New Found Gold Continues to Confirm Continuity of At-Surface High-Grade Gold at Keats Zone, Queensway Gold Project

2026-02-02

NASDAQ - Nasdaq Stock Market · Niobium · Scandium · Titanium · Rare Earth Elements · United States

Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce additional results from grade control drilling at the Keats zone ("Keats") excavation in the AFZ Core ("AFZC"), completed as part of the Company's 2025 drill program on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Keats excavation grade control drill programhighlights include:

508 g/t Au1over 2.20 m2from 16.80 m (NFGC-25-GC-024) 113 g/t Au over 3.75 m from 11.90 m (NFGC-25-GC-025) 9.29 g/t Au over 37.60 m from 12.00 m (NFGC-25-GC-027) 27.0 g/t Au over 10.00 m from 0.00 m (NFGC-25-GC-033) 31.5 g/t Au over 6.10 m from 0.60 m (NFGC-25-GC-021) 17.2 g/t Au over 9.05 m from 2.70 m (NFGC-25-GC-042) 24.5 g/t Au over 6.35 m from 24.65 m (NFGC-25-GC-031) 7.33 g/t Au over 19.80 m from 4.70 m (NFGC-25-GC-026) 3.75 g/t Au over 21.40 m from 0.10 m (NFGC-25-GC-035)

Melissa Render, President of New Found Gold, stated:_"Building on the initial Keats zone grade control drill results released in late 2025, these new results continue to demonstrate the high-grade tenor of this zone. The 5 by 5 metre spaced drilling is confirming strong continuity of gold mineralization occurring at or within a few metres of surface. We look forward to updating the market with the results of the remaining 2025 grade control drilling from both Keats and the Iceberg zone when available."_

Work Summary

The results presented in this release include 1,230 m of drilling in 36 diamond drill holes ("DDH") from the 2025 Keats excavation grade control drill program ("KEGCDP"; Figures 1 to 3). The KEGCDP was designed to improve confidence in the distribution of high-grade, near-surface gold mineralization and support mine planning as outlined in the Preliminary Economic Assessment ("PEA") Phase 1 open pits (see the New Found Gold press release dated July 21 2025). Drill highlights, along with detailed results for these 36 DDH, are provided in Tables 1 to 3 below.

The full KEGCDP comprises 84 DDH totalling 2,773 m; a total of 1,866 m in 52 DDH, or 62% of results have been reported to date, including 36 DDH in this release and an initial 16 DDH in the Company's press release dated December 1, 2025. Remaining results will be reported as they become available.

[](https://images.newsfilecorp.com/files/7337/282330_77041155f49168ec_001full.jpg)

Figure 1:Plan view map of the AFZC with location of Keats and Iceberg excavation grade control drill programs.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7337/282330_77041155f49168ec_001full.jpg

Keats excavation grade control drill program highlights (this press release): 508 g/t Au over 2.20 m from 16.80 m (NFGC-25-GC-024) 113 g/t Au over 3.75 m from 11.90 m (NFGC-25-GC-025) 9.29 g/t Au over 37.60 m from 12.00 m (NFGC-25-GC-027) 27.0 g/t Au over 10.00 m from 0.00 m (NFGC-25-GC-033) 31.5 g/t Au over 6.10 m from 0.60 m (NFGC-25-GC-021) 17.2 g/t Au over 9.05 m from 2.70 m (NFGC-25-GC-042) 24.5 g/t Au over 6.35 m from 24.65 m (NFGC-25-GC-031) 7.33 g/t Au over 19.80 m from 4.70 m (NFGC-25-GC-026) 3.75 g/t Au over 21.40 m from 0.10 m (NFGC-25-GC-035) 10.6 g/t Au over 6.60 m from 0.10 m (NFGC-25-GC-022) 9.94 g/t Au over 6.95 m from 0.70 m (NFGC-25-GC-030) 4.87 g/t Au over 10.55 m from 22.45 m (NFGC-25-GC-039) 3.37 g/t Au over 12.20 m from 0.55 m (NFGC-25-GC-017) 2.27 g/t Au over 16.35 m from 21.85 m (NFGC-25-GC-057) 1.45 g/t Au over 23.55 m from 8.05 m (NFGC-25-GC-032) 2.12 g/t Au over 13.75 m from 7.20 m (NFGC-25-GC-028) 1.52 g/t Au over 14.05 m from 3.50 m (NFGC-25-GC-045) 1.64 g/t Au over 12.65 m from 33.25 m (NFGC-25-GC-029) 1.78 g/t Au over 11.30 m from 4.70 m (NFGC-25-GC-034) 1.55 g/t Au over 12.50 m from 0.00 m (NFGC-25-GC-024)

Keats excavation grade control program (December 1, 2025press release): 219 g/t Au over 9.35 m from 19.00 m (NFGC-25-GC-005) 160 g/t Au over 10.30 m from 5.10 m (NFGC-25-GC-009) 105 g/t Au over 10.20 m from 15.80 m (NFGC-25-GC-007) 24.7 g/t Au over 26.25 m from 34.25 m (NFGC-25-GC-007) 35.3 g/t Au over 12.85 m from 36.25 m (NFGC-25-GC-006) 27.1 g/t Au over 12.85 m from 14.65 m (NFGC-25-GC-012) 142 g/t Au over 2.25 m from 4.15 m (NFGC-25-GC-004) 50.8 g/t Au over 4.10 m from 0.00 m (NFGC-25-GC-003) 17.1 g/t Au over 11.85 m from 21.45 m (NFGC-25-GC-009) 9.61 g/t Au over 18.05 m from 25.25 m (NFGC-25-GC-003) 9.29 g/t Au over 15.40 m from 1.10 m (NFGC-25-GC-008) 38.3 g/t Au over 3.40 m from 4.10 m (NFGC-25-GC-011)

[](https://images.newsfilecorp.com/files/7337/282330_77041155f49168ec_002full.jpg)

Figure 2: Keats and Iceberg excavations with proposed grade control drill holes and location of results received.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7337/282330_77041155f49168ec_002full.jpg

The KEGCDP is testing a volume that is approximately 65 m long by 30 m deep by 40 m wide with a drill spacing of 5 m by 5 m and includes a near-surface high-grade region that was uncovered as part of the Company's ongoing excavation program (see the New Found Gold press releases dated September 23, 2024, December 2, 2024, September 25, 2025, and December 1, 2025).

Results released to date correlate well with the initial mineral resource estimate ("MRE") block model and indicate strong continuity of high-grade mineralized shoots at Keats, providing improved definition of their geometry, with most intervals occurring at or within a few meters of surface. The detailed geostatistical data from this phase of work will further validate our resource models, specifically by increasing confidence in grade-capping and influence-limiting parameters applied to high-grade intersections in advance of a MRE update and subsequent mine planning.

The Keats and Iceberg zones are hosted within the Keats-Baseline Fault Zone ("KBFZ"), a high-grade gold-bearing structure that has been defined over a current strike length of 1.9 kilometres ("km"). This corridor consists of a broad mineralized fault zone with limited deep drill testing to date. Drilling completed in 2024 confirms that the system extends to vertical depths of up to 1.1 km (see the New Found Gold press releases dated July 11, 2024, October 31, 2024, and April 29, 2025).

[](https://images.newsfilecorp.com/files/7337/282330_77041155f49168ec_003full.jpg)

Figure 3: Keats longitudinal section view of grade control grid location (looking northwest, +/- 12.5 m).

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7337/282330_77041155f49168ec_003full.jpg

Looking Ahead

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZC area to support advancement of the Phase 1 mine plan as outlined in the Company's PEA and 25% focused on exploration targets such as the Dropkick zone ("Dropkick"). To date, approximately 50% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

The 2026 Queensway drill program is underway, with four drill rigs currently active (see the New Found Gold press release dated January 21, 2026). Initial 2026 infill drilling is planned to first target PEA Phase 2 open pit resource conversion, transitioning later in the year to PEA Phase 3 underground resource conversion.

The Company plans to expand its grade control drilling beginning in Q2/26. The next phase of work will leverage results from the 2025 program to optimize drill hole spacing and program scope. This will include completing the initial grade-control drilling at the Iceberg excavation, commencing grade-control drilling at the Lotto excavation and potentially expanding the grade-control drilling at the Keats and Iceberg excavations. The objective of this work is to improve confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits.

Exploration drilling will focus on AFZC resource expansion including an initial grid-based program targeting the prospective corridor adjacent to the AFZ at Bullseye, continued step-outs at Dropkick, located 11 km north of the AFZC, and targeted segments of the AFZ at AFZ Peripheral. A regional drilling program testing advanced targets at Queensway South is in the planning phase and expected to commence in H2/26.

The Company plans to file an updated Technical Report for Queensway, which will include an updated mineral resource estimate, in mid-2026

Table 1: Drill Result Highlights.

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. Details of all drill holes reported in this press release are included in Table 2 and Table 3 below.

Table 2: Summary of composite drill hole results reported in this press release for Keats.

| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-25-GC-017 | 0.55 | 12.75 | 12.20 | 3.37 | 60-90 | Keats Excavation | | Including | 2.15 | 2.60 | 0.45 | 63.65 | 55-85 | | | NFGC-25-GC-018 | 0.35 | 7.10 | 6.75 | 3.03 | 70-95 | Keats Excavation | | Including | 1.40 | 1.85 | 0.45 | 29.82 | 70-95 | | | And | 15.50 | 18.00 | 2.50 | 1.36 | Unknown | | | NFGC-25-GC-019 | No Significant Values | Keats Excavation | | | | | | NFGC-25-GC-020 | 2.15 | 9.00 | 6.85 | 7.29 | 65-95 | Keats Excavation | | Including | 2.15 | 2.80 | 0.65 | 13.63 | 65-95 | | | Including | 6.80 | 7.60 | 0.80 | 46.46 | 65-95 | | | And | 14.45 | 16.95 | 2.50 | 2.06 | 70-95 | | | NFGC-25-GC-021 | 0.60 | 6.70 | 6.10 | 31.47 | 70-95 | Keats Excavation | | Including | 1.65 | 3.40 | 1.75 | 98.64 | 70-95 | | | Including | 6.25 | 6.70 | 0.45 | 35.73 | 70-95 | | | And | 21.65 | 33.45 | 11.80 | 2.96 | 70-95 | | | Including | 21.65 | 22.10 | 0.45 | 20.78 | 70-95 | | | Including | 27.60 | 28.10 | 0.50 | 10.83 | 70-95 | | | Including | 31.00 | 31.30 | 0.30 | 25.62 | 70-95 | | | NFGC-25-GC-022 | 0.10 | 6.70 | 6.60 | 10.57 | 70-95 | Keats Excavation | | Including | 3.20 | 3.70 | 0.50 | 99.59 | 70-95 | | | Including | 6.05 | 6.70 | 0.65 | 21.90 | 70-95 | | | NFGC-25-GC-023 | 0.00 | 7.00 | 7.00 | 2.98 | 70-95 | Keats Excavation | | Including | 3.50 | 3.80 | 0.30 | 32.45 | 70-95 | | | And | 24.00 | 32.90 | 8.90 | 3.39 | 70-95 | | | Including | 25.90 | 26.50 | 0.60 | 27.63 | 70-95 | | | NFGC-25-GC-024 | 0.00 | 12.50 | 12.50 | 1.55 | 70-95 | Keats Excavation | | And | 16.80 | 19.00 | 2.20 | 507.70 | 70-95 | | | Including | 18.60 | 19.00 | 0.40 | 2788.50 | 70-95 | | | NFGC-25-GC-025 | 11.90 | 15.65 | 3.75 | 113.27 | 50-80 | Keats Excavation | | Including | 12.40 | 14.35 | 1.95 | 216.75 | 50-80 | | | And | 20.60 | 28.65 | 8.05 | 1.90 | 70-95 | | | Including | 25.65 | 26.55 | 0.90 | 10.17 | 70-95 | | | And | 37.70 | 46.40 | 8.70 | 5.94 | 70-95 | | | Including | 38.90 | 39.50 | 0.60 | 75.27 | 70-95 | | | NFGC-25-GC-026 | 4.70 | 24.50 | 19.80 | 7.33 | 65-95 | Keats Excavation | | Including | 4.70 | 6.00 | 1.30 | 90.49 | 65-95 | | | NFGC-25-GC-027 | 12.00 | 49.60 | 37.60 | 9.29 | 70-95 | Keats Excavation | | Including | 15.30 | 16.35 | 1.05 | 184.38 | 70-95 | | | Including | 16.90 | 17.90 | 1.00 | 23.39 | 70-95 | | | Including | 33.85 | 34.45 | 0.60 | 125.27 | 70-95 | | | And | 52.90 | 55.00 | 2.10 | 1.90 | 70-95 | | | Including | 53.65 | 54.00 | 0.35 | 10.00 | 70-95 | | | NFGC-25-GC-028 | 7.20 | 20.95 | 13.75 | 2.12 | 70-95 | Keats Excavation | | Including | 7.70 | 8.10 | 0.40 | 32.55 | 70-95 | | | NFGC-25-GC-029 | 16.50 | 22.00 | 5.50 | 6.11 | 70-95 | Keats Excavation | | Including | 21.40 | 22.00 | 0.60 | 14.55 | 70-95 | | | And | 33.25 | 45.90 | 12.65 | 1.64 | 70-95 | | | NFGC-25-GC-030 | 0.70 | 7.65 | 6.95 | 9.94 | 70-95 | Keats Excavation | | Including | 1.60 | 2.20 | 0.60 | 17.42 | 70-95 | | | Including | 4.45 | 5.00 | 0.55 | 16.08 | 70-95 | | | Including | 5.95 | 6.45 | 0.50 | 87.48 | 70-95 | | | And | 17.60 | 39.20 | 21.60 | 14.62 | 70-95 | | | Including | 21.45 | 22.20 | 0.75 | 61.99 | 70-95 | | | Including | 29.90 | 31.20 | 1.30 | 186.52 | 70-95 | | | NFGC-25-GC-031 | 24.65 | 31.00 | 6.35 | 24.48 | 70-95 | Keats Excavation | | Including | 29.05 | 30.15 | 1.10 | 132.61 | 70-95 | | | NFGC-25-GC-032 | 8.05 | 31.60 | 23.55 | 1.45 | 70-95 | Keats Excavation | | Including | 10.85 | 11.60 | 0.75 | 13.88 | 70-95 | | | And | 35.70 | 41.65 | 5.95 | 1.19 | 70-95 | | | NFGC-25-GC-033 | 0.00 | 10.00 | 10.00 | 27.01 | 70-95 | Keats Excavation | | Including | 1.10 | 2.60 | 1.50 | 168.65 | 70-95 | | | And | 16.95 | 23.60 | 6.65 | 2.24 | 70-95 | | | Including | 17.60 | 18.25 | 0.65 | 10.60 | 70-95 | | | And | 34.75 | 37.70 | 2.95 | 1.65 | 45-75 | | | NFGC-25-GC-034 | 4.70 | 16.00 | 11.30 | 1.78 | 70-95 | Keats Excavation | | Including | 7.45 | 8.45 | 1.00 | 11.14 | 70-95 | | | NFGC-25-GC-035 | 0.10 | 21.50 | 21.40 | 3.75 | 70-95 | Keats Excavation | | Including | 0.85 | 1.80 | 0.95 | 40.74 | 70-95 | | | Including | 12.95 | 13.30 | 0.35 | 15.04 | 70-95 | | | And | 28.00 | 31.00 | 3.00 | 1.09 | 55-85 | | | NFGC-25-GC-036 | No Significant Values | Keats Excavation | | | | | | NFGC-25-GC-037 | 28.60 | 33.40 | 4.80 | 1.61 | 70-95 | Keats Excavation | | NFGC-25-GC-038 | 4.35 | 11.50 | 7.15 | 1.93 | 55-85 | Keats Excavation | | And | 21.25 | 23.40 | 2.15 | 1.10 | 70-95 | | | NFGC-25-GC-039 | 10.15 | 12.60 | 2.45 | 1.01 | 60-90 | Keats Excavation | | And | 22.45 | 33.00 | 10.55 | 4.87 | 70-95 | | | Including | 28.40 | 29.50 | 1.10 | 16.24 | 70-95 | | | Including | 30.50 | 31.45 | 0.95 | 22.82 | 70-95 | | | NFGC-25-GC-040 | No Significant Values | Keats Excavation | | | | | | NFGC-25-GC-041 | 3.50 | 7.30 | 3.80 | 2.77 | 45-75 | Keats Excavation | | Including | 6.80 | 7.30 | 0.50 | 10.64 | 45-75 | | | And | 16.55 | 26.20 | 9.65 | 2.56 | 70-95 | | | NFGC-25-GC-042 | 2.70 | 11.75 | 9.05 | 17.24 | 40-70 | Keats Excavation | | Including | 7.20 | 8.95 | 1.75 | 53.22 | 40-70 | | | Including | 10.20 | 10.50 | 0.30 | 130.40 | 40-70 | | | And | 17.55 | 24.35 | 6.80 | 1.19 | 70-95 | | | NFGC-25-GC-044 | 8.75 | 11.25 | 2.50 | 1.03 | 40-70 | Keats Excavation | | And | 15.25 | 17.40 | 2.15 | 1.05 | 40-70 | | | And | 21.40 | 29.45 | 8.05 | 1.21 | 40-70 | | | NFGC-25-GC-045 | 3.50 | 17.55 | 14.05 | 1.52 | 70-95 | Keats Excavation | | Including | 8.75 | 9.20 | 0.45 | 10.12 | 70-95 | | | And | 22.00 | 24.50 | 2.50 | 1.21 | 45-75 | | | NFGC-25-GC-047 | 24.45 | 27.10 | 2.65 | 1.00 | 70-95 | Keats Excavation | | NFGC-25-GC-049 | 4.40 | 11.40 | 7.00 | 1.65 | 70-95 | Keats Excavation | | NFGC-25-GC-051 | 24.80 | 31.05 | 6.25 | 1.32 | 70-95 | Keats Excavation | | NFGC-25-GC-053 | 10.50 | 13.60 | 3.10 | 1.37 | 40-70 | Keats Excavation | | And | 22.40 | 29.10 | 6.70 | 1.14 | 70-95 | | | NFGC-25-GC-054 | 20.70 | 29.15 | 8.45 | 2.36 | 70-95 | Keats Excavation | | Including | 20.70 | 21.70 | 1.00 | 10.30 | 70-95 | | | NFGC-25-GC-057 | 0.60 | 2.90 | 2.30 | 1.07 | 65-95 | Keats Excavation | | And | 11.15 | 15.35 | 4.20 | 6.21 | 65-95 | | | Including | 11.15 | 12.10 | 0.95 | 14.02 | 65-95 | | | And | 21.85 | 38.20 | 16.35 | 2.27 | 65-95 | | | Including | 21.85 | 22.70 | 0.85 | 23.67 | 65-95 | | | NFGC-25-GC-077 | No Significant Values | Keats Excavation | | | | | | NFGC-25-GC-114 | No Significant Values | Keats Excavation | | | | |

New Found Gold Continues to Confirm Continuity of At-Surface High-Grade Gold at Keats Zone, Queensway Gold Project

Work Summary

Looking Ahead

Earlier from NioCorp Developments Ltd.