New Found Gold Announces Infill Drilling at the Monte Carlo Zone, Queensway Gold Project | NFGC Stock News

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 m2 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," continued Ms. Render.Work SummaryThe 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.jpgFigure 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.jpgFigure 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.jpgLooking AheadThe 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 (%)ZoneNFGC-25-244519.8023.003.2016.2270-95Monte CarloIncluding19.8020.801.0050.5070-95NFGC-25-244729.0031.702.7025.4770-95Monte CarloIncluding31.1531.700.55122.8670-95NFGC-25-245033.0045.2012.206.5970-95Monte CarloIncluding33.0033.350.3534.0470-95Including34.8035.100.3022.4470-95Including37.4538.200.7548.9670-95NFGC-25-245170.9578.157.209.4170-95Monte CarloIncluding71.8072.300.5011.3670-95Including75.1575.550.4013.0170-95Including76.2076.900.7060.7170-95NFGC-25-246295.0097.202.2022.7155-85Monte CarloIncluding95.9096.400.5094.2255-85And102.25107.004.7522.3955-85Including103.15103.650.5066.6855-85Including104.00104.650.65103.2755-85NFGC-25-2473137.35140.553.2012.8250-80Monte CarloIncluding138.30140.201.9018.4550-80NFGC-25-250328.0039.0011.001.0460-90Monte CarloNFGC-25-252623.2526.002.7517.1340-75Monte CarloIncluding24.4026.001.6029.2640-75Note 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 (%)ZoneNFGC-25-24457.009.002.001.2170-95Monte CarloAnd 19.8023.003.2016.2270-95Including19.8020.801.0050.5070-95NFGC-25-244729.0031.702.7025.4770-95Monte CarloIncluding31.1531.700.55122.8670-95NFGC-25-245033.0045.2012.206.5970-95Monte CarloIncluding33.0033.350.3534.0470-95Including34.8035.100.3022.4470-95Including37.4538.200.7548.9670-95NFGC-25-245170.9578.157.209.4170-95Monte CarloIncluding71.8072.300.5011.3670-95Including75.1575.550.4013.0170-95Including76.2076.900.7060.7170-95NFGC-25-245597.00101.004.002.0065-95Monte CarloNFGC-25-2457No Significant ValuesMonte CarloNFGC-25-246128.0030.552.552.49UnknownMonte CarloNFGC-25-246282.7085.252.551.3255-85Monte Carloand95.0097.202.2022.7155-85Including95.9096.400.5094.2255-85And102.25107.004.7522.3955-85Including103.15103.650.5066.6855-85Including104.00104.650.65103.2755-85NFGC-25-246652.8055.352.551.10UnknownMonte CarloAnd108.45110.702.252.6070-95NFGC-25-2470108.95111.302.351.7470-95Monte CarloAnd119.95122.002.051.2170-95NFGC-25-247366.2068.602.401.23UnknownMonte CarloAnd120.65122.702.051.6060-90And130.15132.352.201.6860-90And137.35140.553.2012.8250-80Including138.30140.201.9018.4550-80NFGC-25-248275.7078.002.301.4455-85Monte CarloAnd81.8584.202.351.0255-85And118.10121.953.852.0370-95NFGC-25-248655.7058.502.801.0935-65Monte CarloNFGC-25-249041.0047.006.003.16UnknownMonte CarloNFGC-25-2491No Significant ValuesMonte CarloNFGC-25-2494No Significant ValuesMonte CarloNFGC-25-249758.2563.805.552.5170-95Monte CarloNFGC-25-250143.5048.154.652.1170-95Monte CarloNFGC-25-250328.0039.0011.001.0460-90Monte CarloNFGC-25-250624.0026.252.251.5370-95Monte CarloNFGC-25-2508No Significant ValuesMonte CarloNFGC-25-2511No Significant ValuesMonte CarloNFGC-25-2513No Significant ValuesMonte CarloNFGC-25-251624.4526.552.101.0940-70Monte CarloAnd34.3037.603.301.7540-70NFGC-25-252117.3522.555.201.0270-95Monte CarloAnd51.0053.352.351.33UnknownNFGC-25-252336.8039.002.201.0125-55Monte CarloAnd43.4546.102.654.8925-55Including44.6545.300.6519.4925-55NFGC-25-252611.3013.852.551.1940-75Monte CarloAnd23.2526.002.7517.1340-75Including24.4026.001.6029.2640-75NFGC-25-252889.0094.755.751.3740-70Monte CarloNote 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 numberAzimuth (°)Dip (°)Length (m)UTM EUTM NProspectNFGC-25-2445359-45446587115429246Monte CarloNFGC-25-24470-45626586795429238Monte CarloNFGC-25-24500-45626586985429221Monte CarloNFGC-25-24518-68896586585429191Monte CarloNFGC-25-245518-541076586905429166Monte CarloNFGC-25-245743-45.51136586915429165Monte CarloNFGC-25-24610-45446586575429168Monte CarloNFGC-25-246231-62.51196586585429167Monte CarloNFGC-25-246625-451136586565429129Monte CarloNFGC-25-24700-501316586535429121Monte CarloNFGC-25-247322-521976586585429119Monte CarloNFGC-25-24820-451346586225429112Monte CarloNFGC-25-248637-49836586345429148Monte CarloNFGC-25-24901-44.5506586285429166Monte CarloNFGC-25-2491181-47.5476585995429184Monte CarloNFGC-25-2494180-57746585805429201Monte CarloNFGC-25-2497359-44.5806585185429152Monte CarloNFGC-25-25010-44506585255429168Monte CarloNFGC-25-25030-75686585095429195Monte CarloNFGC-25-25060-45506585155429209Monte CarloNFGC-25-250835-45656585455429225Monte CarloNFGC-25-25111-45476585835429235Monte CarloNFGC-25-251321-52596586485429258Monte CarloNFGC-25-25160-75896585435429221Monte CarloNFGC-25-2521327-45626585375429223Monte CarloNFGC-25-2523160-42836587365429281Monte CarloNFGC-25-252645-72716587115429245Monte CarloNFGC-25-252852-63.51136586935429201Monte CarloSampling, 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 (<1.0m) veins or other structures that may yield higher grades.Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.Qualified PersonThe scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release. About New Found Gold Corp.New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway, as well as the recently acquired Hammerdown Operation, Pine Cove Operation and Nugget Pond Hydrometallurgical Gold Plant. The Company is currently focused on advancing Queensway to production and bringing the Hammerdown Operation into steady-state gold production.In July 2025, the Company completed a PEA at Queensway (see New Found Gold news release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.New Found Gold has a new board of directors and management team and a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.Keith Boyle, P.Eng.Chief Executive OfficerNew Found Gold Corp. Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp https://x.com/newfoundgold Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statement CautionsThis press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the infill drill results from the Monte Carlo zone in the AFZ Zone, completed as part of the current drill program on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results and interpretation and use of the drill results; future drill programs and the timing and focus thereof; the excavation program and the objectives, timing and results thereof; future exploration and the objectives and timing thereof, including future drilling and excavation; exploration, drilling and mineralization at Queensway; the extent of mineralization and the discovery of zones of higher grade gold mineralization; potential resource expansion; a mineral resource update and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.1 g/t Au= grams of gold per tonne2 m = metresTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/277641