New Found Gold Uncovers Exceptional Gold Grades at Iceberg Excavation Site

New Found Gold Corp. has revealed outstanding results from its channel sampling program at the Iceberg excavation site, part of its wholly-owned Queensway Gold Project in Newfoundland and Labrador. The comprehensive sampling effort delivered remarkable gold grades, including 117 g/t Au over 2.16 meters and 113 g/t Au over 2.99 meters across 185 meters of continuous exposure.

The excavation program successfully exposed broad zones of gold-bearing quartz veins by removing 2.5 to 9 meters of overburden to access the underlying structures. This approach provided unprecedented access to surface expressions of high-grade mineralization at Iceberg, covering a 220-meter by 105-meter area.

“Our recently completed channel sampling program has further demonstrated the continuity of at-surface, high-grade gold mineralization across 185 meters of continuous exposure at Iceberg, one of the zones we have targeted for Phase I custom milling in the Queensway Preliminary Economic Assessment,” said Melissa Render, President of New Found Gold.

The systematic sampling program covered 964 meters of channel samples across 45 channel lines. Additional significant intercepts include 64.8 g/t Au over 6.71 meters and 47.4 g/t Au over 7.36 meters, demonstrating the presence of coarse, high-grade gold mineralization throughout the exposed area.

The company employed rigorous technical standards to ensure reliable data for future resource estimates and mine planning. Sampling was conducted at 7.5-meter intervals across the exposed bedrock surface, with individual samples typically measuring 1.0 meter in length and adjusted to respect geological contacts.

Samples underwent gold determination through photon assay or screened metallic analysis at ALS Thunder Bay, an ISO-17025 accredited laboratory. Quality control measures included standards and blanks accounting for at least 10% of samples. For samples exceeding 350 g/t Au, additional screened metallic analysis was performed to ensure accuracy of high-grade results.

The channel sampling results have provided important validation of New Found Gold’s existing geological and resource models for the Iceberg zone. The data revealed grade variability patterns consistent with coarse free gold quartz vein systems while confirming the continuity of mineralization across the exposed area.

“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,” Render noted.

The Iceberg zone forms part of the larger Keats Baseline Fault Zone, a 2-kilometer-long deformation corridor that hosts both the Keats and Iceberg zones. This geological framework provides a systematic understanding of the controls on gold mineralization and supports continued exploration and development activities.

The correlation between channel sampling results and established models reduces uncertainty in resource estimation and supports confidence in areas designated for Phase I mining operations outlined in the company’s Preliminary Economic Assessment released in July 2025.

New Found Gold is advancing multiple programs to develop the Queensway project. A substantial 70,000-meter drill program commenced in May 2025, with approximately 80% focused on the AFZ Core area containing Iceberg and related zones. The remaining 20% targets exploration opportunities outside the current mineral resource estimate area.

Parallel excavation work continues at the Lotto zone, where 210 meters of strike length has been exposed through systematic excavation. Channel sampling at Lotto is nearing completion, with results expected to provide similar validation of geological models and resource estimates.

Following completion of channel sampling at Keats and Iceberg, a tightly spaced 5-meter by 5-meter definition drilling program is ongoing at Keats and expected to commence at Iceberg in the coming weeks. An infill drill program covering proposed PEA Phase I open pits aims to convert resources from inferred to indicated categories, with completion expected in Q4 2025.

Additional technical work includes geotechnical drilling of PEA Phase I pits, condemnation drilling for infrastructure and plant siting, and continued exploration at AFZ Peripheral near the Dropkick zone. Hydrogeological drilling has commenced and is expected to conclude in Q4 2025.

The exceptional grades reported from the Iceberg channel sampling program position New Found Gold among the higher-grade gold development projects currently advancing through feasibility studies. The Queensway project’s location in Newfoundland and Labrador provides access to established mining infrastructure and regulatory frameworks supporting mineral development.

The company trades on the TSX Venture Exchange under the symbol NFG and on the NYSE American under NFGC. The systematic validation of high-grade gold mineralization through these technical programs reduces geological risk for potential investors and development partners as the company progresses toward potential production.