NFG National Fuel Gas Co

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 51 diamond drill holes that were completed as part of a drill program designed to expand and further define domains of high-grade gold mineralization at the K2 Zone located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone (“AFZ”). New Found’s 100%-owned Queensway project comprises a 1,665 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240410546708/en/

Figure 1: Photos of mineralization from Left: at ~224.5m in NFGC-23-1647, Right: at ~147.4m in NFGC-23-1883 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1647 and NFGC-23-1883. (Photo: Business Wire)

K2 Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-16451

23.65

39.00

15.35

2.87

K2

Including

30.45

31.15

0.70

24.30

NFGC-23-16473

204.30

207.00

2.70

27.68

K2

Including

205.00

205.60

0.60

124.50

And1

223.80

237.65

13.85

3.26

Including

223.80

224.55

0.75

24.50

NFGC-23-16501

20.70

25.05

4.35

4.03

K2

Including

24.35

25.05

0.70

10.55

And1

37.85

47.65

9.80

3.23

Including

39.30

39.90

0.60

11.20

And1

52.80

62.50

9.70

1.82

And1

77.70

82.45

4.75

7.85

Including

79.10

80.40

1.30

16.12

NFGC-23-16621

38.00

48.05

10.05

1.46

K2

NFGC-23-17991

44.55

57.90

13.35

1.90

K2

NFGC-23-18181

26.75

30.75

4.00

7.31

K2

Including

26.75

28.05

1.30

18.06

NFGC-23-18721

110.25

119.80

9.55

2.63

K2

Including

110.75

111.40

0.65

11.60

Including

116.30

116.95

0.65

10.65

NFGC-23-18832

147.10

151.60

4.50

14.52

K2

Including

147.10

147.65

0.55

111.62

NFGC-23-19181

95.20

107.45

12.25

1.91

K2

NFGC-23-19511

179.00

194.65

15.65

1.71

K2

NFGC-23-19621

190.35

201.95

11.60

2.79

K2

Including

190.35

190.65

0.30

56.70

And2

211.85

213.90

2.05

26.26

Including

212.40

212.90

0.50

106.50

And4

256.85

259.10

2.25

31.19

Including

257.20

257.55

0.35

198.50

NFGC-23-19711

195.10

198.15

3.05

15.58

K2

Including

195.10

195.70

0.60

68.80

NFGC-23-19791

144.60

147.10

2.50

9.61

K2

Including

145.55

146.55

1.00

23.20

NFGC-23-19861

85.85

88.35

2.50

16.01

K2

Including

85.85

86.15

0.30

130.14

And2

167.70

181.15

13.45

17.77

Including

172.15

174.30

2.15

93.96

Including

180.80

181.15

0.35

17.02

NFGC-23-19973

233.15

237.75

4.60

12.69

K2

Including

233.15

234.10

0.95

32.36

Including

234.65

235.15

0.50

27.10

And1

243.40

290.60

47.20

1.23

NFGC-23-20041

152.20

172.00

19.80

1.27

K2

NFGC-24-20072

33.90

44.10

10.20

1.45

K2

NFGC-24-20101

59.45

74.00

14.55

3.75

K2

Including

60.90

61.25

0.35

24.34

Including

62.00

62.35

35.00

10.54

NFGC-24-20193

29.80

37.00

7.20

1.45

K2

And1

66.75

77.95

11.20

1.86

Including

77.40

77.95

0.55

16.54

And1

105.00

114.00

9.00

1.11

NFGC-24-20413

13.55

15.85

2.30

21.19

K2

Including

14.40

15.85

1.45

33.37

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%. 3True 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.

• 17.8 g/t Au over 13.45m in NFGC-23-1986, 12.7 g/t Au over 4.60m and 1.23 g/t Au over 47.20m in NFGC-23-1997, 27.7 g/t Au over 2.70m and 3.26 g/t Au over 13.85m in NFGC-23-1647, 14.5 g/t Au over 4.50m in NFGC-23-1883, and 31.2 g/t Au over 2.25m, and 26.3 g/t Au over 2.05m in NFGC-23-1962 are just a few of the highlight intervals that occur above 200m vertical that were intercepted as part of an ongoing program designed to expand and further define a central high-grade domain within the K2 structure that now spans an area measuring 180m long x 90m wide.
• K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that currently has a defined mineralized footprint of 490m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250m (Figures 1-5), where it remains open and untested. Much of the gold at K2 is found in the “K2 Main” structure (shown in red in Figure 3), a low-angle gold-bearing fault zone starting at surface that dips 30-40° to the southeast which shares a similar dip to Keats West and strike to the Keats-Baseline Fault Zone.
• Within the overall K2 structure, there are multiple domains of high-grade gold in addition to regions with gold mineralization concentrated over broad thicknesses, typically occurring near structural intersections or areas of structural complexity. A few examples include the aforementioned central high-grade domain, as well as the previously released “Stibnite Vein” (see purple highlighted vein in Figure 3), which is located 250m up-dip and has produced several notable intervals including 3.48 g/t Au over 25.30m in NFGC-23-1783 (January 31, 2024) and 4.50 g/t Au over 12.95m in NFGC-23-1303 (August 28, 2023).
• Exploration drilling has also led to the discovery of a panel of thick gold mineralization located near to surface, a further 65m south of the central panel reported in today’s release, where highlight intervals of 3.75 g/t Au over 14.55m in NFGC-24-2010, 2.87 g/t Au over 15.35m in NFGC-23-1645, and 15.6 g/t Au over 3.05m in NFGC-23-1971 were intercepted. This panel covers an area that is currently 200m long by 60m wide and is hosted within a potentially folded and uplifted segment of the K2 structure that is sandwiched between two crosscutting gold-bearing faults. Additional notable intervals that further define this domain include 1.27 g/t Au over 19.80m in NFGC-23-2004, 1.71 g/t Au over 15.65m in NFGC-23-1951, 2.79 g/t Au over 11.60m in NFGC-23-1962, and 16.0 g/t Au over 2.50m in NFGC-23-1986.
• Additional infill results included in today’s release were completed in the up-dip, close to surface segment of the K2 structure, aimed at extending mineralization to surface. NFGC-23-1650 intercepted 4.03 g/t Au over 4.35m, 3.23 g/t Au over 9.80m, 1.82 g/t Au over 9.70m and 7.85 g/t Au over 4.75m and is 43m down dip of previously reported interval of 8.69 g/t Au over 12.25m in NFGC-23-1786 (January 31, 2024).

Melissa Render, VP of Exploration of New Found, stated: “K2 is an expansive and complex structure with a sizeable associated damage zone. Our growing understanding of this evolving zone has led to better targeting of high-grade domains and allowed us to expand on them and look for new areas that either were overstepped or found outside of the prior drill footprint. Recognizing the significance of the Glenwood Shear Zone has proven to be another important revelation, where K2 seems to have developed between it and the AFZ. This relationship is likely an important one to understand and opens the possibility that the Glenwood, like the AFZ is another conduit for channelling gold bearing fluids. Exploration will continue in the greater K2 area, both looking to extend K2 to depth, in addition to looking below it and adjacent to the Glenwood Shear Zone. Follow-up drilling is also planned on several interesting gold-bearing fault zones that were identified during our reconnaissance grid drilling program completed on the west side of the AFZ.”

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-1557

No Significant Values

Monte Carlo

NFGC-22-9471

170.10

172.30

2.20

1.53

K2

And1

175.55

177.60

2.05

1.22

And1

236.75

238.85

2.10

4.67

Including

236.75

237.55

0.80

10.31

And2

260.95

263.00

2.05

1.37

NFGC-23-1640

No Significant Values

K2

NFGC-23-16421

75.50

80.80

5.30

1.35

K2

NFGC-23-16451

23.65

39.00

15.35

2.87

K2

Including

30.45

31.15

0.70

24.30

NFGC-23-16474

23.00

26.00

3.00

1.22

Everest

And4

204.30

207.00

2.70

27.68

K2

Including

205.00

205.60

0.60

124.50

And1

223.80

237.65

13.85

3.26

Including

223.80

224.55

0.75

24.50

NFGC-23-16501

20.70

25.05

4.35

4.03

K2

Including

24.35

25.05

0.70

10.55

And1

37.85

47.65

9.80

3.23

Including

39.30

39.90

0.60

11.20

And1

52.80

62.50

9.70

1.82

And1

77.70

82.45

4.75

7.85

Including

79.10

80.40

1.30

16.12

NFGC-23-16511

49.95

52.25

2.30

1.45

K2

NFGC-23-16594

45.60

48.30

2.70

1.21

K2

And1

70.65

74.85

4.20

2.51

Including

74.40

74.85

0.45

12.20

NFGC-23-16621

20.65

22.85

2.20

1.02

K2

And1

38.00

48.05

10.05

1.46

NFGC-23-16881

81.10

86.00

4.90

1.79

K2

And1

110.95

113.25

2.30

1.30

And2

132.20

134.20

2.00

1.52

NFGC-23-17991

44.55

57.90

13.35

1.90

K2

And1

67.85

71.80

3.95

1.01

And1

142.20

144.95

2.75

1.31

NFGC-23-18031

12.30

14.90

2.60

1.19

K2

And2

26.85

29.00

2.15

1.08

NFGC-23-1812

No Significant Values

K2

NFGC-23-18141

45.90

48.30

2.40

2.29

K2

NFGC-23-18181

26.75

30.75

4.00

7.31

K2

Including

26.75

28.05

1.30

18.06

NFGC-23-18221

73.05

75.55

2.50

1.52

K2

And1

83.55

91.15

7.60

1.08

And1

118.65

121.00

2.35

1.57

And1

125.00

128.85

3.85

4.14

Including

126.00

126.70

0.70

15.60

NFGC-23-18292

162.80

168.00

5.20

1.15

K2

NFGC-23-18721

101.80

104.50

2.70

1.06

K2

And1

110.25

119.80

9.55

2.63

Including

110.75

111.40

0.65

11.60

Including

116.30

116.95

0.65

10.65

And2

169.35

171.60

2.25

2.16

And2

217.65

219.85

2.20

1.48

NFGC-23-18831

117.20

119.55

2.35

1.17

K2

And1

126.50

131.05

4.55

1.11

And2

147.10

151.60

4.50

14.52

Including

147.10

147.65

0.55

111.62

NFGC-23-18944

140.00

142.00

2.00

1.93

K2

And1

180.55

183.00

2.45

1.61

And1

197.80

203.40

5.60

2.68

And1

209.45

215.80

6.35

3.91

Including

214.10

215.10

1.00

20.20

NFGC-23-19182

48.55

51.25

2.70

1.81

K2

And4

67.10

69.75

2.65

1.44

And1

86.80

89.35

2.55

1.01

And1

95.20

107.45

12.25

1.91

NFGC-23-19261

64.70

69.10

4.40

1.24

K2

And1

151.85

155.10

3.25

4.18

And2

169.60

172.00

2.40

1.60

And1

180.15

187.55

7.40

1.80

And2

286.00

288.35

2.35

1.41

NFGC-23-19514

40.15

42.30

2.15

1.19

K2

And4

81.50

83.60

2.10

2.01

And1

179.00

194.65

15.65

1.71

And2

221.00

223.25

2.25

7.07

Including

221.00

221.65

0.65

19.15

NFGC-23-19621

60.65

63.40

2.75

1.53

K2

And4

166.80

169.15

2.35

1.01

And1

190.35

201.95

11.60

2.79

Including

190.35

190.65

0.30

56.70

And2

211.85

213.90

2.05

26.26

Including

212.40

212.90

0.50

106.50

And1

234.00

236.30

2.30

2.54

And4

256.85

259.10

2.25

31.19

Including

257.20

257.55

0.35

198.50

NFGC-23-19711

59.00

61.60

2.60

1.33

K2

And1

195.10

198.15

3.05

15.58

Including

195.10

195.70

0.60

68.80

And1

203.00

205.50

2.50

1.84

And1

215.75

218.00

2.25

1.25

NFGC-23-19792

44.85

48.15

3.30

1.21

K2

And1

144.60

147.10

2.50

9.61

Including

145.55

146.55

1.00

23.20

NFGC-23-19862

29.90

32.15

2.25

4.50

K2

Including

30.90

31.40

0.50

16.36

And1

85.85

88.35

2.50

16.01

Including

85.85

86.15

0.30

130.14

And1

98.90

101.30

2.40

1.43

And1

103.00

105.35

2.35

1.20

And1

127.05

131.50

4.45

2.68

And2

139.00

141.45

2.45

1.91

And2

146.10

150.30

4.20

1.93

Including

149.90

150.30

0.40

12.55

And2

167.70

181.15

13.45

17.77

Including

172.15

174.30

2.15

93.96

Including

180.80

181.15

0.35

17.02

NFGC-23-19971

135.55

141.85

6.30

1.23

K2

And1

152.50

154.70

2.20

1.01

And1

157.10

160.00

2.90

1.39

And2

184.00

187.20

3.20

2.24

And4

225.50

228.30

2.80

1.32

And4

233.15

237.75

4.60

12.69

Including

233.15

234.10

0.95

32.36

Including

234.65

235.15

0.50

27.10

And1

243.40

290.60

47.20

1.23

NFGC-23-20044

66.00

68.55

2.55

1.02

K2

And1

152.20

172.00

19.80

1.27

And2

201.00

203.00

2.00

1.10

And4

211.85

216.00

4.15

1.05

And4

235.00

237.00

2.00

1.17

NFGC-24-20074

26.20

29.00

2.80

1.18

K2

And2

33.90

44.10

10.20

1.45

NFGC-24-20101

59.45

74.00

14.55

3.75

K2

Including

60.90

61.25

0.35

24.34

Including

62.00

62.35

0.35

10.54

NFGC-24-20152

24.20

26.55

2.35

1.38

K2

And1

41.80

45.75

3.95

2.02

And4

54.80

60.25

5.45

1.21

NFGC-24-20181

22.80

25.75

2.95

1.48

K2

NFGC-24-20194

29.80

37.00

7.20

1.45

K2

And1

66.75

77.95

11.20

1.86

Including

77.40

77.95

0.55

16.54

And1

91.30

95.25

3.95

1.49

And1

105.00

114.00

9.00

1.11

And4

136.20

142.65

6.45

1.74

And4

164.25

166.90

2.65

1.34

NFGC-24-20262

36.00

39.30

3.30

3.31

K2

NFGC-24-20301

27.95

30.45

2.50

1.61

K2

NFGC-24-20361

7.00

15.60

8.60

2.17

K2

Including

13.55

14.25

0.70

12.77

NFGC-24-20394

4.65

7.50

2.85

4.28

K2

Including

7.05

7.50

0.45

17.22

NFGC-24-20414

13.55

15.85

2.30

21.19

K2

Including

14.40

15.85

1.45

33.37

And4

141.70

143.70

2.00

1.14

And4

155.40

158.00

2.60

1.44

NFGC-24-20472

51.00

55.25

4.25

2.89

K2

Including

51.00

51.40

0.40

23.90

NFGC-24-20502

133.00

135.80

2.80

1.00

K2

And2

138.15

140.70

2.55

2.28

NFGC-24-20551

213.40

217.20

3.80

2.31

K2

NFGC-24-20624

167.60

169.65

2.05

2.65

K2

And4

242.65

245.85

3.20

1.14

NFGC-24-2068

No Significant Values

K2

NFGC-24-20731

202.15

204.25

2.10

1.98

K2

And2

218.90

221.00

2.10

1.24

NFGC-24-20784

129.05

131.70

2.65

2.22

K2

NFGC-24-20824

37.70

40.40

2.70

1.15

K2

And1

157.15

163.00

5.85

1.61

NFGC-24-20841

102.50

110.60

8.10

2.04

K2

And4

193.40

196.60

3.20

2.20

And4

226.70

229.45

2.75

2.70

NFGC-24-20852

225.60

227.80

2.20

1.70

K2

NFGC-24-2086

No Significant Values

K2

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

Note that the host structures are interpreted to be moderately to 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. *Previously reported interval.

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Prospect

NFGC-22-947

31

-57

302

658934

5429700

K2

NFGC-23-1557

75

-45

248

658502

5428802

Monte Carlo

NFGC-23-1640

345

-45

150

658948

5429933

K2

NFGC-23-1642

55

-45

128

659051

5429923

K2

NFGC-23-1645

345

-45

105

658884

5429831

K2

NFGC-23-1647

300

-45

260

659100

5429749

K2

NFGC-23-1650

345

-45

134

659080

5429968

K2

NFGC-23-1651

345

-45

126

658835

5429840

K2

NFGC-23-1659

5

-50

107

659081

5429967

K2

NFGC-23-1662

325

-42

86

659081

5429968

K2

NFGC-23-1688

358

-61

182

659028

5429847

K2

NFGC-23-1799

10

-60

185

658985

5429906

K2

NFGC-23-1803

90

-50

74

659093

5430056

K2

NFGC-23-1812

25

-55

80

659019

5430119

K2

NFGC-23-1814

11

-54.5

86

659038

5430075

K2

NFGC-23-1818

25

-55

50

659001

5430079

K2

NFGC-23-1822

14

-53.5

152

659031

5429848

K2

NFGC-23-1829

26

-45

185

659002

5429789

K2

NFGC-23-1872

10

-47

278

658949

5429809

K2

NFGC-23-1883

10

-62

254

658949

5429808

K2

NFGC-23-1894

50

-72

272

658950

5429808

K2

NFGC-23-1918

20

-50

155

658865

5429770

K2

NFGC-23-1926

40

-50

356

658842

5429663

K2

NFGC-23-1951

48

-46

245

658843

5429662

K2

NFGC-23-1962

59

-49

317

658843

5429662

K2

NFGC-23-1971

66

-45

227

658844

5429663

K2

NFGC-23-1979

73

-54.5

185

658871

5429746

K2

NFGC-23-1986

39

-46

194

658867

5429772

K2

NFGC-23-1997

60

-45.5

302

658829

5429766

K2

NFGC-23-2004

77

-51

239

658829

5429765

K2

NFGC-24-2007

72

-62

74

658914

5429820

K2

NFGC-24-2010

13

-45

167

658900

5429829

K2

NFGC-24-2015

35

-45

71

658836

5429840

K2

NFGC-24-2018

45

-45

62

658881

5429890

K2

NFGC-24-2019

30

-45

218

658845

5429793

K2

NFGC-24-2026

35

-46

110

658869

5429871

K2

NFGC-24-2030

37

-45

167

658844

5429880

K2

NFGC-24-2036

37

-45

50

658822

5429894

K2

NFGC-24-2039

61

-45

80

658846

5429917

K2

NFGC-24-2041

122

-52.5

173

658937

5429732

K2

NFGC-24-2047

109

-45

119

658959

5429692

K2

NFGC-24-2050

75

-45

185

658881

5429626

K2

NFGC-24-2055

342

-77

251

658795

5429622

K2

NFGC-24-2062

335

-73

257

658859

5429588

K2

NFGC-24-2068

312

-63

248

658842

5429662

K2

NFGC-24-2073

48

-57

230

658881

5429626

K2

NFGC-24-2078

20

-72

218

658844

5429662

K2

NFGC-24-2082

22

-61

206

658845

5429663

K2

NFGC-24-2084

0

-76

260

658830

5429765

K2

NFGC-24-2085

31

-58.5

266

658859

5429589

K2

NFGC-24-2086

50

-73

275

658641

5429646

K2

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

Queensway 650,000m Drill Program Update

The Company is currently undertaking a 650,000m drill program at Queensway and approximately 3,600m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. 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 metre 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 has submitted samples for gold determination by fire assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”) since June 2022. As of February 2024, gold analysis at ALS has been performed by photon assay. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay and photon assay methods.

Drill core samples are also submitted to MSA in Val-d’Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photon assay method.

At ALS for fire assay, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire-assayed, and two splits of the fine fraction (sized less than 106 microns) are fire-assayed. The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

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.

At MSA, the entire sample is crushed to approximately 70% passing 2mm. For “routine” samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill one 450g jar for 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 weighed into multiple jars and submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA 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’s quality control protocols.

New Found’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 resources or reserves.

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 April 10, 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 $53.6 million as of April 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

Acknowledgements

New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

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.

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; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the 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”, “demonstrates”, “encouraging”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “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 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 assay results and the drilling program, 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 www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240410546708/en/

New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486