Queensway Project

Queensway Overview
Queensway North
Queensway South

Queensway Project Overview

Project Location

Located on the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Primary Zones

1,756km² project covering more than 110km of strike on two primary fault zones: Appleton and JBP.

Gander Lake

Project divided by Gander Lake into Queensway North and Queensway South.

High-grade Targets

Multiple high-grade targets identified at Queensway North along 22km+ of the AFZ and 12km+ of the JBP Fault.

Gold-in-Till

Regional exploration has identified several highly anomalous target areas along the southern extents of the AFZ and JBP fault zone at Queensway South.

New Found Gold is making significant strides with its 100% owned 1,756km² Queensway gold project on the Trans-Canada highway 15km west of Gander, Newfoundland and Labrador. The Company has announced 20 zones of significant gold mineralization along the Appleton Fault Zone (AFZ).

New Found has completed an initial Mineral Resource Estimate (MRE) and commissioned a Preliminary Economic Assessment (PEA), which is scheduled for completion in late Q2/25. Learn more about New Found’s initial mineral resource estimate here: https://newfoundgold.ca/news/new-found-gold-corp-announces-initial-mineral-resource-estimate/

Ongoing environmental baseline studies include surface water and sediment sampling, vegetation, wetlands, bird, wildlife, and aquatic assessments. Additionally, hydrogeological and geotechnical investigation studies have been initiated, including geochemical characterization of the host rock.

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Geologic Setting

Dog Bay Line

The Dog Bay Line (DBL) is a significant suture formed at the closing of the Iapetus Ocean and can be found on both sides of the Atlantic Ocean.

110+km of strike

New Found identified this structure for its significant gold potential and consolidated land holdings over 110km of strike.

Prospecting in late 1980’s

Prospecting did not begin in the Queensway area until the late 1980’s when the first gold showing was recorded.

A number of large gold systems have been found
along this suture zone including:

Curraginalt Deposit
IRELAND

Valentine Lake Deposit
NEWFOUNDLAND

Haile Deposit
NORTH CAROLINA

Structural Setting

Progressive compression, folding, faulting and mineralization of sediments.
High-grade gold mineralization at Queensway focusses on small displacement accommodation faults, interpreted to be a similar process that focused the more recently discovered high-grade gold at the Fosterville Mine, initially at the Swan Zone. (Modified from Willman 2007)

Project Geology

Geology and Mineralization

Mineralization

Gold mineralization hosted in middle Ordovician sediments, of sub-greenschist to greenschist metamorphic grade.

Veining

Gold mineralization is fault hosted; visible gold is common as disseminations in quartz-carbonate veining.

Minerals

Accessory minerals include pyrite, arsenopyrite, chalcopyrite, sphalerite, stibnite and boulangerite.

Mineral Systems

While no two mineral systems are ever identical, there is strong evidence to suggest the Central Newfoundland Gold Belt has many similarities to the Victoria goldfields.

History

Bendigo goldfields has produced over 22 million oz of gold over its >150-year mining history.

Gold Mines

Fosterville Mine (Kirkland Lake Gold) is currently in production as one of the world’s highest grade and lowest cost gold mines.

Queensway North Project Overview

Drilling

Drilling continues to test targets along the AFZ, extending more than 11km from the initial Keats Main discovery. Deep drilling is ongoing, targeting zones up to 1200m from surface.

High-Grade Gold

High-grade gold intercepts start at surface and recent deep drilling has identified high-grade gold as far as 820m vertical depth, doubling the known vertical extent of mineralization in newly discovered zones.

Target Generation

Using our advanced understanding of mineralization controls, along with a robust drilling, extensive surface sampling and mapping and 3D seismic dataset, New Found Gold continues to identify new high-grade gold zones both near surface and at depth.

Successful Exploration at Queensway North

New Found Gold began making significant discoveries in late 2019. Discovery hole (NFGC-19-01²) returned 19m of 92.9 g/t Au at the Keats Zone. The Lotto Zone was the second significant discovery, located approximately 2km north of Keats. In June 2021, New Found announced an interval of 430 g/t Au over 5.25m at a third discovery area called Golden Joint (NFGC-21-241²), located between Keats and Lotto.

In September 2022, the Company discovered the first of several high-grade gold zones on the west side of the AFZ at Keats West. Follow-up drilling led to impressive intercepts, including 42.6 g/t Au over 32.00m in NFGC-22-960³.

Discovering a District

2023 was an active year of exploration for NFG, including the discovery of significant gold zones like Iceberg, Iceberg East, Monte Carlo, K2, Everest, and Jackpot.

In March 2023, the Iceberg zone was discovered along the highly prolific Keats-Baseline Fault Zone (KBFZ), the same structure that hosts the Keats Main Zone. Iceberg has provided one of New Found's most significant intercepts to date, with 105 g/t Au over 27.05m in NFGC-23-1210¹. Shortly after, step-out grid drilling identified the eastern continuation of the Iceberg Zone. The expanded Iceberg-Iceberg East segment is currently defined over a strike length of 655m, highlighting the continued strength of the gold system of the KFBZ.

Iceberg VG

Further north, three new gold zones were announced in May 2023. Monte Carlo, K2, and Everest extend the AFZ mineralized envelope to its current strike length of over 4km. The Monte Carlo Zone is located on the west side of the AFZ, adjacent to Lotto. The K2 Zone is also located on the west side of the AFZ, north of Monte Carlo. Meanwhile, systematic grid drilling on the east side of the AFZ tagged into the Everest Zone, approximately 1.5km northeast of Lotto. Later in the year, an additional high-grade, at-surface discovery was made north of the Lotto Zone. The Jackpot Zone was intercepted at a vertical depth of just 20m from surface.

In addition to drilling, excavation of the Keats trench provided an unparalleled exposure of the Keats Main zone; this led to the identification of new high-grade veins not previously identified through drilling.

Keats Trench Aerial View

Iceberg Trench

Meanwhile, the Company also conducted an industry-leading 3D seismic survey at Queensway North. This innovative program enhanced the Company's understanding of geological structures and potential mineralization at depth. The acquisition phase was completed in August 2023, marking a significant step in New Found's exploration strategy and demonstrating our commitment to cutting-edge exploration techniques. Interpretations of the 3D model will continue to drive exploration efforts into 2025.

3D Seismic Acquisition

Building on successful exploration in 2023, the Company announced several discoveries in 2024, including Honeypot, Vegas, Powerline, Iceberg Alley, Pistachio and Golden Dome.

The first was the Honeypot Zone, located 230m north of Jackpot. Following this, the Vegas and Powerline Zones were discovered on the west side of the AFZ, above and below Monte Carlo, respectively. In March, New Found announced a newly discovered zone named Iceberg Alley, intersected as part of a targeted program to follow the eastern continuation of the Keats-Iceberg-Iceberg East corridor along the high-grade KBFZ. Based on the fault characteristics observed at Iceberg Alley, along with the zone’s orientation, intensity, and width of the damage zone, the Company’s preliminary interpretation indicates it is another displaced segment of the KBFZ.

In July 2024, New Found announced the successful completion of its strategic acquisition of a 100% interest in Labrador Gold Corp.’s Kingsway Project. The Kingsway Project contains many geological characteristics similar to the Queensway Project, including over 12km of presumed strike length along the AFZ. Combined, the projects have over 20km of strike along the AFZ, which more than doubles the existing length of the Queensway North project. From here, New Found intersected high-grade gold in a follow-up program targeting two historic intervals at a discovery now known as the Pistachio Zone. The initial results represent some of the most significant gold intercepts drilled at Kingsway. Pistachio is situated 5.5km northeast of the Honeypot Zone, immediately west of the AFZ, demonstrating that high-grade gold mineralization extends well north of the original Queensway North Project area.

In March of 2024, the Company announced the commencement of its deep drilling program at Queensway to test targets derived from initial 3D seismic interpretations. Initial targets include down-dip step-outs on some of the most significant mineralized zones and structures, including Jackpot, Lotto, K2, Keats, and Iceberg. Deep drilling targeting a prospective area between the Golden Joint and Dome Zones intersected high-grade gold mineralization in a new zone called “Golden Dome”. This broad interval of high-grade mineralization is located within an untested gap in drilling that spans at least 500m between Golden Joint and Dome. The deep drilling program is ongoing, and results are pending. The success of the deep drilling program could significantly enhance our understanding of the resource potential at Queensway and guide future exploration efforts.

After successful trenching at Keats, the Iceberg surface trench program began in summer 2024. The program was focused on excavating overburden covering the projection of the Iceberg Zone at the bedrock surface, exposing 220m of strike over a 105m wide area. Uncovering the surface of the zone will allow for a detailed analysis of the geological and structural models along the KBFZ.

Much of the 2025 drilling will target prospective areas both peripheral to and beneath the current mineralized zones defined by New Found along the AFZ North Corridor. This strategic approach further expands our understanding of the mineralization potential at Queensway North.

Queensway South Target Development

Gold-in-Till Survey

Regional gold-in-till survey work on Queensway South has outlined seven broad areas of anomalous gold in till counts, as shown in gold in the figure to the right.

QWS Exploration

80km southern extension of the highly prospective AFZ and JBP fault structures explored at Queensway North. Resources have been deployed to further explore key targets in the region utilizing drone geomagnetic grids, regional geomorphology, field mapping, and trenching.