New Found Gold Continues to Expand the Dropkick Zone at the Queensway Gold Project: 42.8 g/t Au over 14.95 m, 47.6 g/t Au over 3.95 m and 22.9 g/t Au over 2.40 m

2025-05-21

TSXV - TSX Venture Exchange · Uranium · Rare Earth Elements · Gold · Canada

Canada NewsWire

VANCOUVER, BC , May 21, 2025 /CNW/ - New Found Gold Corp. (" New Found Gold " or the " Company ") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce new drill results from the Company's 100%-owned Queensway Gold Project (" Queensway " or the " Project ") in Newfoundland and Labrador, Canada . Highlights include:

Dropkick zone (" Dropkick ") west of the Appleton Fault Zone (" AFZ "): 42.8 g/t Au over 14.95 m (NFGC-24-2225) 1 47.6 g/t Au over 3.95 m (NFGC-24-2214) 22.9 g/t Au over 2.40 m (NFGC-24-2205) Dropkick mineralization has now been intersected over a 580 m strike extent Open in all directions

Dropkick east of the AFZ: 5.30 g/t Au over 15.20 m (NFGC-24-2233) A newly identified domain at Dropkick on the eastern side of the AFZ Open in all directions

Pistachio zone (" Pistachio ") 5.34 g/t Au over 7.30 m (NFGC-24-2190) 240 m strike length delineated to date with a high-grade portion constrained by one underground panel in the initial mineral resource estimate (" MRE ") Open down plunge and to depth

Melissa Render , President of New Found Gold, stated: "In these final drill results from the 2024 exploration program we continue to intersect high-grade gold mineralization and expand both Dropkick and Pistachio. At Dropkick, we have now discovered gold mineralization both west and east of the AFZ. The continued results from Dropkick and Pistachio, located 8 and 11 kilometres north, respectively, of the main resource area at Queensway are highly encouraging and point to the potential for future near-surface resource expansion along the strike of this prolific gold mineralized system. We look forward to continuing to test the tenor and extent of these zones".

Results Summary – This Release:

This news release includes results from 13,768 m of drilling in the final 38 diamond drill holes (" DDH ") completed in Q4/24 as part of an exploration program at AFZ Peripheral (formerly the Kingsway Project) as well as from other zones throughout Queensway North (Tables 1 to 3). The program included step-out drilling at Dropkick targeting new high-grade mineralization, the strike extension of the gold-bearing host fault, and the eastern side of the AFZ. In addition, step-out drilling at Pistachio targeting the expansion of the high-grade, and systematic reconnaissance drilling along the AFZ Peripheral segment was completed (see the New Found Gold news releases dated February 11, 2025 and October 24, 2024 ).

| _ | | 1 g/t Au = grams of gold per tonne, m = metres |

Drill highlights, along with details from all 38 DDH in this news release are included in Tables 1 to 3 below.

Dropkick:

Dropkick step-outs west of the AFZ announced in this release include 42.8 g/t Au over 14.95 m (NFGC-24-2225), 47.6 g/t Au over 3.95 m (NFGC-24-2214), 22.9 g/t Au over 2.40 m (NFGC-24-2205) and 5.77 g/t Au over 6.55 m (NFGC-24-2228). These and all previously drilled intercepts at Dropkick occur in a fault zone subparallel to and west of the AFZ (Tables 1 to 3). This drilling follows up on discovery holes NFGC-24-2197 (89.5 g/t Au over 5.85 m ) and NFGC-24-2193 (26.2 g/t Au over 16.15 m ; see the New Found Gold news release dated February 11, 2025 ). As part of this program step-out drilling on the north end of the Dropkick zone was extended to test for mineralization on the eastern side of the AFZ. Drilling returned 5.30 g/t Au over 15.20 m (NFGC-24-2233) east of the AFZ. This is the first mineralization at Dropkick east of the AFZ; this new domain of mineralization is open and will be tested in a follow-up program. These new results from Dropkick have expanded the high-grade mineralization over a 150 m x 75 m area and are associated with the Dropkick fault zone that has now been delineated over a 580 m strike length. Gold mineralization at Dropkick starts at surface and has been drilled to 285 m vertical depth to date, and is open in all directions, with expansion potential of the high-grade toward surface. Dropkick is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 km northeast of AFZ Core (see the New Found Gold news release dated March 24, 2025 ) and indicates that the gold mineral system at Queensway spans a considerable distance to the north (Figure 2). Gold mineralization in the DDH in this release exhibit characteristics similar to the primary discovery area, with coarse free gold contained in fault-fill quartz veins hosted within an interbedded sequence of siltstones and sandstones.

Pistachio:

Continued step-out drilling at Pistachio intersected 5.34 g/t Au over 7.30 m (NFGC-24-2190) and has extended the high-grade mineralization in this zone by 40 m down-dip. Pistachio is located 150 m north of the Big Vein zone and spans a strike length of 240 m with a high-grade portion constrained by an underground panel in the initial MRE (see the New Found Gold news release dated March 24, 2025 ). Pistachio extends from 165 m to 250 m vertical depth and remains open down plunge and to depth. The zone is characterized by a series of quartz veins containing visible gold hosted within a greenish siltstone unit that is spatially associated with a high-grade gold stibnite-bearing fault zone.

AFZ Peripheral Reconnaissance:

Systematic step-out drilling initially focussed on the west side the AFZ and targeting regions with prospective features was initiated in Q4/24 at AFZ Peripheral. This work has delivered encouraging early results. Large stretches of both the east and west sides of the AFZ at AFZ Peripheral have limited to no testing. Topographic lineaments which often indicate faults were tested 2.4 km southwest of Pistachio with three drillholes. One drillhole crosscut a series of stacked quartz veinlets over a downhole length of 42 m containing multiple occurrences of visible gold. Additional reconnaissance drilling 1.6 km along trend to the northeast of Pistachio, targeting a gold-arsenic soil anomaly and gold-in-rotary air blast (" RAB ") drilling intersected a series of brittle structures and mineralization, returning 6.44 g/t Au over 2.95 m (NFGC-24-2212) and visible gold in two of the four holes drilled. This soil anomaly is associated with a topographic lineament having a similar orientation to the prolific Keats-Baseline Fault Zone in the AFZ Core area. The early success in the reconnaissance program has identified two target areas that are open for additional testing. Follow-up drilling is planned for the soil anomaly in Q2/25 as the multitude of prospective features makes this target a priority.

Looking Ahead:

The Company has now released all drill results from the 2024 exploration program, which totaled 89,974 m in 271 DDH. The results of 37,750 m in 82 DDH were received after the cutoff date for inclusion in the initial MRE and will be included in the next MRE for the Project.

Based on the highly encouraging results received to date at Dropkick, the Company plans to conduct follow-up drill testing beginning in June 2025 , with work following at the soil anomaly located north of Pistachio.

Table 1: Drill Result Highlights

| DROPKICK | | | | | | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | K-23-254 | 224.45 | 228.10 | 3.65 | 7.70 | Unknown | Dropkick | | Including | 225.10 | 226.60 | 1.50 | 11.88 | Unknown | | | NFGC-24-2205 | 296.85 | 299.25 | 2.40 | 22.93 | 70-95 | Dropkick | | Including | 297.15 | 298.10 | 0.95 | 56.78 | 70-95 | | | NFGC-24-2214 | 386.20 | 390.15 | 3.95 | 47.60 | 70-95 | Dropkick | | Including | 386.50 | 386.85 | 0.35 | 498.18 | 70-95 | | | Including | 389.25 | 389.75 | 0.50 | 11.46 | 70-95 | | | NFGC-24-2219 | 268.25 | 270.70 | 2.45 | 10.05 | Unknown | Dropkick | | Including | 268.25 | 269.70 | 1.45 | 16.97 | Unknown | | | NFGC-24-2225 | 188.85 | 203.80 | 14.95 | 42.79 | 40-70 | Dropkick | | Including | 197.45 | 198.85 | 1.40 | 432.76 | 40-70 | | | And Including | 197.45 | 198.10 | 0.65 | 745.88 | 40-70 | | | NFGC-24-2228 | 387.45 | 394.00 | 6.55 | 5.77 | Unknown | Dropkick | | Including | 390.05 | 390.50 | 0.45 | 32.48 | Unknown | | | Including | 391.55 | 392.50 | 0.95 | 10.32 | Unknown | | | And | 402.90 | 405.00 | 2.10 | 29.52 | 55-85 | | | Including | 402.90 | 403.40 | 0.50 | 123.86 | 55-85 | | | NFGC-24-2233 | 157.05 | 172.25 | 15.20 | 5.30 | Unknown | Dropkick | | Including | 162.85 | 164.70 | 1.85 | 17.18 | Unknown | | | | | | | | | | | PISTACHIO | | | | | | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2190 | 264.60 | 271.90 | 7.30 | 5.34 | Unknown | Pistachio | | Including | 266.90 | 267.25 | 0.35 | 11.40 | Unknown | | | Including | 268.65 | 269.65 | 1.00 | 11.62 | Unknown | | | NFGC-24-2204A | 264.90 | 267.00 | 2.10 | 8.56 | Unknown | Pistachio | | Including | 265.65 | 266.40 | 0.75 | 23.25 | Unknown | | | NFGC-24-2226 | 284.70 | 287.00 | 2.30 | 9.37 | Unknown | Pistachio | | Including | 284.70 | 285.05 | 0.35 | 60.24 | Unknown | | | | | | | | | | | AFZ PERIPHERAL | | | | | | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2163A | 79.80 | 89.40 | 9.60 | 1.48 | Unknown | AFZ Peripheral | | NFGC-24-2212 | 35.40 | 38.35 | 2.95 | 6.44 | Unknown | AFZ Peripheral | | Including | 35.40 | 35.85 | 0.45 | 42.15 | Unknown | | | | | | | | | |

| 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 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m 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 38 drill holes are included in Table 2 and Table 3 below. |

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Table 2: Summary of composite results reported in this news release for Dropkick, Pristine, Pistachio, AFZ Peripheral, Golden Glove, Big Vein, Green Mantle, and Hazelnut

| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | K-23-254* | 108.90 | 113.00 | 4.10 | 2.45 | Unknown | Dropkick | | Including* | 109.40 | 109.70 | 0.30 | 16.68 | Unknown | | | And | 224.45 | 228.10 | 3.65 | 7.70 | Unknown | | | Including | 225.10 | 226.60 | 1.50 | 11.88 | Unknown | | | NFGC-24-2205 | 278.00 | 280.00 | 2.00 | 1.17 | Unknown | Dropkick | | And | 292.80 | 295.00 | 2.20 | 1.36 | Unknown | | | And | 296.85 | 299.25 | 2.40 | 22.93 | 70-95 | | | Including | 297.15 | 298.10 | 0.95 | 56.78 | 70-95 | | | NFGC-24-2208 | 62.00 | 65.80 | 3.80 | 1.42 | Unknown | Dropkick | | And | 160.55 | 162.90 | 2.35 | 1.42 | Unknown | | | And | 166.10 | 168.10 | 2.00 | 1.49 | Unknown | | | NFGC-24-2214 | 386.20 | 390.15 | 3.95 | 47.60 | 70-95 | Dropkick | | Including | 386.50 | 386.85 | 0.35 | 498.18 | 70-95 | | | Including | 389.25 | 389.75 | 0.50 | 11.46 | 70-95 | | | NFGC-24-2219 | 177.20 | 180.05 | 2.85 | 1.09 | Unknown | Dropkick | | And | 268.25 | 270.70 | 2.45 | 10.05 | Unknown | | | Including | 268.25 | 269.70 | 1.45 | 16.97 | Unknown | | | NFGC-24-2220 | 39.00 | 42.00 | 3.00 | 1.36 | Unknown | Dropkick | | And | 56.45 | 58.70 | 2.25 | 1.65 | Unknown | | | And | 99.30 | 101.45 | 2.15 | 1.11 | Unknown | | | And | 160.10 | 162.15 | 2.05 | 1.21 | Unknown | | | NFGC-24-2225 | 188.85 | 203.80 | 14.95 | 42.79 | 40-70 | Dropkick | | Including | 197.45 | 198.85 | 1.40 | 432.76 | 40-70 | | | And Including | 197.45 | 198.10 | 0.65 | 745.88 | 40-70 | | | And | 212.70 | 215.15 | 2.45 | 1.38 | Unknown | | | And | 243.95 | 248.25 | 4.30 | 1.08 | Unknown | | | NFGC-24-2228 | 387.45 | 394.00 | 6.55 | 5.77 | Unknown | Dropkick | | Including | 390.05 | 390.50 | 0.45 | 32.48 | Unknown | | | Including | 391.55 | 392.50 | 0.95 | 10.32 | Unknown | | | And | 402.90 | 405.00 | 2.10 | 29.52 | 55-85 | | | Including | 402.90 | 403.40 | 0.50 | 123.86 | 55-85 | | | NFGC-24-2232 | No Significant Values | Dropkick | | | | | | NFGC-24-2233 | 15.00 | 18.50 | 3.50 | 1.98 | Unknown | Dropkick | | And | 48.45 | 52.15 | 3.70 | 2.21 | 55-85 | | | And | 157.05 | 172.25 | 15.20 | 5.30 | Unknown | | | Including | 162.85 | 164.70 | 1.85 | 17.18 | Unknown | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2182 | No Significant Values | Pristine | | | | | | NFGC-24-2186 | No Significant Values | Pristine | | | | | | NFGC-24-2195 | 254.05 | 256.80 | 2.75 | 2.26 | Unknown | Pristine | | And | 261.90 | 264.00 | 2.10 | 1.15 | Unknown | | | And | 270.40 | 272.60 | 2.20 | 1.04 | Unknown | | | NFGC-24-2203 | No Significant Values | Pristine | | | | | | NFGC-24-2237 | No Significant Values | Pristine | | | | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2171 | 289.45 | 292.00 | 2.55 | 1.28 | Unknown | Pistachio | | And | 295.50 | 297.55 | 2.05 | 1.76 | Unknown | | | NFGC-24-2174 | 248.25 | 255.15 | 6.90 | 1.36 | 70-95 | Pistachio | | And | 270.25 | 272.40 | 2.15 | 1.36 | Unknown | | | And | 304.65 | 309.10 | 4.45 | 1.26 | Unknown | | | NFGC-24-2178 | 256.85 | 261.00 | 4.15 | 1.10 | Unknown | Pistachio | | NFGC-24-2183 | 215.20 | 221.30 | 6.10 | 1.32 | Unknown | Pistachio | | And | 285.30 | 288.55 | 3.25 | 1.71 | Unknown | | | And | 420.90 | 423.75 | 2.85 | 1.42 | Unknown | | | And | 435.20 | 437.45 | 2.25 | 1.31 | Unknown | | | NFGC-24-2190 | 250.30 | 252.85 | 2.55 | 3.49 | Unknown | Pistachio | | And | 264.60 | 271.90 | 7.30 | 5.34 | Unknown | | | Including | 266.90 | 267.25 | 0.35 | 11.40 | Unknown | | | Including | 268.65 | 269.65 | 1.00 | 11.62 | Unknown | | | NFGC-24-2198 | 215.50 | 218.15 | 2.65 | 2.70 | Unknown | Pistachio | | Including | 215.50 | 216.05 | 0.55 | 11.90 | Unknown | | | And | 286.75 | 289.90 | 3.15 | 2.99 | Unknown | | | NFGC-24-2204A | 264.90 | 267.00 | 2.10 | 8.56 | Unknown | Pistachio | | Including | 265.65 | 266.40 | 0.75 | 23.25 | Unknown | | | And | 385.00 | 387.05 | 2.05 | 2.46 | Unknown | | | NFGC-24-2215 | 244.6 | 247.35 | 2.75 | 1.34 | Unknown | Pistachio | | And | 358.8 | 361.3 | 2.5 | 2.95 | Unknown | | | NFGC-24-2226 | 263.95 | 266 | 2.05 | 1.64 | Unknown | Pistachio | | And | 284.7 | 287 | 2.3 | 9.37 | Unknown | | | Including | 284.7 | 285.05 | 0.35 | 60.24 | Unknown | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2216 | No Significant Values | Golden Glove | | | | | | NFGC-24-2231 | No Significant Values | Golden Glove | | | | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2164 | No Significant Values | Big Vein | | | | | | NFGC-24-2167 | No Significant Values | Big Vein | | | | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2163A | 56.50 | 59.00 | 2.50 | 2.11 | Unknown | AFZ Peripheral | | And | 72.00 | 74.80 | 2.80 | 2.21 | Unknown | | | And | 79.80 | 89.40 | 9.60 | 1.48 | Unknown | | | And | 122.00 | 124.70 | 2.70 | 2.11 | Unknown | | | NFGC-24-2165 | No Significant Values | AFZ Peripheral | | | | | | NFGC-24-2170 | 405.00 | 407.15 | 2.15 | 3.90 | Unknown | AFZ Peripheral | | NFGC-24-2192 | No Significant Values | AFZ Peripheral | | | | | | NFGC-24-2196 | 106.25 | 108.90 | 2.65 | 1.95 | Unknown | AFZ Peripheral | | NFGC-24-2212 | 35.4 | 38.35 | 2.95 | 6.44 | Unknown | AFZ Peripheral | | Including | 35.4 | 35.85 | 0.45 | 42.15 | Unknown | | | NFGC-24-2218 | No Significant Values | AFZ Peripheral | | | | | | NFGC-24-2224 | 319.65 | 321.70 | 2.05 | 1.30 | Unknown | AFZ Peripheral | | NFGC-24-2235 | 204.90 | 207.50 | 2.60 | 4.01 | Unknown | AFZ Peripheral | | Including | 204.9 | 205.7 | 0.8 | 13.42 | Unknown | | | | | | | | | | | Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone | | NFGC-24-2162 | 285.75 | 288.25 | 2.50 | 5.42 | 75-95 | Green Mantle | | Including | 285.75 | 286.25 | 0.50 | 24.55 | 75-95 | | | | | | | | | |

| _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 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m 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. Previously released interval. |

_Table 3: __Details of drill holes reported in this news release _

| Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect | | K-23-254 | 140 | -45 | 271 | 663159 | 5438126 | Dropkick | | NFGC-24-2162 | 96 | -49 | 344 | 661292 | 5434748 | Green Mantle | | NFGC-24-2163A | 120 | -45 | 436 | 660520 | 5433196 | Knobby | | NFGC-24-2164 | 82 | -51 | 317 | 661293 | 5434748 | Big Vein | | NFGC-24-2165 | 145 | -45 | 422 | 660497 | 5433494 | Knobby | | NFGC-24-2167 | 49 | -48.5 | 440 | 661217 | 5434812 | Big Vein | | NFGC-24-2170 | 120 | -45 | 464 | 661058 | 5434405 | Knobby | | NFGC-24-2171 | 331 | -59.5 | 389 | 661924 | 5435249 | Pistachio | | NFGC-24-2174 | 300 | -45 | 419 | 661945 | 5435186 | Pistachio | | NFGC-24-2178 | 306 | -45 | 311 | 661895 | 5435174 | Pistachio | | NFGC-24-2182 | 120 | -45 | 419 | 661945 | 5435728 | Pristine | | NFGC-24-2183 | 301 | -48 | 473 | 661895 | 5435174 | Pistachio | | NFGC-24-2186 | 325 | -45 | 371 | 661945 | 5435727 | Pristine | | NFGC-24-2190 | 313 | -52 | 404 | 661946 | 5435186 | Pistachio | | NFGC-24-2192 | 300 | -45 | 431 | 662333 | 5436311 | AFZ Peripheral | | NFGC-24-2195 | 303 | -53 | 329 | 661946 | 5435186 | Pistachio | | NFGC-24-2196 | 120 | -45 | 308 | 662333 | 5436311 | AFZ Peripheral | | NFGC-24-2198 | 323 | -57 | 335 | 661946 | 5435186 | Pistachio | | NFGC-24-2203 | 120 | -45 | 398 | 661946 | 5436637 | Pristine | | NFGC-24-2204A | 327 | -62 | 431 | 661977 | 5435268 | Pistachio | | NFGC-24-2205 | 120 | -50 | 404 | 663035 | 5438087 | Dropkick | | NFGC-24-2208 | 120 | -45 | 179 | 663434 | 5438446 | Dropkick | | NFGC-24-2212 | 120 | -45 | 308 | 662518 | 5436724 | AFZ Peripheral | | NFGC-24-2214 | 120 | -45 | 434 | 662964 | 5438076 | Dropkick | | NFGC-24-2215 | 328 | -56 | 404 | 661977 | 5435268 | Pistachio | | NFGC-24-2216 | 300 | -45 | 377 | 661088 | 5432962 | Golden Glove | | NFGC-24-2218 | 300 | -45 | 194 | 662518 | 5436725 | AFZ Peripheral | | NFGC-24-2219 | 120 | -45 | 332 | 663069 | 5438060 | Dropkick | | NFGC-24-2220 | 120 | -45 | 185 | 663454 | 5438492 | Dropkick | | NFGC-24-2224 | 119 | -45.5 | 398 | 662489 | 5436972 | AFZ Peripheral | | NFGC-24-2225 | 120 | -45 | 296 | 663076 | 5438004 | Dropkick | | NFGC-24-2226 | 345 | -60 | 395 | 661977 | 5435268 | Pistachio | | NFGC-24-2228 | 120 | -45 | 491 | 662962 | 5438130 | Dropkick | | NFGC-24-2231 | 300 | -45 | 419 | 660941 | 5432777 | Golden Glove | | NFGC-24-2232 | 120 | -45 | 356 | 663030 | 5437984 | Dropkick | | NFGC-24-2233 | 120 | -45 | 173 | 663424 | 5438408 | Dropkick | | NFGC-24-2235 | 300 | -45 | 299 | 662538 | 5436656 | AFZ Peripheral | | NFGC-24-2237 | 308 | -56 | 331 | 662068 | 5435329 | Pistachio |