New Found Gold drills 49.7 g/t gold over 29.9 metres at Queensway, Newfoundland, shares up

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New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from one diamond drill hole that was 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-km2 area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.

Iceberg highlights: 49.7 g/t gold over 29.85 metres and 14.6 g/t gold over 3.80 metres in NFGC-23-1120 is a 25-metres step-down from the fence of three Iceberg discovery holes released March 1, 2023, which outlined a new, at-surface zone traced over 50 metres in strike length, with the highlight interval of 72.2 g/t gold over 9.65 metres in NFGC-23-1100.

Starting at just 35 metres from surface NFGC-23-1120 exhibits a nearly continuous 40 metres drilled mineralized interval. High-grade gold mineralization is well distributed throughout the intercept with 19 samples registering over 10 g/t gold and 9 samples grading above 50 g/t gold. Full gold assay samples are listed in a table in the original press release.

Characteristics of mineralization remain consistent with those seen at Keats Main, further supporting the interpretation that Iceberg is hosted by the Keats-Baseline fault zone (KBFZ) and is likely the eastern extension of Keats Main that has been displaced by faulting.

Greg Matheson, chief operating officer , stated: “With this impressive intercept located 25 metres below the fence of three holes released on March 1, we have now added vertical dimension to this new and growing discovery. Like Keats, Iceberg is shallowly located and demonstrates strong quartz veining over significant widths. Drilling is ongoing at Iceberg with a focus on both expansion of this new discovery and exploring along strike within the projection of the highly prospective KBFZ in search of additional near-surface high-grade gold mineralization; several assays are pending from this area.”

The company is currently undertaking a 500,000 metre drill program at Queensway and approximately 53,000 metres of core is currently pending assay results.

The company is well funded for this program with cash and marketable securities of approximately $72-million as of March 2023.

In early trading Monday March 13, shares of New Found Gold gained $0.47 to $5.34.

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