New Found Gold Corp. Provides Queensway Gold Project Overview and Plans; Files Technical Report

Core Insights - New Found Gold Corp. has provided an overview and plans for the Queensway Gold Project, including the filing of a technical report for the initial mineral resource estimate [1][29] - The company is advancing towards a preliminary economic assessment (PEA) scheduled for completion in late Q2/25, with a focus on exploring additional discoveries [3][29] Project Highlights - The Queensway Gold Project is located in a Tier 1 jurisdiction with favorable mining conditions, including access to infrastructure and a skilled workforce [5] - The initial mineral resource estimate includes 18.0 million tonnes grading 2.40 grams per tonne (g/t) gold, totaling 1.39 million ounces (Moz) in the indicated category, and 10.7 million tonnes grading 1.77 g/t gold, totaling 0.61 Moz in the inferred category [5][9] - High-grade veins are exposed at the surface, with 73% of the ounces contained in 24% of the tonnage within the mineral resource pit shells [5] Future Plans - A fully funded PEA is underway, with a planned release in late Q2/25 [6] - A 2025 drill campaign is being planned to start in mid Q2/25, focusing on resource conversion and exploration for additional major deposits along the 110 km strike extent of the project [6] - Bulk sampling is planned to commence in H1/26 to confirm grade continuity and validate the resource model [6] Technical Report and Resource Estimate - The technical report was prepared by SLR Consulting in accordance with Canadian standards and has been filed under the company's profile [7][29] - The current mineral resource estimate as of March 15, 2025, shows a total of 18.0 million tonnes indicated and 10.7 million tonnes inferred, with respective grades and contained metal detailed in the report [9][10] Data Verification and Quality Control - The data used in the mineral resource estimate is supported by quality assurance and quality control procedures, ensuring the reliability of the assay database [19][23] - An independent Qualified Person has reviewed the sampling, analytical methods, and QA/QC program, confirming they meet industry standards [21][25]