New Found Receives Initial 3-D Seismic Interpretation, Initiates Deep Drilling at Queensway - Seite 2

Additional Details

• The 3-D seismic program was designed to focus on the highly prospective northern segment of the AFZ, which is host to prominent discoveries including Keats, Iceberg, Keats West, K2, Lotto, and Golden Joint. It has achieved high-quality imaging to a vertical depth of 2.5km.
• A 2-D TCH (Trans Canada Highway) transect was collected over a 25km strike length and provided high-quality resolution down to a vertical depth of 7km. This transect was designed to provide insights into the district-scale geological architecture at Queensway.
• Six additional 2-D seismic lines were run that are approximately 4.8km long extending from the AFZ, across to the JBP Fault Zone, providing seismic imaging to a vertical depth of 5.5km over this prospective gold-bearing structural corridor.

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 4, 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.

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.

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.