#Canada #Vancouver #New Found Gold #Queensway #Iceberg

New Found Gold Unveils High-Grade Gold Results from Iceberg Excavation

New Found Gold Corp. (TSXV: NFG) (NYSE-A: NFGC) has recently announced the results of its latest channel sampling program executed at the Iceberg excavation located in the AFZ Core area of its 100%-owned Queensway Gold Project situated in Newfoundland and Labrador, Canada.

The results from the Iceberg channel sampling program showcase several significant intervals of high-grade gold, confirming the area’s excellent potential for mineralization. Notably, the standout samples included:

• - 64.8 g/t Au over 6.71 m
• - 113 g/t Au over 2.99 m
• - 47.4 g/t Au over 7.36 m

Melissa Render, the President of New Found Gold, stated, "Our recently completed channel sampling program has further demonstrated the consistency of high-grade gold mineralization at the surface over a substantial width, covering 185 m. This is crucial as we prepare for Phase I custom milling plans in our Queensway Preliminary Economic Assessment."

Overview of the Iceberg Channel Sampling Program

In late 2024, a substantial area covering 220 m by 105 m was excavated at the Iceberg site, uncovering extensive zones of gold-bearing quartz veins over a strike length of 185 m beneath a light overburden of 2.5 to 9 m. The channel sampling undertaken, amounting to a total of 964 m at 7.5 m intervals across 45 channel lines, has permitted a detailed understanding of the gold grade variability within the excavation. This data will be fundamental for future mineral resource estimates at Queensway.

The Iceberg zone is part of a broader gold system associated with the Keats Baseline Fault Zone (KBFZ), known for its rich mineralization patterns. The correlation of these preliminary sampling results with established geological models brings confidence to the potential for continued high-grade findings in the area.

Future Exploration Plans

Looking forward, New Found Gold has initiated a 70,000 m drilling campaign started in May 2025, with roughly 80% of the drilling directed towards the AFZ Core area. Following the completion of channel sampling at Iceberg and Keats, a definition drilling program spaced at 5 m x 5 m will be executed to further validate resource estimations. The company aims to transform inferred resources into indicated resources, which is expected to wrap up by the fourth quarter of 2025.

Additionally, the excavation process in key near-surface zones of the AFZ Core will continue, ensuring validation of geological models while collecting rich analytical data across the principal zones slated for the Phase I mining plan detailed in the PEA.

Presently, the Lotto zone excavation and mapping are finalized, with channel sampling results anticipated soon. Geotechnical drilling for PEA Phase 1 pits and hydrogeological drilling is also ongoing, underscoring New Found Gold's commitment to advancing its Queensway project amid encouraging findings.

As New Found Gold progresses, it accentuates its strategic positioning within the mining sector, reaffirming strong growth and value creation objectives. The recent high-grade sampling results at Iceberg illuminate the robust potential of Queensway as an emerging gold producer poised for substantial contributions to the market.

About New Found Gold Corp.

New Found Gold Corp. is a prominent advanced-stage exploration company holding a complete 100% interest in the Queensway project, a Tier 1 jurisdiction recognized for its exceptional infrastructure and skilled labor pool. Active exploration continues to reveal new gold discoveries, indicative of the project's considerable upside and district-scale potential.

For additional details about New Found Gold Corp and its Queensway project, visit their website at newfoundgold.ca.