05:28 PM EDT, 09/25/2025 (MT Newswires) -- New Found Gold ( NFGC ) , after trade Thursday, released results from a channel-sampling program at the Iceberg excavation site within the AFZ Core area of its Queensway gold project in Newfoundland and Labrador.

The recent sampling program confirms the presence of high-grade gold near the surface, extending across 185 meters of continuous exposure at Iceberg, President Melissa Render said.

This is one of the key zones identified for phase 1 custom milling in the Queensway preliminary economic assessment (PEA), she added.

"As in the drilling of Iceberg, channel sampling returned broad intervals of coarse, high-grade gold mineralization. We look forward to following up this work with detailed grade-control drilling to inform our geostatistical analysis and continuing our channel sampling program at the Lotto excavation," Render said.

The company said other ongoing work in Queensway includes geotechnical drilling, condemnation drilling, and continued exploration at the AFZ Peripheral area, near the Dropkick zone. Hydrogeological drilling has also started and should be completed by year end.

New Found shares closed up $0.06 to $2.97 on the TSX Venture Exchange.