New Found Gold Corp. Unveils Significant Initial Mineral Resource Estimate for Queensway

New Found Gold Corp. Reveals Initial Mineral Resource Estimate

Introduction
In a significant announcement released on March 24, 2025, New Found Gold Corp. (TSXV: NFG; NYSE-A: NFGC) unveiled its initial Mineral Resource Estimate (MRE) for the Queensway Gold Project situated in Newfoundland and Labrador, Canada. This estimation signifies a pivotal step forward for the company as it charts its course towards becoming a major player in the gold mining sector.

Highlights of the Estimate
The initial MRE boasts an indicated mineral resource totaling 18.0 million tonnes (Mt) grading 2.40 grams per tonne (g/t) of gold, equating to 1.39 million ounces (Moz). In addition, it presents an inferred mineral resource of 10.7 Mt grading 1.77 g/t Au, amounting to roughly 0.61 Moz. These impressive findings underline New Found Gold’s strategic vision toward high-grade mineral deposits that promote swift feasibility and economical mining practices.

Asset Quality and Accessibility
The high-quality asset is characterized by gold veins located near surface with minimal overburden. This geographical positioning enhances accessibility, thereby facilitating quick assembly for selective mining opportunities. Notably, 73% of the total ounces are concentrated within merely 24% of the tonnage, showcasing the exceptional quality of gold deposits within the indicated category of the MRE.

The unique geological structure of the Queensway Project stretches over 110 km and is governed by two major fault structures known for their substantial gold mineralization. Two principal zones, the Appleton Fault Zone Core and the Peripheral areas, outlined in the MRE, further enhance the project's potential.

Expansion Potential
Moreover, the MRE reflects remarkable expansion potential, as high-grade gold intersections have been documented beyond the current estimate's footprint. This suggests that gold mineralization remains abundant and could continue to yield favorable results both along the strike and at significant depth. At present, most drilling efforts have primarily focused on the first 200 meters from surface, leaving vast unexplored areas that may offer even more extensive mineral resources.

CEO Keith Boyle expressed enthusiasm about this initial MRE, viewing it as a critical milestone that permits the Company to advance both the Project and its economic evaluation, notably a preliminary economic assessment (PEA) set to be unveiled in late Q2/25.

Exploration and Future Plans
The Company has laid out an aggressive exploration strategy aimed at incrementally assessing and expanding mining opportunities within its highly prospective landholdings. With the objective of unlocking significant value both for shareholders and local communities, additional drilling campaigns are scheduled to roll out, potentially bolstering the MRE. Further metallurgical testing is underway, coinciding with the PEA to assess economic viability comprehensively.

In her statement, Melissa Render, President of New Found Gold, reiterated the efficiency of their systematic exploration methodologies that have led to multiple gold discoveries at Queensway. She indicated that these latest estimations underpin the existence of a significant gold deposit in a Tier 1 jurisdiction laden with favorable mining infrastructure and a skilled workforce.

Conclusion
In summary, New Found Gold Corp.'s initial Mineral Resource Estimate paves the way for the Company to achieve its ambitious growth objectives while fostering sustainable mining practices in Newfoundland and Labrador. With ongoing exploration success and a steadfast commitment to economic studies and permitting, New Found Gold is poised for a promising future marked by potential gold extraction from one of the richest new gold mines in the region. Stakeholders and industry onlookers will be closely monitoring for developments in their upcoming exploration and evaluation activities.

For further updates on New Found Gold Corp. and the Queensway Gold Project, visit their official website at New Found Gold.