New Found Gold drills 14.8 g/t gold over 5 metres at Queensway, Newfoundland

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New Found Gold Corp. [TSXV-NFG; NYSE-NFGC] reported results from 85 diamond drill holes that were completed as part of multiple drill programs designed to expand and follow up on high-grade gold mineralization across several discovery areas located on the east side of the highly prospective Appleton fault zone (AFZ) spanning a 3-km corridor from Golden Joint to Everest. New Found’s 100%-owned Queensway project comprises a 1,665 km2 area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.

Jackpot, Honeypot and Everest highlights: At Honeypot, a new discovery initially announced January 10, 2024, continued follow-up drilling aimed at extending the high-grade domain successfully intercepted 14.8 g/t gold over five metres in NFGC-24-2063, which is located 84 metres farther down plunge from previously released 26.4 g/t gold over 7.65 metres in NFGC-23-1810.

Intervals of 7.25 g/t gold over 4.5 metres in NGFC-23-1806A, 2.24 g/t gold over 10.90 metres in NFGC-23-1796 and 10.2 g/t gold over 2.25 metres in NFGC-23-1886 are additional highlight intervals that occur within the Honeypot high-grade domain, which plunges steeply to the east and is currently 50 metres wide and 200 metres deep. Located 1.2 km north of Lotto, the Honeypot host structure has been drill defined over a strike length of 280 metres and remains open along strike and to depth.

Two hundred thirty metres farther south at Jackpot, the remainder of the outstanding assay results have been received from initial drilling designed to determine the extent of near-surface, high-grade mineralization that is hosted by an east-west-striking, steeply south-dipping structure. Today’s highlight interval of 11.3 g/t gold over 3.65 metres in NFGC-23-1627 more than doubles the down-plunge extent of the high-grade domain at Jackpot to 155 metres from the previously reported 75 metres.

Additional highlight intervals reported today from Jackpot include 43.1 g/t over 2 metres in NFGC-23-1418, which occurs at surface, and 1.02 g/t gold over 13.95 metres in NFGC-23-1668, located 195 metres down plunge. These intervals all occur within a region of the fault that demonstrates strong continuity of gold mineralization that plunges to the southwest and covers an area averaging 75 metres wide and 250 metres long that remains open at depth.

Golden Joint highlights: At Golden Joint, outstanding results from the barge drilling, a program designed to target the upper portions of the Golden Joint zone that is not reachable by land, have been received. Results include 14.4 g/t gold over 2.50 metres in NFGC-23-1559, which occurs 16 metres below surface, and 4.91 g/t gold over 8.05 metre4s in NFGC-23-1501A, which occurs just 30 metres below surface. These results, along with others reported in today’s release, infill and confirm the near-surface, high-grade continuity of Golden Joint.

Lotto and Lotto North highlights: At Lotto North, the remaining results have been received from a program targeting the Lotto North structure, interpreted to be the fault-displaced northern segment of the Lotto main vein, in addition to results targeting mineralization in the region between the Lotto main vein and the AFZ. This area is known as the Lotto footwall (FW) and contains the Sunday and Tuesday veins.

At Lotto, the highlight interval of 16.6 g/t gold over 2 metres in NFGC-23-1681 was intercepted 40 metres down dip of previously reported 18.1 g/t gold over 6.50 metres in NFGC-20-44 in the Sunday vein in the Lotto FW region.

At Lotto North, the notable intervals of 12.2 g/t gold over 2 metres and 10.5 g/t gold over 2.45 metres in NFGC-22-1009 and 1.64 g/t gold over 9.95 metres in NFGC-23-1156 are located near surface and in an area where the Lotto North structure intersects the AFZ.

Dome highlights: A small program consisting of two holes was completed testing the eastern continuation of the east-west-striking Dome structure located between Golden Joint and Lotto, an area that was sparsely tested with previous drilling efforts. The structure was found to continue and returned the highlight interval of 19.4 g/t gold over 2 metres in NFGC-23-1999, extending Dome 44 metres farther to the east.

Melissa Render, vice-president of exploration, stated: “Honeypot and Jackpot were two discoveries that were somewhat of a surprise in terms of their mineralizing strength and continuity given they are 300 m and 340 m east of the AFZ, respectively. Akin to the neighbouring Lotto discovery, they can concentrate considerable high-grade gold. These are important structures, and both are visible in the seismic data where they appear to persist to depth. We are actively using the seismic data to look for structural anomalies along these faults to target with deeper drilling. Both shoots remain open both laterally and vertically, where shallow growth targets will also be tested. We also continue to re-evaluate other discovery areas such as Dome, Lotto and Golden Joint, where initial programs did not close off the mineralization, and in some cases overstepped prospective regions due to broad-spaced drilling. The prospective window around the AFZ has grown producing an expansive region for continued exploration.”

The company is currently undertaking a 650,000-metre drill program at Queensway, and approximately 3,200 metres of core are currently pending assay results.

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 well funded for this program with cash and marketable securities of approximately $53.6 million as of April 2024.

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