New Found Reports Positive Phase 1 Metallurgical Test Results Demonstrating 90% to 96% Gold Extraction at Queensway

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to report results from the 2023 Phase I Metallurgical Testing Program conducted on drill core samples collected as part 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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Table 1. Weighted Average Gravity Leach Test Results. (Graphic: Business Wire)

Highlights:

• Phase I metallurgical testing commenced in 2023 and focused on three mineralized zones – Keats Main, Golden Joint, and Lotto. A total of 116 Variability Composites were generated from approximately 1,000 metres of drill core with a combined weight of 3,400 kilograms, from which three Master Composites were assembled.
• Weighted average gold extraction on all 116 Variability Composite samples, broken out by the five cross sections shown in Figures 1-6, range from 90% to 96%. Gold extractions were achieved using both gravity separation and conventional carbon-in-leach (CIL) on the gravity tails.
• Gold extraction across the three zones tested in Phase I demonstrates similar metallurgical characteristics and achieved similar extractions from both gravity and CIL.
• The Company is currently undertaking a Phase II metallurgical testing program focused on Iceberg and Iceberg East with composites having been selected for shipment to Base Metallurgical Laboratory Ltd. in Kamloops, BC, and testing is set to begin in Q2 2024.
• Metallurgical test work at Queensway has been designed and supervised by Gary Simmons (MMSA QP Number: 01013QP) as an independent consultant. Mr. Simmons is an internationally recognized metallurgist who previously served as Director of Metallurgy and Technology of Newmont Mining Corporation, where he managed the corporate metallurgical laboratory R&D staff and a number of Process Engineers responsible for global Newmont process development and design engineering.

Mr. Simmons commented, “The Phase I geo-metallurgical characterization and test work program results confirm the high-grade nature of the project and our high gold extraction expectations for Keats Main, Lotto and Golden Joint vein systems. The program further demonstrates that conventional gravity separation and CIL are well-suited recovery methods for gold mineralization at Queensway. Additional flowsheet development work is ongoing to determine if marginal improvements in gold extraction can be achieved.”