New Found Gold announces a new high-grade discovery at the Queensway Project

Gold is visible in drill cores from the Honeypot Zone at the Queensway Gold Project in Newfoundland.

Hole NFGC-23-1810 from the Honeypot zone recorded 26.35 g/t gold over 7.65 metres, including 101.72 g/t gold over 1.8 metres.

New Found Gold obtained results from 16 diamond holes tested at the Honeypot, part of the Queensway Gold Project 15 km west of Gander, Newfoundland and Labrador.

The area was discovered last year 230 meters north of the Jackpot and on the eastern side of the Appleton Fault Zone.

Dig a honey trap

• NFGC-23-1810: 26.35 g/t gold at a depth of 7.65 metres, including 101.72 g/t at a depth of 1.8 meters and 24.06 g/t at a depth of 0.5 metres.
• NFGC-23-1828: 2.05 g/t gold at 14.7 metres.
• NFGC-23-1900: 6.70 g/t gold at 6.2 metres, including 16.93 g/t at 0.5 metres, 17.24 g/t at 1.1 metres, and separately 1.5 g/t at 2 metres.
• NFGC-23-1931: 23.05 g/t gold over 5.3 metres, including 71.42 g/t gold over 0.5 metres, 67.99 g/t gold over 1 metre, and 11.39 g/t gold over 1 metre.

The Honeypot gold is located on a major fault identified by drilling over 280 meters to a depth of 190 metres. The field shows good continuity and the grade appears higher at depth.

The 2024 drilling program will pursue the Honeypot to expand on known mineralization, said Melissa Render, vice president of exploration at New Found.

The company is working on a 650,000 meter drilling program at Queensway. No resource estimate has been completed in accordance with NI 43-101.