New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 43 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone (“AFZ”). New Found’s district-scale Queensway Project comprises a 1,662km2 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/20231129497428/en/

Figure 1: Photos of mineralization from: Left: NFGC-23-1868 at ~17.3m, Right: NFGC-23-1552 at ~227.6m, ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1552, and NFGC-23-1868. (Photo: Business Wire)

K2 Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-9282

16.40

38.35

21.95

2.22

K2

Including

27.50

28.50

1.00

19.71

And1

46.45

58.00

11.55

1.92

NFGC-23-14261

29.05

51.00

21.95

1.77

K2

NFGC-23-15522

222.20

239.85

17.65

3.23

K2

Including

227.55

228.30

0.75

25.20

And2

246.10

256.55

10.45

1.60

And3

266.05

283.30

17.25

1.45

And3

288.15

295.60

7.45

1.55

NFGC-23-16261

28.30

39.05

10.75

5.28

K2

Including

37.65

39.05

1.40

30.88

NFGC-23-16282

190.55

200.75

10.20

1.86

K2

NFGC-23-16351

46.50

49.35

2.85

28.99

K2

Including

47.85

48.40

0.55

138.68

NFGC-23-16361

264.60

281.00

16.40

2.79

K2

Including

265.25

266.00

0.75

10.28

Including

270.70

271.50

0.80

10.18

NFGC-23-16631

53.50

63.65

10.15

1.77

K2

And1

98.60

101.00

2.40

22.24

Including

99.35

100.00

0.65

81.88

NFGC-23-17151

107.85

119.60

11.75

3.08

 

Including

111.70

112.45

0.75

19.76

NFGC-23-17331

35.30

47.65

12.35

5.58

K2

Including

35.30

36.20

0.90

19.95

Including

40.70

41.45

0.75

13.86

Including

46.75

47.65

0.90

29.47

NFGC-23-17441

30.30

50.10

19.80

1.41

 

NFGC-23-18683

16.35

18.80

2.45

40.02

K2

Including

17.00

17.75

0.75

127.83

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%, 240% to 70%, and 310% to 40% 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.

K2 Highlights:

  • K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490m long x 395m wide, representing an increase of 80m in a down-dip direction. The gold mineralization begins at surface and has been drill-defined down to a maximum depth of 250m.
  • 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 40° to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness.
  • The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults, (shown in orange and purple in Figure 3). Many of these veins start at surface and additional drilling is required to fully define this network.
  • This network of cross-cutting veins form thick domains of gold mineralization, which is well demonstrated by several of the highlight intervals reported today including 5.58 g/t Au over 12.35m in NFGC-23-1733 located just 29m from surface adjacent to the AFZ, 3.23 g/t Au over 17.65m, 1.45 g/t Au over 17.25m and 1.60 g/t Au over 10.45m in NFGC-23-1552 located a further 220m down-dip and 5.28 g/t Au over 10.75m in NFGC-23-1626 situated 230m along strike, all hosted by the K2 Main structure.
  • Several of the cross-cutting structures are high-grade in nature, examples of this are the highlight intervals of 40.0 g/t Au over 2.45m in NFGC-23-1868 and 29.0 g/t Au over 2.85m in NFGC-23-1635. These cross-cutting high-grade gold-bearing structures are important for concentrating gold mineralization where they interact with the main K2 Main structure, a relationship the Company is actively testing.
  • The K2 structure remains open down dip with limited drilling testing these internal domains of high-grade gold mineralization. Exploration continues to expand on this important new discovery.

Melissa Render, VP of Exploration of New Found, stated: “Today’s results from K2 are very encouraging and we are now getting a better handle on the complexity of this new discovery and the key relationships between the various structural constituents that are important for concentrating gold mineralization. We have increased confidence in our geological model from the drilling we have completed to date, and we are well positioned to target with this knowledge in hand to better expand on the multitude of thick gold-bearing zones hosted by the K2 Main structure. This new discovery is expanding rapidly, and we are quite excited by how well the model is holding up and the continued success we are having at K2.”

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-8743

39.00

41.10

2.10

1.47

Everest

And4

109.00

111.40

2.40

1.51

And3

253.70

256.00

2.30

1.76

K2

And2

270.50

272.55

2.05

1.07

And4

303.55

307.25

3.70

1.61

NFGC-22-8844

264.45

266.55

2.10

1.11

K2

And2

308.90

311.00

2.10

1.39

And2

323.35

325.55

2.20

1.41

And2

337.75

340.00

2.25

2.19

NFGC-22-9101

43.00

48.55

5.55

2.44

K2

NFGC-22-9282

16.40

38.35

21.95

2.22

K2

Including

27.50

28.50

1.00

19.71

And1

46.45

58.00

11.55

1.92

And1

63.60

67.40

3.80

1.52

And1

71.85

80.75

8.90

1.94

NFGC-22-10391

166.45

168.65

2.20

1.07

K2

And1

171.95

174.50

2.55

2.40

And4

236.00

240.00

4.00

1.18

NFGC-22-1057

No Significant Values

K2

NFGC-22-10811

75.00

77.15

2.15

1.97

K2

And1

181.80

187.25

5.45

1.14

NFGC-23-1250

No Significant Values

K2

NFGC-23-1332

No Significant Values

K2

NFGC-23-13362

269.40

277.05

7.65

2.96

K2

Including

269.40

269.80

0.40

34.80

And2

286.10

288.90

2.80

1.05

NFGC-23-13644

219.00

221.60

2.60

6.74

K2

Including

219.00

219.75

0.75

23.00

NFGC-23-13851

16.20

20.25

4.05

4.16

K2

Including

18.40

19.35

0.95

11.25

NFGC-23-14011

164.40

171.20

6.80

1.87

K2

NFGC-23-14061

26.00

28.00

2.00

8.93

K2

Including

26.45

26.85

0.40

29.90

And1

43.15

45.80

2.65

4.55

NFGC-23-14111

61.80

64.80

3.00

2.84

K2

NFGC-23-14141

11.95

20.00

8.05

2.12

K2

NFGC-23-14212

23.70

30.25

6.55

3.12

K2

NFGC-23-14261

29.05

51.00

21.95

1.77

K2

NFGC-23-1438

No Significant Values

K2

NFGC-23-1452

No Significant Values

K2

NFGC-23-1507

No Significant Values

K2 West

NFGC-23-1530

No Significant Values

K2 West

NFGC-23-1539

No Significant Values

K2 West

NFGC-23-15522

222.20

239.85

17.65

3.23

K2

Including

227.55

228.30

0.75

25.20

And2

246.10

256.55

10.45

1.60

And3

266.05

283.30

17.25

1.45

And3

288.15

295.60

7.45

1.55

NFGC-23-1584

No Significant Values

K2

NFGC-23-1620

No Significant Values

K2

NFGC-23-16261

28.30

39.05

10.75

5.28

K2

Including

37.65

39.05

1.40

30.88

NFGC-23-16282

190.55

200.75

10.20

1.86

K2

And4

210.05

212.40

2.35

1.45

And1

226.60

234.00

7.40

1.64

And1

241.45

248.20

6.75

1.25

NFGC-23-16351

46.50

49.35

2.85

28.99

K2

Including

47.85

48.40

0.55

138.68

And1

62.90

65.10

2.20

4.06

And1

98.00

100.00

2.00

1.99

And3

127.55

129.85

2.30

7.19

Including

128.80

129.10

0.30

54.58

NFGC-23-16361

264.60

281.00

16.40

2.79

K2

Including

265.25

266.00

0.75

10.28

Including

270.70

271.50

0.80

10.18

NFGC-23-1637

No Significant Values

K2

NFGC-23-16531

44.60

46.65

2.05

1.12

K2

NFGC-23-16544

90.35

93.05

2.70

1.62

K2

Including

91.50

91.85

0.35

11.57

NFGC-23-16631

53.50

63.65

10.15

1.77

K2

And1

75.00

77.15

2.15

1.27

And1

89.35

94.40

5.05

2.79

Including

89.35

90.30

0.95

11.70

And1

98.60

101.00

2.40

22.24

Including

99.35

100.00

0.65

81.88

And4

118.35

121.90

3.55

1.47

NFGC-23-16824

28.35

31.00

2.65

1.66

K2

And1

72.35

75.00

2.65

2.09

And1

94.50

96.50

2.00

4.06

NFGC-23-17151

38.50

41.30

2.80

1.33

K2

And1

107.85

119.60

11.75

3.08

Including

111.70

112.45

0.75

19.76

NFGC-23-17331

35.30

47.65

12.35

5.58

K2

Including

35.30

36.20

0.90

19.95

Including

40.70

41.45

0.75

13.86

Including

46.75

47.65

0.90

29.47

And1

51.70

54.40

2.70

2.20

NFGC-23-17441

21.95

24.10

2.15

1.12

K2

And1

30.30

50.10

19.80

1.41

NFGC-23-17501

22.20

27.10

4.90

3.99

K2

Including

22.20

23.20

1.00

11.09

NFGC-23-17541

15.25

18.35

3.10

9.28

K2

Including

15.25

16.00

0.75

18.54

Including

17.00

17.65

0.65

10.38

NFGC-23-17631

112.00

114.00

2.00

1.02

K2

And1

167.00

172.15

5.15

1.73

And4

194.00

196.40

2.40

1.47

And4

202.70

205.00

2.30

1.97

NFGC-23-17711

11.00

18.15

7.15

3.64

K2

And1

28.75

34.55

5.80

1.88

And4

41.00

45.15

4.15

3.80

NFGC-23-18683

16.35

18.80

2.45

40.02

K2

Including

17.00

17.75

0.75

127.83

And3

45.10

47.35

2.25

1.56

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

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-22-874

300

-45

345

659192

5429788

K2

NFGC-22-884

300

-45

349

659239

5429818

K2

NFGC-22-910

300

-45

368

658938

5429868

K2

NFGC-22-928

300

-45

206

659051

5429922

K2

NFGC-22-1039

15

-45

326

658739

5429664

K2

NFGC-22-1057

329

-64

254

658738

5429663

K2

NFGC-22-1081

355

-53

248

658738

5429665

K2

NFGC-23-1250

75

-45

293

659156

5430387

K2

NFGC-23-1332

344

-59

248

658841

5429992

K2

NFGC-23-1336

75

-45

311

658641

5429645

K2

NFGC-23-1364

345

-60

254

658741

5429820

K2

NFGC-23-1385

345

-45

50

658957

5430057

K2

NFGC-23-1401

80

-45

206

658910

5429971

K2

NFGC-23-1406

345

-45

77

658909

5429973

K2

NFGC-23-1411

27

-45

95

658910

5429973

K2

NFGC-23-1414

345

-45

128

659033

5430049

K2

NFGC-23-1421

345

-46

80

658998

5429987

K2

NFGC-23-1426

345

-45

98

659082

5430012

K2

NFGC-23-1438

330

-45

251

658438

5429734

K2

NFGC-23-1452

35

-45

194

658440

5429735

K2

NFGC-23-1507

20

-45.5

251

657935

5429657

K2 West

NFGC-23-1530

20

-45

152

657947

5429718

K2 West

NFGC-23-1539

345

-45

200

657896

5429653

K2 West

NFGC-23-1552

300

-45

338

659160

5429773

K2

NFGC-23-1584

355

-45

95

658793

5429894

K2

NFGC-23-1620

345

-45

99

658872

5429980

K2

NFGC-23-1626

345

-45

130

658893

5429932

K2

NFGC-23-1628

300

-45

257

659139

5429668

K2

NFGC-23-1635

40

-45

221

659019

5429882

K2

NFGC-23-1636

300

-47

296

659139

5429668

K2

NFGC-23-1637

345

-45

159

658929

5429898

K2

NFGC-23-1653

345

-45

132

658785

5429838

K2

NFGC-23-1654

70

-45

104

659081

5429967

K2

NFGC-23-1663

2

-45

150

659018

5429882

K2

NFGC-23-1682

35

-45

152

659029

5429848

K2

NFGC-23-1715

0

-45

143

659042

5429945

K2

NFGC-23-1733

0

-45

110

659104

5429987

K2

NFGC-23-1744

0

-45

99

659091

5430009

K2

NFGC-23-1750

345

-45

71

659018

5430020

K2

NFGC-23-1754

345

-45

71

659039

5430023

K2

NFGC-23-1763

21

-67

206

658993

5429824

K2

NFGC-23-1771

345

-45

50

659051

5430044

K2

NFGC-23-1868

116

-66

110

658975

5429718

K2

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 25,000m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

Assays are uncut, and composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.

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, 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. 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. Samples that reached the upper limit of antimony for this method were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08).

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 5% 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 November 29, 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 $71.4 million as of November 6, 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 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.

New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486

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