EX-99.1 2 ex991.htm NEWS RELEASE DATED MARCH 26, 2024

EXHIBIT 99.1

 

  

 

 

NEW FOUND IDENTIFIES CONTINUATION OF THE KEATS-BASELINE FAULT ZONE WITH 187 G/T AU OVER 2.55M AT “ICEBERG ALLEY”

 

Vancouver, BC, March 26, 2024 - New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 38 diamond drill holes that were completed as part of a program designed to expand on a new discovery called ‘Iceberg Alley’ that is located 1km along strike of Iceberg, as well as 114 diamond drill holes that were completed to test a segment of the Keats Baseline Fault Zone (“KBFZ”) that trends under South Hermans Pond at the Keats Zone adjacent to the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,665 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

 

Iceberg Alley Highlights:

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-19271 90.50 93.00 2.50 28.95 Iceberg Alley
Including 90.50 91.45 0.95 42.20
Including 91.80 92.10 0.30 105.00
NFGC-23-19361 48.95 52.65 3.70 6.04 Iceberg Alley
Including 48.95 49.45 0.50 10.51
Including 52.00 52.65 0.65 21.51
NFGC-23-19411 58.20 60.75 2.55 186.71 Iceberg Alley
Including 58.80 59.55 0.75 632.42
NFGC-23-19721 60.40 63.70 3.30 9.51 Iceberg Alley
Including 61.55 62.05 0.50 14.80
Including 63.25 63.70 0.45 50.80
NFGC-24-20352 150.90 152.90 2.00 12.46 Iceberg Alley
Including 150.90 151.45 0.55 25.89
Including 152.10 152.90 0.80 10.62

Table 1: Iceberg Alley Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70%. 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.

 

•The highlight interval of 187 g/t Au over 2.55m in NFGC-23-1941 is part of a newly discovered zone called Iceberg Alley that was intersected as part of a targeted program to follow the eastern continuation of the Keats-Iceberg-Iceberg East corridor along the high-grade KBFZ. Based on the fault characteristics observed at Iceberg Alley, as well as the zone’s orientation, intensity, and width of the damage zone, the Company’s preliminary interpretation indicates that it is another displaced segment of the KBFZ, in a northward direction.

 

•Additional highlights from immediate follow-up drilling include 29.0 g/t Au over 2.50m in NFGC-23-1927, 9.51 g/t Au over 3.30m in NFGC-24-1972, and 12.5 g/t Au over 2.00m in NFGC-24-2035.

 

•These intervals currently define a high-grade domain that spans 30m wide by 60m deep, starting close to surface. Follow-up drilling is planned at Iceberg Alley to follow this structure along strike to the east.

 

 

New Found Gold Corp.1

TSX-V: NFG, NYSE-A: NFGC

   

 

Keats Highlights:

  

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-8861 192.15 194.20 2.05 23.82 Keats FW
Including 192.55 193.35 0.80 60.95
NFGC-22-8991 47.60 49.90 2.30 10.49 Keats Main
Including 47.60 48.05 0.45 38.94
NFGC-22-9141 11.85 26.15 14.30 1.71 Keats Main
Including 12.15 12.60 0.45 15.65
And4 578.25 584.00 5.75 7.85 Keats FW
Including 582.35 584.00 1.65 25.34
NFGC-22-9341 46.70 49.00 2.30 10.98 Keats Main
Including 46.70 47.35 0.65 37.63
NFGC-23-14872 13.95 25.25 11.30 1.15 Keats N
NFGC-23-17301 96.35 98.65 2.30 31.89 Keats N
Including 97.00 97.65 0.65 112.50
NFGC-23-17772 107.00 109.00 2.00 15.87 Keats FW
Including 108.00 109.00 1.00 31.40
NFGC-23-17934 85.30 87.55 2.25 12.52 Keats FW
Including 85.30 85.80 0.50 56.30
NFGC-23-18592 121.35 131.05 9.70 2.77 Keats N
Including 129.40 130.40 1.00 11.00
NFGC-23-18621 58.85 68.95 10.10 4.09 Keats Main
Including3 67.15 67.90 0.75 33.60
NFGC-23-19672 61.45 65.00 3.55 34.40 Keats FW
Including 63.25 64.05 0.80 148.96

 

Table 2: Keats Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40%. 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.

 

•At Keats, all results have now been received from a shallow step-out program that utilized a barge-mounted drill situated on South Hermans Pond. This program was designed to test the shallow continuation of the KBFZ that was inaccessible from land. Today’s results confirm the near-surface continuation of the Keats Main Zone, a gold-mineralized segment of the KBFZ that has a strike length of 575m and starts at surface.

 

•Highlights from the barge program include 34.4 g/t Au over 3.55m in NFGC-23-1967 which is hosted by the East-West Vein, a known high-grade vein that was exposed by the Keats Trench and found to contain a high concentration of coarse gold (November 17, 2023). This interval is 275m along strike, west of the exposed segment in the trench.

 

•Drilling from both the barge and from on-land extensions of drill holes originally targeting the Keats Main Zone expanded on a series of mineralized structures located between the Keats Main Zone and the AFZ. Within this domain of rock, there are several lower-grade structures that trend parallel to the AFZ but also contain domains of localized high-grade gold. Example highlight intervals include 1.71 g/t Au over 14.30m in NFGC-22-914 located ~350m down-dip of NFGC-22-825, containing 20.8 g/t Au over 2.00m and 11.6 g/t Au over 2.55m (December 5, 2022). NFGC-23-1777 located a further 155m along strike to the southwest graded 15.9 g/t Au over 2.00m. This area of mineralization immediately east of the AFZ remains poorly tested at depth and will be a focus of future deep drilling efforts.

 

Melissa Render, VP of Exploration of New Found, stated: “The high-grade intercepts at Iceberg Alley are very encouraging. This newly identified zone shares many features and characteristics with the KBFZ which is host to the high-grade Keats, Iceberg, and Iceberg East discoveries. Iceberg Alley was discovered in an attempt to extend Iceberg East to beyond the Road Zone and our preliminary interpretation indicates that Iceberg Alley likely represents another displaced segment of the KBFZ. The KBFZ is known to be important for concentrating high-grade gold and understanding the location of this fault is significant for ongoing exploration targeting.

 

“Meanwhile, at Keats, we have now received all of the results from the barge program and we are pleased with the outcome, adding critical information and delineating the up-dip extent of mineralization associated with the Keats-Baseline Fault Zone underneath South Hermans Pond in addition to adding continuity and extent to the series of gold mineralized structures that exist between the Keats Main Zone and the AFZ (Keats Footwall). This program was completed on time, on budget, and with no incidents. Exploration will now test the down-dip extensions of these structures and target areas where they potentially interact with structures interpreted in the seismic data.”

New Found Gold Corp.2

TSX-V: NFG, NYSE-A: NFGC

   

 

 

 

 

Figure 1: Photos of mineralization from Left: at ~97.6m in NFGC-23-1730, Right: at 59.0m in NFGC-23-1941, Bottom Left: at ~63.3m in NFGC-23-1967, Bottom Right: at ~15.3m in NFGC-22-914

^Note that these photos are not intended to be representative of gold mineralization in NFGC-22-914, NFGC-23-1730, NFGC-23-1941, and NFGC-23-1967.

New Found Gold Corp.3

TSX-V: NFG, NYSE-A: NFGC

   

 

 

 

 

Figure 2. Keats, Iceberg, Iceberg East, and Iceberg Alley plan view map

 

 

New Found Gold Corp.4

TSX-V: NFG, NYSE-A: NFGC

   

 

 

 

 

Figure 3. Keats Main, Iceberg, Iceberg East, and Iceberg Alley zones long section (looking northwest)

New Found Gold Corp.5

TSX-V: NFG, NYSE-A: NFGC

   

 

 

 

Figure 4. Grouse- Everest plan view map

 

 

New Found Gold Corp.6

TSX-V: NFG, NYSE-A: NFGC

   

 

Drillhole Details

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-21-842* 87.00 89.25 2.25 1.15 Keats Main
And1* 101.40 106.50 5.10 1.17
And1* 155.00 157.15 2.15 1.12 Keats FW
And2 264.35 270.15 5.80 3.86 Keats N
Including 264.35 264.85 0.50 30.36
NFGC-21-1041* 214.50 225.90 11.40 29.11 Keats Main
Including* 214.50 215.10 0.60 89.40
Including* 216.00 217.10 1.10 236.21
And2 253.80 256.40 2.60 2.40 Keats FW
And4 347.45 354.95 7.50 1.65
And4 390.05 392.60 2.55 1.50
And4 445.45 447.55 2.10 3.66
NFGC-21-3241* 96.20 99.45 3.25 2.14 Keats Main
And1* 103.00 105.00 2.00 1.34
And1* 115.70 119.20 3.50 2.48
Including* 115.70 117.90 2.20 3.35
And4* 314.90 317.30 2.40 9.68 Keats FW
Including* 315.90 316.40 0.50 46.35
And4* 329.90 333.30 3.40 1.57
And4* 336.20 340.55 4.35 1.31
And4* 344.15 346.70 2.55 2.18
And4* 352.00 354.70 2.70 3.23
And4 370.65 372.70 2.05 2.41
NFGC-21-410B1* 139.65 142.00 2.35 1.18 Keats Main
And1* 174.20 176.50 2.30 1.81
And4 407.00 409.45 2.45 1.01 Keats FW
NFGC-22-8292 18.00 21.40 3.40 1.58 Keats N
And2 237.65 240.15 2.50 1.03
NFGC-22-8383 26.85 28.85 2.00 1.12 Keats N
NFGC-22-862 No Significant Values Keats Main
NFGC-22-8694 644.00 648.30 4.30 1.06 Keats Main
And2 703.00 705.00 2.00 1.17
And4 741.00 743.00 2.00 3.55
NFGC-22-8781 126.00 128.00 2.00 1.37 Keats Main
And4 292.00 294.00 2.00 2.08
NFGC-22-8861 192.15 194.20 2.05 23.82 Keats FW
Including 192.55 193.35 0.80 60.95
And1 262.90 265.00 2.10 1.10
And1 302.00 304.00 2.00 1.88
NFGC-22-8871 59.30 63.60 4.30 6.28 Keats Main
Including 59.30 60.30 1.00 14.35
Including 62.45 62.95 0.50 10.36
And1 159.80 162.00 2.20 2.43
And4 216.00 218.00 2.00 2.11 Keats FW
NFGC-22-8894 453.80 456.20 2.40 1.95 Keats HW
And4 625.60 627.80 2.20 1.91 Keats Main
NFGC-22-8903 15.00 17.00 2.00 1.59 Keats FW
And3 51.00 53.00 2.00 1.60
And4 171.00 174.00 3.00 2.36
And4 190.00 192.00 2.00 8.77
NFGC-22-8991 47.60 49.90 2.30 10.49 Keats Main
Including 47.60 48.05 0.45 38.94
And3 72.50 77.00 4.50 2.80
And3 91.00 93.00 2.00 1.71
And2 105.00 107.00 2.00 1.06

 

New Found Gold Corp.7

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-22-9031 132.75 135.00 2.25 1.15 Keats S
NFGC-22-9141 11.85 26.15 14.30 1.71 Keats Main
Including 12.15 12.60 0.45 15.65
And4 293.80 296.20 2.40 1.40 Keats FW
And4 578.25 584.00 5.75 7.85
Including 582.35 584.00 1.65 25.34
And4 597.75 600.80 3.05 1.00
NFGC-22-9164 44.00 46.65 2.65 6.03 Keats Main
Including 46.00 46.65 0.65 24.34
And1 55.35 57.40 2.05 1.23
NFGC-22-9341 46.70 49.00 2.30 10.98 Keats Main
Including 46.70 47.35 0.65 37.63
And1 53.75 59.80 6.05 1.17
And2 73.85 77.00 3.15 1.44
NFGC-22-991 No Significant Values Keats N
NFGC-22-10684 234.50 237.00 2.50 1.16 Keats Main
And4 249.10 251.55 2.45 4.56
Including 249.10 250.00 0.90 11.68
NFGC-23-10991 78.70 80.80 2.10 1.21 421
And1 88.50 90.55 2.05 2.29
NFGC-23-11401 89.75 92.00 2.25 1.61 421
NFGC-23-1457 No Significant Values Keats N
NFGC-23-1474 No Significant Values Keats N
NFGC-23-14792 16.10 20.30 4.20 1.04 Keats N
And2 28.55 33.15 4.60 1.12
And3 56.65 60.00 3.35 5.62
Including 57.65 58.40 0.75 11.33
NFGC-23-14872 13.95 25.25 11.30 1.15 Keats N
And3 47.20 49.50 2.30 1.51
NFGC-23-15021 25.45 28.00 2.55 1.17 Keats N
NFGC-23-1504 No Significant Values Keats N
NFGC-23-1510 No Significant Values Keats N
NFGC-23-1513 No Significant Values 421
NFGC-23-1527 No Significant Values 421
NFGC-23-1547 No Significant Values 421
NFGC-23-15561 60.00 62.25 2.25 2.34 421
NFGC-23-1560 No Significant Values 421
NFGC-23-1565 No Significant Values 421
NFGC-23-1638 No Significant Values Keats N
NFGC-23-1643 No Significant Values Keats N
NFGC-23-16521 80.15 82.20 2.05 1.07 Keats N
NFGC-23-1665 No Significant Values Keats N
NFGC-23-1672 No Significant Values Keats N
NFGC-23-1674 No Significant Values Keats N
NFGC-23-16791 133.30 135.85 2.55 3.01 Keats N
NFGC-23-16851 113.00 115.30 2.30 1.36 Keats N
And1 138.50 140.70 2.20 1.66
NFGC-23-1692 No Significant Values Keats N
NFGC-23-1695 No Significant Values Keats N

 

New Found Gold Corp.8

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-1699 No Significant Values Keats N
NFGC-23-1702 No Significant Values Keats N
NFGC-23-17111 172.80 175.30 2.50 4.48 Keats N
Including 173.70 174.35 0.65 15.00
NFGC-23-17171 132.10 134.85 2.75 4.54 Keats N
Including 134.00 134.85 0.85 11.81
NFGC-23-1723 No Significant Values Keats N
NFGC-23-17301 75.15 78.05 2.90 1.03 Keats N
And1 96.35 98.65 2.30 31.89
Including 97.00 97.65 0.65 112.50
NFGC-23-17371 102.50 105.00 2.50 2.05 Keats N
NFGC-23-1739 No Significant Values Keats N
NFGC-23-1749 No Significant Values Keats N
NFGC-23-17533 48.60 51.40 2.80 1.03 Keats FW
And2 95.10 101.35 6.25 1.25
NFGC-23-17601 59.35 61.50 2.15 1.00 Keats FW
NFGC-23-1767 No Significant Values Keats FW
NFGC-23-1770 No Significant Values Keats FW
NFGC-23-1774 No Significant Values Keats FW
NFGC-23-17772 65.90 68.25 2.35 6.01 Keats FW
Including 65.90 66.65 0.75 18.10
And2 96.00 98.00 2.00 1.69
And2 107.00 109.00 2.00 15.87
Including 108.00 109.00 1.00 31.40
And2 137.15 140.90 3.75 1.19
NFGC-23-17821 94.25 96.40 2.15 1.88 Keats FW
NFGC-23-17871 81.70 83.70 2.00 1.17 Keats N
And2 103.60 105.80 2.20 1.08
And1 113.00 116.80 3.80 1.23
NFGC-23-17934 85.30 87.55 2.25 12.52 Keats FW
Including 85.30 85.80 0.50 56.30
And4 174.90 179.00 4.10 1.46
NFGC-23-1795 No Significant Values Keats N
NFGC-23-17981 94.20 96.75 2.55 1.25 Keats N
NFGC-23-1804 No Significant Values Keats FW
NFGC-23-1808 No Significant Values Keats N
NFGC-23-1815 No Significant Values Keats FW
NFGC-23-18193 57.85 62.95 5.10 2.00 Keats Main
And3 93.75 95.75 2.00 2.11
NFGC-23-1824 No Significant Values Keats FW
NFGC-23-1825 No Significant Values Keats FW
NFGC-23-1830 No Significant Values Keats FW
NFGC-23-1831 No Significant Values Keats HW
NFGC-23-1834 No Significant Values Keats FW
NFGC-23-1839 No Significant Values Keats FW
NFGC-23-1840 No Significant Values Keats HW
NFGC-23-1845 No Significant Values Keats FW
NFGC-23-18492 29.60 31.70 2.10 6.11 Keats Main
Including 31.00 31.70 0.70 16.56
NFGC-23-1850 No Significant Values 421
NFGC-23-18512 21.00 23.50 2.50 1.04 Keats N
NFGC-23-1854 No Significant Values Keats Main
NFGC-23-1856 No Significant Values 421

 

New Found Gold Corp.9

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-18572 11.40 14.30 2.90 1.07 Keats Main
And2 18.50 20.80 2.30 1.21
NFGC-23-18592 121.35 131.05 9.70 2.77 Keats N
Including 129.40 130.40 1.00 11.00
NFGC-23-18623 11.50 13.85 2.35 1.03 Keats Main
And1 58.85 68.95 10.10 4.09
Including 67.15 67.90 0.75 33.60
And1 78.15 80.95 2.80 1.87
NFGC-23-1863 No Significant Values Keats S
NFGC-23-18674 26.90 29.40 2.50 1.40 Keats Main
And2 35.60 40.40 4.80 1.35
And1 99.10 101.65 2.55 1.78
NFGC-23-18753 30.85 33.10 2.25 1.12 Keats Main
NFGC-23-1878 No Significant Values 421
NFGC-23-18824 153.55 155.90 2.35 1.84 Keats FW
NFGC-23-18921 77.55 80.50 2.95 1.80 Keats N
NFGC-23-1896 No Significant Values Keats N
NFGC-23-19011 37.85 39.85 2.00 4.14 Keats N
NFGC-23-19062 27.80 30.00 2.20 1.16 Keats FW
NFGC-23-1907 No Significant Values Keats N
NFGC-23-1911 No Significant Values Keats FW
NFGC-23-19163 69.65 74.25 4.60 1.01 Keats Main
NFGC-23-19231 62.40 70.00 7.60 1.68 Keats Main
Including 67.40 68.00 0.60 10.50
And1 83.00 89.25 6.25 1.98
Including 83.00 83.50 0.50 14.95
NFGC-23-19294 26.75 30.55 3.80 1.70 Keats N
NFGC-23-1930 No Significant Values Keats Main
NFGC-23-19341 76.35 79.10 2.75 1.43 Keats Main
And2 100.95 104.15 3.20 1.77
NFGC-23-19372 88.60 90.60 2.00 1.14 Keats Main
NFGC-23-19441 39.90 41.95 2.05 1.25 Keats Main
And1 44.80 47.40 2.60 1.25
NFGC-23-1947 No Significant Values Keats N
NFGC-23-19493 60.00 62.50 2.50 1.62 Keats FW
NFGC-23-1953 No Significant Values Keats FW
NFGC-23-19583 61.85 64.00 2.15 1.16 Keats Main
And3 77.55 81.20 3.65 2.92
Including 80.45 81.20 0.75 10.40
NFGC-23-1961 No Significant Values Keats FW
NFGC-23-19672 61.45 65.00 3.55 34.40 Keats FW
Including 63.25 64.05 0.80 148.96
NFGC-23-19694 23.00 25.75 2.75 1.44 Keats FW
NFGC-23-19744 42.10 45.40 3.30 1.88 Keats FW
NFGC-23-19783 42.75 45.65 2.90 1.07 Keats N
And3 73.50 77.45 3.95 1.09
And1 123.65 126.65 3.00 1.31
NFGC-23-19842 41.25 44.65 3.40 2.10 Keats N
NFGC-23-19892 56.60 63.40 6.80 1.20 Keats N
NFGC-23-14224 75.25 77.30 2.05 2.37 Road
NFGC-23-18971 149.50 152.00 2.50 1.80 Iceberg Alley
NFGC-23-1905 No Significant Values Iceberg Alley
NFGC-23-19101 58.75 60.75 2.00 17.68 Iceberg Alley

 

New Found Gold Corp.10

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Hole No. From (m) To (m) Interval (m) Au (g/t) Zone
NFGC-23-1917 No Significant Values Iceberg Alley
NFGC-23-19271 90.50 93.00 2.50 28.95 Iceberg Alley
Including 90.50 91.45 0.95 42.20
Including 91.80 92.10 0.30 105.00
NFGC-23-19331 98.30 101.15 2.85 1.14 Iceberg Alley
NFGC-23-19361 48.95 52.65 3.70 6.04 Iceberg Alley
Including 48.95 49.45 0.50 10.51
Including 52.00 52.65 0.65 21.51
NFGC-23-19411 58.20 60.75 2.55 186.71 Iceberg Alley
Including 58.80 59.55 0.75 632.42  
NFGC-23-1948 No Significant Values Iceberg Alley
NFGC-23-1954 No Significant Values Iceberg Alley
NFGC-23-1959 No Significant Values Iceberg Alley
NFGC-23-1963 No Significant Values Iceberg Alley
NFGC-23-19721 60.40 63.70 3.30 9.51 Iceberg Alley
Including 61.55 62.05 0.50 14.80
Including 63.25 63.70 0.45 50.80
NFGC-23-19761 60.45 62.55 2.10 3.58

Iceberg Alley

 

Including 60.45 60.80 0.35 18.65
NFGC-23-19801 72.20 74.40 2.20 2.96 Iceberg Alley
NFGC-23-1983 No Significant Values Iceberg Alley
NFGC-23-1988 No Significant Values Iceberg Alley
NFGC-23-1991 No Significant Values Iceberg Alley
NFGC-23-1994 No Significant Values Iceberg Alley
NFGC-23-1995 No Significant Values Iceberg Alley
NFGC-23-1998 No Significant Values Iceberg Alley
NFGC-23-2001 No Significant Values Iceberg Alley
NFGC-23-2005 No Significant Values Iceberg Alley
NFGC-24-2006 No Significant Values Iceberg Alley
NFGC-24-20121 106.25 108.65 2.40 1.37 Iceberg Alley
NFGC-24-2016 No Significant Values Iceberg Alley
NFGC-24-2022 No Significant Values Iceberg Alley
NFGC-24-2023 No Significant Values Iceberg Alley
NFGC-24-2032 No Significant Values Iceberg Alley
NFGC-24-20352 150.90 152.90 2.00 12.46

Iceberg Alley

 

Including 150.90 151.45 0.55 25.89
Including 152.10 152.90 0.80 10.62
NFGC-24-2040 No Significant Values Iceberg Alley
NFGC-24-2044 No Significant Values Iceberg Alley
NFGC-24-2046 No Significant Values Iceberg Alley
NFGC-24-2052 No Significant Values Iceberg Alley
NFGC-24-2054 No Significant Values Road
NFGC-24-2065 No Significant Values Iceberg Alley
NFGC-24-20754 125.55 129.25 3.70 2.45 Iceberg Alley
And4 135.50 137.50 2.00 1.33
And4 146.25 148.65 2.40 1.39

  

Table 3: Summary of composite results reported in this press release for Keats and Iceberg Alley

Note that the host structures are interpreted to be moderately to steeply 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. *Previously reported interval.

New Found Gold Corp.11

TSX-V: NFG, NYSE-A: NFGC

   

 

 

 

 

Hole No. Dip (°) Azimuth (°) Length (m) UTM E UTM N Prospect
NFGC-21-104 -45 300 471 658208 5427295 Keats
NFGC-21-324 -45.5 299 515 658067 5427348 Keats
NFGC-21-410B -46.5 297 542 658075 5427285 Keats
NFGC-21-84 -45 300 362 658253 5427490 Keats
NFGC-22-1068 -90 0 296 658058 5427279 Keats
NFGC-22-829 -45 300 299 658311 5427813 Keats North
NFGC-22-838 -45 300 440 658150 5427590 Keats North
NFGC-22-862 -45 297 407 657800 5426839 Keats South
NFGC-22-869 -47 338 836 657845 5426815 Keats South
NFGC-22-878 -45 300 387 657844 5426936 Keats South
NFGC-22-886 -49 132 417 657887 5427612 Keats
NFGC-22-887 -57 10 228 657913 5427243 Keats
NFGC-22-889 -46 297 881 657842 5426410 Keats South
NFGC-22-890 -45 300 482 658151 5427559 Keats
NFGC-22-899 -45 345 150 657912 5427244 Keats
NFGC-22-903 -79 305 821 657801 5426839 Keats South
NFGC-22-914 -45 300 614 658199 5427532 Keats
NFGC-22-916 -56 350 240 657895 5427200 Keats
NFGC-22-934 -45 275 144 657894 5427200 Keats
NFGC-22-991 -45 300 581 658480 5428005 Keats North
NFGC-23-1099 -53 329 152 657756 5426958 Keats South
NFGC-23-1140 -45 300 188 657790 5427056 Keats South
NFGC-23-1422 -45 334 101 658980 5428285 Road
NFGC-23-1457 -45 32 48 658127 5427603 Keats North
NFGC-23-1474 -45 90 47 658129 5427602 Keats North
NFGC-23-1479 -78 355 95 658115 5427580 Keats North
NFGC-23-1487 -68 18 74 658114 5427581 Keats North
NFGC-23-1502 -76 68 62 658115 5427581 Keats North
NFGC-23-1504 -53 82 71 658115 5427581 Keats North
NFGC-23-1510 -62 127 74 658116 5427580 Keats North
NFGC-23-1513 -48 60 200 657889 5427018 Keats South
NFGC-23-1527 -45 70 113 657884 5426987 Keats South
NFGC-23-1547 -49 61 137 657823 5426971 Keats South
NFGC-23-1556 -45 70 101 657917 5426947 Keats South
NFGC-23-1560 -50 64 176 657891 5426900 Keats South
NFGC-23-1565 -45 51 212 657846 5426814 Keats South
NFGC-23-1638 -45 120 74 658100 5427681 Keats
NFGC-23-1643 -67 120 89 658100 5427681 Keats North
NFGC-23-1652 -45 120 203 658117 5427710 Keats North
NFGC-23-1665 -65 120 80 658117 5427710 Keats North
NFGC-23-1672 -45.5 119 128 658061 5427713 Keats West
NFGC-23-1674 -56 119 152 658060 5427713 Keats West
NFGC-23-1679 -70 119 182 658060 5427713 Keats West
NFGC-23-1685 -45.5 119 179 658069 5427679 Keats North
NFGC-23-1692 -60 120 155 658069 5427680 Keats North
NFGC-23-1695 -45.5 120 128 658055 5427663 Keats North
NFGC-23-1699 -58 120 143 658055 5427663 Keats North
NFGC-23-1702 -45 120 158 658020 5427649 Keats West
NFGC-23-1711 -60 88 185 658023 5427647 Keats West
NFGC-23-1717 -45 120 182 658009 5427627 Keats West
NFGC-23-1723 -65 120 155 658009 5427627 Keats West
NFGC-23-1730 -45 100 149 658034 5427584 Keats North
NFGC-23-1737 -45.5 165 122 658042 5427585 Keats North

 

New Found Gold Corp.12

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Hole No. Dip (°) Azimuth (°) Length (m) UTM E UTM N Prospect
NFGC-23-1739 -45.5 120 176 657984 5427581 Keats West
NFGC-23-1749 -67 120 140 657984 5427581 Keats West
NFGC-23-1753 -83 120 125 657984 5427581 Keats West
NFGC-23-1760 -45 120 125 657954 5427540 Keats
NFGC-23-1767 -80 120 131 657956 5427540 Keats
NFGC-23-1770 -45 75 83 657993 5427517 Keats
NFGC-23-1774 -45 68 83 657990 5427527 Keats
NFGC-23-1777 -80 120 185 657929 5427517 Keats
NFGC-23-1782 -45 120 128 657929 5427516 Keats
NFGC-23-1787 -45 120 140 657998 5427523 Keats
NFGC-23-1793 -68 155 182 657998 5427527 Keats
NFGC-23-1795 -62 120 219 658287 5427901 Keats North
NFGC-23-1798 -54 155 110 658036 5427582 Keats North
NFGC-23-1804 -47 120 137 658034 5427584 Keats North
NFGC-23-1808 -54 105 137 658032 5427584 Keats North
NFGC-23-1815 -45 65 50 657877 5427296 Keats
NFGC-23-1819 -48 44 110 657861 5427280 Keats
NFGC-23-1824 -54 7 69 657862 5427275 Keats
NFGC-23-1825 -45 300 122 657854 5427278 Keats
NFGC-23-1830 -46 274 137 657857 5427279 Keats
NFGC-23-1831 -45 125 123 658194 5427015 Keats
NFGC-23-1834 -45 225 101 657855 5427274 Keats
NFGC-23-1839 -70 340 80 657890 5427325 Keats
NFGC-23-1840 -45 125 225 658139 5427047 Keats
NFGC-23-1845 -45 300 149 657886 5427326 Keats
NFGC-23-1849 -45 68 86 657894 5427326 Keats
NFGC-23-1850 -45 10 81 658074 5426897 Keats South
NFGC-23-1851 -45.5 299 135 658355 5427788 Keats North
NFGC-23-1854 -55 106 93 657890 5427328 Keats
NFGC-23-1856 -45 135 165 658075 5426895 Keats South
NFGC-23-1857 -60 85 98 657865 5427276 Keats
NFGC-23-1859 -45 299 140 658333 5427772 Keats North
NFGC-23-1862 -72 27 101 657864 5427271 Keats
NFGC-23-1863 -45 85 249 658077 5426898 Keats South
NFGC-23-1867 -88 35 116 657865 5427272 Keats
NFGC-23-1875 -75 319 143 657855 5427269 Keats
NFGC-23-1878 -45 95 177 657904 5426895 Keats South
NFGC-23-1882 -72 292 185 657861 5427280 Keats
NFGC-23-1892 -52 115 116 658062 5427608 Keats North
NFGC-23-1896 -62 115 122 658062 5427608 Keats North
NFGC-23-1897 -46 345 206 659080 5428468 Iceberg Alley
NFGC-23-1901 -45 120 95 657935 5427488 Keats
NFGC-23-1905 -45 300 77 659080 5428585 Iceberg Alley
NFGC-23-1906 -46 120 71 657969 5427449 Keats
NFGC-23-1907 -45 300 116 658309 5427757 Keats North
NFGC-23-1910 -60.5 14.5 98 659081 5428585 Iceberg Alley
NFGC-23-1911 -45 300 101 657962 5427451 Keats
NFGC-23-1916 -50 120 131 657880 5427368 Keats
NFGC-23-1917 -65 302 230 659137 5428550 Iceberg Alley
NFGC-23-1923 -45.5 120 152 657843 5427329 Keats
NFGC-23-1927 -47 329 149 659137 5428551 Iceberg Alley
NFGC-23-1929 -45 299 318 658297 5427735 Keats North
NFGC-23-1930 -68 138 149 657843 5427327 Keats

 

New Found Gold Corp.13

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Hole No. Dip (°) Azimuth (°) Length (m) UTM E UTM N Prospect
NFGC-23-1933 -42 353 152 659137 5428551 Iceberg Alley
NFGC-23-1934 -45.5 156 113 657841 5427327 Keats
NFGC-23-1936 -45 325 77 659127 5428614 Iceberg Alley
NFGC-23-1937 -49 195 131 657844 5427324 Keats
NFGC-23-1941 -70 306 86 659127 5428614 Iceberg Alley
NFGC-23-1944 -45.5 121 71 657907 5427365 Keats
NFGC-23-1947 -45 299 164 658278 5427746 Keats North
NFGC-23-1948 -42 6 95 659128 5428616 Iceberg Alley
NFGC-23-1949 -45.5 121 107 657901 5427398 Keats
NFGC-23-1953 -65 341 104 657925 5427390 Keats
NFGC-23-1954 -51 333 92 659148 5428601 Iceberg Alley
NFGC-23-1958 -45 120 86 657935 5427410 Keats
NFGC-23-1959 -43 5 98 659149 5428602 Iceberg Alley
NFGC-23-1961 -45 120 92 657931 5427439 Keats
NFGC-23-1963 -64 5 95 659149 5428601 Iceberg Alley
NFGC-23-1967 -70 340 80 657939 5427407 Keats
NFGC-23-1969 -45 300 89 657903 5427397 Keats
NFGC-23-1972 -42 12 80 659081 5428586 Iceberg Alley
NFGC-23-1974 -45 300 116 657934 5427412 Keats
NFGC-23-1976 -45 338 104 659080 5428586 Iceberg Alley
NFGC-23-1978 -45 120 215 658172 5427880 Keats North
NFGC-23-1980 -65 323 92 659081 5428585 Iceberg Alley
NFGC-23-1983 -45 336 107 659055 5428602 Iceberg Alley
NFGC-23-1984 -45 94 122 658175 5427881 Keats North
NFGC-23-1988 -45 336 77 659070 5428623 Iceberg Alley
NFGC-23-1989 -45.5 78 137 658176 5427839 Keats North
NFGC-23-1991 -45 336 71 659095 5428629 Iceberg Alley
NFGC-23-1994 -45 336 50 659115 5428647 Iceberg Alley
NFGC-23-1995 -43 316 138 659136 5428551 Iceberg Alley
NFGC-23-1998 -57 317 149 659137 5428551 Iceberg Alley
NFGC-23-2001 -59 344 134 659137 5428552 Iceberg Alley
NFGC-23-2005 -61 336 146 659069 5428532 Iceberg Alley
NFGC-24-2006 -46 335 125 659069 5428533 Iceberg Alley
NFGC-24-2012 -66 3 146 659072 5428533 Iceberg Alley
NFGC-24-2016 -48 314 143 659071 5428534 Iceberg Alley
NFGC-24-2022 -65 20 59 659118 5428647 Iceberg Alley
NFGC-24-2023 -59 310 221 659028 5428384 Iceberg Alley
NFGC-24-2032 -45 327 164 658991 5428411 Iceberg Alley
NFGC-24-2035 -62.5 350 173 658991 5428411 Iceberg Alley
NFGC-24-2040 -60 320 122 658949 5428406 Iceberg Alley
NFGC-24-2044 -42 314 74 658968 5428452 Iceberg Alley
NFGC-24-2046 -70 344 152 658909 5428380 Iceberg Alley
NFGC-24-2052 -49 318 95 658909 5428381 Iceberg Alley
NFGC-24-2054 -57 2 215 658916 5428318 Road
NFGC-24-2065 -70.5 256 244 659050 5428486 Iceberg Alley
NFGC-24-2075 -66 295 239 659078 5428467 Iceberg Alley

 

Table 4: 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 3,500m of core is currently pending assay results.

New Found Gold Corp.14

TSX-V: NFG, NYSE-A: NFGC

   

 

 

Sampling, Sub-sampling, and Laboratory

 

All drilling recovers HQ core. The 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. As of February 2024, gold analysis at ALS has been performed by photon assay. 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 and photon assay methods.

 

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. MSA is an ISO-17025 accredited laboratory for the photon assay method.

 

At ALS for fire assay, 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.

 

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For “routine” samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

 

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

 

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 one 450g jar for photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

 

For samples that have VG identified, the entire crushed sample is weighed into multiple jars and 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.

 

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.

New Found Gold Corp.15

TSX-V: NFG, NYSE-A: NFGC

   

 

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 2% 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 press 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 March 26, 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 $49 million as of March 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.

 

New Found Gold Corp.
Per: “Collin Kettell”
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486

New Found Gold Corp.16

TSX-V: NFG, NYSE-A: NFGC

   

 

 

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.17

TSX-V: NFG, NYSE-A: NFGC