New Found Gold Announces Infill and Expansion Drilling at the K2 Zone, Queensway Gold Project
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The most recent news release, dated November 19, 2025, from New Found Gold Corp. (NFG) announces infill and expansion drilling results from the K2 and Jackpot zones at its Queensway Gold Project in Newfoundland. The company reported several high-grade intercepts, including: - 12.25 meters at 16.72 g/t Au (NFGC-25-2416) from the K2 zone. - 18.85 meters at 5.32 g/t Au (NFGC-25-2453) from the K2 zone. - 18.0 meters at 4.17 g/t Au (NFGC-25-2371) from the K2 zone. - 10.0 meters at 4.52 g/t Au (NFGC-25-2436) from the K2 zone. - 2.3 meters at 15.1 g/t Au (NFGC-25-2430) from the Jackpot zone.
These results are part of the ongoing 2025 Queensway drill program, which is over 85% complete, with 5,777 meters drilled across 46 holes reported in this release. Approximately 80% of the program focuses on the AFZ Core area (which includes K2 and Jackpot), and 20% on exploration targets. Melissa Render, President, stated that infill drilling continues to show good continuity and correlation with the initial Mineral Resource Estimate (MRE), and deeper drilling at K2 highlights the zone's potential for expansion to depth. An excavation program is also underway at the AFZ Core, with the Lotto zone excavation complete and samples sent for analysis.
This news is a routine positive development for New Found Gold. The reported drill results from the K2 and Jackpot zones, while high-grade and confirming continuity, are consistent with the ongoing exploration success and the company's stated objectives for the 2025 drill program. The President's comments emphasize good correlation with the initial MRE and potential for depth expansion, which is favorable for future resource updates.
The company has been actively progressing the Queensway project, as evidenced by: - The completion of a Preliminary Economic Assessment (PEA) in July 2025, outlining a phased approach to production. - The strategic acquisition of Maritime Resources Corp. in November 2025, which brings the Hammerdown Gold Project (a near-term producer) into the portfolio, aiming to generate cash flow to fund Queensway's development. - The expansion of the Queensway land package by 33% in September 2025 through an acquisition from Exploits Discovery Corp. - Previous significant high-grade drill results from zones like Dropkick (Oct 30, May 21, Feb 11), Dome and Golden Dome (Feb 24, Apr 29), and Keats West (July 9).
This latest news confirms that the 2025 drill program, designed to feed into an H1/26 MRE update, is progressing well and delivering expected positive results. It reinforces the geological model and resource expansion potential within the established AFZ Core area. However, it does not represent a new, unexpected discovery or a significant change in the company's strategic trajectory beyond the already communicated plans. Therefore, while positive, it falls within the scope of expected operational updates for a company at this stage.
New Found Gold Corp. (NFG) is a Canadian gold exploration and development company focused on the Queensway Gold Project in Newfoundland and Labrador. The company aims to transition from exploration to an emerging gold producer.
Flagship Project: The Queensway Gold Project, 100% owned, is located in the Tier 1 mining jurisdiction of Newfoundland and Labrador, Canada, known for its excellent infrastructure and skilled workforce. The project covers approximately 234,050 hectares (after the Exploits acquisition) along a 110 km strike extent of the prospective Appleton Fault Zone (AFZ) and JBP Fault Zone.
Development Progression: - Initial Mineral Resource Estimate (MRE): Completed in March 2025, indicating 1.39 million ounces of gold (Indicated at 2.40 g/t Au) and 0.61 million ounces of gold (Inferred at 1.77 g/t Au). - Preliminary Economic Assessment (PEA): Announced in July 2025, outlining a phased development approach. Phase 1 (Years 1-4) targets average annual production of ~69.3 koz Au with an initial capital cost of C$155 million and AISC of US$1,282/oz Au. Phase 2 (Years 5-9) involves growth capital of C$442 million and average annual production of ~172.2 koz Au with AISC of US$1,090/oz Au. The total life-of-mine production is projected at 1.5 Moz Au over 15 years. - Strategic Acquisition: In November 2025, NFG closed the acquisition of Maritime Resources Corp., adding the Hammerdown Gold Project (located 180 km northwest of Queensway). Hammerdown is targeted to ramp up to full production in early 2026, with an average annual production of 50 koz Au and AISC of US$912/oz Au (Feasibility Study 2022). This acquisition is critical for NFG to generate near-term cash flow to partially fund Queensway's Phase 1 capital expenditure, reducing shareholder dilution. - Exploration & Expansion: The company is executing a 70,000-meter drill program in 2025, focusing on infill and expansion drilling within the AFZ Core (K2, Jackpot, Dome, Lotto, Iceberg) and exploration targets (Dropkick, AFZ Peripheral). Channel sampling and bulk sampling programs are also underway to de-risk and refine the resource model.