New Found Gold Expands Queensway Gold Project 2025 Work Program

Core Viewpoint - New Found Gold Corp. is expanding its 2025 Work Program at the Queensway Gold Project, focusing on advancing the project towards development with significant drilling and engineering studies planned [1][3]. Work Program Expansion - The 2025 work program will include approximately 70,000 meters of drilling, with 80% dedicated to resource definition and pre-development drilling, and 20% focused on exploration [3][8]. - The company is well-financed following a recent bought deal financing, enabling the expansion of the work program [3]. Drilling Focus - About 80% of the planned drilling will target infill drilling of inferred and unclassified mineralization within the AFZ Core, along with grade control drilling at the Keats and Iceberg zones [4]. - The exploration drilling will focus on high-priority targets such as the Dropkick zone, which is a new high-grade gold target located 11 kilometers north of the AFZ Core [5][6]. Excavation and Sampling - The AFZ Core excavation program is underway, with channel sampling of the Iceberg excavation approximately 80% complete [10]. - Excavation of the Lotto zone is expected to be completed in Q4 2025, with channel sampling planned for Q2 2026 [11]. Regional Exploration - A regional exploration program at Queensway South and Queensway North is ongoing, focusing on the extensions of the Appleton and JBP Fault Zones [12]. - This program includes soil and rock sampling, trenching, and a 156 square kilometer magnetic survey [12]. Engineering and Environmental Studies - The company has engaged SLR Consulting to deliver an initial Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA), with the PEA expected to be completed by late Q2 2025 [13]. - Additional environmental studies will be conducted in 2025 to ensure all baseline studies are completed for upcoming permitting processes [14]. Company Overview - New Found Gold holds a 100% interest in the Queensway project, which spans 175,600 hectares and covers a 110 km strike extent along two prospective fault zones [16]. - The company is focused on growth and value creation at Queensway, supported by a solid shareholder base, including a 19% holding by Eric Sprott [16].