New Found Increases Queensway Drill Program to 650,000 Metres, Seismic Interpretation to Guide 2024 Targeting

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce an expansion of the exploration program at its 100% owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

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Figure 1. An inclined 3-D view of the approximately 6km north-south mineralized corridor along the Appleton Fault Zone at Queensway North with modelled zones. (Graphic: Business Wire)

Highlights:

• To date the Company has completed 516,263m of drilling at Queensway. During 2023, New Found drilled 195,899m of core, employing an average of 10 drill rigs, equating to 15,400m of core production per month and leading to the discoveries of Iceberg, Iceberg East, K2, Monte Carlo, and Jackpot.
• New Found is now planning to drill a total of 650,000m as part of its ongoing drilling program at Queensway, an increase of 150,000m over the Company’s initially planned 500,000m.
• Much of the 2024 drilling will be designed to target prospective areas both peripheral to and beneath the current mineralized zones defined to date by New Found along the Appleton North Corridor. Drilling will also occur along the parallel JBP Fault Zone, located 5km to the east, as well as at Queensway South.
• In 2023, the Company contracted HiSeis to complete an industry-leading 3D seismic program covering the Appleton North Corridor at Queensway North that is capable of capturing high-resolution imagery down to a depth of 3,000m. The Company expects to receive an initial interpretation of this data in the coming weeks.

Melissa Render, VP of Exploration of New Found, stated: “Much of the initial 500,000m of drilling undertaken by New Found has been focused along the Appleton North Corridor, where a combination of systematic grid drilling and targeted drilling has successfully outlined a multitude of zones forming a ‘string-of-pearls’ configuration that spans approximately 6km of strike and includes several key discoveries such as Keats, Keats West, Iceberg, Golden Joint, Lotto, K2 and Jackpot. As shown in Figure 1 below, these zones are clustered along the Appleton Fault, a regional scale structure that we believe is responsible for channelling mineralizing fluids towards surface and depositing epizonal gold mineralization at Queensway.