New Found Gold drills 26 g/t gold over 9.45 metres at Queensway, Newfoundland

New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from 15 diamond drill holes that were completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300 metres northeast of Keats Main along the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,662-square-kilometre area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.

Drill hole NFGC-23-1201 returned 6.85 metres of 20.67 g/t gold (iceberg Zone), including 0.60 metres of 193.00 g/t gold, including 0.60 metres of 25.70 g/t gold.

NFGC-23-1261A returned 9.45 metres of 25.98 g/t gold, including 0.95 metres of 10.11 g/t gold (Iceberg Zone), including 0.60 metres of 372.37 g/t gold. Iceberg highlights:

NFGC-23-1261A intersected 26.0 g/t gold over 9.45 metres in a 25-metre step-out to the south of previously reported 19.6 g/t gold  over 5.25 metres in NFGC-23-1217, extending the Iceberg-Iceberg East segment of the Keats Baseline Fault Zone (KBFZ) to 575 metres in strike length. This intercept is the deepest high-grade hit yet at Iceberg and expands the drill-defined depth from 135 metres to 160 metres.

NFGC-23-1201 intersected 20.7 g/t gold over 6.85 metres 50 metres along strike to the southwest of previously released 105 g/t gold over 27.05 metres in NFGC-23-1210, further demonstrating strong continuity of high-grade gold at Iceberg.

Continued step-out drilling expanding the KBFZ at Iceberg East has intercepted several highlight intervals including 1.58 g/t gold over 8.70 metres, 1.73 g/t gold over 5.30 metres and 2.88 g/t gold over 9.95 metres in NFGC-23-1208, 3.51 g/t gold  over 4.05 metres in NFGC-23-1247 and 1.38 g/t gold  over 9.70 metres in NFGC-23-1226 and all occur within 100 metres from surface.

Iceberg-Iceberg East remains open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.

Greg Matheson, chief operating officer, stated: “It is still early days at Iceberg, where we continue to receive a myriad of high-grade results. We have roughly 50 holes pending from this zone with almost all occurring within the first 200m from surface. We look forward to getting a full grasp of this zone as we continue to chase it to depth and along strike.”

The company is currently undertaking a 500,000-metre drill program at Queensway and approximately 57,000 metres of core is currently pending assay results.

The company has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

New Found holds a 100% interest in the Queensway Project. 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 $52 million as of June 2023.