NFGC-23-17891

146.80

149.10

2.30

2.20

Iceberg

And1

183.60

186.25

2.65

1.94

NFGC-23-18001

97.55

100.15

2.60

1.06

Iceberg

And1

120.00

127.75

7.75

2.66

Including

127.00

127.75

0.75

15.05

And1

152.70

155.80

3.10

1.05

NFGC-23-18051

57.30

59.85

2.55

1.87

Iceberg

And1

62.15

64.70

2.55

21.06

And1

70.70

82.15

11.45

3.96

Including

73.45

74.45

1.00

12.75

And1

91.00

93.00

2.00

1.02

And2

100.75

104.40

3.65

8.70

Including

101.40

102.40

1.00

17.01

And1

114.30

117.00

2.70

1.26

And1

121.20

126.40

5.20

1.04

NFGC-23-18131

140.00

142.10

2.10

1.07

Iceberg

NFGC-23-18201

45.30

62.00

16.70

36.18

Iceberg

Including1

46.10

52.00

5.90

43.85

Including1

53.00

56.40

3.40

78.82

Including2

59.00

61.00

2.00

24.55

And2

68.30

81.45

13.15

15.50

Including

71.40

72.15

0.75

21.00

Including

74.00

75.80

1.80

88.76

And1

101.30

103.70

2.40

1.01

NFGC-23-18272

74.00

76.25

2.25

1.35

Iceberg

And1

87.50

102.20

14.70

33.68

Including1

90.20

92.20

2.00

229.26

Including2

99.50

101.00

1.50

12.59

And1

106.05

108.95

2.90

1.01

NFGC-23-18321

9.30

13.65

4.35

4.00

Iceberg

Including

12.75

13.65

0.90

15.50

NFGC-23-18381

14.10

19.95

5.85

40.51

Iceberg

Including

14.10

14.80

0.70

278.00

Including

18.40

19.95

1.55

22.56

NFGC-23-18431

27.50

29.65

2.15

22.10

Iceberg

Including

27.50

27.85

0.35

27.69

Including

28.40

29.25

0.85

36.84

NFGC-23-18661

12.25

20.00

7.75

4.70

Iceberg

Including

14.60

15.20

0.60

52.90

And4

90.55

93.85

3.30

1.44

And2

171.05

173.20

2.15

1.43

Keats N

NFGC-23-18731

35.00

37.45

2.45

27.77

Iceberg

Including

36.45

37.05

0.60

110.50

And4

104.60

109.10

4.50

13.19

Including

104.60

105.25

0.65

13.80

Including

107.50

109.10

1.60

29.34

NFGC-23-18791

80.95

90.50

9.55

3.10

Iceberg

Including

80.95

81.95

1.00

11.95

And1

99.10

105.85

6.75

5.56

Keats N

Including

100.10

101.10

1.00

25.60

NFGC-23-18871

100.00

102.00

2.00

1.31

Iceberg

NFGC-23-1895

No Significant Values

Iceberg

NFGC-23-1902

No Significant Values

Iceberg

NFGC-23-19121

24.95

31.90

6.95

7.18

Iceberg

Including

26.00

28.30

2.30

18.51

And4

40.50

46.80

6.30

2.44

NFGC-23-19141

29.00

41.80

12.80

13.86

Iceberg

Including1

31.60

32.20

0.60

27.90

Including1

33.85

35.40

1.55

69.10

Including2

40.50

41.00

0.50

61.40

And2

51.25

53.65

2.40

14.69

Including

52.20

53.00

0.80

42.30

NFGC-23-1915

No Significant Values

Iceberg

NFGC-23-19201

28.00

30.00

2.00

1.35

Iceberg East

And1

38.30

40.85

2.55

1.05

NFGC-23-1922

No Significant Values

Iceberg

NFGC-23-1924

No Significant Values

Iceberg

NFGC-23-1925

No Significant Values

Iceberg East

NFGC-23-1928

No Significant Values

Iceberg East

NFGC-23-19322

64.95

67.15

2.20

3.59

Iceberg East

NFGC-23-1938

No Significant Values

Iceberg

NFGC-23-1950

No Significant Values

Iceberg East

NFGC-23-19521

14.70

16.90

2.20

21.39

Iceberg East

Including

15.70

16.30

0.60

77.20

And1

23.00

25.15

2.15

11.04

Including

23.00

23.55

0.55

25.80

NFGC-23-1956

No Significant Values

Iceberg

NFGC-23-1957A

No Significant Values

Iceberg East

NFGC-23-19661

179.00

181.00

2.00

16.12

Iceberg

Including

180.00

181.00

1.00

31.68

NFGC-23-19701

161.00

163.35

2.35

1.39

Iceberg

And2

184.30

187.15

2.85

1.07

NFGC-23-19771

121.40

129.35

7.95

10.39

Iceberg

Including

121.40

122.65

1.25

33.98

Including

125.00

125.45

0.45

77.68

And2

146.35

160.60

14.25

2.59

Including

155.10

155.95

0.85

12.34

Including

157.15

157.70

0.55

20.81

And4

201.55

204.20

2.65

1.48

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

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Prospect

NFGC-21-194

300

-45

608

658587

5427560

Iceberg

NFGC-22-1065

300

-45

320

658422

5427866

Iceberg

NFGC-22-1069

308

-49

251

658282

5427630

Iceberg

NFGC-23-1152

83

-45

249

658284

5427850

Iceberg

NFGC-23-1177

142

-45

166

658283

5427849

Iceberg

NFGC-23-1323

300

-45

275

658515

5427783

Iceberg

NFGC-23-1328

300

-45

225

658848

5428140

Iceberg East

NFGC-23-1340

300

-45

305

658551

5427791

Iceberg

NFGC-23-1358

299

-45.5

479

658507

5427672

Iceberg

NFGC-23-1404

299

-45.5

161

658577

5427833

Iceberg

NFGC-23-1427

300

-45

257

658347

5427592

Iceberg

NFGC-23-1436

0

-45

227

658940

5428202

Iceberg East

NFGC-23-1443

319

-53

269

658571

5427779

Iceberg

NFGC-23-1445

318

-45

161

658338

5427660

Iceberg

NFGC-23-1489

313

-45

230

658679

5427833

Iceberg East

NFGC-23-1514

0

-90

141

658707

5428021

Iceberg East

NFGC-23-1525

319

-45

129

658680

5427948

Iceberg East

NFGC-23-1533

318

-57

150

658680

5427948

Iceberg East

NFGC-23-1605

300

-72

105

658776

5428065

Iceberg East

NFGC-23-1607

300

-60

161

658881

5428149

Iceberg East

NFGC-23-1613

299

-68

140

658848

5428140

Iceberg East

NFGC-23-1622

276

-45

64

658843

5428084

Iceberg East

NFGC-23-1622A

276

-45

125

658844

5428083

Iceberg East

NFGC-23-1746

119

-45

107

658456

5427887

Iceberg

NFGC-23-1757

118

-54

131

658442

5427896

Iceberg

NFGC-23-1766

120

-45

98

658435

5427872

Iceberg

NFGC-23-1769

118

-46

155

658317

5427850

Iceberg

NFGC-23-1776

120

-45

188

658316

5427883

Iceberg

NFGC-23-1780

118

-53

215

658287

5427900

Iceberg

NFGC-23-1789

120

-45

224

658288

5427900

Iceberg

NFGC-23-1800

125

-49

164

658360

5427865

Iceberg

NFGC-23-1805

155

-45

143

658359

5427864

Iceberg

NFGC-23-1813

114

-48

176

658365

5427878

Iceberg

NFGC-23-1820

165

-55

152

658407

5427858

Iceberg

NFGC-23-1827

118

-60

116

658407

5427860

Iceberg

NFGC-23-1832

299

-45.5

176

658400

5427819

Iceberg

NFGC-23-1838

299

-45.5

98

658385

5427800

Iceberg

NFGC-23-1843

299

-45.5

119

658377

5427776

Iceberg

NFGC-23-1866

299

-45

191

658354

5427759

Iceberg

NFGC-23-1873

299

-45

150

658375

5427747

Iceberg

NFGC-23-1879

120

-54

129

658426

5427879

Iceberg

NFGC-23-1887

119

-46.5

188

658382

5427902

Iceberg

NFGC-23-1895

119

-46

173

658398

5427920

Iceberg

NFGC-23-1902

173

-65

107

658310

5427784

Iceberg

NFGC-23-1912

355

-45

62

658533

5427896

Iceberg

NFGC-23-1914

16

-45

86

658534

5427895

Iceberg

NFGC-23-1915

140

-56

101

658292

5427767

Iceberg

NFGC-23-1920

280

-51

83

658602

5427964

Iceberg East

NFGC-23-1922

167

-63

113

658292

5427767

Iceberg

NFGC-23-1924

130

-45

92

658279

5427745

Iceberg

NFGC-23-1925

335

-60

65

658603

5427965

Iceberg East

NFGC-23-1928

7

-65

74

658615

5427987

Iceberg East

NFGC-23-1932

280

-45

89

658685

5428004

Iceberg East

NFGC-23-1938

299

-45

161

658318

5427723

Iceberg

NFGC-23-1950

300

-50

50

658681

5428035

Iceberg East

NFGC-23-1952

300

-45

50

658725

5428067

Iceberg East

NFGC-23-1956

299

-45

221

658339

5427711

Iceberg

NFGC-23-1957A

300

-45

47

658768

5428095

Iceberg East

NFGC-23-1966

120

-45

191

658262

5427886

Iceberg

NFGC-23-1970

121

-55

215

658262

5427886

Iceberg

NFGC-23-1977

120

-45

212

658255

5427861

Iceberg

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 4,500m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

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

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

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

New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (“ALS&CloseCurlyDoubleQuote;) and by photon assay to MSALABS (“MSA&CloseCurlyDoubleQuote;) 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&CloseCurlyQuote;Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photon assay method.

At ALS, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine&CloseCurlyDoubleQuote; 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&CloseCurlyDoubleQuote; samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill one 450g jar for photon assay. If the jar assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay.

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

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

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

New Found&CloseCurlyQuote;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&CloseCurlyQuote;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 13, 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&CloseCurlyQuote;s website at www.newfoundgold.ca and the Company&CloseCurlyQuote;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&CloseCurlyQuote;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&CloseCurlyDoubleQuote; within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company&CloseCurlyQuote;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&CloseCurlyDoubleQuote;, “plans&CloseCurlyDoubleQuote;, “anticipates&CloseCurlyDoubleQuote;, “believes&CloseCurlyDoubleQuote;, “interpreted&CloseCurlyDoubleQuote;, “intends&CloseCurlyDoubleQuote;, “estimates&CloseCurlyDoubleQuote;, “projects&CloseCurlyDoubleQuote;, “aims&CloseCurlyDoubleQuote;, “suggests&CloseCurlyDoubleQuote;, “demonstrates&CloseCurlyDoubleQuote;, “encouraging&CloseCurlyDoubleQuote;, “indicate&CloseCurlyDoubleQuote;, “often&CloseCurlyDoubleQuote;, “target&CloseCurlyDoubleQuote;, “future&CloseCurlyDoubleQuote;, “likely&CloseCurlyDoubleQuote;, “pending&CloseCurlyDoubleQuote;, “potential&CloseCurlyDoubleQuote;, “goal&CloseCurlyDoubleQuote;, “objective&CloseCurlyDoubleQuote;, “prospective&CloseCurlyDoubleQuote;, “possibly&CloseCurlyDoubleQuote;, “preliminary&CloseCurlyDoubleQuote;, and similar expressions, or that events or conditions “will&CloseCurlyDoubleQuote;, “would&CloseCurlyDoubleQuote;, “may&CloseCurlyDoubleQuote;, “can&CloseCurlyDoubleQuote;, “could&CloseCurlyDoubleQuote; or “should&CloseCurlyDoubleQuote; 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&CloseCurlyQuote;s discussion and Analysis, publicly available through the Canadian Securities Administrators&CloseCurlyQuote; 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.


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