New Found Gold Corp. announced that it is in receipt of the final dataset and preliminary interpretation of its 3-D and 2-D seismic program completed in late 2023. The seismic program covers a 47km2 core segment of the Queensway North project area and was conducted by HiSeis, an industry leader in hard rock seismic surveys.

New Found?s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador. The preliminary seismic interpretation successfully outlines the presence of structures and geological features down to a depth of 2.5km that align with known gold-bearing structures closer to surface, and points to additional lineaments that could represent new and untested structures. A more detailed interpretation is now underway by HiSeis that will include the identification of priority targets with a scheduled completion date of April 2024.

From there, ongoing interpretation and targeting will continue throughout the lifespan of the project as new data derived from drilling is used to continuously refine and validate the 3-D seismic interpretation for increased targeting effectiveness. Based on the initial results of the seismic survey, the Company has initiated deep drilling aimed at collecting geological information that will be used to confirm the presence of structures identified in the seismic data and to further train and understand the dataset. The 3-D seismic program was designed to focus on the highly prospective northern segment of the AFZ, which is host to prominent discoveries including Keats, Iceberg, Keats West, K2, Lotto, and Golden Joint.

It has achieved high-quality imaging to a vertical depth of 2.5km. A 2-D TCH (Trans Canada Highway) transect was collected over a 25km strike length and provided high-quality resolution down to a vertical depth of 7km. This transect was designed to provide insights into the district-scale geological architecture at Queensway.

Six additional 2-D seismic lines were run that are approximately 4.8km long extending from the AFZ, across to the JBP Fault Zone, providing seismic imaging to a vertical depth of 5.5km over this prospective gold-bearing structural corridor.