20260121 NFG NR 2026 Drill Program K2 Infill Final

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# 20260121 NFG NR 2026 Drill Program K2 Infill Final

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# 20260121 NFG NR 2026 Drill Program K2 Infill Final
New Found Gold Commences 2026 Queensway Drill Program;
Announces K2 Zone Infill Results
Vancouver, BC, January 21, 2026 – New Found Gold Corp. (“New Found Gold” or the “Company”) (TSX-V:
NFG, NYSE-A: NFGC) is pleased to announce the 2026 drill program is underway at its 100%-owned
Queensway Gold Project (“Queensway” or the “Project”) in Newfoundland and Labrador, Canada and reports
further results from 2025 infill drilling at the K2 zone (“K2”) in the AFZ Core.
Highlights include:
• 5.22 g/t Au1 over 14.90 m2 from 58.45 m (NFGC-25-2547)
• 3.42 g/t Au over 19.85 m from 100.80 m (NFGC-25-2555)
• 5.29 g/t Au over 11.85 m from 34.00 m (NFGC-25-2535)
• 2.75 g/t Au over 20.60 m from 108.90 m (NFGC-25-2504)
• 8.51 g/t Au over 6.65 m from 125.45 m (NFGC-25-2555)
• 1.71 g/t Au over 30.90 m from 116.25 m (NFGC-25-2547)
• 2.29 g/t Au over 21.65 m from 113.80 m (NFGC-25-2556)
• 18.9 g/t Au over 2.40 m from 79.90 m (NFGC-25-2509)
• 2.10 g/t Au over 12.00 m from 23.50 m (NFGC-25-2596)
• 11.5 g/t Au over 2.05 m from 120.90 m (NFGC-25-2596)
• 1.47 g/t Au over 11.55 m from 26.30 m (NFGC-25-2544)
Melissa Render, President of New Found Gold stated: “Following a successful 2025 program, we have
recommenced drilling at Queensway with four rigs currently active. The 2026 program is continuing resource
conversion drilling at AFZ Core to support the mine plan laid out in our 2025 preliminary economic assessment,
as well as advancing key exploration targets.”
“The K2 infill drill results reported in this release demonstrate consistent and continuous gold mineralization,
with results closely aligning with the initial mineral resource block model. We continue to intersect gold
mineralization in multiple areas beyond the initial mineral resource block model; discovery of these additional
mineralized zones highlights the potential for resource growth within the immediate AFZ Core area.” continued
Ms. Render.
2026 Queensway Drill Program and Exploration Update
Following a brief hiatus, diamond drilling has resumed with four rigs currently active and focused on infill,
exploration and condemnation. Initial infill drilling includes preliminary economic assessment (“PEA”)3 Phase
2 open pit resource conversion in K2 and the Cokes zone, with the objective of converting inferred resources
to indicated. Exploration drilling in 2026 is commencing with step-out drilling on the recently acquired Bullseye
1
g/t Au= grams of gold per tonne
2
m = metres
3
See the New Found Gold new release dated July 21, 2025
1
mineral license (“Bullseye”) north of AFZ Core. Drilling at Bullseye is targeting a 500 m long corridor along the
highly prospective Appleton Fault Zone (“AFZ”) that has previously seen limited drill testing.
In addition to drilling, regional exploration is underway, with field teams advancing both regional-scale and
targeted soil sampling programs. The results of this work will assist in generating new trenching and drill targets
for advancement later in 2026 and beyond.
K2 Infill Summary and Results
K2 is a gold-mineralized zone comprised of multiple structures and crosscutting vein orientations currently
defined by a mineralized footprint measuring approximately 490 m in length by 395 m in width. Gold
mineralization begins at surface and has been defined by drilling to a maximum vertical depth of 250 m, where
it remains open to depth (Figures 1 to 3). The majority of the gold at K2 is hosted within the K2 main structure
(“K2MS”), a gold-bearing, low-angle fault zone dipping 30–40° to the south-southeast. This structure shares a
similar dip to the Keats West zone and has a strike orientation comparable to the Keats-Baseline Fault Zone.
Within the broader mineralized system at K2, multiple high-grade gold domains occur alongside areas of
mineralization distributed over broad thicknesses, typically concentrated near structural intersections or
zones of structural complexity.
Initial 2025 K2 infill results were released on November 19, 2025. The results presented in this release include
additional infill drilling within the Phase 1 open pit at K2, with some holes extending into the Phase 2 open pit,
as outlined in the Company’s PEA on the AFZ Core (see the New Found Gold news release dated July 21 2025;
Figures 1 to 3). In total, this release reports the results of 4,025 m of drilling across 34 diamond drill holes
(“DDH”) at K2 completed in H2/25 as part of the AFZ Core infill program. Drill highlights, along with detailed
results for all 34 DDH, are provided in Tables 1 to 3 below. Results from a further 1,632 m of 2025 K2 infill
drilling are pending and will be reported once received.
The 2025 K2 infill drilling was designed to strengthen confidence within the Phase 1 PEA open pit by upgrading
mineral resources from the inferred to the indicated category. Drilling at K2 has recommenced in Q1/26, with
ongoing infill work in 2026 focused on resource conversion for the Phase 2 open pit.
Infill drilling results received to date continue to demonstrate consistent and continuous gold mineralization
at K2, with results closely aligning with the existing mineral resource estimate (“MRE”) block model, including:
• 5.22 g/t Au over 14.90 m from 58.45 m (NFGC-25-2547)
• 5.29 g/t Au over 11.85 m from 34.00 m (NFGC-25-2535)
• 2.75 g/t Au over 20.60 m from 108.90 m (NFGC-25-2504)
• 18.9 g/t Au over 2.40 m from 79.90 m (NFGC-25-2509)
• 2.10 g/t Au over 12.10 m from 23.50 m (NFGC-25-2596)
• 11.5 g/t Au over 2.05 m from 120.90 m (NFGC-25-2596)
• 1.47 g/t Au over 11.55 m from 26.30 m (NFGC-25-2544)
As with the previously released 2025 results, drilling intersected gold mineralization in multiple areas beyond
the current MRE block model and PEA open pit shell. Notable examples from this release include:
• 3.42 g/t Au over 19.85 m from 100.80 m and 8.51 g/t Au over 6.65 m from 125.45 m (NFGC-25-2555)
• 2.29 g/t Au over 21.65 m from 113.80 m (NFGC-25-2556)
• 1.71 g/t Au over 30.90 m from 116.25 m (NFGC-25-2547)
2
These additional mineralized zones highlight the potential for further resource growth within the AFZ Core area
and will be evaluated for inclusion in the next mineral resource update.
Figure 1: Plan view map of the AFZ Core with location of K2 zone.
3
Figure 2: Plan view map of the K2 zone.
4
Figure 3: Cross-section of the K2 PEA Phase 2 open pit (looking west, +/- 25m).
2025 Queensway Drill Program Summary
The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond drill holes (“DDH”), with
approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine
plan as outlined in the Company’s preliminary economic assessment (“PEA”) and 25% focused on exploration
targets such as the Dropkick zone (“Dropkick”). AFZ Core drilling included Phase 1 infill, with the objective of
converting inferred resources to the indicated category, condemnation, detailed 5 x 5 m spaced grade control
in limited areas of the Keats and Iceberg excavations, along with geotechnical and monitoring well drilling.
To date, approximately 50% of the results from 2025 drilling remain outstanding, including Keats and Iceberg
grade-control results, Phase 1 open pit infill at Keats, Iceberg, and Keats West, and step-out and infill drilling
at Dropkick. In addition, channel sampling results from the Lotto excavation are pending. These results will be
reported once available.
Looking Ahead
Initial 2026 infill drilling is planned to first target PEA Phase 2 open pit resource conversion, transitioning later
in the year to PEA Phase 3 underground resource conversion. Drilling at K2 in 2026 is planned to focus on
converting PEA Phase 2 open pit inferred resources to indicated and advancing drilling on PEA underground
mining panels.
Grade-control drilling that began in 2025 is planned to resume at the Iceberg excavation in Q2/26. A program
of 5 x 5 m spaced drill holes over limited near-surface areas was completed at the Keats excavation and started
at the Iceberg excavation in 2025. In 2026, the Company plans to complete the initial grade-control drilling at
the Iceberg excavation, conduct grade-control drilling at the Lotto excavation and potentially expand the
grade-control drilling at the Keats and Iceberg excavations. The objective of this work is to improve confidence
5
in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits.
Other pre-development drilling planned for 2026 includes Phase 2 geotechnical and limited condemnation
drilling.
Exploration drilling will focus on AFZ Core resource expansion including an initial grid-based program targeting
the prospective corridor adjacent to the AFZ at Bullseye, continued step-outs at Dropkick, and targeted
segments of the AFZ at AFZ Peripheral. A regional drilling program testing advanced targets at Queensway
South is in the planning phase and expected to commence in H2/26.
Table 1: Drill Result Highlights.
Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone
NFGC-25-2504 108.90 129.50 20.60 2.75 70-95
Including 109.60 110.00 0.40 14.14 70-95 K2
Including 111.30 111.85 0.55 13.71 70-95
NFGC-25-2509 79.90 82.30 2.40 18.86 Unknown
K2
Including 80.85 81.65 0.80 54.99 Unknown
NFGC-25-2535 34.00 45.85 11.85 5.29 70-95
K2
Including 45.25 45.85 0.60 81.86 70-95
NFGC-25-2544 26.30 37.85 11.55 1.47 70-95 K2
NFGC-25-2547 58.45 73.35 14.90 5.22 70-95
Including 60.65 62.45 1.80 25.57 70-95 K2
And 116.25 147.15 30.90 1.71 70-95
NFGC-25-2555 100.80 120.65 19.85 3.42 70-95
Including 110.75 111.50 0.75 14.10 Unknown
K2
And 125.45 132.10 6.65 8.51 70-95
Including 127.40 128.90 1.50 27.01 70-95
NFGC-25-2556 113.80 135.45 21.65 2.29 70-95
K2
Including 133.40 134.10 0.70 18.66 Unknown
NFGC-25-2584 31.00 47.05 16.05 1.14 50-80 K2
NFGC-25-2596 23.50 35.60 12.10 2.10 50-80
Including 34.60 35.60 1.00 15.23 50-80
K2
And 120.90 122.95 2.05 11.53 70-95
Including 121.85 122.20 0.35 67.35 70-95
Note that the host structures are interpreted to be moderately to steeply dipping. 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 when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth.
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 drill thickness. Details of all drill
holes reported in this release are included in Table 2 and Table 3 below.
6
Table 2: Summary of composite drill hole results reported in this news release for K2.
Hole No. From (m) To (m) Interval (m) Au (g/t) True Width (%) Zone
NFGC-25-2471 20.00 22.55 2.55 1.36 45-75 K2
NFGC-25-2485 62.25 65.00 2.75 8.62 40-70
Including 62.25 62.60 0.35 67.04 40-70 K2
And 66.20 69.00 2.80 1.02 40-70
NFGC-25-2487 33.35 35.90 2.55 1.31 65-95
K2
And 194.80 197.20 2.40 1.81 Unknown
NFGC-25-2496 No Significant Values K2
NFGC-25-2498 4.45 13.00 8.55 1.12 Unknown
And 122.55 129.60 7.05 2.42 70-95
Including 127.90 128.35 0.45 11.09 70-95 K2
And 150.00 153.75 3.75 6.68 70-95
Including 151.10 151.95 0.85 24.12 70-95
NFGC-25-2504 9.50 12.25 2.75 1.21 Unknown
And 15.40 17.60 2.20 1.12 Unknown
And 73.40 76.15 2.75 1.01 Unknown
K2
And 108.90 129.50 20.60 2.75 70-95
Including 109.60 110.00 0.40 14.14 70-9

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