New Found Gold Launches Dual-Focus 2025 Program: Resource Development & High-Grade Exploration at Queensway Project

• New Found Gold Corp. has commenced its 2025 work program at the wholly-owned Queensway Gold Project in Newfoundland and Labrador, with initial focus on infill drilling at the Keats West and Lotto zones using four diamond drill rigs.
• The company plans to mobilize two additional drill rigs in June 2025 to support both infill drilling and exploration of high-priority targets, including the Dome and Dropkick zones.
• Dewatering operations have begun at the Iceberg zone excavation site in preparation for channel sampling, which is expected to start in late May 2025.
• Following the completion of 2024 drilling, the company announced an initial mineral resource estimate in Q1 2025 and is currently working on a fully-funded Preliminary Economic Assessment scheduled for completion in late Q2 2025.

New Found Gold (TSXV:NFG) is a Canadian exploration company focused on discovering high-grade gold deposits. The company holds a 100% interest in the Queensway Project, a 175,600-hectare property in Newfoundland and Labrador that covers a 110 km strike extent along two prospective fault zones. With an initial mineral resource estimate announced in Q1 2025, a fully-funded Preliminary Economic Assessment (PEA) underway, and financial backing including a 19% stake held by well-known mining investor Eric Sprott, New Found Gold is positioning itself to advance its flagship project toward development while continuing to explore the district-scale potential of the property.

From Resource Definition to Expansion

New Found Gold announced the commencement of its 2025 work program at the Queensway Gold Project. This announcement sees the company transition from pure exploration to a development-focused approach following its initial mineral resource estimate earlier this year.

The 2025 drilling program has begun with four diamond drill rigs targeting the Keats West and Lotto zones within the AFZ Core of the Queensway mineral resource. This initial phase focuses on infill drilling to increase confidence in the resource model prior to excavation activities planned for the near-surface portions of these zones.

"We are excited to begin our 2025 work program at Queensway," stated Melissa Render, President of New Found Gold. "With an initial mineral resource announced in Q1/25 and a fully-funded PEA scheduled for completion later this quarter, the primary focus at Queensway has shifted to put the Company on a path towards development."

Upon completion of the Keats West and Lotto infill drilling, the company plans to expand its focus to include both resource definition and growth targets. Infill drilling will continue in priority open pit and underground portions of the mineral resource, while exploration drilling will target the Dome and Golden Dome zones.

These recently discovered high-grade areas are located near the initial mineral resource estimate and within 250 to 350 meters of the surface. Previous drilling at these zones has yielded impressive results, including 51.2 g/t Au over 13.3m and 148 g/t Au over 4.1m, as reported in February 2025, and 38.7 g/t Au over 6.55m, announced in April 2025.

New Found Gold's 2025 program extends beyond resource definition with plans to mobilize two additional drill rigs in early June. These rigs will focus on exploration targets located 10 to 12 kilometers north of the AFZ Core, including the Dropkick zone.

Excavation Program Provides Direct Access to Mineralization

A key component of New Found Gold's 2025 work program is the continuation of its excavation activities at the AFZ Core. This program began in 2023 with the Keats zone, which was excavated and then mapped and sampled in 2024. According to the company, this work successfully provided greater confidence in the geologic model, grade distribution of high-grade veins, and structural controls on mineralization.

The current focus is on the Iceberg zone, which was excavated over a 220m by 105m area in late 2024 and is currently being dewatered. Once dewatering is complete, the company will conduct channel sampling, expected to begin in late May and take approximately three weeks to complete. The excavation has exposed broad zones of gold-bearing quartz veins directly below 2.5 to 9 meters of overburden.

"Our 2025 drilling will focus first on infill of the mineral resource and then progress to target areas close to the mineral resource with potential for future resource expansion. Concurrent with drilling, we are expanding our excavation program in advance of bulk sampling planned for the first half of 2026," explained Render.

Following the completion of infill drilling at Keats West and Lotto, the company plans to excavate the 7 to 14 meters of overburden at Keats West and 3 to 5 meters of overburden at Lotto to expose the gold-bearing quartz veins. This work is expected to be completed in Q4 2025, with channel sampling planned for Q2 2026.

Future Outlook and Potential Program Expansion

Looking ahead, New Found Gold indicated it continues to evaluate the potential to add additional drills to expand the 2025 work program. The company stated it will provide an update when the full 2025 program has been finalized, suggesting possible increases to the scope of work outlined in the current announcement.

With a new management team in place, shareholder support including Eric Sprott's 19% holding, and a focus on growth and value creation, New Found Gold intends to advance the Queensway Project. The combination of resource definition drilling, strategic exploration, and excavation work provides multiple avenues for potential value creation as the company progresses through 2025.

New Found Gold's announcement of its 2025 work program at the Queensway Gold Project represents a shift in focus from pure exploration to a more balanced approach that includes both resource development and continued exploration. The company's transition follows the announcement of an initial mineral resource estimate in Q1 2025 and comes amid work on a Preliminary Economic Assessment expected to be completed by the end of Q2 2025.

For investors following the junior gold mining sector, New Found Gold presents an interesting case study in the evolution from explorer to developer. The company maintains exploration upside through its district-scale land package and high-priority targets like Dropkick, while simultaneously advancing known resources toward potential development through infill drilling and excavation work. Investors should watch for the completion of the PEA in late Q2 2025 and any expansions to the 2025 work program as indicators of the company's progress and potential.