VANCOUVER, BC (By New Found Gold, 25.Sep.2025, Words: 714) — New Found Gold Corp. announced the results of a channel sampling program at the Iceberg excavation in the AFZ Core area on its 100%-owned Queensway gold project in Newfoundland and Labrador, Canada.
Highlights – Iceberg Channel Sampling Program:
- 64.8 g/t Au2 over 6.71 m3 (IB-25-01-10)
- 23.9 g/t Au over 15.12 m (IB-25-01-16)
- 113 g/t Au over 2.99 m (IB-25-01-18)
- 47.4 g/t Au over 7.36 m (IB-25-01-40)
- 23.0 g/t Au over 13.74 m (IB-25-01-08)
- 117 g/t Au over 2.16 m (IB-25-01-07)
Melissa Render, President of New Found Gold stated: “Our recently completed channel sampling program has further demonstrated the continuity of at-surface, high-grade gold mineralization across 185 m of continuous exposure at Iceberg, one of the zones we have targeted for Phase I custom milling in the Queensway Preliminary Economic Assessment. The ability to map and channel sample this and other key zones at Queensway is an important step in derisking the Project. As in the drilling of Iceberg, channel sampling returned broad intervals of coarse, high-grade gold mineralization. We look forward to following up this work with detailed grade-control drilling to inform our geostatistical analysis and continuing our channel sampling program at the Lotto excavation.”
Iceberg Channel Sampling Program Summary
A 220m by 105m area was excavated at Iceberg in late 2024, exposing broad zones of gold-bearing quartz veins over a strike length of 185m directly below 2.5m to 9m of overburden. The Iceberg channel sampling program, which was conducted through mid-2025, included 964 m of channel samples at 7.5 m intervals in 45 channel lines.
This work was designed to systematically sample across the exposed surface expression of the primary high-grade domain at Iceberg. Sampling at this resolution across the bedrock surface has provided a detailed analysis of the gold grade variability across the Excavation, with the data expected to be incorporated into future mineral resource estimates (MRE) at Queensway. The excavation, mapping and channel sampling of Iceberg will inform the geological and resource models with the objective of increasing confidence in resource areas that form a portion of the Phase 1 mine plan outlined in the Queensway Preliminary Economic Assessment (PEA).
The Iceberg zone forms part of a larger gold system associated with the Keats Baseline Fault Zone (KBFZ), a prolific deformation corridor with an interpreted strike length of approximately 2 km and host to both the Keats and Iceberg zones.
Channel sample and mapping results correlate well with the established geological and resource model, while showing local variability characteristic of a coarse free gold quartz vein system.
The highlight sample intervals of 64.8 g/t Au over 6.71 m (IB-25-01-10), 23.9 g/t Au over 15.12 m (IB-25-01-16), 47.4 g/t Au over 7.36 m (IB-25-01-40),113 g/t Au over 2.99 m (IB-25-01-18), 23.0 g/t Au over 13.74 m (IB-25-01-08), 117 g/t Au over 2.16 m (IB-25-01-07) form part of a 185 m long continuous section of the Iceberg vein.
Looking Ahead
New Found Gold commenced a 70,000m drill program in May 2025, with approximately 80% of the drilling focused on the AFZ Core area and the remaining 20% focused on exploration targets outside the MRE area.
In addition to ongoing drilling, the company will continue with its excavation program in additional near-surface zones of the AFZ Core, with the objective of validating the geological model and collecting detailed analytical information across key zones that will be part of the Phase 1 mine plan as outlined in the PEA.
Excavation and mapping of the Lotto zone is now complete, and the detailed channel sampling program is expected to conclude shortly. The excavation has uncovered 210m of strike along Lotto and results from this work will be released once they are available.
Following the completion of the channel sampling at Keats and Iceberg, a tightly spaced 5m x 5m definition drilling program is ongoing at Keats and expected to commence at Iceberg in the coming weeks.
An infill drill program covering the proposed PEA Phase 1 open pits, with the objective of converting resources from inferred to indicated, is ongoing and expected to be completed in Q4/25. Other ongoing work at Queensway includes geotechnical drilling of PEA Phase 1 pits, condemnation drilling for infrastructure and plant siting and continued exploration at AFZ Peripheral in the vicinity of the Dropkick zone. Hydrogeological drilling has commenced and is expected to conclude in Q4/25.
____________________
