New Found Gold Corp. (TSXV: NFG, NYSE American: NFGC) began its 2026 Queensway drill program on January 21 2026, deploying four active rigs to expand exploration in Newfoundland and Labrador’s flagship Queensway Gold Project. The program is part of the company’s phased development strategy, which aims to move the project from resource definition to production readiness.
The company also released results from its 2025 infill drilling at the K2 zone, a high‑grade gold‑bearing target within the Appleton Fault Zone. The K2 infill program totaled 4,025 m of drilling across 34 diamond drill holes, producing consistent and continuous gold mineralization that aligns closely with the existing resource model. The results reinforce confidence in the Queensway project’s high‑grade core and support the planned conversion of inferred resources to indicated status under the 2026 exploration strategy.
The K2 infill results are a key de‑risking activity for New Found Gold. Converting inferred resources to indicated resources improves the project’s technical credibility, making it more attractive to financiers and regulators. It also provides a stronger basis for the company’s preliminary economic assessment (PEA) released in July 2025, which outlines positive economics for a phased mine development approach.
Management highlighted that the K2 infill results demonstrate “consistent and continuous gold mineralization, with results closely aligning with the initial mineral resource block model.” The company noted that mineralization was also intersected beyond the current model, indicating potential for resource growth. This aligns with the company’s objective to strengthen the Phase 1 PEA open pit by upgrading resource categories and supports the next technical update and permitting schedule.
The launch of the 2026 drill program and the K2 infill results represent a significant step toward advancing the Queensway project toward production. By expanding the resource base and confirming high‑grade mineralization, New Found Gold is positioning itself for future financing and development milestones, reinforcing investor confidence in the project’s long‑term viability.
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