New Found Gold (TSXV:NFG, NYSEA:NFGC) has provided an update on its deep drilling program at its 100% owned Queensway Project, located 15km west of Gander, Newfoundland. The company has engaged Devico Directional Drilling Services to enhance its ongoing exploration efforts.

The Queensway Project, which is intersected by the Trans-Canada Highway and has logging roads crosscutting the project area, benefits from high voltage electric power lines running through the project area and easy access to a highly skilled workforce. New Found Gold is currently undertaking a 650,000m drill program at Queensway and is well-funded for this initiative, with cash and marketable securities of approximately $56 million as of June 2024.

Melissa Render, VP of Exploration for New Found, commented in a press release: “Our quest to unlock the deep potential of Queensway is off to a good start. With 12 holes completed, we are rapidly advancing our understanding of the geological environment and acquiring data that will help us to refine our interpretation of the 3-D seismic survey. Through 500,000+ meters of near-surface drilling, our team has developed a robust understanding of the controls on mineralization at Queensway and we are keen to apply that knowledge to this untested domain. In our search for staying at the forefront of exploration technology, we are proud to add directional drilling to our arsenal of tools. Devico is a renowned, industry-leader in directional drilling and the application of this technology should help us to lower cost, while increasing efficiency.”

Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the scientific and technical information disclosed in the press release. Mr. Matheson has consented to the publication of the press release dated June 11, 2024, and certifies that it fairly and accurately represents the scientific and technical information that forms the basis for the release.

New Found Gold Corp. holds a 100% interest in the Queensway Project, which is located just 18km from Gander International Airport. The company acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Investors seeking to contact the company are encouraged to visit New Found Gold’s website, www.newfoundgold.ca, and submit their inquiries through the investor inquiry form. The company’s management has pledged to respond to all investor inquiries within 24 hours.​​​​​​​​​​​​​​​​

Highlights from the results are as follows:

• In early March, the Company announced commencement of its deep drilling program at Queensway to test targets derived from the initial 3-D seismic interpretation. To date, a total of 10,345m have been completed in 12 drill holes ranging in length from 550 to 1,230m. The program is ongoing and results are pending.
• Referring to Figure 1 below, initial targets selected include down-dip step-outs on some of the most significant mineralized zones and structures:
  • At Jackpot and Lotto, the Company has drilled three holes targeting the zones at depth in areas that coincide with apparent structural breaks and reflectors in the 3-D seismic data.
  • At K2, one hole was drilled to test the down-dip extension of the K2 structure while continuing on to test a prospective region where the Glenwood and the Appleton Fault zones converge and coincide with a reflective feature in the seismic data.
  • At Iceberg, two drill holes have been completed testing the Keats-Baseline-Fault Zone (“KBFZ”) in an area where the KBFZ appears to change direction based on the seismic interpretation. At the same time, the Company is extending several existing Iceberg holes towards the Appleton Fault Zone (“AFZ”) to target a previously untested and highly prospective ‘wedge’ between the KBFZ and the AFZ and below Keats West.
  • Two drill holes have been completed at the south extension of Keats, targeting the down plunge extension of the KBFZ.
• The Company has engaged Devico AS, a division of IMDEX, a leading supplier of directional drilling services, to apply its DeviDrill steerable core barrel technology at Queensway. Devico is in the process of deploying a team of technicians to the project site that will work closely with New Found and onsite drill contractors to apply this directional drilling technology that will enable branch holes. Branching involves single-hole re-entry and directional drilling techniques to branch off existing holes at depth and more quickly target and define areas of interest.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

New Found Gold (TSXV:NFG) has reported the results from 36 diamond drill holes, a part of an ongoing drill program aimed at expanding the recently discovered K2 Zone. The K2 Zone is located 725 meters north of Lotto and 2.2 km north of Keats West, on the western side of the Appleton Fault Zone (AFZ). This drilling is a component of New Found’s Queensway Project, covering a 1,662 square kilometre area, situated 15 km west of Gander, Newfoundland and Labrador, and accessible via the Trans-Canada Highway.

The K2 Zone has been identified as an intricate system consisting of multiple structures and intersecting vein orientations. This area spans a mineralized footprint of 410 meters in length by 395 meters in width. The gold mineralization begins at the surface and has been defined to a maximum depth of 250 meters through drilling. A significant portion of the gold is located in what is referred to as the “K2 Main” structure, a low-angle, gold-bearing fault zone that dips 40 degrees to the south. This zone averages 65 meters in thickness and shares a similar orientation to Keats West.

Melissa Render, VP of Exploration of New Found, commented in a press release: “Drilling at K2 has led to the discovery of a significant gold-bearing structural zone with a large and growing footprint that includes an array of veining and strong associated gold grades. Like Keats West, K2 is located west of the AFZ and gold is generally hosted in a low-angle, gently dipping structure, with the majority of mineralization found close to surface. With minimal drilling into this new zone, it is already apparent that the complexity and sheer number of associated veins at K2 far exceeds the system at Keats West. Additionally, the overall K2 zone shares many similarities with Keats Main, including general orientation and the presence of numerous, steeply dipping cross-structures. It is these complex environments that create opportune hosts for high-grade gold deposition and today’s highlight interval of 198 g/t Au over 2m gives us great enthusiasm that, like our flagship zones found 2.5km to the south, K2 can also host high-grade gold. The introduction of stibnite at K2 provides one additional curiosity; high-grade concentrations of stibnite are commonly observed at Fosterville near to high-grade epizonal gold zones. Through further drilling, we look forward to seeing if a similar association presents itself at Queensway. Exploration will remain focussed on expanding K2, which remains open in all directions and at depth, where limited drilling has been conducted below 150m vertical.”

The style of mineralization at K2 is categorized by a series of stockwork and fault-fill style quartz veins. These veins parallel the K2 Main structure and intersect it, forming a broad domain of gold-mineralized brittle faults. Additional drilling is needed to fully understand this complex network. One vein in this structure, named the “Stibnite” vein, has returned several noteworthy intervals, including grades of gold and antimony that are significant. This is the first time this kind of mineral association has been observed at Queensway North.

New Found Gold is currently executing a 500,000-meter drill program at Queensway, with approximately 39,400 meters of core samples pending assay results. The samples are being processed using both fire assay and photon assay techniques by ALS Canada Ltd. and MSALABS, under a commercial contract with New Found Gold. Sampling procedures follow a structured approach, with the drill core examined by geologists to mark intervals to be sampled. Half of the core is retained as a witness sample, while the other half is submitted for analysis.

The results, as released, are uncut, and composite intervals are calculated using a minimum weighted average of 1 gram per ton of gold, diluted over a minimum core length of 2 meters. Any high-grade intercepts, defined as consecutive intervals with grades higher than 10 grams per ton of gold, are reported separately. This data contributes to the ongoing evaluation of the mineral potential in the Queensway Project area.

Highlights from the results are as follows: 

K2 Highlights:

Table 1: K2 Drilling Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70% of reported intervals. 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.

Drillhole Details

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	Zone
NFGC-22-9241	77.70	83.05	5.35	3.65	K2
And1	102.35	110.35	8.00	2.08
And1	122.85	125.00	2.15	1.21
NFGC-22-9524	46.00	48.20	2.20	6.54	Everest
Including	46.00	46.55	0.55	26.11
And2	179.00	181.00	2.00	1.47	K2
And2	187.00	189.00	2.00	197.78
Including	188.20	188.60	0.40	988.70
NFGC-22-9722	5.30	7.55	2.25	7.08	K2
Including	6.20	7.20	1.00	14.84
And1	139.15	141.35	2.20	2.54
And2	237.80	239.85	2.05	2.82
NFGC-22-987	No Significant Values				K2
NFGC-22-10021	132.30	143.90	11.60	1.62	K2
NFGC-22-10134	53.00	55.35	2.35	4.46	K2
Including	54.50	55.35	0.85	10.35
And4	78.50	80.85	2.35	1.12
And4	158.00	160.00	2.00	4.15
And4	177.85	180.10	2.25	1.07
And1	202.95	209.00	6.05	6.47
Including	204.50	205.20	0.70	27.50
And1	217.05	219.35	2.30	4.21
Including	218.45	219.35	0.90	10.60
NFGC-22-10241	69.00	71.00	2.00	1.80	K2
And1	184.30	186.70	2.40	2.99
NFGC-23-12274	91.00	93.10	2.10	2.09	K2
NFGC-23-1256	No Significant Values				K2
NFGC-23-12581	321.00	323.00	2.00	1.17	K2
NFGC-23-1270	No Significant Values				K2
NFGC-23-1276	No Significant Values				K2
NFGC-23-12821	78.45	80.65	2.20	1.04	K2
NFGC-23-1296	No Significant Values				K2
NFGC-23-13031	22.35	35.30	12.95	4.50	K2
Including	23.20	24.35	1.15	21.12
Including	25.00	25.45	0.45	12.05
NFGC-23-1305	No Significant Values				K2
NFGC-23-13104	5.55	7.75	2.20	1.59	K2
And1	30.00	42.55	12.55	2.32
Including	40.85	41.60	0.75	10.10
NFGC-23-13131	23.90	28.20	4.30	1.53	K2
And1	31.80	34.05	2.25	1.56
NFGC-23-1314	No Significant Values				K2
NFGC-23-13151	22.00	35.00	13.00	2.38	K2
Including	34.30	35.00	0.70	10.75
NFGC-23-13191	37.55	46.60	9.05	1.29	K2
NFGC-23-13224	58.00	60.00	2.00	4.64	K2
NFGC-23-13291	195.40	197.40	2.00	1.39	K2
And1	221.85	228.60	6.75	2.32
NFGC-23-1338	No Significant Values				K2
NFGC-23-13441	5.00	8.70	3.70	1.67	K2
NFGC-23-13454	75.55	77.55	2.00	1.71	K2
NFGC-23-13511	5.00	8.70	3.70	1.03	K2
NFGC-23-13554	185.40	188.75	3.35	1.22	K2
And3	231.00	233.30	2.30	1.22
NFGC-23-13701	178.85	181.00	2.15	1.34	K2
And1	182.60	184.65	2.05	1.01
And1	185.60	188.45	2.85	1.02
NFGC-23-1377	No Significant Values				K2
NFGC-23-13871	19.90	24.95	5.05	6.51	K2
Including	22.85	23.55	0.70	27.70
NFGC-23-13911	6.00	9.90	3.90	13.72	K2
Including	7.50	8.00	0.50	20.60
Including	8.50	9.90	1.40	26.93
NFGC-23-13921	26.25	28.25	2.00	1.00	K2
And1	32.60	37.00	4.40	2.38
NFGC-23-13981	32.75	36.15	3.40	5.99	K2
Including	35.00	35.70	0.70	20.60
NFGC-23-1522	No Significant Values				K2 West
NFGC-23-1546	No Significant Values				K2 West

Table 2: Summary of composite results reported in this press release for K2.

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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.

Hole No.	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N	Prospect
NFGC-22-924	300	-45	227	659018	5429879	K2
NFGC-22-952	300	-45	360	659249	5429986	K2
NFGC-22-972	272	-52	308	658964	5429766	K2
NFGC-22-987	300	-45	339	659252	5430042	K2
NFGC-22-1002	320	-60	194	658974	5429719	K2
NFGC-22-1013	320	-60	317	659000	5429765	K2
NFGC-22-1024	330	-45	239	658738	5429664	K2
NFGC-23-1227	345	-60	260	659140	5430512	K2
NFGC-23-1256	345	-60	251	659157	5430388	K2
NFGC-23-1258	320	-45	456	658988	5429388	K2
NFGC-23-1270	345	-60	305	659171	5430264	K2
NFGC-23-1276	75	-45	302	659071	5430206	K2
NFGC-23-1282	75	-45	395	658940	5430164	K2
NFGC-23-1296	75	-45	263	658891	5430078	K2
NFGC-23-1303	345	-60	227	658956	5430041	K2
NFGC-23-1305	345	-59	290	658655	5429522	K2
NFGC-23-1310	25	-45	65	658957	5430041	K2
NFGC-23-1313	15	-78	80	658956	5430041	K2
NFGC-23-1314	75	-45	263	658658	5429521	K2
NFGC-23-1315	270	-60	53	658956	5430041	K2
NFGC-23-1319	75	-45	386	658957	5430041	K2
NFGC-23-1322	75	-45	251	658772	5429570	K2
NFGC-23-1329	345	-60	299	658771	5429570	K2
NFGC-23-1338	75	-45.5	257	658843	5429992	K2
NFGC-23-1344	345	-59	251	659084	5430081	K2
NFGC-23-1345	344	-59	260	658642	5429645	K2
NFGC-23-1351	75	-45	254	659086	5430081	K2
NFGC-23-1355	74	-45.5	317	658741	5429818	K2
NFGC-23-1370	75	-45	251	658626	5429769	K2
NFGC-23-1377	345	-60	257	658626	5429769	K2
NFGC-23-1387	345	-45	50	658939	5430042	K2
NFGC-23-1391	345	-45	53	658907	5430027	K2
NFGC-23-1392	345	-45	104	658980	5429955	K2
NFGC-23-1398	345	-45	113	659021	5429957	K2
NFGC-23-1522	20	-45	212	658014	5429658	K2 West
NFGC-23-1546	353	-45	215	658015	5429656	K2 West

Table 3: Details of drill holes reported in this press release