New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 29 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/20240131433285/en/

Figure 1: Photos of mineralization from: Top Left: NFGC-23-1669 at ~79.8m, Top Right NFGC-23-1783 at ~13.2m, Bottom Left: NFGC-23-1778 at ~17.8m, Bottom Right: NFGC-23-1669 at ~75.5m ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1669, NFGC-23-1778, and NFGC-23-1783. (Photo: Business Wire)

K2 Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-16301

58.20

66.10

7.90

4.92

K2

Including

58.20

58.55

0.35

26.50

Including

58.90

59.70

0.80

22.10

And

129.75

153.20

23.45

1.82

NFGC-23-16331

24.55

31.35

6.80

2.91

K2

Including

30.00

30.65

0.65

14.75

NFGC-23-16581

43.35

51.00

7.65

4.16

K2

Including

45.00

45.50

0.50

19.90

And

71.60

74.05

2.45

2.90

NFGC-23-16672

162.90

173.60

10.70

1.65

K2

NFGC-23-16691

75.30

93.15

17.85

2.08

K2

Including

79.45

80.00

0.55

41.70

And2

163.40

173.00

9.60

2.49

Including

168.80

169.40

0.60

11.35

NFGC-23-17092

19.40

27.75

8.35

3.01

K2

And2

34.60

44.45

9.85

6.18

Including

39.45

39.95

0.50

47.10

Including

40.55

41.40

0.85

24.58

NFGC-23-17211

32.60

43.15

10.55

1.23

K2

NFGC-23-17291

26.75

36.35

9.60

3.39

K2

And1

55.20

62.20

7.00

27.49

Including

55.20

55.70

0.50

370.00

NFGC-23-17381

87.00

90.00

3.00

19.19

K2

Including

88.25

90.00

1.75

30.92

And1

95.80

107.00

11.20

1.89

NFGC-23-17722

25.00

43.65

18.65

1.55

K2

NFGC-23-17781

17.50

19.50

2.00

12.69

K2

Including

17.50

18.45

0.95

25.90

And1

26.50

41.40

14.90

2.92

Including

36.05

36.60

0.55

34.70

NFGC-23-17791

15.95

23.00

7.05

4.51

K2

Including

22.00

23.00

1.00

12.15

NFGC-23-17832

10.40

35.70

25.30

3.48

K2

Including

10.40

11.00

0.60

12.50

Including

12.90

13.20

0.30

42.30

And1

55.00

57.40

2.40

21.96

Including

56.00

56.40

0.40

130.50

NFGC-23-17861

29.45

41.70

12.25

8.69

K2

Including

29.45

30.15

0.70

18.54

Including

30.75

31.40

0.65

90.69

Including

32.25

33.25

1.00

13.40

NFGC-23-18612

33.25

44.85

11.60

1.23

K2

NFGC-23-19043

72.35

90.80

18.45

3.14

K2

Including

86.60

87.45

0.85

17.40

And2

145.30

162.05

16.75

1.00

NFGC-23-19932

29.45

32.15

2.70

19.41

K2

Including

30.20

30.60

0.40

120.71

Table 1: K2 Drilling Highlights

Note that the host structures are interpreted to be moderately 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:

  • 27.5 g/t Au over 7.00m and 3.39 g/t Au over 9.60m in NFGC-23-1729 and 8.69 g/t Au over 12.25m in NFGC-23-1786 were intersected as part of a program designed to extend a high-grade domain of the K2 structure back to surface and occur between 22-43m from surface, with the reported intercept lengths being close to true width (Figures 1-4).
  • Additional near-surface highlight results from ongoing expansion and definition drilling include 3.48 g/t Au over 25.30m and 22.0 g/t Au over 2.40m in NFGC-23-1783, 6.18 g/t Au over 9.85m and 3.01 g/t Au over 8.35m in NFGC-23-1709, 3.14 g/t Au over 18.45m in NFGC-23-1904, and 19.4 g/t Au over 2.70m in NFGC-23-1993. As demonstrated in the long section below in Figure 4, all intervals occur shallowly above 65m vertical depth and demonstrate strong continuity of gold mineralization across the K2 structure.
  • 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. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250m (Figures 1-4), where it remains open and untested.
  • Much of the gold at K2 is found in the “K2 Main” structure, 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 (Figure 3). Today’s highlight intervals in NFGC-23-1729 and NFGC-23-1786 both occur within K2 Main.
  • 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. Many of these veins start at surface and additional drilling is required to fully define this network (Figure 3).

Melissa Render, VP of Exploration of New Found, stated: “As we continue to expand and target specific areas within the K2 fault network with the drill bit, the results have strengthened and we have identified multiple domains of high-grade gold in addition to broad intersections of gold mineralization. Located 2.2km north of Keats on the west side of the Appleton Fault Zone, K2 and other significant zones such as Keats West and Monte Carlo demonstrate the strong prospectivity of this package of rocks. Characterized by high-grade gold mineralization starting at surface with a shallow dip, this zone is accessible to explore at depth with minimal meters as it remains open and continues to deliver encouraging results.”

Drillhole Details

 

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-10671

207.95

210.50

2.55

2.11

K2

NFGC-23-14341

27.55

29.55

2.00

1.07

K2

And2

111.60

117.35

5.75

1.60

NFGC-23-15791

95.05

97.90

2.85

1.23

K2

And4

164.65

166.85

2.20

1.01

K2

And1

222.70

225.40

2.70

1.33

And1

231.65

234.45

2.80

1.37

NFGC-23-16301

58.20

66.10

7.90

4.92

K2

Including

58.20

58.55

0.35

26.50

Including

58.90

59.70

0.80

22.10

And1

74.25

80.20

5.95

1.38

And1

129.75

153.20

23.45

1.82

And2

165.15

168.15

3.00

3.62

Including

167.60

168.15

0.55

18.20

NFGC-23-16311

12.00

14.55

2.55

3.08

K2

NFGC-23-16331

24.55

31.35

6.80

2.91

K2

Including

30.00

30.65

0.65

14.75

NFGC-23-16581

43.35

51.00

7.65

4.16

K2

Including

45.00

45.50

0.50

19.90

And1

71.60

74.05

2.45

2.90

NFGC-23-16672

137.00

140.70

3.70

1.40

K2

And2

162.90

173.60

10.70

1.65

NFGC-23-16691

65.85

68.75

2.90

1.90

K2

And1

75.30

93.15

17.85

2.08

Including

79.45

80.00

0.55

41.70

And1

104.20

106.35

2.15

1.94

And1

163.40

173.00

9.60

2.49

Including

168.80

169.40

0.60

11.35

NFGC-23-16944

46.10

48.15

2.05

4.71

K2

Including

46.10

46.75

0.65

14.71

And1

94.25

101.45

7.20

1.56

And1

107.05

109.75

2.70

1.47

And1

165.05

167.30

2.25

1.16

And1

170.00

172.25

2.25

2.77

And1

188.60

193.60

5.00

2.10

And1

203.45

210.10

6.65

1.09

NFGC-23-17041

25.55

28.15

2.60

2.98

K2

And1

110.25

112.55

2.30

4.51

Including

111.60

112.00

0.40

20.20

And1

134.35

137.00

2.65

1.64

NFGC-23-17092

19.40

27.75

8.35

3.01

K2

And2

34.60

44.45

9.85

6.18

Including

39.45

39.95

0.50

47.10

Including

40.55

41.40

0.85

24.58

And2

49.75

52.00

2.25

7.79

Including

49.75

50.15

0.40

39.00

NFGC-23-17211

32.60

43.15

10.55

1.23

K2

And1

49.50

56.90

7.40

1.54

And1

64.00

66.00

2.00

1.48

And1

92.30

97.80

5.50

1.32

NFGC-23-17291

26.75

36.35

9.60

3.39

K2

And1

55.20

62.20

7.00

27.49

Including

55.20

55.70

0.50

370.00

NFGC-23-17381

74.55

78.00

3.45

6.53

K2

Including

76.35

77.00

0.65

11.14

And1

87.00

90.00

3.00

19.19

Including

88.25

90.00

1.75

30.92

And1

95.80

107.00

11.20

1.89

And1

116.00

118.35

2.35

1.18

And1

127.85

131.15

3.30

1.17

NFGC-23-17592

25.40

32.95

7.55

1.30

K2

And1

45.30

49.55

4.25

1.00

And1

50.85

53.10

2.25

1.10

NFGC-23-17722

15.85

18.00

2.15

2.63

K2

And2

25.00

43.65

18.65

1.55

NFGC-23-17781

17.50

19.50

2.00

12.69

K2

Including

17.50

18.45

0.95

25.90

And1

26.50

41.40

14.90

2.92

Including

36.05

36.60

0.55

34.70

NFGC-23-17791

15.95

23.00

7.05

4.51

K2

Including

22.00

23.00

1.00

12.15

NFGC-23-17832

10.40

35.70

25.30

3.48

K2

 

 

 

 

Including

10.40

11.00

0.60

12.50

Including

12.90

13.20

0.30

42.30

And1

55.00

57.40

2.40

21.96

Including

56.00

56.40

0.40

130.50

NFGC-23-17861

29.45

41.70

12.25

8.69

K2

Including

29.45

30.15

0.70

18.54

Including

30.75

31.40

0.65

90.69

Including

32.25

33.25

1.00

13.40

And1

60.00

64.40

4.40

2.04

Including

64.00

64.40

0.40

11.64

NFGC-23-17921

44.15

49.20

5.05

2.85

K2

And4

208.00

211.00

3.00

1.86

NFGC-23-18091

8.00

10.10

2.10

1.62

K2

NFGC-23-18363

65.75

68.15

2.40

2.22

K2

NFGC-23-18442

158.35

166.55

8.20

2.14

K2

And2

174.10

176.65

2.55

1.30

NFGC-23-18612

33.25

44.85

11.60

1.23

K2

NFGC-23-19041

48.00

50.05

2.05

1.39

K2

And1

56.80

64.25

7.45

1.11

 

And3

72.35

90.80

18.45

3.14

 

Including

86.60

87.45

0.85

17.40

 

And1

100.20

106.50

6.30

1.63

 

And2

119.00

121.00

2.00

1.06

 

And2

145.30

162.05

16.75

1.00

 

NFGC-23-1940

No Significant Value

K2

NFGC-23-19932

29.45

32.15

2.70

19.41

K2

Including

30.20

30.60

0.40

120.71

 

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

Note that the host structures are interpreted to be moderately 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-22-1067

299

-56

287

658738

5429662

K2

NFGC-23-1434

345

-45

152

659045

5429997

K2

NFGC-23-1579

300

-45

299

659125

5429791

K2

NFGC-23-1630

345

-64

176

659018

5429881

K2

NFGC-23-1631

345

-45

100

658855

5429937

K2

NFGC-23-1633

345

-45

135

658880

5429889

K2

NFGC-23-1658

345

-45

129

658985

5429906

K2

NFGC-23-1667

299

-45.5

248

659148

5429834

K2

NFGC-23-1669

1

-45

218

659029

5429847

K2

NFGC-23-1694

0

-60

308

658993

5429823

K2

NFGC-23-1704

5

-50

161

659049

5429902

K2

NFGC-23-1709

110

-60

95

659049

5429903

K2

NFGC-23-1721

0

-45

119

659059

5429944

K2

NFGC-23-1729

0

-45

110

659064

5429990

K2

NFGC-23-1738

0

-45

149

659071

5429933

K2

NFGC-23-1759

0

-45

89

659080

5429987

K2

NFGC-23-1772

345

-45

68

659015

5430046

K2

NFGC-23-1778

345

-45

65

658995

5430046

K2

NFGC-23-1779

345

-45

59

658978

5430069

K2

NFGC-23-1783

20

-50

95

659052

5430044

K2

NFGC-23-1786

75

-45

131

659091

5430008

K2

NFGC-23-1792

10

-45.5

224

658985

5429906

K2

NFGC-23-1809

25

-55

50

659052

5430109

K2

NFGC-23-1836

207

-55

119

658999

5429765

K2

NFGC-23-1844

237

-61

401

658998

5429766

K2

NFGC-23-1861

65

-65

59

658975

5429719

K2

NFGC-23-1904

17

-58

206

658913

5429819

K2

NFGC-23-1940

55

-67

281

658859

5429589

K2

NFGC-23-1993

70

-53

203

658868

5429773

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 7,000m 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 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”) 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 January 31, 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 $57.3 million as of January 2024.

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”, “demonstrates”, “encouraging”, “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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