New Found Gold Corp. reported that a 5,777‑meter infill and expansion drilling program at the Queensway Gold Project’s K2 and Jackpot zones has been completed. The program, consisting of 46 diamond drill holes, was designed to upgrade inferred resources to indicated status and to confirm the continuity of gold mineralization at depth.
At K2, 5,293 m of core was recovered in 38 holes, revealing high‑grade intervals such as 16.72 g/t Au over 12.25 m and 5.32 g/t Au over 18.85 m. These results confirm the zone’s continuity and provide a strong basis for a 2026 resource update that will likely increase the indicated resource estimate and support a larger mine life.
The Jackpot zone was drilled to 484 m of core in eight holes, and all assay results support an upgrade to indicated status. The data reinforce the Preliminary Economic Assessment (PEA), which projects a 15‑year mine life, an NPV of $743 million, and an IRR of 56.3 % based on a $2,500/oz gold price assumption.
New Found Gold’s progress is further underpinned by its recent acquisition of Maritime Resources Corp., which brings the Pine Cove Mill and Nugget Pond hydrometallurgical plant into the company’s portfolio. The acquisition provides a near‑term cash‑flow engine and a processing facility that can be leveraged for Queensway’s phased development strategy, which begins with a smaller open‑pit operation and toll milling before expanding to on‑site processing.
President Melissa Render highlighted that the infill drilling “continues to demonstrate good continuity of gold mineralization and a good correlation with the initial MRE.” She added that the high‑grade intervals at K2 suggest potential for resource expansion at depth, positioning Queensway to transition from explorer to emerging producer as the 2025 drill program, now 85 % complete, is slated to finish in Q4 2025.
The company will incorporate the new data into its next resource definition and refine the mine plan for Phase 1 open‑pit development, further de‑risking the project and supporting the company’s long‑term growth strategy.
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