New Found Gold Corp. reported that its first 16 diamond‑drill holes—totaling 638 m—at the Keats zone of the Queensway Gold Project produced several high‑grade intersections, including 219 g/t Au over 9.35 m and 160 g/t Au over 10.30 m, with multiple other intercepts exceeding 10 g/t Au.
The data confirm the high‑grade tenor that has defined the Keats zone and align closely with the company’s existing mineral resource model. By refining the grade distribution, the results will be incorporated into the upcoming resource update and will directly inform the Preliminary Economic Assessment and the Phase 1 open‑pit mine plan, accelerating the project’s transition from exploration to production.
The 70,000‑m 2025 Queensway drill program is now over 90 % complete and is expected to finish in Q4 2025. These first results are the first public disclosure of this specific drill data, making the announcement a new and material event for investors.
Melissa Render, President of New Found Gold, said the results “continue to define the high‑grade tenor of the near‑surface portion of the Keats zone and provide detailed data to further validate our resource models, specifically with respect to grade top‑cutting and mine‑planning.”
The Keats zone has a history of exceptionally high grades—most recently 261.3 g/t Au over 7.2 m in April 2021—demonstrating a consistent pattern of high‑grade mineralization. The Queensway project’s 15‑year mine life and projected initial production in 2027 position New Found Gold to deliver early cash flow from these near‑surface deposits, reinforcing its strategy to move from exploration to production in a favorable jurisdiction with strong infrastructure.
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