AI
Wednesday, November 19, 2025 8:18:22 PM
New Found Gold Announces Infill and Expansion Drilling at the K2 Zone, Queensway Gold Project
(TSX-V: NFG | NYSE-A: NFGC)
Vancouver, BC, November 19, 2025 – New Found Gold Corp. (“New Found Gold” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce new results from infill and expansion drilling at the K2 zone (“K2”) and limited infill drilling at the Jackpot zone (“Jackpot”) in the AFZ Core (“AFZC”), as part of the Company’s ongoing 2025 drill program on its 100%-owned Queensway Gold Project (“Queensway” or the “Project”) in Newfoundland and Labrador, Canada.
Highlights include:
K2 AFZC Phase 1 open pit infill program:
16.7 g/t Au¹ over 12.25 m² from 144.25 m (NFGC-25-2416)
5.32 g/t Au over 18.85 m from 184.55 m (NFGC-25-2453)
4.17 g/t Au over 18.00 m from 26.00 m (NFGC-25-2371)
3.71 g/t Au over 18.25 m from 127.75 m (NFGC-25-2371)
4.52 g/t Au over 10.00m from 131.00 m (NFGC-25-2436)
3.94 g/t Au over 10.25m from 155.85m (NFGC-25-2436)
K2 AFZC expansion:
2.38 g/t Au over 22.10 m from 112.00 m (NFGC-25-2362)
Melissa Render, President of New Found Gold stated: “Infill drilling of the AFZC Phase 1 open pits at K2 and Jackpot at Queensway continues to demonstrate good continuity of gold mineralization and a good correlation with the initial MRE. As part of this phase of our 2025 campaign, we drilled deeper than the previously tested limits of mineralization at K2. We were encouraged to encounter a broad interval of gold mineralization, highlighting the zone’s potential for expansion to depth.”
Work Summary
The results presented in this release include infill and expansion drilling within the Phase 1 open pit at K2 and infill drilling within the Phase 1 open pit at Jackpot, as outlined in the Company’s Preliminary Economic Assessment (“PEA”) on the AFZC (see the New Found Gold news release dated July 21 2025; Figures 1 to 3).
In total, this release reports the results of 5,777 meters (“m”) of drilling across 46 diamond drill holes (“DDH”) at K2 and Jackpot completed in H2/25 as part of the AFZ Core (AFZC) infill program. Drill highlights, along with detailed results for all 46 DDH, are provided in Tables 1 to 3 below.
At K2, this work included 5,293 m of drilling in 38 DDH which commenced in June and has recently been completed with the remaining assay results expected in late Q4/25.
At Jackpot, a limited Phase 1 infill program was conducted in Q3/25, with 484 m across 8 DDH, of which all results are included in this release.
¹ g/t Au= grams of gold per tonne
² m = metres
Figure 1: Plan view map of the AFZ Core with location of K2 and Jackpot zones.
K2
The primary objective of the recently completed drilling at K2 was to upgrade mineral resources from the inferred to the indicated category within the PEA Phase 1 open pit. Infill results received to date confirm good continuity of gold mineralization at K2 and demonstrate a good correlation with the existing mineral resource estimate (“MRE”) block model.
In addition, this work identified promising regions of high-grade mineralization that will be evaluated in detail during an updated MRE, currently planned for H1/26. Notably, DDH NFGC-25-2362 intersected 2.38 g/t Au over 22.10 m immediately outside of the PEA open pit shell and initial MRE block model (Figure 3). This area will be assessed for follow up drilling in 2026.
K2 is a gold-mineralized zone comprised of multiple structures and crosscutting vein orientations, currently defined by a mineralized footprint measuring approximately 490 m in length and 395 m in width. Gold mineralization begins at surface and has been defined by drilling to a maximum vertical depth of 250 m, where it remains open to depth (Figure 3). The majority of gold at K2 is hosted within the K2 main structure (“K2MS”), a gold-bearing, low-angle fault zone dipping 30–40° to the south-southeast. This structure shares a similar dip to the Keats West zone and has a strike orientation comparable to the Keats-Baseline Fault Zone.
Within the broader mineralized system at K2, multiple high-grade gold domains occur alongside areas of mineralization distributed over broad thicknesses, typically concentrated near structural intersections or zones of structural complexity.
Looking ahead, drilling at K2 in 2026 is planned to focus on converting PEA Phase 2 open pit inferred resources to indicated and advancing drilling on PEA underground mining panels.
Jackpot
Similar to K2, the primary objective of the recently completed 2025 drilling at Jackpot was to upgrade mineral resources from the inferred to the indicated category within the PEA Phase 1 open pit. Jackpot required only a nominal amount of drilling to cover the Phase 1 open pits. Previous drilling tested the remainder of the area at the required drill hole spacing to the indicated category. This program is complete, and all assay results have been received (Tables 1 to 2).
Figure 2: Plan view map K2 and Jackpot zones.
Figure 3: Cross-section of the K2 PEA open pit (looking west).
Looking Ahead
The 70,000 m 2025 Queensway drill program commenced in May 2025, with approximately 80% of the drilling focused on the AFZ Core area and the remaining 20% focused on exploration targets outside the MRE area. The 2025 Queensway drill program is over 85% complete and is on track to finish all proposed drilling in Q4/25.
Infill drilling covering the PEA Phase 1 open pits, with the objective of converting resources from inferred to indicated, is ongoing and expected to be completed in Q4/25. Additional ongoing drilling at Queensway includes geotechnical drilling of PEA Phase 1 pits, condemnation drilling for infrastructure and plant siting and hydrogeological drilling, all of which has commenced and is expected to conclude in Q4/25.
Exploration drilling continues in the vicinity of the Dropkick zone in the AFZ Peripheral (“AFZP”) area, approximately 11 kilometres north of the AFZC, where the Company has begun to outline a new zone of gold mineralization (see the New Found Gold news releases dated February 11, 2025, May 21, 2025, October 30, 2025).
In addition to the 2025 drill program, an excavation program is underway to excavate, map and channel sample near-surface zones of the AFZC, with the objective of validating the geological model and collecting detailed analytical information across key zones that will be part of the PEA Phase 1 mine plan. Excavation, mapping and channel sampling of the Lotto zone (‘Lotto”) is now complete, and samples have been sent for analysis. The Lotto excavation has uncovered a 210 m long by 70 m area; results from this work will be released once they are available.
With channel sampling at the Keats and Iceberg excavations complete (see the New Found Gold news releases dated September 23, 2024, December 2, 2024 and September 25, 2025), a 5 m by 5 m definition drilling program covering a 65 m by 30 m area is ongoing at the Keats zone and a 5 m by 5 m definition drilling program covering a 60 m by 45 m area has commenced at the Iceberg zone in late Q4/25.
CONTINUED:
https://mailchi.mp/newfoundgold/new-found-gold-announces-infill-and-expansion-drilling-at-the-k2-zone-queensway-gold-project?e=2f3758c945
(TSX-V: NFG | NYSE-A: NFGC)
Vancouver, BC, November 19, 2025 – New Found Gold Corp. (“New Found Gold” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce new results from infill and expansion drilling at the K2 zone (“K2”) and limited infill drilling at the Jackpot zone (“Jackpot”) in the AFZ Core (“AFZC”), as part of the Company’s ongoing 2025 drill program on its 100%-owned Queensway Gold Project (“Queensway” or the “Project”) in Newfoundland and Labrador, Canada.
Highlights include:
K2 AFZC Phase 1 open pit infill program:
16.7 g/t Au¹ over 12.25 m² from 144.25 m (NFGC-25-2416)
5.32 g/t Au over 18.85 m from 184.55 m (NFGC-25-2453)
4.17 g/t Au over 18.00 m from 26.00 m (NFGC-25-2371)
3.71 g/t Au over 18.25 m from 127.75 m (NFGC-25-2371)
4.52 g/t Au over 10.00m from 131.00 m (NFGC-25-2436)
3.94 g/t Au over 10.25m from 155.85m (NFGC-25-2436)
K2 AFZC expansion:
2.38 g/t Au over 22.10 m from 112.00 m (NFGC-25-2362)
Melissa Render, President of New Found Gold stated: “Infill drilling of the AFZC Phase 1 open pits at K2 and Jackpot at Queensway continues to demonstrate good continuity of gold mineralization and a good correlation with the initial MRE. As part of this phase of our 2025 campaign, we drilled deeper than the previously tested limits of mineralization at K2. We were encouraged to encounter a broad interval of gold mineralization, highlighting the zone’s potential for expansion to depth.”
Work Summary
The results presented in this release include infill and expansion drilling within the Phase 1 open pit at K2 and infill drilling within the Phase 1 open pit at Jackpot, as outlined in the Company’s Preliminary Economic Assessment (“PEA”) on the AFZC (see the New Found Gold news release dated July 21 2025; Figures 1 to 3).
In total, this release reports the results of 5,777 meters (“m”) of drilling across 46 diamond drill holes (“DDH”) at K2 and Jackpot completed in H2/25 as part of the AFZ Core (AFZC) infill program. Drill highlights, along with detailed results for all 46 DDH, are provided in Tables 1 to 3 below.
At K2, this work included 5,293 m of drilling in 38 DDH which commenced in June and has recently been completed with the remaining assay results expected in late Q4/25.
At Jackpot, a limited Phase 1 infill program was conducted in Q3/25, with 484 m across 8 DDH, of which all results are included in this release.
¹ g/t Au= grams of gold per tonne
² m = metres
Figure 1: Plan view map of the AFZ Core with location of K2 and Jackpot zones.
K2
The primary objective of the recently completed drilling at K2 was to upgrade mineral resources from the inferred to the indicated category within the PEA Phase 1 open pit. Infill results received to date confirm good continuity of gold mineralization at K2 and demonstrate a good correlation with the existing mineral resource estimate (“MRE”) block model.
In addition, this work identified promising regions of high-grade mineralization that will be evaluated in detail during an updated MRE, currently planned for H1/26. Notably, DDH NFGC-25-2362 intersected 2.38 g/t Au over 22.10 m immediately outside of the PEA open pit shell and initial MRE block model (Figure 3). This area will be assessed for follow up drilling in 2026.
K2 is a gold-mineralized zone comprised of multiple structures and crosscutting vein orientations, currently defined by a mineralized footprint measuring approximately 490 m in length and 395 m in width. Gold mineralization begins at surface and has been defined by drilling to a maximum vertical depth of 250 m, where it remains open to depth (Figure 3). The majority of gold at K2 is hosted within the K2 main structure (“K2MS”), a gold-bearing, low-angle fault zone dipping 30–40° to the south-southeast. This structure shares a similar dip to the Keats West zone and has a strike orientation comparable to the Keats-Baseline Fault Zone.
Within the broader mineralized system at K2, multiple high-grade gold domains occur alongside areas of mineralization distributed over broad thicknesses, typically concentrated near structural intersections or zones of structural complexity.
Looking ahead, drilling at K2 in 2026 is planned to focus on converting PEA Phase 2 open pit inferred resources to indicated and advancing drilling on PEA underground mining panels.
Jackpot
Similar to K2, the primary objective of the recently completed 2025 drilling at Jackpot was to upgrade mineral resources from the inferred to the indicated category within the PEA Phase 1 open pit. Jackpot required only a nominal amount of drilling to cover the Phase 1 open pits. Previous drilling tested the remainder of the area at the required drill hole spacing to the indicated category. This program is complete, and all assay results have been received (Tables 1 to 2).
Figure 2: Plan view map K2 and Jackpot zones.
Figure 3: Cross-section of the K2 PEA open pit (looking west).
Looking Ahead
The 70,000 m 2025 Queensway drill program commenced in May 2025, with approximately 80% of the drilling focused on the AFZ Core area and the remaining 20% focused on exploration targets outside the MRE area. The 2025 Queensway drill program is over 85% complete and is on track to finish all proposed drilling in Q4/25.
Infill drilling covering the PEA Phase 1 open pits, with the objective of converting resources from inferred to indicated, is ongoing and expected to be completed in Q4/25. Additional ongoing drilling at Queensway includes geotechnical drilling of PEA Phase 1 pits, condemnation drilling for infrastructure and plant siting and hydrogeological drilling, all of which has commenced and is expected to conclude in Q4/25.
Exploration drilling continues in the vicinity of the Dropkick zone in the AFZ Peripheral (“AFZP”) area, approximately 11 kilometres north of the AFZC, where the Company has begun to outline a new zone of gold mineralization (see the New Found Gold news releases dated February 11, 2025, May 21, 2025, October 30, 2025).
In addition to the 2025 drill program, an excavation program is underway to excavate, map and channel sample near-surface zones of the AFZC, with the objective of validating the geological model and collecting detailed analytical information across key zones that will be part of the PEA Phase 1 mine plan. Excavation, mapping and channel sampling of the Lotto zone (‘Lotto”) is now complete, and samples have been sent for analysis. The Lotto excavation has uncovered a 210 m long by 70 m area; results from this work will be released once they are available.
With channel sampling at the Keats and Iceberg excavations complete (see the New Found Gold news releases dated September 23, 2024, December 2, 2024 and September 25, 2025), a 5 m by 5 m definition drilling program covering a 65 m by 30 m area is ongoing at the Keats zone and a 5 m by 5 m definition drilling program covering a 60 m by 45 m area has commenced at the Iceberg zone in late Q4/25.
CONTINUED:
https://mailchi.mp/newfoundgold/new-found-gold-announces-infill-and-expansion-drilling-at-the-k2-zone-queensway-gold-project?e=2f3758c945
