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 85 diamond drill holes that were completed as part of multiple drill programs designed to expand and follow up on high-grade gold mineralization across several discovery areas located on the east side of the highly prospective Appleton Fault Zone (“AFZ”) spanning a 3km corridor from Golden Joint to Everest. 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/20240417765998/en/

Figure 1: Photos of mineralization from Left: at ~160m in NFGC-23-1627, Right: at ~129m in NFGC-23-1886 ^Note that these photos are not intended to be representative of gold mineralization in NFGC-23-1627(Jackpot) and NFGC-23-1886 (Honeypot). (Photo: Business Wire)

Jackpot, Honeypot, and Everest Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-8961

227.85

241.60

13.75

1.24

Everest

NFGC-23-14181

14.50

16.50

2.00

43.11

Jackpot

Including

15.00

16.20

1.20

70.71

NFGC-23-16272

156.85

160.50

3.65

11.27

Jackpot

Including

159.95

160.50

0.55

67.60

NFGC-23-16682

200.00

213.95

13.95

1.02

Jackpot

NFGC-23-17962

79.80

90.70

10.90

2.24

Honeypot

Including

80.35

80.90

0.55

25.60

NFGC-23-1806A1

57.70

62.20

4.50

7.25

Honeypot

Including

57.70

58.60

0.90

12.05

Including

59.05

60.00

0.95

17.15

NFGC-23-18861

128.60

130.85

2.25

10.15

Honeypot

Including

129.10

129.85

0.75

29.20

NFGC-23-19451

163.75

166.40

2.65

5.07

Honeypot

Including

166.00

166.40

0.40

16.85

NFGC-24-20631

167.35

172.35

5.00

14.83

Honeypot

Including

167.35

168.25

0.90

70.06

Table 1: Jackpot, Honeypot and Everest 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%. 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.

• At Honeypot, a new discovery initially announced on January 10, 2024, continued follow-up drilling aimed at extending the high-grade domain successfully intercepted 14.8 g/t Au over 5.00m in NFGC-24-2063, which is located a further 84m down-plunge from previously released 26.4 g/t Au over 7.65m in NFGC-23-1810 (Figures 2 and 3).

• 7.25 g/t Au over 4.50m in NGFC-23-1806A, 2.24 g/t Au over 10.90m in NFGC-23-1796, and 10.2 g/t Au over 2.25m in NFGC-23-1886 are additional highlight intervals that occur within the Honeypot high-grade domain, which plunges steeply to the east and is currently 50m wide and 200m deep. Located 1.2km north of Lotto, the Honeypot host structure has been drill-defined over a strike length of 280m and remains open along strike and to depth.

• A further 230m south at Jackpot, the remainder of the outstanding assay results have been received from initial drilling designed to determine the extent of near-surface high-grade mineralization that is hosted by an east-west striking, steeply south-dipping structure. Today’s highlight interval of 11.3 g/t Au over 3.65m in NFGC-23-1627 more than doubles the down-plunge extent of the high-grade domain at Jackpot to 155m from the previously reported 75m (November 14, 2023) (Figures 1, 2 and 4).

• Additional highlight intervals reported today from Jackpot include 43.1 g/t over 2.00m in NFGC-23-1418 which occurs at surface and 1.02 g/t Au over 13.95m in NFGC-23-1668 located 195m down-plunge. Other previously released high-grade intervals include 119 g/t Au over 4.10m in NFGC-23-1425 (September 5, 2023), 18.2 g/t Au over 6.75m in NFGC-23-1523 (November 14, 2023), and 51.9 g/t Au over 2.85m in NFGC-23-1447 (October 18, 2023). These intervals all occur within a region of the fault that demonstrates strong continuity of gold mineralization that plunges to the southwest and covers an area averaging 75m wide and 250m long that remains open at depth.

Golden Joint Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-1501A1

40.30

48.35

8.05

4.91

Golden Joint

Including

40.30

42.00

1.70

17.50

NFGC-23-15591

23.50

26.00

2.50

14.41

Golden Joint

Including

23.90

24.60

0.70

51.19

NFGC-23-19753

112.00

122.60

10.60

1.85

Golden Joint

Including

112.00

112.75

0.75

11.20

Table 2: Golden Joint Highlights

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 310% to 40%. 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.

• At Golden Joint, outstanding results from the barge drilling, a program designed to target the upper portions of the Golden Joint zone that is not reachable by land (see previous release, October 23, 2023), have been received. Results include 14.4 g/t Au over 2.50m in NFGC-23-1559 that occurs 16m below surface and 4.91 g/t Au over 8.05m in NFGC-23-1501A that occurs just 30m below surface. These results along with others reported in today’s release infill and confirm the near-surface high-grade continuity of Golden Joint (Figures 2 and 5).

Lotto and Lotto North Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-10092

85.40

87.85

2.45

10.48

Lotto N

Including

85.40

85.95

0.55

35.89

And1

99.00

101.00

2.00

12.21

Including

99.00

99.90

0.90

26.95

NFGC-23-11122

97.65

110.80

13.15

1.49

Lotto Main

NFGC-23-11564

89.20

99.15

9.95

1.64

Lotto N

NFGC-23-16813

245.00

247.00

2.00

16.63

Lotto FW

Including

245.00

246.00

1.00

29.53

Table 3: Lotto and Lotto North Highlights

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%. 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.

• At Lotto North, the remaining results have been received from a program targeting the Lotto North structure (see previous release, January 10, 2023), interpreted to be the fault-displaced northern segment of the Lotto Main Vein in addition to results targeting mineralization in the region between the Lotto Main Vein and the AFZ. This area is known as Lotto Footwall (‘FW’) and contains the “Sunday” and “Tuesday” (June 8, 2022) veins (Figures 2 and 4).

• At Lotto, the highlight interval of 16.6 g/t Au over 2.00m in NFGC-23-1681 was intercepted 40m down-dip of previously reported 18.1 g/t Au over 6.50m in NFGC-20-44 in the Sunday Vein (January 14, 2021) in the Lotto FW region.

• At Lotto North, the notable intervals of 12.2 g/t Au over 2.00m and 10.5 g/t Au over 2.45m in NFGC-22-1009, and 1.64 g/t Au over 9.95m in NFGC-23-1156 are located near surface and in an area where the Lotto North structure intersects the AFZ.

Dome Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-23-19994

34.35

36.35

2.00

19.36

Dome

Including

34.35

35.35

1.00

38.70

Table 4: Dome Highlights

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.

• A small program consisting of two holes was completed testing the eastern continuation of the east-west striking Dome structure located between Golden Joint and Lotto, an area that was sparsely tested with previous drilling efforts. The structure was found to continue and returned the highlight interval of 19.4 g/t Au over 2.00m in NFGC-23-1999 extending Dome a further 44m to the east.

Melissa Render, VP of Exploration of New Found, stated: “Honeypot and Jackpot were two discoveries that were somewhat of a surprise in terms of their mineralizing strength and continuity given they are 300m and 340m east of the AFZ, respectively. Akin to the neighbouring Lotto discovery, they can concentrate considerable high grade gold. These are important structures, and both are visible in the seismic data where they appear to persist to depth. We are actively using the seismic data to look for structural anomalies along these faults to target with deeper drilling. Both shoots remain open both laterally and vertically, where shallow growth targets will also be tested. We also continue to reevaluate other discovery areas such as Dome, Lotto, and Golden Joint, where initial programs did not close off the mineralization, and in some cases overstepped prospective regions due to broad-spaced drilling. The prospective window around the AFZ has grown producing an expansive region for continued exploration.”

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

NFGC-22-9744

55.45

58.00

2.55

1.01

Golden Joint

And1

107.80

110.75

2.95

1.41

NFGC-23-1254

No Significant Values

Keats W

And4

289.65

291.65

2.00

3.48

Golden Joint

NFGC-23-14861

41.75

45.00

3.25

1.33

Golden Joint

NFGC-23-1501A1

40.30

48.35

8.05

4.91

Golden Joint

Including

40.30

42.00

1.70

17.50

NFGC-23-15441

51.35

59.95

8.60

1.13

Golden Joint

NFGC-23-15591

23.50

26.00

2.50

14.41

Golden Joint

Including

23.90

24.60

0.70

51.19

And2

63.20

65.45

2.25

1.70

NFGC-23-1571

No Significant Values

Golden Joint

NFGC-23-16064

99.80

102.00

2.20

1.07

Golden Joint

NFGC-23-19753

112.00

122.60

10.60

1.85

Golden Joint

Including

112.00

112.75

0.75

11.20

NFGC-23-1981

No Significant Values

Golden Joint

NFGC-23-1987

No Significant Values

Golden Joint

NFGC-23-1990

No Significant Values

Golden Joint

NFGC-22-8834

69.75

72.20

2.45

5.68

Lotto N

Including

69.75

70.70

0.95

14.47

And4

94.00

102.00

8.00

1.16

NFGC-22-9701

78.00

80.00

2.00

2.58

Lotto N

And1

129.80

132.00

2.20

1.10

NFGC-22-980

No Significant Values

Lotto N

NFGC-22-9942

53.10

55.20

2.10

1.46

Lotto N

And2

59.00

61.25

2.25

1.87

And1

121.90

125.35

3.45

1.99

NFGC-22-10092

85.40

87.85

2.45

10.48

Lotto N

Including

85.40

85.95

0.55

35.89

And1

99.00

101.00

2.00

12.21

Including

99.00

99.90

0.90

26.95

NFGC-22-10184

42.20

44.70

2.50

5.95

Lotto N

Including

43.10

43.70

0.60

13.15

And2

101.00

103.00

2.00

1.91

And2

106.80

108.80

2.00

1.16

And4

194.15

197.60

3.45

1.30

And2

227.20

229.40

2.20

2.31

NFGC-22-1029

No Significant Values

Lotto N

NFGC-22-1071

No Significant Values

Lotto N

NFGC-23-10864

27.50

30.00

2.50

1.26

Lotto N

NFGC-23-1105

No Significant Values

Lotto N

NFGC-23-11122

97.65

110.80

13.15

1.49

Lotto Main

And4

125.00

127.40

2.40

1.02

NFGC-23-11242

67.10

69.20

2.10

1.19

Lotto N

And2

206.30

209.00

2.70

2.32

K2

NFGC-23-11564

89.20

99.15

9.95

1.64

Lotto N

And1

117.00

121.30

4.30

2.12

Including

120.50

120.90

0.40

10.88

NFGC-23-1163

No Significant Values

Lotto N

NFGC-23-1245

No Significant Values

Lotto Main

NFGC-23-1483

No Significant Values

Lotto N

NFGC-23-15784

202.25

205.00

2.75

1.12

Lotto N

And4

317.60

320.10

2.50

1.82

NFGC-23-16814

129.35

132.20

2.85

1.29

Monte Carlo

And3

245.00

247.00

2.00

16.63

Lotto FW

Including

245.00

246.00

1.00

29.53

NFGC-23-17051

41.00

43.40

2.40

1.69

Lotto N

NFGC-23-17121

42.40

45.35

2.95

3.14

Lotto N

Including

42.40

42.90

0.50

10.55

NFGC-23-17144

203.65

206.00

2.35

1.24

Lotto FW

NFGC-23-17311

101.30

103.75

2.45

4.82

Lotto N

Including

102.15

102.90

0.75

13.64

NFGC-23-17351

88.35

95.50

7.15

1.08

Lotto N

NFGC-23-1743

No Significant Values

Lotto N

NFGC-23-1748

No Significant Values

Lotto N

NFGC-23-1756

No Significant Values

Lotto N

NFGC-23-1764

No Significant Values

Lotto N

NFGC-23-1773

No Significant Values

Lotto N

NFGC-23-1837

No Significant Values

Lotto Main

NFGC-23-18471

157.40

159.60

2.20

1.09

Lotto FW

And4

161.75

163.85

2.10

1.19

NFGC-23-1807

No Significant Values

Dome

NFGC-23-1853

No Significant Values

Dome

NFGC-23-19994

34.35

36.35

2.00

19.36

Dome

Including

34.35

35.35

1.00

38.70

NFGC-23-2002

No Significant Values

Dome

NFGC-22-8962

187.00

189.15

2.15

1.06

Everest

And1

227.85

241.60

13.75

1.24

NFGC-22-10382

47.65

53.05

5.40

1.54

Honeypot

NFGC-23-13091

157.70

160.45

2.75

1.04

Jackpot

NFGC-23-13832

216.15

218.85

2.70

1.20

Honeypot

NFGC-23-14181

14.50

16.50

2.00

43.11

Jackpot

Including

15.00

16.20

1.20

70.71

NFGC-23-15581

81.90

89.35

7.45

1.26

Jackpot

NFGC-23-16272

156.85

160.50

3.65

11.27

Jackpot

Including

159.95

160.50

0.55

67.60

NFGC-23-16321

135.95

138.40

2.45

1.16

Jackpot

NFGC-23-16391

112.55

115.35

2.80

1.61

Jackpot

NFGC-23-16441

116.35

118.95

2.60

1.57

Jackpot

NFGC-23-16492

175.80

184.20

8.40

1.43

Jackpot

NFGC-23-1657

No Significant Values

Jackpot

NFGC-23-16682

200.00

213.95

13.95

1.02

Jackpot

And2

216.40

219.00

2.60

1.00

NFGC-23-16892

165.10

167.20

2.10

1.70

Jackpot

And2

176.50

178.70

2.20

2.01

NFGC-23-17241

249.35

253.20

3.85

1.87

Jackpot

NFGC-23-1734

No Significant Values

Jackpot

NFGC-23-1747

No Significant Values

Jackpot

NFGC-23-1762

No Significant Values

Jackpot

NFGC-23-17962

79.80

90.70

10.90

2.24

Honeypot

Including

80.35

80.90

0.55

25.60

NFGC-23-18012

90.00

96.80

6.80

3.12

Honeypot

Including

92.90

93.45

0.55

27.90

NFGC-23-1806

No Significant Values

Honeypot

NFGC-23-1806A1

57.70

62.20

4.50

7.25

Honeypot

Including

57.70

58.60

0.90

12.05

Including

59.05

60.00

0.95

17.15

NFGC-23-18231

114.75

120.75

6.00

3.23

Honeypot

NFGC-23-18861

128.60

130.85

2.25

10.15

Honeypot

Including

129.10

129.85

0.75

29.20

NFGC-23-19192

181.60

184.15

2.55

1.01

Honeypot

NFGC-23-19451

163.75

166.40

2.65

5.07

Honeypot

Including

166.00

166.40

0.40

16.85

NFGC-23-19651

199.00

203.00

4.00

2.48

Honeypot

NFGC-23-19821

230.10

233.00

2.90

1.50

Honeypot

NFGC-24-2049

No Significant Values

Jackpot

NFGC-24-20534

76.85

81.00

4.15

1.05

Jackpot

And4

88.00

91.80

3.80

1.32

NFGC-24-2056

No Significant Values

Jackpot

NFGC-24-2058

No Significant Values

Honeypot

NFGC-24-2061

No Significant Values

Honeypot

NFGC-24-20632

149.55

151.55

2.00

1.01

Honeypot

And4

167.35

172.35

5.00

14.83

Including

167.35

168.25

0.90

70.06

NFGC-24-20674

157.25

159.90

2.65

1.19

Honeypot

NFGC-24-20701

120.30

128.00

7.70

1.36

Honeypot

NFGC-24-20744

119.95

122.00

2.05

1.07

Honeypot

NFGC-24-20762

252.65

254.95

2.30

2.13

Honeypot

NFGC-24-20811

39.70

42.50

2.80

1.75

Honeypot

And4

182.00

184.10

2.10

1.91

Table 5: Summary of composite results reported in this press release for Golden Joint, Dome, Lotto, Lotto North, Jackpot and Honeypot

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-22-1009

78

-58

201

658945

5429457

Lotto North

NFGC-22-1018

122

-65

279

658946

5429456

Lotto North

NFGC-22-1029

65

-45

216

658970

5429492

Lotto North

NFGC-22-1038

300

-45

258

659386

5430023

Everest

NFGC-22-1071

90

-45

189

658983

5429273

Lotto North

NFGC-22-883

70

-45

288

658794

5429201

Lotto North

NFGC-22-896

300

-45

347

659544

5430450

Everest

NFGC-22-970

90

-45

249

658946

5429411

Lotto North

NFGC-22-974

85

-65

184

658402

5428434

Golden Joint

NFGC-22-980

90

-45

300

658939

5429298

Lotto North

NFGC-22-994

88

-45

297

658946

5429457

Lotto North

NFGC-23-1086

95

-53

249

658849

5429213

Lotto North

NFGC-23-1105

90

-45

168

658980

5429218

Lotto North

NFGC-23-1112

47

-67

246

658882

5429100

Lotto

NFGC-23-1124

282

-51

234

659089

5429559

Jackpot

NFGC-23-1156

250

-45

201

659036

5429590

Lotto North

NFGC-23-1163

293

-45

162

659036

5429590

Lotto North

NFGC-23-1245

85

-60

390

658783

5428927

Lotto

NFGC-23-1254

75

-45

320

658042

5428144

Keats West

NFGC-23-1309

300

-45

300

659544

5429815

Jackpot

NFGC-23-1383

300

-45

276

659473

5429913

Honeypot

NFGC-23-1418

348

-45.5

60

659418

5429889

Jackpot

NFGC-23-1483

300

-45

299

659393

5429324

Lotto North

NFGC-23-1486

155

-53

86

658405

5428351

Golden Joint

NFGC-23-1501A

135

-45

122

658413

5428386

Golden Joint

NFGC-23-1544

152

-45

92

658393

5428333

Golden Joint

NFGC-23-1558

300

-50

174

659505

5429864

Jackpot

NFGC-23-1559

170

-45

104

658402

5428321

Golden Joint

NFGC-23-1571

155

-45

59

658432

5428366

Golden Joint

NFGC-23-1578

300

-45

431

659211

5429373

Lotto North

NFGC-23-1606

272

-48

201

658503

5428380

Golden Joint

NFGC-23-1627

356

-60

189

659369

5429743

Jackpot

NFGC-23-1632

355

-51

165

659369

5429743

Jackpot

NFGC-23-1639

327

-42

156

659368

5429743

Jackpot

NFGC-23-1644

300

-45

153

659366

5429744

Jackpot

NFGC-23-1649

357

-66

213

659368

5429743

Jackpot

NFGC-23-1657

330

-65

216

659367

5429743

Jackpot

NFGC-23-1668

13

-67

249

659369

5429743

Jackpot

NFGC-23-1681

75

-45

258

658618

5429077

Monte Carlo

NFGC-23-1689

306

-67

219

659369

5429743

Jackpot

NFGC-23-1705

300

-45

167

659222

5429540

Lotto North

NFGC-23-1712

280

-45

152

659221

5429539

Lotto North

NFGC-23-1714

75

-45

252

658594

5428977

Lotto

NFGC-23-1724

348

-66

291

659362

5429686

Jackpot

NFGC-23-1731

284

-45

149

659219

5429483

Lotto North

NFGC-23-1734

311

-64

300

659361

5429685

Jackpot

NFGC-23-1735

300

-45

152

659214

5429429

Lotto North

NFGC-23-1743

300

-45

122

659169

5429398

Lotto North

NFGC-23-1747

351

-76

165

659395

5429802

Jackpot

NFGC-23-1748

318

-49

119

659175

5429511

Lotto North

NFGC-23-1756

274

-51

101

659174

5429510

Lotto North

NFGC-23-1762

312

-57

132

659394

5429803

Jackpot

NFGC-23-1764

285

-42

206

659261

5429459

Lotto North

NFGC-23-1773

263

-45

200

659260

5429458

Lotto North

NFGC-23-1796

351

-63

116

659435

5430057

Honeypot

NFGC-23-1801

345

-70

125

659434

5430058

Honeypot

NFGC-23-1806

293

-57

8

659437

5430057

Honeypot

NFGC-23-1806A

293

-57

92

659437

5430057

Honeypot

NFGC-23-1807

325

-70

462

658758

5428535

Dome

NFGC-23-1823

315

-47

140

659521

5430060

Honeypot

NFGC-23-1837

348

-55

185

658783

5428929

Lotto

NFGC-23-1847

335

-57

197

658783

5428928

Lotto

NFGC-23-1853

340

-79.5

440

658676

5428513

Dome

NFGC-23-1886

308

-58

159

659521

5430060

Honeypot

NFGC-23-1919

314

-62

216

659565

5430034

Honeypot

NFGC-23-1945

310

-55

195

659566

5430034

Honeypot

NFGC-23-1965

312

-50

222

659542

5429990

Honeypot

NFGC-23-1975

59

-65

164

658355

5428176

Golden Joint

NFGC-23-1981

62

-60

155

658356

5428176

Golden Joint

NFGC-23-1982

336

-66

261

659543

5429989

Honeypot

NFGC-23-1987

70

-45

128

658357

5428176

Golden Joint

NFGC-23-1990

82

-58

107

658356

5428175

Golden Joint

NFGC-23-1999

25

-45

149

658778

5428728

Dome

NFGC-23-2002

60

-45

161

658687

5428810

Dome

NFGC-24-2049

200

-45

95

659112

5429770

Jackpot

NFGC-24-2053

255

-45

152

659160

5429773

Jackpot

NFGC-24-2056

187

-51

107

659124

5429790

Jackpot

NFGC-24-2058

270

-45

51

659403

5430064

Honeypot

NFGC-24-2061

339

-45.5

50

659404

5430065

Honeypot

NFGC-24-2063

282

-71.5

200

659554

5430100

Honeypot

NFGC-24-2067

290

-67.5

182

659554

5430100

Honeypot

NFGC-24-2070

328

-55

140

659523

5430062

Honeypot

NFGC-24-2074

301

-45.5

149

659439

5430108

Honeypot

NFGC-24-2076

300

-45.5

296

659429

5429998

Honeypot

NFGC-24-2081

300

-45

224

659553

5430150

Honeypot

Table 6: 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 3,200m 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 17, 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/20240417765998/en/

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