New Found Gold Announces Infill Drilling at the Monte Carlo Zone, Queensway Gold Project
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2025) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce infill drill results from the Monte Carlo zone ("Monte Carlo") in the AFZ Core ("AFZC"), completed as part of the Company's ongoing 2025 drill program on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.
Highlights include:
- Monte Carlo infill drill program:
- 22.4 g/t Au1 over 4.75 m2Â from 102.25 m (NFGC-25-2462)
- 6.59 g/t Au over 12.20 m from 33.00 m (NFGC-25-2450)
- 25.5 g/t Au over 2.70 m from 29.00 m (NFGC-25-2447)
- 9.41 g/t Au over 7.20 m from 70.95 m (NFGC-25-2451)
- 16.2 g/t Au over 3.20 m from 19.80 m (NFGC-25-2445)
- 22.7 g/t Au over 2.20 m from 95.00 m (NFGC-25-2462)
- 17.1 g/t Au over 2.75 m from 23.25 m (NFGC-25-2526)
- 12.8 g/t Au over 3.20 m from 137.35 m (NFGC-25-2473)
Melissa Render, President of New Found Gold stated: "We are pleased to report these results from infill drilling of Phase I and II open pits at Monte Carlo. Overall, we see consistency with past drilling, indicating good continuity of gold mineralization in this proposed open pit. Select holes from 2025 drilling have returned higher grade intervals than in the initial mineral resource estimate block model. We look forward to integrating these results into the updated Queensway mineral resource currently planned for H1/26."
"The underground portion of Monte Carlo remains open to depth and future drill programs will focus on upgrading and expanding this zone,"Â continued Ms. Render.
Work Summary
The results presented in this release include all diamond drill holes ("DDH") from the Monte Carlo infill drilling completed as part of the Company's 2025 drill program. This phase of work was designed to upgrade mineral resources from the inferred to the indicated category within the Phase 1 and Phase 2 open pits as outlined in the Preliminary Economic Assessment ('PEA') (see the New Found Gold news release dated July 21 2025). This press release reports results from an initial 2,306 m of drilling in 28 DDH completed in H2/25 (Figures 1 to 3). Drill highlights, detailed results and location information are provided in Tables 1 to 3 below.
The infill drill results generally align with the initial mineral resource estimate ("MRE") block model, confirming strong continuity of mineralization within Monte Carlo. However, several higher-grade intercepts were encountered in the 2025 infill drilling in areas previously modelled as lower grade. All these new results will be incorporated into the upcoming MRE update.
Gold mineralization at Monte Carlo extends over a strike length of approximately 235 m and to a depth of 160 m, hosted within an east-west trending, steeply south-dipping fault zone situated on the western side of the Appleton Fault Zone, adjacent to the Lotto Zone. In addition to the defined open-pit resources, the underground component outlined in the PEA remains open for further expansion.
Figure 1: Plan view map of the AFZ Core with location of the Monte Carlo zone.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7337/277641_figure%201.jpg
Figure 2: Plan view map of the Monte Carlo zone.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7337/277641_figure%202.jpg
Figure 3: Long section view of the Monte Carlo zone (looking north, +/- 20 m).
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7337/277641_figure%203.jpg
Looking Ahead
The 70,000 m 2025 Queensway drill program commenced in May 2025, with approximately 80% of the drilling focused on the AFZ Core area and the remaining 20% focused on exploration targets outside the MRE area. The 2025 Queensway drill program is over 95% complete and is on track to finish in Q4/25.
Infill drilling covering the PEA Phase 1 open pits, with the objective of converting resources from inferred to indicated has been completed and results will be released once they are available. Additional ongoing drilling at Queensway includes geotechnical drilling of PEA Phase 1 pits, condemnation drilling for infrastructure and plant siting and hydrogeological drilling, all of which has commenced and is expected to conclude in Q4/25.
Exploration drilling continues in the vicinity of the Dropkick zone in the AFZ Peripheral ("AFZP") area, approximately 11 kilometres north of the AFZC, where the Company has begun to outline a new zone of gold mineralization (see the New Found Gold news releases dated February 11, 2025, May 21, 2025, October 30, 2025).
In addition to the 2025 drill program, an excavation program was undertaken to excavate, map and channel sample near-surface zones of the AFZC, with the objective of validating the geological model and collecting detailed analytical information across key zones that will be part of the PEA Phase 1 mine plan. Excavation, mapping and channel sampling of the Lotto zone ('Lotto") is now complete, and samples have been sent for analysis. The Lotto excavation has uncovered a 210 m by 70 m area; results from this work will be released once they are available.
With channel sampling at the Keats and Iceberg excavations complete (see the New Found Gold news releases dated September 23, 2024, December 2, 2024 and September 25, 2025), a 5 m by 5 m definition drilling program covering a 65 m by 30 m area has recently been completed at the Keats zone and a 5 m by 5 m grade control drill program covering a 60 m by 45 m area commenced at the Iceberg zone in late Q4/25. See the New Found Gold news releases dated December 1, 2025 for results from the first 20% of drill holes from the Keats zone grade control drill program.
Table 1: Drill Result Highlights.
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone |
| NFGC-25-2445 | 19.80 | 23.00 | 3.20 | 16.22 | 70-95 | Monte Carlo |
| Including | 19.80 | 20.80 | 1.00 | 50.50 | 70-95 | |
| NFGC-25-2447 | 29.00 | 31.70 | 2.70 | 25.47 | 70-95 | Monte Carlo |
| Including | 31.15 | 31.70 | 0.55 | 122.86 | 70-95 | |
| NFGC-25-2450 | 33.00 | 45.20 | 12.20 | 6.59 | 70-95 | Monte Carlo |
| Including | 33.00 | 33.35 | 0.35 | 34.04 | 70-95 | |
| Including | 34.80 | 35.10 | 0.30 | 22.44 | 70-95 | |
| Including | 37.45 | 38.20 | 0.75 | 48.96 | 70-95 | |
| NFGC-25-2451 | 70.95 | 78.15 | 7.20 | 9.41 | 70-95 | Monte Carlo |
| Including | 71.80 | 72.30 | 0.50 | 11.36 | 70-95 | |
| Including | 75.15 | 75.55 | 0.40 | 13.01 | 70-95 | |
| Including | 76.20 | 76.90 | 0.70 | 60.71 | 70-95 | |
| NFGC-25-2462 | 95.00 | 97.20 | 2.20 | 22.71 | 55-85 | Monte Carlo |
| Including | 95.90 | 96.40 | 0.50 | 94.22 | 55-85 | |
| And | 102.25 | 107.00 | 4.75 | 22.39 | 55-85 | |
| Including | 103.15 | 103.65 | 0.50 | 66.68 | 55-85 | |
| Including | 104.00 | 104.65 | 0.65 | 103.27 | 55-85 | |
| NFGC-25-2473 | 137.35 | 140.55 | 3.20 | 12.82 | 50-80 | Monte Carlo |
| Including | 138.30 | 140.20 | 1.90 | 18.45 | 50-80 | |
| NFGC-25-2503 | 28.00 | 39.00 | 11.00 | 1.04 | 60-90 | Monte Carlo |
| NFGC-25-2526 | 23.25 | 26.00 | 2.75 | 17.13 | 40-75 | Monte Carlo |
| Including | 24.40 | 26.00 | 1.60 | 29.26 | 40-75 |
Â
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 28 drill holes are included in Table 2 and Table 3 below.
Table 2: Summary of composite drill hole results reported in this news release for Monte Carlo.
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) | True Width (%) | Zone |
| NFGC-25-2445 | 7.00 | 9.00 | 2.00 | 1.21 | 70-95 | Monte Carlo |
| And | 19.80 | 23.00 | 3.20 | 16.22 | 70-95 | |
| Including | 19.80 | 20.80 | 1.00 | 50.50 | 70-95 | |
| NFGC-25-2447 | 29.00 | 31.70 | 2.70 | 25.47 | 70-95 | Monte Carlo |
| Including | 31.15 | 31.70 | 0.55 | 122.86 | 70-95 | |
| NFGC-25-2450 | 33.00 | 45.20 | 12.20 | 6.59 | 70-95 | Monte Carlo |
| Including | 33.00 | 33.35 | 0.35 | 34.04 | 70-95 | |
| Including | 34.80 | 35.10 | 0.30 | 22.44 | 70-95 | |
| Including | 37.45 | 38.20 | 0.75 | 48.96 | 70-95 | |
| NFGC-25-2451 | 70.95 | 78.15 | 7.20 | 9.41 | 70-95 | Monte Carlo |
| Including | 71.80 | 72.30 | 0.50 | 11.36 | 70-95 | |
| Including | 75.15 | 75.55 | 0.40 | 13.01 | 70-95 | |
| Including | 76.20 | 76.90 | 0.70 | 60.71 | 70-95 | |
| NFGC-25-2455 | 97.00 | 101.00 | 4.00 | 2.00 | 65-95 | Monte Carlo |
| NFGC-25-2457 | No Significant Values | Monte Carlo | ||||
| NFGC-25-2461 | 28.00 | 30.55 | 2.55 | 2.49 | Unknown | Monte Carlo |
| NFGC-25-2462 | 82.70 | 85.25 | 2.55 | 1.32 | 55-85 | Monte Carlo |
| and | 95.00 | 97.20 | 2.20 | 22.71 | 55-85 | |
| Including | 95.90 | 96.40 | 0.50 | 94.22 | 55-85 | |
| And | 102.25 | 107.00 | 4.75 | 22.39 | 55-85 | |
| Including | 103.15 | 103.65 | 0.50 | 66.68 | 55-85 | |
| Including | 104.00 | 104.65 | 0.65 | 103.27 | 55-85 | |
| NFGC-25-2466 | 52.80 | 55.35 | 2.55 | 1.10 | Unknown | Monte Carlo |
| And | 108.45 | 110.70 | 2.25 | 2.60 | 70-95 | |
| NFGC-25-2470 | 108.95 | 111.30 | 2.35 | 1.74 | 70-95 | Monte Carlo |
| And | 119.95 | 122.00 | 2.05 | 1.21 | 70-95 | |
| NFGC-25-2473 | 66.20 | 68.60 | 2.40 | 1.23 | Unknown | Monte Carlo |
| And | 120.65 | 122.70 | 2.05 | 1.60 | 60-90 | |
| And | 130.15 | 132.35 | 2.20 | 1.68 | 60-90 | |
| And | 137.35 | 140.55 | 3.20 | 12.82 | 50-80 | |
| Including | 138.30 | 140.20 | 1.90 | 18.45 | 50-80 | |
| NFGC-25-2482 | 75.70 | 78.00 | 2.30 | 1.44 | 55-85 | Monte Carlo |
| And | 81.85 | 84.20 | 2.35 | 1.02 | 55-85 | |
| And | 118.10 | 121.95 | 3.85 | 2.03 | 70-95 | |
| NFGC-25-2486 | 55.70 | 58.50 | 2.80 | 1.09 | 35-65 | Monte Carlo |
| NFGC-25-2490 | 41.00 | 47.00 | 6.00 | 3.16 | Unknown | Monte Carlo |
| NFGC-25-2491 | No Significant Values | Monte Carlo | ||||
| NFGC-25-2494 | No Significant Values | Monte Carlo | ||||
| NFGC-25-2497 | 58.25 | 63.80 | 5.55 | 2.51 | 70-95 | Monte Carlo |
| NFGC-25-2501 | 43.50 | 48.15 | 4.65 | 2.11 | 70-95 | Monte Carlo |
| NFGC-25-2503 | 28.00 | 39.00 | 11.00 | 1.04 | 60-90 | Monte Carlo |
| NFGC-25-2506 | 24.00 | 26.25 | 2.25 | 1.53 | 70-95 | Monte Carlo |
| NFGC-25-2508 | No Significant Values | Monte Carlo | ||||
| NFGC-25-2511 | No Significant Values | Monte Carlo | ||||
| NFGC-25-2513 | No Significant Values | Monte Carlo | ||||
| NFGC-25-2516 | 24.45 | 26.55 | 2.10 | 1.09 | 40-70 | Monte Carlo |
| And | 34.30 | 37.60 | 3.30 | 1.75 | 40-70 | |
| NFGC-25-2521 | 17.35 | 22.55 | 5.20 | 1.02 | 70-95 | Monte Carlo |
| And | 51.00 | 53.35 | 2.35 | 1.33 | Unknown | |
| NFGC-25-2523 | 36.80 | 39.00 | 2.20 | 1.01 | 25-55 | Monte Carlo |
| And | 43.45 | 46.10 | 2.65 | 4.89 | 25-55 | |
| Including | 44.65 | 45.30 | 0.65 | 19.49 | 25-55 | |
| NFGC-25-2526 | 11.30 | 13.85 | 2.55 | 1.19 | 40-75 | Monte Carlo |
| And | 23.25 | 26.00 | 2.75 | 17.13 | 40-75 | |
| Including | 24.40 | 26.00 | 1.60 | 29.26 | 40-75 | |
| NFGC-25-2528 | 89.00 | 94.75 | 5.75 | 1.37 | 40-70 | Monte Carlo |
Â
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.
Table 3: Details of drill holes reported in this news release.
| Hole number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Prospect |
| NFGC-25-2445 | 359 | -45 | 44 | 658711 | 5429246 | Monte Carlo |
| NFGC-25-2447 | 0 | -45 | 62 | 658679 | 5429238 | Monte Carlo |
| NFGC-25-2450 | 0 | -45 | 62 | 658698 | 5429221 | Monte Carlo |
| NFGC-25-2451 | 8 | -68 | 89 | 658658 | 5429191 | Monte Carlo |
| NFGC-25-2455 | 18 | -54 | 107 | 658690 | 5429166 | Monte Carlo |
| NFGC-25-2457 | 43 | -45.5 | 113 | 658691 | 5429165 | Monte Carlo |
| NFGC-25-2461 | 0 | -45 | 44 | 658657 | 5429168 | Monte Carlo |
| NFGC-25-2462 | 31 | -62.5 | 119 | 658658 | 5429167 | Monte Carlo |
| NFGC-25-2466 | 25 | -45 | 113 | 658656 | 5429129 | Monte Carlo |
| NFGC-25-2470 | 0 | -50 | 131 | 658653 | 5429121 | Monte Carlo |
| NFGC-25-2473 | 22 | -52 | 197 | 658658 | 5429119 | Monte Carlo |
| NFGC-25-2482 | 0 | -45 | 134 | 658622 | 5429112 | Monte Carlo |
| NFGC-25-2486 | 37 | -49 | 83 | 658634 | 5429148 | Monte Carlo |
| NFGC-25-2490 | 1 | -44.5 | 50 | 658628 | 5429166 | Monte Carlo |
| NFGC-25-2491 | 181 | -47.5 | 47 | 658599 | 5429184 | Monte Carlo |
| NFGC-25-2494 | 180 | -57 | 74 | 658580 | 5429201 | Monte Carlo |
| NFGC-25-2497 | 359 | -44.5 | 80 | 658518 | 5429152 | Monte Carlo |
| NFGC-25-2501 | 0 | -44 | 50 | 658525 | 5429168 | Monte Carlo |
| NFGC-25-2503 | 0 | -75 | 68 | 658509 | 5429195 | Monte Carlo |
| NFGC-25-2506 | 0 | -45 | 50 | 658515 | 5429209 | Monte Carlo |
| NFGC-25-2508 | 35 | -45 | 65 | 658545 | 5429225 | Monte Carlo |
| NFGC-25-2511 | 1 | -45 | 47 | 658583 | 5429235 | Monte Carlo |
| NFGC-25-2513 | 21 | -52 | 59 | 658648 | 5429258 | Monte Carlo |
| NFGC-25-2516 | 0 | -75 | 89 | 658543 | 5429221 | Monte Carlo |
| NFGC-25-2521 | 327 | -45 | 62 | 658537 | 5429223 | Monte Carlo |
| NFGC-25-2523 | 160 | -42 | 83 | 658736 | 5429281 | Monte Carlo |
| NFGC-25-2526 | 45 | -72 | 71 | 658711 | 5429245 | Monte Carlo |
| NFGC-25-2528 | 52 | -63.5 | 113 | 658693 | 5429201 | Monte Carlo |
Â
Sampling, Sub-sampling, and Laboratory
All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.
A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.