New Found Gold Corp. announced 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.

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, where it remains open and untested.

Much of the gold at K2 is found in the ?K2 Main? structure, 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?, 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 and 4.50 g/t Au over 12.95m in NFGC-23-1303. 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.

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.