New Found Gold Expands and Confirms Continuity of High-Grade Gold Mineralization at the Keats West Zone

, /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce the first drill results from the Company's 2025 Work Program at its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.Highlights - Keats West1 in the AFZ Core: Figure 1: Inclined plan view map of the AFZ Core area. (CNW Group/New Found Gold Corp.) Figure 2: Keats West cross-section (+/-15 m, looking northwest). (CNW Group/New Found Gold Corp.) Figure 3: Keats West pit looking northeast with reported holes highlighted. (CNW Group/New Found Gold Corp.) Keats West open pit infill drilling: 55.0 g/t of Au over 35.05 m (NFGC-24-2254)2 20.7 g/t Au over 18.05 m (NFGC-24-2258). 15.4 g/t Au over 16.70 m (NFGC-24-2260). Confirms continuity of multiple domains of high-grade gold within Keats West. Defines regions of new gold mineralization within the proposed Keats West open pit that are currently outside of the MRE3 block model. Keats West UG4 infill drilling: 7.08 g/t Au over 15.55 m (NFGC-24-2243A). Demonstrates potential to expand high-grade mineralization beyond the current open pit extents. Melissa Render, President of New Found Gold stated: "Today's results confirm the continuity and high-grade tenor of gold mineralization at Keats West, as well as the in-pit and near-pit expansion potential. These domains of high-grade mineralization start at surface and remain above a vertical depth of 150 metres and are located in proximity to other key zones, such as Iceberg and Keats in the AFZ Core area. Project advancement following the release of the initial MRE in March 2025 is focused on derisking high priority open pits, like Keats West with infill drilling targeting the higher-grade portions to start."Results SummaryThis news release includes results from 2,691 m of drilling in 22 diamond drill holes ("DDH") completed in Q2/25 as part of an infill program at Keats West in the AFZ Core (Tables 1 to 3). The program has been designed to target mineralization within the Keats West MRE open pit constraints, first focussing on converting resource blocks to indicated classification thereby increasing the confidence level in high-grade domains. In addition, results are reported from infill drilling, completed immediately beyond the south end of the proposed Keats West open pit within a preliminary UG panel. ________________________ 1 Keats West = Keats West zone 2 g/t = grams per tonne, Au = gold, m = metres 3 MRE = Mineral resource estimate 4 UG = underground Keats West Open Pit Infill: Keats West highlight infill holes targeting the high-grade domains announced today include 55.0 g/t Au over 35.05 m (NFGC-25-2254), 20.7 g/t Au over 18.05 m (NFGC-25-2258), 15.4 g/t Au over 16.70 m (NFGC-25-2260) and 13.1 g/t Au over 10.60 m (NFGC-25-2245). These intercepts demonstrate the strong continuity of the high-grade corridors within the hosting Keats West fault zone that has a mineralized footprint of 315 m wide by 305 m long, with true widths averaging 20 m and ranging up to 50 m (Figure 1). Multiple regions within the Keats West open pit tested by the infill program intercepted significant mineralization outside of the current MRE block model. Intervals in these regions include 4.29 g/t Au over 22.00 m (NFGC-25-2242), 2.85 g/t Au over 33.85 m (NFGC-25-2247), 1.31 g/t Au over 30.00 m (NFGC-25-2257) and 10.6 g/t Au over 4.85 m (NFGC-25-2245) (Figure 2). Overall, the results correlate well to the MRE block model, with local fluctuations where grades were either higher or lower than anticipated. Keats West mineralization occurs within a gently south-southwest dipping fault zone that hosts a series of stacked and cross-cutting gold-bearing quartz veins on the west side of the AFZ in the AFZ Core area. The high-grade mineralization starts at surface and extends to depths of 150 m vertical, a shallowly positioned gold system. Keats West UG Infill: 7.08 g/t Au over 15.55 m (NFGC-25-2243A) was intersected at the south end of the Keats West zone, immediately beyond the proposed open pit, within the extents of one 50 m long preliminary UG panel that contributed to the MRE in the Keats West area (Figures 1 and 2). Follow up drilling has been completed in this sparsely tested region; results of this program are pending. Looking AheadThe Company will continue the work program at Keats West in H2/25 to complete infill drilling targeting the remaining domains of lower grade material in addition to expansion drilling in new areas of mineralization within the open pit. Subject to obtaining positive results from the UG follow-up program, drilling at Keats West will work to expand the deeper portions of this zone. Infill drilling has also been completed at the Lotto and Lotto North zones, while step-out and infill drilling is ongoing at the Iceberg, K2, Dome-Lotto and Dropkick zones, as well as at AFZ Peripheral conceptual and early-stage exploration target areas.The channel sampling at the Iceberg excavation that began in May 2025 is nearly complete. Results from ongoing work will be released as they become available.Excavation of the Lotto Zone ('Lotto") is underway. The objective of this work is to expose a 210 m long segment of Lotto to add certainty to the geological model and assess grade continuity. Excavating will be followed by detailed mapping, channel sampling and additional definition drilling. Tightly spaced definition drilling targeting key segments of the Keats-Baseline Fault Zone that have been excavated will also commence in Q3/25 starting at Keats, followed by Iceberg.On November 6, 2024, the Company announced it had engaged SLR Consulting (Canada) Ltd ("SLR") to deliver an initial MRE and preliminary economic assessment ("PEA"). The MRE was announced on March 24, 2025, and a PEA is ongoing with a revised target completion date of early Q3/25. This is an important milestone for the Project as it will provide preliminary project economics in addition to defining the work programs that will allow the Company to advance the Project. Mine design and planning, metallurgical processing and economic optimizations will be conducted by SLR to complete the PEA. Table 1: Drill Result Highlights Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-25-2242 59.00 81.00 22.00 4.29 Unknown Keats West Including 60.65 61.15 0.50 26.62 Unknown Including 65.00 67.00 2.00 18.06 80-95 Including 73.00 74.05 1.05 10.95 80-95 NFGC-25-2243A 114.75 130.30 15.55 7.08 Unknown Keats West Including 114.75 115.25 0.50 21.32 Unknown Including 117.85 118.45 0.60 13.49 65-95 Including 119.00 119.70 0.70 67.38 65-95 Including 122.00 122.50 0.50 13.59 65-95 Including 129.20 129.75 0.55 15.62 65-95 NFGC-25-2245 14.90 19.75 4.85 10.63 Unknown Keats West Including 16.65 17.25 0.60 73.37 Unknown And 141.10 151.70 10.60 13.07 55-85 Including 148.95 149.50 0.55 12.48 55-85 Including 150.25 151.70 1.45 77.61 55-85 NFGC-25-2247 11.80 45.65 33.85 2.85 85-100 Keats West NFGC-25-2248 30.90 51.90 21.00 1.73 70-100 Keats West Including 51.00 51.90 0.90 12.09 70-100 NFGC-25-2251 92.85 105.25 12.40 1.55 70-100 Keats West NFGC-25-2252 62.00 73.25 11.25 2.28 65-95 NFGC-25-2254 105.60 140.65 35.05 54.95 45-75 Kest West Including 115.30 116.80 1.50 24.44 45-75 Including 119.05 119.70 0.65 79.61 45-75 Including 122.75 126.90 4.15 328.24 45-75 And Including 125.55 126.20 0.65 1,359.59 45-75 Including 129.90 130.50 0.60 26.25 45-75 Including 138.60 140.10 1.50 244.57 45-75 NFGC-25-2256 34.70 46.10 11.40 2.25 80-100 Keats West NFGC-25-2257 23.70 53.70 30.00 1.31 Unknown Keats West NFGC-25-2258 101.15 119.20 18.05 20.73 70-100 Keats West Including 113.45 116.95 3.50 102.61 70-100 NFGC-25-2260 79.00 94.25 15.25 1.33 Unknown Keats West And 135.10 151.80 16.70 15.38 55-85 Including 145.30 146.95 1.65 139.13 55-85 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 2 m with a maximum of 4m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m 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 22 drill holes are included in Table 2 and Table 3 below.Table 2: Summary of composite results reported in this news release for Keats West. Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone NFGC-25-2239 30.50 32.80 2.30 2.16 45-75 Keats West And 40.60 48.95 8.35 1.25 80-95 NFGC-25-2240 36.00 39.05 3.05 1.14 80-95 Keats West And 79.25 81.75 2.50 1.20 Unknown NFGC-25-2241 37.70 39.85 2.15 1.14 50-80 Keats West NFGC-25-2242 16.55 19.15 2.60 2.09 65-95 Keats West And 31.05 35.55 4.50 1.20 65-95 And 59.00 81.00 22.00 4.29 Unknown Including 60.65 61.15 0.50 26.62 Unknown Including 65.00 67.00 2.00 18.06 80-95 Including 73.00 74.05 1.05 10.95 80-95 And 87.00 91.25 4.25 1.01 80-95 NFGC-25-2243A 114.75 130.30 15.55 7.08 Unknown Keats West Including 114.75 115.25 0.50 21.32 Unknown Including 117.85 118.45 0.60 13.49 65-95 Including 119.00 119.70 0.70 67.38 65-95 Including 122.00 122.50 0.50 13.59 65-95 Including 129.20 129.75 0.55 15.62 65-95 NFGC-25-2244 28.85 31.65 2.80 1.07 65-95 Keats West And 42.15 45.00 2.85 1.11 65-95 NFGC-25-2245 14.90 19.75 4.85 10.63 Unknown Keats West Including 16.65 17.25 0.60 73.37 Unknown And 73.70 75.95 2.25 1.19 Unknown And 92.75 99.05 6.30 1.06 Unknown And 141.10 151.70 10.60 13.07 55-85 Including 148.95 149.50 0.55 12.48 55-85 Including 150.25 151.70 1.45 77.61 55-85 NFGC-25-2246 No Significant Values Keats West NFGC-25-2247 11.80 45.65 33.85 2.85 85-100 Keats West And 53.15 57.45 4.30 6.99 Unknown Including 53.15 53.90 0.75 24.77 Unknown And 78.50 84.45 5.95 1.62 70-100 NFGC-25-2248 30.90 51.90 21.00 1.73 70-100 Keats West Including 51.00 51.90 0.90 12.09 70-100 NFGC-25-2249 104.60 106.75 2.15 1.32 70-100 Keats West And 110.85 113.30 2.45 1.05 70-100 NFGC-25-2250 No Significant Values Keats West NFGC-25-2251 81.90 84.80 2.90 1.09 60-90 Keats West And 92.85 105.25 12.40 1.55 70-100 NFGC-25-2252 55.85 58.00 2.15 1.29 75-100 Keats West And 62.00 73.25 11.25 2.28 65-95 And 90.75 94.00 3.25 2.38 60-90 NFGC-25-2253 26.00 29.10 3.10 1.43 75-100 Keats West NFGC-25-2254 105.60 140.65 35.05 54.95 45-75 Kest West Including 115.30 116.80 1.50 24.44 45-75 Including 119.05 119.70 0.65 79.61 45-75 Including 122.75 126.90 4.15 328.24 45-75 And Including 125.55 126.20 0.65 1,359.59 45-75 Including 129.90 130.50 0.60 26.25 45-75 Including 138.60 140.10 1.50 244.57 45-75 NFGC-25-2255 18.00 25.00 7.00 1.89 70-100 Keats West NFGC-25-2256 12.00 14.60 2.60 6.92 Unknown Keats West Including 12.50 12.80 0.30 56.45 Unknown And 28.00 30.35 2.35 1.55 80-100 And 34.70 46.10 11.40 2.25 80-100 And 50.10 52.15 2.05 1.29 85-100 And 82.15 89.85 7.70 3.13 85-100 NFGC-25-2257 11.00 19.45 8.45 2.62 Unknown Keats West Including 11.85 12.75 0.90 10.21 Unknown And 23.70 53.70 30.00 1.31 Unknown And 58.45 62.00 3.55 2.39 Unknown NFGC-25-2258 101.15 119.20 18.05 20.73 70-100 Keats West Including 113.45 116.95 3.50 102.61 70-100 NFGC-25-2260 11.90 14.50 2.60 1.17 Unknown Keats West And 79.00 94.25 15.25 1.33 Unknown And 135.10 151.80 16.70 15.38 55-85 Including 145.30 146.95 1.65 139.13 55-85 NFGC-25-2262 47.00 49.80 2.80 3.09 60-90 Keats West And 76.55 78.75 2.20 1.05 65-95 And 115.60 119.95 4.35 1.56 50-80 And 125.60 129.00 3.40 1.97 85-100 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 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m 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. Table 3: Details of drill holes reported in this news release. Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Prospect NFGC-25-2239 350 -61 83 657945 5427848 Keats West NFGC-25-2240 45 -70 89 657963 5428032 Keats West NFGC-25-2241 15 -62 86 658057 5428077 Keats West NFGC-25-2242 265 -72 119 658013 5427980 Keats West NFGC-25-2243A 105 -53 170 657950 5427762 Keats West NFGC-25-2244 345 -65 74 658091 5428093 Keats West NFGC-25-2245 143 -70 194 658031 5427891 Keats West NFGC-25-2246 344 -65 86 658118 5428092 Keats West NFGC-25-2247 338 -82 107 658013 5427949 Keats West NFGC-25-2248 100 -45 98 658122 5427970 Keats West NFGC-25-2249 130 -62 191 658030 5427891 Keats West NFGC-25-2250 132 -57.5 155 657949 5427762 Keats West NFGC-25-2251 120 -66 143 658070 5427932 Keats West NFGC-25-2252 58 -68 98 658027 5427808 Keats West NFGC-25-2253 90 -45 74 658140 5427995 Keats West NFGC-25-2254 142 -75 141 658050 5427905 Keats West NFGC-25-2255 120 -45 59 658151 5428032 Keats West NFGC-25-2256 350 -74 125 658040 5427927 Keats West NFGC-25-2257 120 -52 131 657992 5427767 Keats West NFGC-25-2258 102 -66 158 658050 5427905 Keats West NFGC-25-2260 154 -68 173 658033 5427913 Keats West NFGC-25-2262 66 -50 137 657992 5427769 Keats West 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'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 the Project and that the Project does not have any reserves.Qualified PersonThe 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 preliminary economic assessment is underway, with completion scheduled for early Q3/25.Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,450 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 www.newfoundgold.ca and the Company's SEDAR+ profile at www.sedarplus.ca.Keith BoyleChief Executive OfficerNew Found Gold Corp.Follow us on social media athttps://www.linkedin.com/company/newfound-gold-corphttps://x.com/newfoundgold AcknowledgementsNew 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 CautionsThis press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Project; the interpretation of the results and benefits of drilling programs; future drilling and the timing and expected benefits thereof; excavation and channel sampling; the initial resource estimate; potential resource expansion; potential resource conversion; the 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 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 www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.SOURCE New Found Gold Corp. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

New Found Gold Expands and Confirms Continuity of High-Grade Gold Mineralization at the Keats West Zone

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