New Found Gold Corp. announced the initiation of surface trenching at the Iceberg Zone at its Queensway Project, located on the Trans-Canada Highway 15km west of Gander, Newfoundland. Highlights: The Iceberg surface trenching program will focus on excavating between 1-12 meters of overburden that covers the projection of the Iceberg Zone at the bedrock surface, exposing 220m of strike length over a 105m wide area, which corresponds to a core segment of the surface expression of the Iceberg Zone.

Excavation of overburden covering the surface of the zone is expected to allow for a detailed analysis of the geological and structural models currently defined through drilling. Excavation work is underway and it is estimated that the trench will take 8-10 weeks to complete, followed by a detailed geological mapping program expected to be completed in Fourth Quarter 2024. The Iceberg Zone starts approximately 4m below surface at bedrock and when combined with the Iceberg East segment has been drill defined over 680m of strike length and to a depth of 180m.

The shallow portion of Iceberg demonstrates robust grades over significant thicknesses, a hallmark characteristic of the zone. Keats Trench Update: In 2023, the Company completed a surface trench of the Keats Zone, exposing 200m of strike length over a 150m wide area. The Company is in the process of completing a high-density surface channel sampling program at the Keats zone trench that began in early May 2024 and is expected to be completed by mid-July 2024.

This sampling program has been designed to systematically test the exposed 200m strike length of the Keats Zone along 7.5m spaced cut channel samples with approximately 1,650m of cut channel samples.