New Found Gold expands high-grade at Dome and Golden Dome, Newfoundland and labrador

New Found Gold Corp. [TSXV: NFG; NYSE: NFGC] reported new drill results from the 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada. Highlights include:

Golden Dome Zone: 148 g/t Au over 4.10m and 41.3 g/t Au over 2.40m (NFGC-24-2188) and 22.4 g/t Au over 2.00m (NFGC-24-2199).

These results are from follow-up drilling that expanded Golden Dome 18m and 92m along strike, respectively, from the discovery hole NFGC-24-2158 (343 g/t Au over 2.15m, 40.6 g/t Au over 2.20m and 9.51 g/t Au over 7.45m).

Dome Zone: 51.2 g/t Au over 13.30m (NFGC-24-2227); 9.33 g/t Au over 6.35m (NFGC-24-2217); and 5.60 g/t Au over 8.90m (NFGC-24-2230).

These holes were spaced 20m to 30m apart (down-dip direction) and 50m below past drilling at Dome in a step-out program designed to test the mineralized structure at depth.

Melissa Render, President, stated: “We are very encouraged by our continued success at Golden Dome. These results indicate excellent potential for further expansion of this recent discovery, located between the Lotto and Dome zones and along the highly prospective Appleton Fault Zone.

“With recent success at Golden Dome, further drilling at the nearby Dome structure was a priority and has delivered strong results we can build on. Ongoing discoveries like Golden Dome and Dome demonstrate there are still many gaps in highly prospective areas within 200 metres of surface that warrant additional drill testing.”

This news release includes the results from 13,489 metres of drilling in 27 diamond drill holes (DDH) completed in Q4/24 as part of a follow-up program at Golden Dome and a step-out program targeting the depth extension of Dome.

Golden Dome: The highlight intervals of 148 g/t Au over 4.10m and 41.3 g/t Au over 2.40m (NFGC-24-2188) and 22.4 g/t Au over 2.00m (NFGC-24-2199) were intersected in a follow-up program that has expanded Golden Dome. These drillholes tested along strike of the previously reported discovery hole, which returned 343 g/t Au over 2.15m, 40.6 g/t Au over 2.20m and 9.51 g/t Au over 7.45m (NFGC-24-2158) at a spacing of 18m and 92m, respectively.

Additional step-out drilling has defined a multi-vein gold system that is currently defined over a 170m by 140m area and open along strike. Mineralization starts at vertical depth of 300m, and 200m below the existing drilling at Dome.

The intensity and extent of the mineralized quartz veining with localized high-grade mineralization are hallmark features of some or our most robust structures like the Keats-Baseline Fault Zone.

Dome: A series of high-grade intervals, including 51.2 g/t Au over 13.30m (NFGC-24-2227), 9.33 g/t Au over 6.35m (NFGC-24-2217) and 5.60 g/t Au over 8.90m (NFGC-24-2230) spaced 20m to 30m apart in a down-dip direction, 50m below existing drilling, were intersected in a step-out program at the Dome Zone designed to test this structure at depth.

These intervals occur between 135m and 160m vertical depth and comprise a new region of high-grade gold mineralization associated with the structural network of Dome. With an orientation similar to the Keats-Baseline Fault Zone that dips moderately to the southeast, this structural zone is comprised of fault-fill quartz veins containing free coarse gold hosted by an interbedded sequence of siltstones and sandstones.

A further 200m along strike to the west, drill testing the Golden Dome structure at depth also crossed the Dome structure and returned 33.7 g/t Au over 6.55m (NFGC-24-2184). Although the interpretation suggests the intersection angle is lower, this interval demonstrates the high-grade nature of the Dome structure.

Follow-up expansion drilling is planned at Golden Dome, as this mineralized structure is open to depth, towards surface and along strike.

Dome is characterized by high-grade veining exposed at surface, with previous drill testing focused within 100m of surface. Step-out drilling is planned to expand Dome at depth where there is currently limited testing.

Balancing the drilling of high priority target areas like Golden Dome and Dome, versus testing new near surface targets such as the Dropkick Zone located a further 11km along strike to the northeast of the key zones of Keats, Keats West and Iceberg, will be a focus of exploration drilling in 2025.

An additional 2,524 metres in five DDH was completed at Golden Dome and Dome in Q4/24. Assay results are pending and will be released once received.

New Found holds a 100% interest in the 175,600-hectare Queensway Gold Project, located 15km west of Gander, Newfoundland and Labrador and 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 650,000-metre drill program at Queensway.