Latest news with #NewFoundGold
The Market Online
28-05-2025
- Business
- The Market Online
Eric Sprott takes controlling stake in New Found Gold
New Found Gold (TSXV:NFG) will undertake a C$49 million bought-deal offering and a C$20 million non-brokered private placement Prominent mining investor Eric Sprott will participate in both financings, increasing his investment into a controlling over 20-per-cent stake New Found Gold is a top gold explorer and project developer in Newfoundland and Labrador, a tier-one mining jurisdiction New Found Gold stock has given back 59.2 per cent year-over-year but remains up by 32.47 per cent since 2020 New Found Gold (TSXV:NFG) will undertake a C$49 million bought-deal offering and a C$20 million non-brokered private placement, including lead orders by prominent mining investor Eric Sprott. The bought-deal offering, with BMO Capital Markets, SCP Resource Finance and a syndicate of undewriters, involves 21.4 million charity flow-through shares priced at C$2.29. Closing is expected in tranches on June 3 and June 12, 2025. Proceeds will go towards flow-through mining expenditures by December 31, 2026, on the company's Queensway gold project in Newfoundland and Labrador. Queensway offers exposure to an initial resource estimate of 2 million ounces indicated plus inferred, robust expansion potential across the 1,756-square-kilometre land package and a preliminary economic assessment expected by the end of Q2 2025. The private placement will see New Found Gold issue 12,269,939 non-flow-through shares priced at C$1.63, with proceeds going towards Queensway, as well as general corporate and working capital purposes, and closing contingent on disinterested shareholder approval. Sprott will invest in the offering to maintain his approximately 19-per-cent position in New Found, and in the private placement for enough shares to increase his investment beyond the 20-per-cent mark, which would make him a Control Person in the company. Leadership insights 'With a significant lead order by Eric Sprott on both the offering and the private placement, the proceeds from the financing will allow us to advance the Queensway gold project to the development stage,' Keith Boyle, New Found Gold's chief executive officer, said in a statement. 'Mr. Sprott has been a highly supportive shareholder in the company since its early days and we thank him for his continued support as we embark on this next chapter for the company.' About New Found Gold New Found Gold is a top gold explorer and project developer in Newfoundland and Labrador, a tier-one mining jurisdiction. New Found Gold stock (TSXV:NFG) is up by 13.97 per cent on the news trading at C$2.04 per share as of 9:57 am ET. The stock has given back 59.2 per cent year-over-year but remains up by 32.47 per cent since 2020. Join the discussion: Find out what everybody's saying about this Canadian gold stock on the New Found Gold Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Associated Press
28-05-2025
- Business
- Associated Press
New Found Gold Increases Previously Announced Bought Deal Financing to C$56 Million; Previously Announced Private Placement Remains at C$20 Million
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+ VANCOUVER, British Columbia, May 28, 2025 (GLOBE NEWSWIRE) -- New Found Gold Corp. ('New Found Gold' or the 'Company') (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce that due to strong demand, it has increased the size of its previously announced bought deal financing to C$56 million via the addition of a new hard dollar tranche of 4,370,000 common shares (the 'Common Shares') at a price of C$1.63 per Common Share for gross proceeds of approximately C$7 million. The previously announced charity flow-through common share tranche (the 'Charity Flow-Through Common Shares') of 21,400,000 Charity Flow-Through Common Shares at a price of C$2.29 for gross proceeds of approximately C$49 million remains unchanged, and together with the new hard dollar tranche comprises the offering (the 'Offering'). The Company has granted the Underwriters an option, exercisable at the offering price up to 30 days following the closing of the Tranche 1 (as defined below), to purchase up to an additional 15% of the Charity Flow-Through Common Shares issued in connection with the Offering. Each Charity Flow-Through Common Share will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada). The Company previously entered into an agreement with BMO Capital Markets and SCP Resource Finance LP, on behalf of themselves and a syndicate of underwriters (collectively, the 'Underwriters') led by BMO Capital Markets and SCP Resource Finance LP. Subsequent to the Offering, the Company also expects to complete a non-brokered private placement of up to 12,269,939 Common Shares at a price of C$1.63 per Common Share of the Company for gross proceeds of approximately C$20 million (the 'Private Placement' and, together with the Offering, the 'Financing'). The Common Shares issued pursuant to the Private Placement will be subject to a statutory hold period of 4 months and one day. The Private Placement is subject to the Company receiving all necessary approvals, including shareholder approval and the approval of the TSX Venture Exchange (the 'TSXV') and authorization of the NYSE American LLC (the 'NYSE American'). Eric Sprott has indicated his intention to participate in the Offering to maintain his approximate shareholdings and the Private Placement for such number of Common Shares that results in Mr. Sprott holding more than 20% of the issued and outstanding common shares of the Company. Following the closing of the Private Placement, the Company expects that Mr. Sprott will become a new 'Control Person' (as defined in the policies of the TSXV) and, therefore, the Company intends to obtain disinterested shareholder approval in accordance with the TSXV policies prior to the closing of the Private Placement. Keith Boyle, CEO of New Found Gold, commented, ' With a significant lead order by Eric Sprott on both the Offering and the Private Placement, the proceeds from the Financing will allow us to advance the Queensway Gold Project to the development stage. Mr. Sprott has been a highly supportive shareholder in the Company since its early days and we thank him for his continued support as we embark on this next chapter for the Company.' The gross proceeds from the Offering will be used by the Company to incur eligible 'Canadian exploration expenses' that qualify as 'flow-through mining expenditures' as such terms are defined in the Income Tax Act (Canada) (the 'Qualifying Expenditures') related to the Company's Queensway Gold Project ('Queensway'), on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers for the Charity Flow-Through Common Shares effective on or before December 31, 2025. The gross proceeds from the Private Placement will be used by the Company to advance its 100% owned Queensway Gold Project ('Queensway') and for general corporate and working capital purposes. The Charity Flow-Through Common Shares will be offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut by way of a prospectus supplement (the 'Prospectus Supplement') to the Company's short form base shelf prospectus dated May 23, 2025 (the 'Base Shelf Prospectus'). The Charity Flow-Through Common Shares will also be offered by way of a U.S. prospectus supplement forming part of the Company's registration statement on Form F-10 in the United States. The closing of the Offering will consist of an initial tranche ('Tranche 1') that is expected to close on or about June 3, 2025 as well as a second tranche ('Tranche 2') that is expected to close on or about June 12, 2025. Tranche 1 will consist of 15,265,000 Charity Flow-Through Common Shares and 4,370,000 Common Shares to be issued pursuant to the Offering. Tranche 2 will consist of 6,135,000 Charity Flow-Through Common Shares to be issued pursuant to the Offering. Both closings are subject to the Company receiving all necessary regulatory approvals, including the approval of the TSXV and authorization of the NYSE American. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus, and any amendment to these documents, may be obtained, without charge, from BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at [email protected], and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at [email protected] by providing BMO Capital Markets with an email address or mailing address, as applicable. Copies of the Base Shelf Prospectus and Prospectus Supplement, when available, can be found under the Company's profile on SEDAR+ at and a copy of the registration statement and the Prospectus Supplement can be found on EDGAR at This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Charity Flow-Through Common Shares or the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. About New Found Gold New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial mineral resource estimate at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's SEDAR+ profile at and the Company's EDGAR profile at Keith Boyle Chief Executive Officer New Found Gold Corp. Contact For further information on New Found Gold, please visit the Company's website and contact us through our investor inquiry form or contact: Fiona Childe, Ph.D., Vice President, Communications and Corporate Development Phone: +1 (416) 910-4653 Email: [email protected] Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information
Yahoo
27-05-2025
- Business
- Yahoo
New Found Gold Announces C$49 Million Bought Deal Financing and C$20 Million Private Placement: Continued Support with Lead Orders by Strategic Investor Eric Sprott
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+ VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- New Found Gold Corp. ('New Found Gold' or the 'Company')(TSX-V: NFG, NYSE-A: NFGC) has announced today that it has entered into an agreement with BMO Capital Markets and SCP Resource Finance LP, on behalf of themselves and a syndicate of underwriters (collectively, the 'Underwriters') led by BMO Capital Markets and SCP Resource Finance LP, under which the Underwriters have agreed to buy, on a bought deal basis, 21,400,000 charity flow-through common shares of the Company (the 'Charity Flow-Through Common Shares') at a price of C$2.29 per Charity Flow-Through Common Share for aggregate gross proceeds of approximately C$49 million (the 'Offering'). The Company has granted the Underwriters an option, exercisable at the offering price up to 30 days following the closing of the Tranche 1 (as defined below), to purchase up to an additional 15% of the Charity Flow-Through Common Shares issued in connection with the Offering. Each Charity Flow-Through Common Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Subsequent to the Offering, the Company also expects to complete a non-brokered private placement of up to 12,269,939 non-flow-through common shares (the 'Common Shares') at a price of C$1.63 per Common Share of the Company for gross proceeds of approximately C$20 million (the 'Private Placement' and, together with the Offering, the 'Financing'). The Common Shares issued pursuant to the Private Placement will be subject to a statutory hold period of 4 months and one day. The Private Placement is subject to the Company receiving all necessary approvals, including shareholder approval and the approval of the TSX Venture Exchange (the 'TSXV') and authorization of the NYSE American LLC (the 'NYSE American'). Eric Sprott has indicated his intention to participate in the Offering to maintain his approximate 19% shareholdings and the Private Placement for such number of Common Shares that results in Mr. Sprott holding more than 20% of the issued and outstanding common shares of the Company. Following the closing of the Private Placement, the Company expects that Mr. Sprott will become a new 'Control Person' (as defined in the policies of the TSXV) and, therefore, the Company intends to obtain disinterested shareholder approval in accordance with the TSXV policies prior to the closing of the Private Placement. Keith Boyle, CEO of New Found Gold, commented, 'With a significant lead order by Eric Sprott on both the Offering and the Private Placement, the proceeds from the Financing will allow us to advance the Queensway Gold Project to the development stage. Mr. Sprott has been a highly supportive shareholder in the Company since its early days and we thank him for his continued support as we embark on this next chapter for the Company.' The gross proceeds from the Offering will be used by the Company to incur eligible 'Canadian exploration expenses' that qualify as 'flow-through mining expenditures' as such terms are defined in the Income Tax Act (Canada) (the 'Qualifying Expenditures') related to the Company's Queensway Gold Project ('Queensway'), on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers for the Charity Flow-Through Common Shares effective on or before December 31, 2025. The gross proceeds from the Private Placement will be used by the Company to advance its 100% owned Queensway Gold Project ('Queensway') and for general corporate and working capital purposes. The Charity Flow-Through Common Shares will be offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut by way of a prospectus supplement (the 'Prospectus Supplement') to the Company's short form base shelf prospectus dated May 23, 2025 (the 'Base Shelf Prospectus'). The Charity Flow-Through Common Shares will also be offered by way of a U.S. prospectus supplement forming part of the Company's registration statement on Form F-10 in the United States. The closing of the Offering will consist of an initial tranche ('Tranche 1') that is expected to close on or about June 3, 2025 as well as a second tranche ('Tranche 2') that is expected to close on or about June 12, 2025. Tranche 1 will consist of 15,265,000 Charity Flow-Through Common Shares to be issued pursuant to the Offering. Tranche 2 will consist of 6,135,000 Charity Flow-Through Common Shares to be issued pursuant to the Offering. Both closings are subject to the Company receiving all necessary regulatory approvals, including the approval of the TSXV and authorization of the NYSE American. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus, and any amendment to these documents, may be obtained, without charge, from BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@ and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at bmoprospectus@ by providing BMO Capital Markets with an email address or mailing address, as applicable. Copies of the Base Shelf Prospectus and Prospectus Supplement, when available, can be found under the Company's profile on SEDAR+ at and a copy of the registration statement and the Prospectus Supplement can be found on EDGAR at This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Charity Flow-Through Common Shares or the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. About New Found Gold New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial mineral resource estimate at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's SEDAR+ profile at and the Company's EDGAR profile at Keith BoyleChief Executive OfficerNew Found Gold Corp. Contact For further information on New Found Gold, please visit the Company's website and contact us through our investor inquiry form or contact: Fiona Childe, Ph.D., President, Communications and Corporate DevelopmentPhone: +1 (416) 910-4653Email: contact@ Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release contains certain 'forward-looking statements' within the meaning of Canadian securities legislation relating to the Financing, the closing of the Tranche 1 and Tranche 2 and the timing thereof, the closing of the Private Placement, including obtaining shareholder approval and the timing thereof, the proceeds of the Financing and the use of such proceeds; the approval by the TSXV and authorization by the NYSE American; and the tax treatment of the Charity Flow-Through Common Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'interpreted', 'intends', 'estimates', 'projects', 'aims', 'suggests', 'indicate', 'often', 'target', 'future', 'likely', 'encouraging', 'pending', 'scheduled', 'potential', 'goal', 'objective', 'opportunity', 'prospective', 'possibly', 'preliminary', and similar expressions, or that events or conditions 'will', 'would', 'may', 'can', 'could' or 'should' occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company receiving all approvals necessary for the completion of the Financing, including shareholder approval of the Private Placement, and the timing of such approvals, and the tax treatment of the Charity Flow-Through Common Shares. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval+ (SEDAR+) at and on the Securities Exchange Commission's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system at for a more complete discussion of such risk factors and their potential in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
New Found Gold Continues to Expand the Dropkick Zone at the Queensway Gold Project: 42.8 g/t Au over 14.95 m, 47.6 g/t Au over 3.95 m and 22.9 g/t Au over 2.40 m
VANCOUVER, BC, May 21, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce new drill results from the Company's 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada. Highlights include: Dropkick zone ("Dropkick") west of the Appleton Fault Zone ("AFZ"): 42.8 g/t Au over 14.95 m (NFGC-24-2225)1 47.6 g/t Au over 3.95 m (NFGC-24-2214) 22.9 g/t Au over 2.40 m (NFGC-24-2205) Dropkick mineralization has now been intersected over a 580 m strike extent Open in all directions Dropkick east of the AFZ: 5.30 g/t Au over 15.20 m (NFGC-24-2233) A newly identified domain at Dropkick on the eastern side of the AFZ Open in all directions Pistachio zone ("Pistachio") 5.34 g/t Au over 7.30 m (NFGC-24-2190) 240 m strike length delineated to date with a high-grade portion constrained by one underground panel in the initial mineral resource estimate ("MRE") Open down plunge and to depth Melissa Render, President of New Found Gold, stated: "In these final drill results from the 2024 exploration program we continue to intersect high-grade gold mineralization and expand both Dropkick and Pistachio. At Dropkick, we have now discovered gold mineralization both west and east of the AFZ. The continued results from Dropkick and Pistachio, located 8 and 11 kilometres north, respectively, of the main resource area at Queensway are highly encouraging and point to the potential for future near-surface resource expansion along the strike of this prolific gold mineralized system. We look forward to continuing to test the tenor and extent of these zones". Results Summary – This Release: This news release includes results from 13,768 m of drilling in the final 38 diamond drill holes ("DDH") completed in Q4/24 as part of an exploration program at AFZ Peripheral (formerly the Kingsway Project) as well as from other zones throughout Queensway North (Tables 1 to 3). The program included step-out drilling at Dropkick targeting new high-grade mineralization, the strike extension of the gold-bearing host fault, and the eastern side of the AFZ. In addition, step-out drilling at Pistachio targeting the expansion of the high-grade, and systematic reconnaissance drilling along the AFZ Peripheral segment was completed (see the New Found Gold news releases dated February 11, 2025 and October 24, 2024). _________________________________ 1 g/t Au = grams of gold per tonne, m = metres Drill highlights, along with details from all 38 DDH in this news release are included in Tables 1 to 3 below. Dropkick: Dropkick step-outs west of the AFZ announced in this release include 42.8 g/t Au over 14.95 m (NFGC-24-2225), 47.6 g/t Au over 3.95 m (NFGC-24-2214), 22.9 g/t Au over 2.40 m (NFGC-24-2205) and 5.77 g/t Au over 6.55 m (NFGC-24-2228). These and all previously drilled intercepts at Dropkick occur in a fault zone subparallel to and west of the AFZ (Tables 1 to 3). This drilling follows up on discovery holes NFGC-24-2197 (89.5 g/t Au over 5.85 m) and NFGC-24-2193 (26.2 g/t Au over 16.15 m; see the New Found Gold news release dated February 11, 2025). As part of this program step-out drilling on the north end of the Dropkick zone was extended to test for mineralization on the eastern side of the AFZ. Drilling returned 5.30 g/t Au over 15.20 m (NFGC-24-2233) east of the AFZ. This is the first mineralization at Dropkick east of the AFZ; this new domain of mineralization is open and will be tested in a follow-up program. These new results from Dropkick have expanded the high-grade mineralization over a 150 m x 75 m area and are associated with the Dropkick fault zone that has now been delineated over a 580 m strike length. Gold mineralization at Dropkick starts at surface and has been drilled to 285 m vertical depth to date, and is open in all directions, with expansion potential of the high-grade toward surface. Dropkick is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 km northeast of AFZ Core (see the New Found Gold news release dated March 24, 2025) and indicates that the gold mineral system at Queensway spans a considerable distance to the north (Figure 2). Gold mineralization in the DDH in this release exhibit characteristics similar to the primary discovery area, with coarse free gold contained in fault-fill quartz veins hosted within an interbedded sequence of siltstones and sandstones. Pistachio: Continued step-out drilling at Pistachio intersected 5.34 g/t Au over 7.30 m (NFGC-24-2190) and has extended the high-grade mineralization in this zone by 40 m down-dip. Pistachio is located 150 m north of the Big Vein zone and spans a strike length of 240 m with a high-grade portion constrained by an underground panel in the initial MRE (see the New Found Gold news release dated March 24, 2025). Pistachio extends from 165 m to 250 m vertical depth and remains open down plunge and to depth. The zone is characterized by a series of quartz veins containing visible gold hosted within a greenish siltstone unit that is spatially associated with a high-grade gold stibnite-bearing fault zone. AFZ Peripheral Reconnaissance: Systematic step-out drilling initially focussed on the west side the AFZ and targeting regions with prospective features was initiated in Q4/24 at AFZ Peripheral. This work has delivered encouraging early results. Large stretches of both the east and west sides of the AFZ at AFZ Peripheral have limited to no testing. Topographic lineaments which often indicate faults were tested 2.4 km southwest of Pistachio with three drillholes. One drillhole crosscut a series of stacked quartz veinlets over a downhole length of 42 m containing multiple occurrences of visible gold. Additional reconnaissance drilling 1.6 km along trend to the northeast of Pistachio, targeting a gold-arsenic soil anomaly and gold-in-rotary air blast ("RAB") drilling intersected a series of brittle structures and mineralization, returning 6.44 g/t Au over 2.95 m (NFGC-24-2212) and visible gold in two of the four holes drilled. This soil anomaly is associated with a topographic lineament having a similar orientation to the prolific Keats-Baseline Fault Zone in the AFZ Core area. The early success in the reconnaissance program has identified two target areas that are open for additional testing. Follow-up drilling is planned for the soil anomaly in Q2/25 as the multitude of prospective features makes this target a priority. Looking Ahead: The Company has now released all drill results from the 2024 exploration program, which totaled 89,974 m in 271 DDH. The results of 37,750 m in 82 DDH were received after the cutoff date for inclusion in the initial MRE and will be included in the next MRE for the Project. Based on the highly encouraging results received to date at Dropkick, the Company plans to conduct follow-up drill testing beginning in June 2025, with work following at the soil anomaly located north of Pistachio. Table 1: Drill Result Highlights DROPKICKHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone K-23-254 224.45 228.10 3.65 7.70 Unknown Dropkick Including 225.10 226.60 1.50 11.88 Unknown NFGC-24-2205 296.85 299.25 2.40 22.93 70-95 Dropkick Including 297.15 298.10 0.95 56.78 70-95 NFGC-24-2214 386.20 390.15 3.95 47.60 70-95 Dropkick Including 386.50 386.85 0.35 498.18 70-95 Including 389.25 389.75 0.50 11.46 70-95 NFGC-24-2219 268.25 270.70 2.45 10.05 Unknown Dropkick Including 268.25 269.70 1.45 16.97 Unknown NFGC-24-2225 188.85 203.80 14.95 42.79 40-70 Dropkick Including 197.45 198.85 1.40 432.76 40-70 And Including 197.45 198.10 0.65 745.88 40-70 NFGC-24-2228 387.45 394.00 6.55 5.77 Unknown Dropkick Including 390.05 390.50 0.45 32.48 Unknown Including 391.55 392.50 0.95 10.32 Unknown And 402.90 405.00 2.10 29.52 55-85 Including 402.90 403.40 0.50 123.86 55-85 NFGC-24-2233 157.05 172.25 15.20 5.30 Unknown Dropkick Including 162.85 164.70 1.85 17.18 UnknownPISTACHIOHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2190 264.60 271.90 7.30 5.34 Unknown Pistachio Including 266.90 267.25 0.35 11.40 Unknown Including 268.65 269.65 1.00 11.62 Unknown NFGC-24-2204A 264.90 267.00 2.10 8.56 Unknown Pistachio Including 265.65 266.40 0.75 23.25 Unknown NFGC-24-2226 284.70 287.00 2.30 9.37 Unknown Pistachio Including 284.70 285.05 0.35 60.24 UnknownAFZ PERIPHERALHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2163A 79.80 89.40 9.60 1.48 Unknown AFZ Peripheral NFGC-24-2212 35.40 38.35 2.95 6.44 Unknown AFZ Peripheral Including 35.40 35.85 0.45 42.15 UnknownNote that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all 38 drill holes are included in Table 2 and Table 3 below. Table 2: Summary of composite results reported in this news release for Dropkick, Pristine, Pistachio, AFZ Peripheral, Golden Glove, Big Vein, Green Mantle, and Hazelnut Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone K-23-254* 108.90 113.00 4.10 2.45 Unknown Dropkick Including* 109.40 109.70 0.30 16.68 Unknown And 224.45 228.10 3.65 7.70 Unknown Including 225.10 226.60 1.50 11.88 Unknown NFGC-24-2205 278.00 280.00 2.00 1.17 Unknown Dropkick And 292.80 295.00 2.20 1.36 Unknown And 296.85 299.25 2.40 22.93 70-95 Including 297.15 298.10 0.95 56.78 70-95 NFGC-24-2208 62.00 65.80 3.80 1.42 Unknown Dropkick And 160.55 162.90 2.35 1.42 Unknown And 166.10 168.10 2.00 1.49 Unknown NFGC-24-2214 386.20 390.15 3.95 47.60 70-95 Dropkick Including 386.50 386.85 0.35 498.18 70-95 Including 389.25 389.75 0.50 11.46 70-95 NFGC-24-2219 177.20 180.05 2.85 1.09 Unknown Dropkick And 268.25 270.70 2.45 10.05 Unknown Including 268.25 269.70 1.45 16.97 Unknown NFGC-24-2220 39.00 42.00 3.00 1.36 Unknown Dropkick And 56.45 58.70 2.25 1.65 Unknown And 99.30 101.45 2.15 1.11 Unknown And 160.10 162.15 2.05 1.21 Unknown NFGC-24-2225 188.85 203.80 14.95 42.79 40-70 Dropkick Including 197.45 198.85 1.40 432.76 40-70 And Including 197.45 198.10 0.65 745.88 40-70 And 212.70 215.15 2.45 1.38 Unknown And 243.95 248.25 4.30 1.08 Unknown NFGC-24-2228 387.45 394.00 6.55 5.77 Unknown Dropkick Including 390.05 390.50 0.45 32.48 Unknown Including 391.55 392.50 0.95 10.32 Unknown And 402.90 405.00 2.10 29.52 55-85 Including 402.90 403.40 0.50 123.86 55-85 NFGC-24-2232 No Significant Values Dropkick NFGC-24-2233 15.00 18.50 3.50 1.98 Unknown Dropkick And 48.45 52.15 3.70 2.21 55-85 And 157.05 172.25 15.20 5.30 Unknown Including 162.85 164.70 1.85 17.18 UnknownHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2182 No Significant Values Pristine NFGC-24-2186 No Significant Values Pristine NFGC-24-2195 254.05 256.80 2.75 2.26 Unknown Pristine And 261.90 264.00 2.10 1.15 Unknown And 270.40 272.60 2.20 1.04 Unknown NFGC-24-2203 No Significant Values Pristine NFGC-24-2237 No Significant Values PristineHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2171 289.45 292.00 2.55 1.28 Unknown Pistachio And 295.50 297.55 2.05 1.76 Unknown NFGC-24-2174 248.25 255.15 6.90 1.36 70-95 Pistachio And 270.25 272.40 2.15 1.36 Unknown And 304.65 309.10 4.45 1.26 Unknown NFGC-24-2178 256.85 261.00 4.15 1.10 Unknown Pistachio NFGC-24-2183 215.20 221.30 6.10 1.32 Unknown Pistachio And 285.30 288.55 3.25 1.71 Unknown And 420.90 423.75 2.85 1.42 Unknown And 435.20 437.45 2.25 1.31 Unknown NFGC-24-2190 250.30 252.85 2.55 3.49 Unknown Pistachio And 264.60 271.90 7.30 5.34 Unknown Including 266.90 267.25 0.35 11.40 Unknown Including 268.65 269.65 1.00 11.62 Unknown NFGC-24-2198 215.50 218.15 2.65 2.70 Unknown Pistachio Including 215.50 216.05 0.55 11.90 Unknown And 286.75 289.90 3.15 2.99 Unknown NFGC-24-2204A 264.90 267.00 2.10 8.56 Unknown Pistachio Including 265.65 266.40 0.75 23.25 Unknown And 385.00 387.05 2.05 2.46 Unknown NFGC-24-2215 244.6 247.35 2.75 1.34 Unknown Pistachio And 358.8 361.3 2.5 2.95 Unknown NFGC-24-2226 263.95 266 2.05 1.64 Unknown Pistachio And 284.7 287 2.3 9.37 Unknown Including 284.7 285.05 0.35 60.24 UnknownHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2216 No Significant Values Golden Glove NFGC-24-2231 No Significant Values Golden GloveHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2164 No Significant Values Big Vein NFGC-24-2167 No Significant Values Big VeinHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2163A 56.50 59.00 2.50 2.11 Unknown AFZ Peripheral And 72.00 74.80 2.80 2.21 Unknown And 79.80 89.40 9.60 1.48 Unknown And 122.00 124.70 2.70 2.11 Unknown NFGC-24-2165 No Significant Values AFZ Peripheral NFGC-24-2170 405.00 407.15 2.15 3.90 Unknown AFZ Peripheral NFGC-24-2192 No Significant Values AFZ Peripheral NFGC-24-2196 106.25 108.90 2.65 1.95 Unknown AFZ Peripheral NFGC-24-2212 35.4 38.35 2.95 6.44 Unknown AFZ Peripheral Including 35.4 35.85 0.45 42.15 Unknown NFGC-24-2218 No Significant Values AFZ Peripheral NFGC-24-2224 319.65 321.70 2.05 1.30 Unknown AFZ Peripheral NFGC-24-2235 204.90 207.50 2.60 4.01 Unknown AFZ Peripheral Including 204.9 205.7 0.8 13.42 UnknownHole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-24-2162 285.75 288.25 2.50 5.42 75-95 Green Mantle Including 285.75 286.25 0.50 24.55 75-95Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. *Previously released interval. Table 3: Details of drill holes reported in this news release Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect K-23-254 140 -45 271 663159 5438126 Dropkick NFGC-24-2162 96 -49 344 661292 5434748 Green Mantle NFGC-24-2163A 120 -45 436 660520 5433196 Knobby NFGC-24-2164 82 -51 317 661293 5434748 Big Vein NFGC-24-2165 145 -45 422 660497 5433494 Knobby NFGC-24-2167 49 -48.5 440 661217 5434812 Big Vein NFGC-24-2170 120 -45 464 661058 5434405 Knobby NFGC-24-2171 331 -59.5 389 661924 5435249 Pistachio NFGC-24-2174 300 -45 419 661945 5435186 Pistachio NFGC-24-2178 306 -45 311 661895 5435174 Pistachio NFGC-24-2182 120 -45 419 661945 5435728 Pristine NFGC-24-2183 301 -48 473 661895 5435174 Pistachio NFGC-24-2186 325 -45 371 661945 5435727 Pristine NFGC-24-2190 313 -52 404 661946 5435186 Pistachio NFGC-24-2192 300 -45 431 662333 5436311 AFZ Peripheral NFGC-24-2195 303 -53 329 661946 5435186 Pistachio NFGC-24-2196 120 -45 308 662333 5436311 AFZ Peripheral NFGC-24-2198 323 -57 335 661946 5435186 Pistachio NFGC-24-2203 120 -45 398 661946 5436637 Pristine NFGC-24-2204A 327 -62 431 661977 5435268 Pistachio NFGC-24-2205 120 -50 404 663035 5438087 Dropkick NFGC-24-2208 120 -45 179 663434 5438446 Dropkick NFGC-24-2212 120 -45 308 662518 5436724 AFZ Peripheral NFGC-24-2214 120 -45 434 662964 5438076 Dropkick NFGC-24-2215 328 -56 404 661977 5435268 Pistachio NFGC-24-2216 300 -45 377 661088 5432962 Golden Glove NFGC-24-2218 300 -45 194 662518 5436725 AFZ Peripheral NFGC-24-2219 120 -45 332 663069 5438060 Dropkick NFGC-24-2220 120 -45 185 663454 5438492 Dropkick NFGC-24-2224 119 -45.5 398 662489 5436972 AFZ Peripheral NFGC-24-2225 120 -45 296 663076 5438004 Dropkick NFGC-24-2226 345 -60 395 661977 5435268 Pistachio NFGC-24-2228 120 -45 491 662962 5438130 Dropkick NFGC-24-2231 300 -45 419 660941 5432777 Golden Glove NFGC-24-2232 120 -45 356 663030 5437984 Dropkick NFGC-24-2233 120 -45 173 663424 5438408 Dropkick NFGC-24-2235 300 -45 299 662538 5436656 AFZ Peripheral NFGC-24-2237 308 -56 331 662068 5435329 Pistachio Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core. A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents. New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold. Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON, laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA. Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis. Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs. Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols. New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays. The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed. The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates. The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any reserves. Qualified Person The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Mrs. Render 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 Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial MRE at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's website at and the Company's SEDAR+ profile at Keith BoyleChief Executive OfficerNew Found Gold Corp. Follow us on social media athttps:// Acknowledgements New Found Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador. 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. Forward-Looking Statement Cautions This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company's Queensway gold project in Newfoundland and Labrador; the interpretation of the results and benefits of the drilling program; future drilling and the timing and expected benefits thereof; the initial resource estimate; potential resource expansion; a preliminary economic assessment and the expected funding, timing and benefits thereof; assay results; the interpretation of drilling and assay results, the extent of mineralization and the discovery of zones of high-grade gold mineralization; future exploration and the focus and timing of same; the merits of the Queensway Project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the preliminary economic assessment, the results and timing of the preliminary economic assessment, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects. View original content to download multimedia: SOURCE New Found Gold Corp. Sign in to access your portfolio
Cision Canada
21-05-2025
- Business
- Cision Canada
New Found Gold Continues to Expand the Dropkick Zone at the Queensway Gold Project: 42.8 g/t Au over 14.95 m, 47.6 g/t Au over 3.95 m and 22.9 g/t Au over 2.40 m
VANCOUVER, BC, May 21, 2025 /CNW/ - New Found Gold Corp. (" New Found Gold" or the " Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce new drill results from the Company's 100%-owned Queensway Gold Project (" Queensway" or the " Project") in Newfoundland and Labrador, Canada. Highlights include: Dropkick zone (" Dropkick") west of the Appleton Fault Zone (" AFZ"): 42.8 g/t Au over 14.95 m (NFGC-24-2225) 1 47.6 g/t Au over 3.95 m (NFGC-24-2214) 22.9 g/t Au over 2.40 m (NFGC-24-2205) Dropkick mineralization has now been intersected over a 580 m strike extent Open in all directions Dropkick east of the AFZ: 5.30 g/t Au over 15.20 m (NFGC-24-2233) A newly identified domain at Dropkick on the eastern side of the AFZ Open in all directions Pistachio zone (" Pistachio") 5.34 g/t Au over 7.30 m (NFGC-24-2190) 240 m strike length delineated to date with a high-grade portion constrained by one underground panel in the initial mineral resource estimate (" MRE") Open down plunge and to depth Melissa Render, President of New Found Gold, stated:"In these final drill results from the 2024 exploration program we continue to intersect high-grade gold mineralization and expand both Dropkick and Pistachio. At Dropkick, we have now discovered gold mineralization both west and east of the AFZ. The continued results from Dropkick and Pistachio, located 8 and 11 kilometres north, respectively, of the main resource area at Queensway are highly encouraging and point to the potential for future near-surface resource expansion along the strike of this prolific gold mineralized system. We look forward to continuing to test the tenor and extent of these zones". Results Summary – This Release: This news release includes results from 13,768 m of drilling in the final 38 diamond drill holes (" DDH") completed in Q4/24 as part of an exploration program at AFZ Peripheral (formerly the Kingsway Project) as well as from other zones throughout Queensway North (Tables 1 to 3). The program included step-out drilling at Dropkick targeting new high-grade mineralization, the strike extension of the gold-bearing host fault, and the eastern side of the AFZ. In addition, step-out drilling at Pistachio targeting the expansion of the high-grade, and systematic reconnaissance drilling along the AFZ Peripheral segment was completed (see the New Found Gold news releases dated February 11, 2025 and October 24, 2024). _________________________________ 1 g/t Au = grams of gold per tonne, m = metres Drill highlights, along with details from all 38 DDH in this news release are included in Tables 1 to 3 below. Dropkick: Dropkick step-outs west of the AFZ announced in this release include 42.8 g/t Au over 14.95 m (NFGC-24-2225), 47.6 g/t Au over 3.95 m (NFGC-24-2214), 22.9 g/t Au over 2.40 m (NFGC-24-2205) and 5.77 g/t Au over 6.55 m (NFGC-24-2228). These and all previously drilled intercepts at Dropkick occur in a fault zone subparallel to and west of the AFZ (Tables 1 to 3). This drilling follows up on discovery holes NFGC-24-2197 (89.5 g/t Au over 5.85 m) and NFGC-24-2193 (26.2 g/t Au over 16.15 m; see the New Found Gold news release dated February 11, 2025). As part of this program step-out drilling on the north end of the Dropkick zone was extended to test for mineralization on the eastern side of the AFZ. Drilling returned 5.30 g/t Au over 15.20 m (NFGC-24-2233) east of the AFZ. This is the first mineralization at Dropkick east of the AFZ; this new domain of mineralization is open and will be tested in a follow-up program. These new results from Dropkick have expanded the high-grade mineralization over a 150 m x 75 m area and are associated with the Dropkick fault zone that has now been delineated over a 580 m strike length. Gold mineralization at Dropkick starts at surface and has been drilled to 285 m vertical depth to date, and is open in all directions, with expansion potential of the high-grade toward surface. Dropkick is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 km northeast of AFZ Core (see the New Found Gold news release dated March 24, 2025) and indicates that the gold mineral system at Queensway spans a considerable distance to the north (Figure 2). Gold mineralization in the DDH in this release exhibit characteristics similar to the primary discovery area, with coarse free gold contained in fault-fill quartz veins hosted within an interbedded sequence of siltstones and sandstones. Pistachio: Continued step-out drilling at Pistachio intersected 5.34 g/t Au over 7.30 m (NFGC-24-2190) and has extended the high-grade mineralization in this zone by 40 m down-dip. Pistachio is located 150 m north of the Big Vein zone and spans a strike length of 240 m with a high-grade portion constrained by an underground panel in the initial MRE (see the New Found Gold news release dated March 24, 2025). Pistachio extends from 165 m to 250 m vertical depth and remains open down plunge and to depth. The zone is characterized by a series of quartz veins containing visible gold hosted within a greenish siltstone unit that is spatially associated with a high-grade gold stibnite-bearing fault zone. AFZ Peripheral Reconnaissance: Systematic step-out drilling initially focussed on the west side the AFZ and targeting regions with prospective features was initiated in Q4/24 at AFZ Peripheral. This work has delivered encouraging early results. Large stretches of both the east and west sides of the AFZ at AFZ Peripheral have limited to no testing. Topographic lineaments which often indicate faults were tested 2.4 km southwest of Pistachio with three drillholes. One drillhole crosscut a series of stacked quartz veinlets over a downhole length of 42 m containing multiple occurrences of visible gold. Additional reconnaissance drilling 1.6 km along trend to the northeast of Pistachio, targeting a gold-arsenic soil anomaly and gold-in-rotary air blast (" RAB") drilling intersected a series of brittle structures and mineralization, returning 6.44 g/t Au over 2.95 m (NFGC-24-2212) and visible gold in two of the four holes drilled. This soil anomaly is associated with a topographic lineament having a similar orientation to the prolific Keats-Baseline Fault Zone in the AFZ Core area. The early success in the reconnaissance program has identified two target areas that are open for additional testing. Follow-up drilling is planned for the soil anomaly in Q2/25 as the multitude of prospective features makes this target a priority. Looking Ahead: The Company has now released all drill results from the 2024 exploration program, which totaled 89,974 m in 271 DDH. The results of 37,750 m in 82 DDH were received after the cutoff date for inclusion in the initial MRE and will be included in the next MRE for the Project. Based on the highly encouraging results received to date at Dropkick, the Company plans to conduct follow-up drill testing beginning in June 2025, with work following at the soil anomaly located north of Pistachio. Table 1: Drill Result Highlights Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all 38 drill holes are included in Table 2 and Table 3 below. Table 2: Summary of composite results reported in this news release for Dropkick, Pristine, Pistachio, AFZ Peripheral, Golden Glove, Big Vein, Green Mantle, and Hazelnut Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. *Previously released interval. Table 3: Details of drill holes reported in this news release Sampling, Sub-sampling, and Laboratory All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core. A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents. New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold. Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON, laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA. Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis. Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs. Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols. New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays. The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed. The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates. The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any reserves. Qualified Person The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Mrs. Render 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 Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial MRE at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway. Please see the Company's website at and the Company's SEDAR+ profile at Keith Boyle Chief Executive Officer New Found Gold Corp. Follow us on social media at Acknowledgements New Found Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador. 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. Forward-Looking Statement Cautions This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company's Queensway gold project in Newfoundland and Labrador; the interpretation of the results and benefits of the drilling program; future drilling and the timing and expected benefits thereof; the initial resource estimate; potential resource expansion; a preliminary economic assessment and the expected funding, timing and benefits thereof; assay results; the interpretation of drilling and assay results, the extent of mineralization and the discovery of zones of high-grade gold mineralization; future exploration and the focus and timing of same; the merits of the Queensway Project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the preliminary economic assessment, the results and timing of the preliminary economic assessment, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects. SOURCE New Found Gold Corp.
