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New Found Gold Confirms At-Surface High-Grade Core in Iceberg Excavation Channel Sampling Program

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VANCOUVER, BC, Sept. 25, 2025

VANCOUVER, BC, Sept. 25, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce the results of a channel sampling program at the Iceberg excavation ("Iceberg" or the "Excavation") in the AFZ Core area on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Highlights - Iceberg Channel Sampling Program1:
  • 64.8 g/t Au2 over 6.71 m3 (IB-25-01-10)
  • 23.9 g/t Au over 15.12 m (IB-25-01-16)
  • 113 g/t Au over 2.99 m (IB-25-01-18)
  • 47.4 g/t Au over 7.36 m (IB-25-01-40)
  • 23.0 g/t Au over 13.74 m (IB-25-01-08)
  • 117 g/t Au over 2.16 m (IB-25-01-07)

Melissa Render, President of New Found Gold stated: "Our recently completed channel sampling program has further demonstrated the continuity of at-surface, high-grade gold mineralization across 185 m of continuous exposure at Iceberg, one of the zones we have targeted for Phase I custom milling in the Queensway Preliminary Economic Assessment. The ability to map and channel sample this and other key zones at Queensway is an important step in derisking the Project. As in the drilling of Iceberg, channel sampling returned broad intervals of coarse, high-grade gold mineralization. We look forward to following up this work with detailed grade-control drilling to inform our geostatistical analysis and continuing our channel sampling program at the Lotto excavation."

Iceberg Channel Sampling Program Summary

A 220 m by 105 m area was excavated at Iceberg in late 2024, exposing broad zones of gold-bearing quartz veins over a strike length of 185 m directly below 2.5 to 9 m of overburden. The Iceberg channel sampling program, which was conducted through mid-2025, included 964 m of channel samples at 7.5 m intervals in 45 channel lines ("channels") (Tables 1 to 3).

This work was designed to systematically sample across the exposed surface expression of the primary high-grade domain at Iceberg. Sampling at this resolution across the bedrock surface has provided a detailed analysis of the gold grade variability across the Excavation, with the data expected to be incorporated into future mineral resource estimates ('MRE') at Queensway. The excavation, mapping and channel sampling of Iceberg will inform the geological and resource models with the objective of increasing confidence in resource areas that form a portion of the Phase 1 mine plan outlined in the Queensway Preliminary Economic Assessment ("PEA") (see the New Found Gold news release dated July 21, 2025).

The Iceberg zone forms part of a larger gold system associated with the Keats Baseline Fault Zone ("KBFZ"), a prolific deformation corridor with an interpreted strike length of approximately 2 km and host to both the Keats and Iceberg zones.

Channel sample and mapping results correlate well with the established geological and resource model, while showing local variability characteristic of a coarse free gold quartz vein system.

The highlight sample intervals of 64.8 g/t Au over 6.71 m (IB-25-01-10), 23.9 g/t Au over 15.12 m (IB-25-01-16), 47.4 g/t Au over 7.36 m (IB-25-01-40),113 g/t Au over 2.99 m (IB-25-01-18), 23.0 g/t Au over 13.74 m (IB-25-01-08), 117 g/t Au over 2.16 m (IB-25-01-07) form part of a 185 m long continuous section of the Iceberg vein (Figures 1-5). 

Figure 1: 3D plan view of the AFZ Core area. (CNW Group/New Found Gold Corp.)

Figure 2: Inclined plan view map of the Keats and Iceberg excavations. (CNW Group/New Found Gold Corp.)

Figure 3: Plan view map of the Iceberg excavation. (CNW Group/New Found Gold Corp.)

Looking Ahead

New Found Gold commenced a 70,000 m drill program 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.

In addition to ongoing drilling, the Company will continue with its excavation program in additional near-surface zones of the AFZ Core, with the objective of validating the geological model and collecting detailed analytical information across key zones that will be part of the Phase 1 mine plan as outlined in the PEA.

Excavation and mapping of the Lotto zone ('Lotto") is now complete, and the detailed channel sampling program is expected to conclude shortly. The excavation has uncovered 210 m of strike along Lotto and results from this work will be released once they are available.

Following the completion of the channel sampling at Keats and Iceberg, a tightly spaced 5 m x 5 m definition drilling program is ongoing at Keats and expected to commence at Iceberg in the coming weeks.

An infill drill program covering the proposed 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. Other ongoing work at Queensway includes geotechnical drilling of PEA Phase 1 pits, condemnation drilling for infrastructure and plant siting and continued exploration at AFZ Peripheral in the vicinity of the Dropkick zone. Hydrogeological drilling has commenced and is expected to conclude in Q4/25.

Table 1: Channel Result Highlights.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

IB-25-01-07

0.94

3.10

2.16

116.63

Iceberg

Including

1.78

2.50

0.72

346.99

IB-25-01-08

5.34

19.08

13.74

23.04

Iceberg

Including

7.94

8.66

0.72

13.39

Including

9.50

10.81

1.31

143.44

Including

11.74

13.42

1.68

49.92

And

34.55

50.00

15.45

2.17

IB-25-01-10

6.11

12.82

6.71

64.83

Iceberg

Including

6.57

11.96

5.39

80.22

IB-25-01-11

5.14

14.69

9.55

8.82

Iceberg

Including

6.29

6.54

0.25

240.39

And

38.41

40.60

2.19

51.70

Including

39.23

40.60

1.37

81.89

IB-25-01-12

2.15

13.93

11.78

2.20

Iceberg

Including

6.92

7.51

0.59

17.40

IB-25-01-14

4.61

11.13

6.52

16.14

Iceberg

Including

6.61

7.50

0.89

25.31

Including

9.29

10.34

1.05

65.88

IB-25-01-15

1.65

22.95

21.30

3.69

Iceberg

Including

6.42

7.66

1.24

40.83

IB-25-01-16

6.03

21.15

15.12

23.85

Iceberg

Including

7.49

9.21

1.72

151.61

Including

9.94

10.74

0.80

35.03

Including

17.74

18.26

0.52

10.77

Including

18.80

19.68

0.88

21.99

Including

20.58

21.15

0.57

16.46

IB-25-01-17

6.32

13.43

7.11

28.08

Iceberg

Including

6.70

8.12

1.42

49.52

Including

8.68

12.05

3.37

34.32

IB-25-01-18

6.65

9.64

2.99

112.50

Iceberg

Including

6.65

8.82

2.17

153.69

IB-25-01-26

12.73

15.27

2.54

33.47

Including

13.60

14.46

0.86

86.14

IB-25-01-27

11.03

15.80

4.77

16.80

Iceberg

Including

12.55

14.84

2.29

33.01

IB-25-01-38

1.98

5.97

3.99

11.41

Iceberg

Including

2.53

3.65

1.12

31.34

IB-25-01-40

1.81

9.17

7.36

47.35

Iceberg

Including

2.78

3.67

0.89

11.89

Including

5.23

6.37

1.14

285.23

Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as channel thickness. Details of all 45 channel lines are included in Tables 2 and 3 below. 

Figure 4: Aerial photo looking south of Iceberg and Keats excavations. (CNW Group/New Found Gold Corp.)

Figure 5: Photo of Iceberg vein. (CNW Group/New Found Gold Corp.)

Table 2: Summary of composite channel sample results reported in this news release for Iceberg.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

IB-25-01-01

No Significant Values

Iceberg

IB-25-01-02

No Significant Values

Iceberg

IB-25-01-03

10.93

13.22

2.29

4.48

Iceberg

Including

10.93

11.78

0.85

11.83

IB-25-01-04

No Significant Values

Iceberg

IB-25-01-05

5.24

8.32

3.08

1.03

Iceberg

IB-25-01-06

1.90

4.27

2.37

1.90

Iceberg

IB-25-01-07

0.94

3.10

2.16

116.63

Iceberg

Including

1.78

2.50

0.72

346.99

And

7.12

13.41

6.29

3.32

Including

12.79

13.41

0.62

11.70

IB-25-01-08

5.34

19.08

13.74

23.04

Iceberg

Including

7.94

8.66

0.72

13.39

Including

9.50

10.81

1.31

143.44

Including

11.74

13.42

1.68

49.92

And

34.55

50.00

15.45

2.17

IB-25-01-09

7.46

15.66

8.20

2.51

Iceberg

Including

7.46

7.89

0.43

13.29

And

35.89

40.15

4.26

3.30

IB-25-01-10

6.11

12.82

6.71

64.83

Iceberg

Including

6.57

11.96

5.39

80.22

IB-25-01-11

5.14

14.69

9.55

8.82

Iceberg

Including

6.29

6.54

0.25

240.39

And

38.41

40.60

2.19

51.70

Including

39.23

40.60

1.37

81.89

IB-25-01-12

2.15

13.93

11.78

2.20

Iceberg

Including

6.92

7.51

0.59

17.40

And

18.20

22.92

4.72

1.66

IB-25-01-13

7.00

13.15

6.15

1.94

Iceberg

IB-25-01-14

4.61

11.13

6.52

16.14

Iceberg

Including

6.61

7.50

0.89

25.31

Including

9.29

10.34

1.05

65.88

And

15.44

19.94

4.50

4.44

Including

15.90

16.30

0.40

24.49

IB-25-01-15

1.65

22.95

21.30

3.69

Iceberg

Including

6.42

7.66

1.24

40.83

IB-25-01-16

6.03

21.15

15.12

23.85

Iceberg

Including

7.49

9.21

1.72

151.61

Including

9.94

10.74

0.80

35.03

Including

17.74

18.26

0.52

10.77

Including

18.80

19.68

0.88

21.99

Including

20.58

21.15

0.57

16.46

IB-25-01-17

6.32

13.43

7.11

28.08

Iceberg

Including

6.7

8.12

1.42

49.52

Including

8.68

12.05

3.37

34.32

And

18.65

20.75

2.1

1.71

IB-25-01-18

6.65

9.64

2.99

112.50

Iceberg

Including

6.65

8.82

2.17

153.69

IB-25-01-19

6.16

10.29

4.13

1.39

Iceberg

IB-25-01-20

5.51

9.26

3.75

2.65

Iceberg

IB-25-01-21

5.10

8.30

3.20

2.83

Iceberg

And

10.94

13.41

2.47

1.09

IB-25-01-22

3.42

11.10

7.68

1.13

Iceberg

IB-25-01-23

5.48

7.63

2.15

1.35

Iceberg

And

12.34

14.47

2.13

1.24

IB-25-01-24

0.00

5.40

5.40

1.79

Iceberg

And

12.50

18.70

6.20

1.63

IB-25-01-25

11.81

14.76

2.95

6.21

Iceberg

Including

12.91

13.91

1.00

12.31

IB-25-01-26

3.59

6.15

2.56

1.03

Iceberg

And

12.73

15.27

2.54

33.47

Including

13.60

14.46

0.86

86.14

IB-25-01-27

11.03

15.80

4.77

16.80

Iceberg

Including

12.55

14.84

2.29

33.01

IB-25-01-28

No Significant Values

Iceberg

IB-25-01-29

No Significant Values

Iceberg

IB-25-01-30

No Significant Values

Iceberg

IB-25-01-31

No Significant Values

Iceberg

IB-25-01-32

No Significant Values

Iceberg

IB-25-01-33

No Significant Values

Iceberg

IB-25-01-34

0.31

5.86

5.55

3.70

Iceberg

Including

5.18

5.86

0.68

22.34

IB-25-01-35

19.72

24.22

4.50

1.66

Iceberg

IB-25-01-36

No Significant Values

Iceberg

IB-25-01-37

No Significant Values

Iceberg

IB-25-01-38

1.98

5.97

3.99

11.41

Iceberg

Including

2.53

3.65

1.12

31.34

IB-25-01-39

0.00

8.98

8.98

2.78

Iceberg

IB-25-01-40

1.81

9.17

7.36

47.35

Iceberg

Including

2.78

3.67

0.89

11.89

Including

5.23

6.37

1.14

285.23

IB-25-01-41

0.00

6.85

6.85

6.25

Iceberg

Including

4.91

5.37

0.46

12.40

Including

6.20

6.85

0.65

46.35

IB-25-01-42

0.86

3.00

2.14

1.03

Iceberg

IB-25-01-43

0.00

3.35

3.35

1.86

Iceberg

IB-25-01-44

No Significant Values

Iceberg

IB-25-01-45

No Significant Values

Iceberg

Note that the host structures are interpreted to be moderately to steeply dipping and true widths are generally estimated to be 70% to 90% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as channel thickness.

Table 3: Details of channel lines reported in this news release.

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Zone

IB-25-01-01

119

2

6.50

658334

5427756

Iceberg

IB-25-01-02

120

1

15.81

658336

5427764

Iceberg

IB-25-01-03

120

2

13.93

658338

5427771

Iceberg

IB-25-01-04

120

6

12.94

658343

5427777

Iceberg

IB-25-01-05

120

14

13.63

658347

5427783

Iceberg

IB-25-01-06

120

10

15.61

658352

5427789

Iceberg

IB-25-01-07

120

9

13.98

658357

5427795

Iceberg

IB-25-01-08

120

9

50.00

658358

5427803

Iceberg

IB-25-01-09

120

9

49.96

658362

5427809

Iceberg

IB-25-01-10

120

7

46.94

658368

5427814

Iceberg

IB-25-01-11

120

6

43.64

658375

5427819

Iceberg

IB-25-01-12

120

6

39.74

658381

5427824

Iceberg

IB-25-01-13

120

5

35.54

658388

5427829

Iceberg

IB-25-01-14

120

5

35.80

658395

5427834

Iceberg

IB-25-01-15

120

5

34.79

658402

5427838

Iceberg

IB-25-01-16

120

6

33.77

658410

5427842

Iceberg

IB-25-01-17

120

6

31.61

658418

5427846

Iceberg

IB-25-01-18

120

8

27.02

658427

5427850

Iceberg

IB-25-01-19

120

10

23.35

658436

5427853

Iceberg

IB-25-01-20

120

7

22.64

658444

5427857

Iceberg

IB-25-01-21

120

4

22.34

658450

5427862

Iceberg

IB-25-01-22

120

3

22.01

658456

5427868

Iceberg

IB-25-01-23

120

3

21.31

658462

5427873

Iceberg

IB-25-01-24

120

0

22.68

658468

5427878

Iceberg

IB-25-01-25

120

7

28.89

658474

5427883

Iceberg

IB-25-01-26

120

8

25.95

658480

5427888

Iceberg

IB-25-01-27

120

5

22.77

658486

5427894

Iceberg

IB-25-01-28

120

21

8.12

658383

5427858

Iceberg

IB-25-01-29

120

13

12.55

658387

5427864

Iceberg

IB-25-01-30

120

14

12.45

658395

5427868

Iceberg

IB-25-01-31

120

13

12.04

658402

5427873

Iceberg

IB-25-01-32

120

10

11.69

658409

5427877

Iceberg

IB-25-01-33

120

8

19.35

658410

5427886

Iceberg

IB-25-01-34

120

5

24.26

658413

5427893

Iceberg

IB-25-01-35

120

6

26.46

658428

5427892

Iceberg

IB-25-01-36

120

4

13.81

658435

5427897

Iceberg

IB-25-01-37

120

-2

14.61

658439

5427903

Iceberg

IB-25-01-38

120

6

6.71

658341

5427765

Iceberg

IB-25-01-39

120

3

22.05

658393

5427814

Iceberg

IB-25-01-40

120

5

15.67

658405

5427825

Iceberg

IB-25-01-41

120

6

8.15

658419

5427833

Iceberg

IB-25-01-42

120

11

8.40

658469

5427865

Iceberg

IB-25-01-43

119

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