Announcement • Jul 22
New Found Gold Corp. Reports High-Grade Gold Results from Lotto Channels and Underground Infill Drilling At Queensway Gold Project
New Found Gold Corp. announced channel sample and infill drill results of Phase 2 open pit and underground inferred mineral resource blocks from the Lotto Zone on its 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada. Lotto channel sample highlights include: 23.7 g/t Au over 15.88 m from 11.62 m (LT-25-01-27), 3.38 g/t Au over 9.07 m from 15.80 m (LT-25-01-28), 2.17 g/t Au over 16.36 m from 8.26 m (LT-25-01-30), 3.22 g/t Au over 12.83 m from 4.58 m (LT-25-01-31). Lotto underground infill drilling highlights include: 43.5 g/t Au over 4.75 m from 298.45 m (NFGC-25-2661), 22.3 g/t Au over 3.60 m from 282.10 m (NFGC-25-2680). Lotto is located in the AFZ Core area, approximately 1.6 kilometres north of the Keats and Iceberg zones. In 2025, the shallow overburden over Lotto was excavated to expose the mineralized bedrock over a 210 by 70 metre area for geological mapping and channel sampling. Results are reported for 729 m of channel samples collected from 57 lines spaced at 7.5 m intervals and completed in Second Half of 2025 at the Lotto excavation. Results from seven diamond drill holes, totalling 1,928 m, are also presented. Sampling at 7.5 m spacing across the bedrock surface has provided valuable detailed information to inform the geological model on the gold grade variability across the top of the Zone, with the data expected to be incorporated into future mineral resource estimates for Queensway. The results of the Channels and mapping validated the overarching modeling of the mineralized trends and key veins, while providing an additional level of data to inform the established geological and resource model. Secondary veins not well represented by the drilling were exposed in the excavation and may provide opportunities for further testing and expansion. Lotto infill drilling from 2025 was completed as part of a broader geotechnical program targeting the Phase 2 open pit and Phase 3 underground as defined in the Preliminary Economic Assessment, while also serving as infill to support the conversion of open pit and underground areas of the block model from the inferred to the indicated category. Additional infill drilling is required to complete the conversion program at Lotto and is planned for Second Half of 2026. Results from the diamond drill holes reported in this release conform well with the initial mineral resource estimate block model, with expected localized variability. These results will be incorporated into the next mineral resource estimate update. The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond drill holes, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan, and 25% focused on exploration targets such as Dropkick. To date, approximately 6% of the results from 2025 drilling remain outstanding. On June 2, 2026 the company announced an expanded 2026 Queensway work program which includes 90,000 m of drilling with a focus on discovery and resource growth. To date approximately 40,100 m have been completed in 284 diamond drill holes. The company plans to file an updated Technical Report for Queensway later in Second Half of 2026 which will include an updated mineral resource estimate. Drill core and channel samples are shipped to ALS for sample preparation and gold analysis 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 visible gold identified, 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 channel samples which returned greater than 0.8 g/t, 50% of the material was analysed, to a minimum of 3 kg, due to very large sample size. For samples that have visible gold 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 Gold's quality control protocols. New Found Gold'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.
