New Found Identifies Continuation of the Keats-Baseline Faul

Melissa Render, VP of Exploration of New Found, stated: "The high-grade intercepts at Iceberg Alley are very encouraging. This newly identified zone shares many features and characteristics with the KBFZ which is host to the high-grade Keats, Iceberg, and Iceberg East discoveries. Iceberg Alley was discovered in an attempt to extend Iceberg East to beyond the Road Zone and our preliminary interpretation indicates that Iceberg Alley likely represents another displaced segment of the KBFZ. The KBFZ is known to be important for concentrating high-grade gold and understanding the location of this fault is significant for ongoing exploration targeting.

"Meanwhile, at Keats, we have now received all of the results from the barge program and we are pleased with the outcome, adding critical information and delineating the up-dip extent of mineralization associated with the Keats-Baseline Fault Zone underneath South Hermans Pond in addition to adding continuity and extent to the series of gold mineralized structures that exist between the Keats Main Zone and the AFZ (Keats Footwall). This program was completed on time, on budget, and with no incidents. Exploration will now test the down-dip extensions of these structures and target areas where they potentially interact with structures interpreted in the seismic data."

At Keats, all results have now been received from a shallow step-out program that utilized a barge-mounted drill situated on South Hermans Pond. This program was designed to test the shallow continuation of the KBFZ that was inaccessible from land. Today’s results confirm the near-surface continuation of the Keats Main Zone, a gold-mineralized segment of the KBFZ that has a strike length of 575m and starts at surface.
Highlights from the barge program include 34.4 g/t Au over 3.55m in NFGC-23-1967 which is hosted by the East-West Vein, a known high-grade vein that was exposed by the Keats Trench and found to contain a high concentration of coarse gold (November 17, 2023). This interval is 275m along strike, west of the exposed segment in the trench.

I still sit in wonder of the big news announcement yesterday:

1. We got 38 drill results delineating a new zone called Iceberg Alley that is an extension from Iceberg east and it is spectacular with a more northerly look

that is 30m wide and 60m deep....follow up will go to the east

2. We got 114 drill results exposing some segments of the Keats Base Line Fault and with it all the barge results are now in.

3. Big highlight for me was connecting the E-W zone some 275m to the barge results....wow still over 100 g/m

4. Other barge structures connecting in to other Keats structure that require more drilling

5. Exploration will now test the down-dip extensions of these structures and target areas where they potentially interact with structures interpreted in

the seismic data.” Magic words from Melissa I will not mess with

6. This is one boatload or dare I say barge load of info and yes we have a few dusters but this clears up a lot of holes they have been sitting on for

2 years waiting for it to tie in to something.

7. I for one spent a lot of time just staring at the map and looking at how it all tied together and failed but still sat at wonder to finally have

the Glenwood Shear zone finally on a surface map

I beg anyone to include any salient points I have overlooked and please as always any comments welcome.