EXHIBIT 99.1

NI 43-101 Technical Report for the Queensway Gold Project, Newfoundland and Labrador, Canada

SLR Project No.: 233.065300.00001

Prepared by

SLR Consulting (Canada) Ltd.

55 University Ave., Suite 501

Toronto, ON M5J 2H7

and

Stantec Consulting Limited

300-125 Commerce Valley Drive West

Markham ON L3T 7W4

for

New Found Gold Corp.

1055 West Georgia Street
Suite 2129
Vancouver, BC V6E 3P3

Effective Date - March 18, 2025

Signature Date - April 15, 2025

Table of Contents

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Tables

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Figures

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Appendix Tables

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SLR Consulting (Canada) Ltd. (SLR) was retained by New Found Gold Corp. (NFG or the Company) to prepare an independent Technical Report on the wholly owned Queensway Gold Project (the Project or the Property), located in the province of Newfoundland and Labrador, Canada. The purpose of this Technical Report is to support the disclosure of an initial Mineral Resource estimate for the Property. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Two Qualified Persons (QP) from SLR visited the Property on October 24 and 25, 2024.

The Property consists of 7,024 claims across 103 mineral licences, covering a total area of 175,600 hectares (ha). It includes three main Mineral Resource areas: AFZ Core, AFZ Peripheral, and JBP. AFZ Core hosts several key gold (Au) zones, including Keats, Iceberg, Keats West, Lotto, Golden Joint, K2, etc. AFZ Peripheral contains the Big Vein, Pristine, HM, and Midway zones, while JBP features the H Pond, 1744, and Pocket Pond zones. The distance from AFZ Core to AFZ Peripheral is approximately 7.5 km, and from AFZ Core to JBP, approximately 5.5 km. The Project is in an early exploration stage.

The Project is located approximately 15 km west of the town of Gander in the province of Newfoundland and Labrador (NL), and is accessible via the Trans-Canada Highway (TCH), with additional infrastructure including gravel resource roads, high-voltage transmission lines, and proximity to the Gander International Airport and local shipping ports.

NFG has completed a number of baseline environmental and social studies within the Property and surrounding areas, which have been reviewed by Stantec Consulting Ltd. (Stantec) and a summary is included in Section 24 of this Technical Report. The Qualified Person from Stantec visited the Property on March 18, 2025.

The SLR QPs make the following conclusions:

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The QPs recommend that the Project proceed to undertake a PEA. The QPs have the following recommendations by area.

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The budget to complete the recommendations is shown in Table 1-1.

Table 1-1: Budget of Recommendations

In addition to the recommendations presented in Table 1-1, NFG is considering undertaking a bulk sample program. The costs to undertake the bulk sample program, as well as any resultant revenue from the recovery and sale of gold, are currently being evaluated by NFG.

In general, the QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate other than those discussed below. Listed below are some of the potential risks and uncertainties associated with the Queensway Project and its potential future development. While the mineralization style at the Queensway Project introduces some project-specific considerations, most of the risks identified are common to mineral projects at a similar stage of advancement, particularly those progressing from an initial Mineral Resource Estimate toward a PEA.

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Several factors introduce uncertainty to the Mineral Resource estimates presented for the Queensway Project. These include:

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The Project is located on the northeast portion of the Island of Newfoundland, NL along the east coast of Canada. The Property is located approximately 15 km west of the town of Gander, NL and can be accessed from Gander via TCH, which passes through the Queensway North and Twin Ponds claim areas. The approximate centre of the Project is UTM, Zone 21N, NAD83: 645000 m Easting, 5402000 m Northing.

The Property is defined by 103 mineral licences that comprise 7,024 claims, with each claim having an area of 25 ha (500 m x 500 m). In total, the Property encompasses an area of 175,600 ha (1,756 km2). The licences can be separated spatially into groups, or blocks, based on their contiguous groupings. The blocks have no specific administrative or legal significance but are helpful in presenting and explaining a variety of exploration activities over a very large area. The blocks include:

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A total of 92.2% of the claims are owned by NFG, with the remaining 7.8% owned by separate licence holders and are subject to a single Option Agreement - the VOA Option - between NFG and the current property owners (Aidan O’Neil, Suraj Amarnani, and Josh Vann).

The town of Gander is located 15 km to the east of the QWN claims along the TCH. Gander has many amenities that one would expect to find in a major city: an international airport and most of the equipment and supplies required for exploration. The people of Gander are also a source for much of the labour required for NFG’s exploration programs.

The small town of Appleton, located within the QWN claim area, hosts a helicopter base and an environmental remediation company. In the Appleton Industrial Park, NFG has purchased lots that host a fenced-in core yard, an office trailer and shipping containers for storage of sample pulps.

Electricity is available from the Newfoundland provincial grid, which has three electricity transmission corridors that cross the Queensway Project lands.

The extensive historical exploration of the Queensway Project was completed by multiple operators and prospectors, spanning over four decades, from the 1980s through to early 2024. The exploration methods used include surface geochemical sampling, trenching, drilling, and airborne and ground geophysical surveys.

Surface geochemical sampling covers the widest geographical extent of the Project, and amounts to approximately 3,500 till samples, over 600 stream and lake sediment samples, 6,500 rock samples, and over 27,000 soil samples. This extensive data set has identified several gold-in-soil or gold-in-till anomalies that have led to surface gold discoveries.

A total of over 330 trenches have been historically completed across the Project, targeting previously discovered gold-in-soil and gold-in-till anomalies. Over 1,600 channel samples were taken from trenches that reached bedrock, with the remaining trenches open to further exploration.

A total of 16 companies completed 766 drill holes (totalling 133,181 m) over the history of the Project. The majority were diamond drill holes, with a portion of holes completed using rotary air blasting (RAB) and reverse circulation (RC) techniques. Much of the historical drilling occurred north of Gander Lake along the two principal fault zones: Appleton Fault Zone (AFZ) and Joe Batt’s Pond Fault Zone (JBPFZ).

Over 50 historical airborne and ground geophysical surveys have been conducted throughout the Project; including very low frequency electromagnetic (VLF-EM), electromagnetic (EM), magnetic (MAG), induced polarization (IP), versatile time domain electromagnetic (VTEM) and controlled source audio-frequency magnetotellurics (CSAMT). Most of the geographical extent of these geophysical surveys is concentrated along either the AFZ and JBPFZ, or in the QWS claims group around the Pauls Pond and Greenwood Pond gold showings.

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The Project is situated in the northeastern Canadian portion of the Appalachian Orogen, which extends from Scandinavia in the north to Georgia, USA, in the south.

The geology of the Property constitutes a poly-deformed fold and thrust belt that overprints Cambrian continental shelf rocks, Ordovician ophiolitic and marine carbonate/siliciclastic rocks, Silurian shallow marine/terrestrial sequences, and Silurian magmatic rocks. The Appleton and JBP faults are major structures that transect the Queensway Property and are spatially associated with epizonal gold mineralization.

Gold mineralization at the Property has been identified in several gold zones in both the QWN and QWS blocks. In general, these gold zones are interpreted to be indicative of an orogenic epizonal gold system, and are characterized by:

The Project consists of an extensive land package that encompasses over 110 km of strike on the AFZ and JBPFZ that, through continued exploration, have demonstrated a spatial relationship to the known gold discoveries. The extensive glacial cover limits outcrop exposure but since 2016, NFG has made considerable advancements in their ground field activities, utilizing exploration techniques such as soil and till sampling, and trenching to identify potential bedrock sources of gold mineralization advancing many targets to the drilling phase.

Since 2019, and up until November 1, 2024 a total of 587,696 m of drilling in 2,437 holes has been completed by NFG. This drilling has expanded the known mineralization at Keats and led to the discovery, and subsequent expansion, of Lotto, Golden Joint, Keats North, Keats West, Iceberg, K2, and numerous other zones.

The majority of the exploration drilling completed to date has been focused on a 3 km (AFZ Core area) long segment of the AFZ and is largely limited to the top 250 m vertical depth. At QWN alone, NFG controls over 22 km of strike along the AFZ. The Project offers the potential to 1) expand known discoveries at depth within the AFZ Core area, 2) identify new near-surface discoveries along strike of the main discovery area, and 3) advance existing targets and identify new targets at QWS and along the JBPFZ.

Geological and mineralization domains were constructed by NFG and reviewed by SLR. The initial Mineral Resource estimate was prepared by SLR. The resource database was closed on November 1, 2024 and contains 3,214 drill holes for a total of 723,387 m, for which 550,949 m have assay intervals.

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The Mineral Resource estimate is grouped into three primary areas. The AFZ Core area contains the majority of zones, including K2 and Monte Carlo; Keats West, Cokes, and Powerline; Keats, Keats South, Iceberg, Iceberg Alley, Knob, and Golden Bullet; as well as Lotto, Golden Joint, Jackpot, and Honeypot. These zone names reflect the most prominent veins contributing to the contained metal within each zone, though each zone includes numerous additional veins beyond those listed. The AFZ Peripheral area includes the Big Vein, Pristine, HM, and Midway zones. The JBP area includes the H Pond, 1744, and Pocket Pond zones. All Mineral Resources are located within the QWN block; no Mineral Resources have been estimated for QWS.

Geological and mineralization wireframes were constructed using Leapfrog Geo software, while grade estimation for the AFZ Core area was completed using the Python-based Resource Modeling Solutions Platform (RMSP). Grade estimation for the AFZ Peripheral and JBP areas was completed using Leapfrog Edge.

Gold grade was interpolated using a third-order ID3 algorithm, with search neighbourhood parameters supported by variography undertaken for key veins.

Average bulk density was assigned to geological and mineralization domain, supported by drill core sample measurements made using the water immersion method.

The estimates were validated through visual comparison of block and composite grades, statistical comparison of block and composite grades, swath plots, and comparison with Nearest Neighbour (NN) check estimates for all veins. For selected high-value veins within the RMSP estimate, further check ID3 estimates were completed in Leapfrog Geo.

Block models were rotated 30° clockwise about the vertical axis. The estimation block model has a parent block dimension of 2.5 m by 2.5 m by 5 m, with a minimum sub-block size of 0.625 m by 0.625 m by 1.25 m.

For the purposes of open pit optimization, the block model was re-blocked to 5 m by 5 m by 5 m, while open pit Mineral Resources are reported from a block model regularized to the parent cell size. Underground reporting panels were generated from the original estimation sub-block model, which was also used to report the underground Mineral Resources.

To demonstrate reasonable prospects for eventual economic extraction (RPEEE), open pit Mineral Resources are constrained by a preliminary optimized open pit shell and reported above a cut-off grade of 0.3 g/t Au.

Underground Mineral Resources are constrained by reporting panels generated at a cut-off grade of 1.65 g/t Au and a minimum mining width of 1.8 m.

Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were used for Mineral Resource classification.

Mineral Resources for the QWN Project are tabulated in Table 1-2, with an effective date of March 15, 2025:

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Table 1-2: Summary of Mineral Resources - Effective Date March 15, 2025

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The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate other than those discussed in Section 14.14.3.

No Mineral Reserves are defined for the Property.

Since 2023, NFG has completed two phases of metallurgical test work, and a third phase is in progress. Phase 1 of the test work evaluated three mineralized zones, Keats, Golden Joint, and Lotto, and phase 2 studied mineralization from the Iceberg and Iceberg East zones. The phase 3 test work currently underway is examining mineralized material from Keats West.

Samples used in test work were selected to provide a wide range of gold head grades for evaluation. Since the samples were selected prior to the completion of geological modelling and resource estimation, their selection did not benefit from detailed knowledge of grade distributions within each zone or the extents of each zone.

The metallurgical test programs characterized each zone by combining intervals of mineralized core from different vein and structural intercepts to create numerous variability composites. Master composites for each zone were created by combining portions of the variability composites from each respective zone.

Exploratory test work was completed on the master composites and included comminution testing, mineralogical analysis, gravity recovery testing, cyanide leaching (direct and CIL), and preg-robbing testing. Based on results of the exploratory testing, the variability composites were tested using a gravity-CIL base-case flowsheet at three different grind sizes.

Additional exploratory test work investigated the rejection of carbon via flotation, and sulphide flotation for the recovery of gold associated with sulphides by CIL. The test work indicated that the majority of gold not recovered in gravity concentration could be recovered by flotation.

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SLR Consulting (Canada) Ltd. (SLR) was retained by New Found Gold Corp. (NFG or the Company) to prepare an independent Technical Report on the 100% owned Queensway Gold Project (the Project or the Property), located in the province of Newfoundland and Labrador, Canada. The purpose of this Technical Report is to support the disclosure of an initial Mineral Resource estimate. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Two Qualified Persons (QPs) from SLR conducted a site visit to the Project and related facilities on October 24 and 25, 2024.

NFG is a publicly traded junior mineral exploration company based in Vancouver, British Columbia, Canada. NFG’s current exploration project includes the Queensway Gold Project in northeast Newfoundland of the Canadian province of Newfoundland and Labrador (NL). The Company is listed on the TSX Venture Exchange (TSX-V: NFG), the OTCQB Venture Market (NFGFF) and the New York Stock Exchange (NYSE-A: NFGC) in the U.S.A., and the Frankfurt Stock Exchange (FSE: 2N6).

The Property consists of 7,024 claims across 103 mineral licences, covering a total area of 175,600 hectares (ha). It includes three Mineral Resource areas: AFZ Core, AFZ Peripheral, and JBP. AFZ Core hosts several key gold (Au) zones, including Keats, Iceberg, Keats West, Lotto, Golden Joint, K2, etc. AFZ Peripheral contains the Big Vein, Pristine, HM, and Midway zones, while JBP features the H Pond, 1744, and Pocket Pond zones. The distance from AFZ Core to AFZ Peripheral is approximately 7.5 km, and from AFZ Core to JBP, approximately 5.5 km. The Project is in an early exploration stage.

The Queensway Project is located approximately 15 km west of the town of Gander, NL, and is accessible via the Trans-Canada Highway (TCH), with additional infrastructure including gravel resource roads, high-voltage transmission lines, and proximity to the Gander International Airport and local shipping ports.

NFG has completed a number of baseline environmental and social studies within the Property and surrounding areas, which have been reviewed by Stantec Consulting Ltd. (Stantec) and a summary is included in Section 24 of this Technical Report.

SLR’s site visit to the Queensway Project was conducted by Pierre Landry, P.Geo., Managing Principal Resource Geologist, and David M. Robson, P.Eng., MBA, Principal Mining Engineer, on October 24 and 25, 2024. During the visit, they inspected key project components, assessed site conditions, and gathered information necessary for completing the Mineral Resource estimate and accompanying Technical Report. Mr. Landry examined the Keats and Iceberg trenches, the core shack, and reviewed logging procedures for data collection and sampling. He also inspected core samples from the AFZ Core, AFZ Peripheral, and JBP deposits. Mr. Robson assessed site accessibility and infrastructure, including water sources, power supply, and potential locations for key site infrastructure.

As part of the verification process, Mr. Landry inspected drill collars and drill hole cores relevant to the Mineral Resource estimation, verifying collar locations using a handheld GPS and visually comparing mineralization with interpreted drilling sections. NFG provided full access to all facilities and personnel during the visit. Mr. Landry and Mr. Robson were accompanied by Melissa Render, President (formerly Vice President of Exploration for NFG), and Ron Hampton, former Chief Development Officer.

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Sheldon H. Smith P.Geo., Senior Hydrologist and Senior Principal with Stantec, visited the site on March 18, 2025, accompanied by Alexandra Squires, a Project Coordinator with NFG. Mr. Smith visited NFG’s core storage area and travelled through the Property stopping to observe exploration drilling and trenching zones, an overburden stockpile, organic/grubbed material stockpile, and exploration phase site water management ditching and erosion and sedimentation controls. Mr. Smith also observed local natural waterbodies and connecting watercourses, the local physiographic, topographic, and vegetative cover landscape through the Queensway property.

During the preparation of the Mineral Resource estimate, SLR held discussions with NFG personnel to review geological data, project infrastructure, and operational considerations. These discussions included Melissa Render, P.Geo., President; Ron Hampton, former Chief Development Officer; Robert Assabgui, P.Eng., Study Manager; Jared Saunders, Vice President, Sustainability; James Tolhurst, P.Geo., Geoscience Data Manager; Alexandra Squires, G.I.T., Project Coordinator; and Chris Baker, G.I.T., Modelling Geologist.

This Technical Report was prepared by QPs Pierre Landry, P.Geo., David M. Robson, P.Eng., Principal Mining Engineer, Lance Engelbrecht, P.Eng., Principal Metallurgist, of SLR, and Sheldon H. Smith, P.Geo., Senior Hydrologist and Senior Principal, of Stantec (Table 2-1). Additional contributions were made by James Catley, CGeol (UK); Lorraine Tam, P.Geo.; John Makin, MAIG (Australia); Goran Andric, P.Eng.; Jeff Sepp, P.Eng.; and Maria Campos, P.Geo., of SLR.

Table 2-1: Qualified Persons and Responsibilities

The effective date of the technical information in this Technical Report is March 18, 2025. The effective date of the Mineral Resource estimate is March 15, 2025.

The documentation reviewed, and other sources of information, are listed at the end of this Technical Report in Section 27 References.

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Units of measurement used in this Technical Report conform to the metric system. All currency in this Technical Report is Canadian dollars (C$) unless otherwise noted.

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This Technical Report has been prepared by SLR for NFG. The information, conclusions, opinions, and estimates contained herein are based on:

For the purpose of this Technical Report, SLR has relied on ownership and royalty information provided by NFG within Section 4. The SLR QP conducted a review of the claims and mineral licences held by NFG that encompass the Queensway Project using the Newfoundland and Labrador Geoscience Atlas and found all claims and licences to be active and in good standing.

The SLR QP has taken all appropriate steps, in their professional opinion, to ensure that the above information from NFG is reliable.

Except for the purposes legislated under provincial securities laws, any use of this Technical Report by any third party is at that party’s sole risk.

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The Queensway Gold Project is located on the northeast portion of the Island of Newfoundland in the Province of Newfoundland and Labrador (NL) along the east coast of Canada. The northern portion of the Property is transected by the Trans-Canada Highway, a transcontinental federal-provincial highway system that travels through all 10 southern provinces of Canada. Via the Trans-Canada Highway, the eastern edge of the Property is located approximately 15 km west of the town of Gander, NL (Figure 4-1). The approximate centre of the NFG Queensway Project is UTM, Zone 21N, NAD83: 645,000 m Easting, 5,402,000 m Northing.

On July 9, 2024, NFG announced that the Company had acquired a 100% interest in Labrador Gold Corp.’s (LabGold) Kingsway Project including four licences (311 claims). The claims were added to the Queensway property holdings and are now referred to as the AFZ Peripheral area.

On May 17, 2024, NFG completed the acquisition of 100% in three licences (54 claims) from Sky Gold Corp. (Sky Gold).

Currently, the 100% owned Queensway Property is defined by 103 mineral licences that comprise 7,024 claims, with each claim having an area of 25 ha (500 m x 500 m). In total, the Property encompasses an area of 175,600 ha (1,756 km2). The licences can be separated spatially into groups, or blocks, based on their contiguous groupings as described in the text that follows.

The geographic position of the various contiguous licence groupings, and the licence descriptions, are presented in Figure 4-1 and Table 4-1. The licences/claims are divided into six sub-properties, or blocks that include:

The blocks have no specific administrative or legal significance but are helpful in presenting and explaining a variety of exploration activities over a very large area.

The larger QWN and QWS blocks are defined as follows:

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The Queensway Property also includes four smaller, non-contiguous groups of licences that occur north and west of the QWN block (Figure 4-1; Figure 4-2; Table 4-1). These blocks are defined as follows:

The SLR QP has reviewed the Queensway Project's mineral licences and confirmed their standing through publicly available data and information from NFG. To the best of the QP’s knowledge, all licences remain in good standing as of the effective date of this report, with exploration subject to regulatory approvals and applicable restrictions.

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Figure 4-1:     Queensway Project and Five Contiguously Defined Sub-property ‘Blocks’ of Contiguous Mineral Licences

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Table 4-1:      Queensway Project Mineral Licence Description and Status by Blocks of Contiguous Licences/Claims

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Figure 4-2:     Queensway North Mineral Licences, and the Separate Licences of Twin Ponds, Ten Mile-Duder Lake, Bellman’s Pond, and Little Rocky Brook

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Figure 4-3:     Queensway South Mineral Licences

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Since the 1950s, the Property area has been prospected by several dozen individuals who have staked claims either in their own name or in the name of the private company through which they conduct their prospecting activities. The Property claims have been optioned at various times to larger mining companies, many of them public. Private and public companies have worked together in joint ventures and with separate groups of individual prospectors, dropped options and entered into new joint ventures and option agreements, sometimes with the same partners and sometimes with new partners.

Following the many changes in claim ownership, Palisade Resources Corp. (Palisade), later renamed to New Found Gold Corp. in June 2017, began to consolidate the large land package that now forms the Queensway Project.

The licences were acquired through 1) online map staking with the Government of NL, 2) the successful completion of a series of Option Agreements (nine Option Agreements; NFG, pers. comm., 2023), and 3) some of the licences were originally acquired by Palisade, NFG’s predecessor.

On July 9, 2024, NFG acquired a 100% interest in LabGold’s Kingsway Project. Pursuant to the acquisition, NFG issued to LabGold 5,263,157 common shares as consideration for the Purchased Assets (NFG 2024j).

On May 17, 2024, NFG acquired a 100% interest in three mineral licences previously held by Sky Gold. Pursuant to the acquisition, NFG purchased the licences for $35,000.

In addition, five licences are currently owned by separate licence holders and are subject to NFG satisfying conditions of a single Option Agreement called the VOA Option (Figure 4-1; see Section 4.5).

With respect to the nature and extent of NFG’s mineral rights interest at the Queensway Property, Table 4-1 shows that the Property can be separated into four general groups based solely on the title of the Licence Holder. The Queensway North group includes titles related to Twin Ponds, Ten Mile-Duder Lake, Bellman’s Pond, and Little Rocky Brook that are listed in Table 4-1 and shown in Figure 4-2). The Queensway South block titles are listed in Table 4-1 and shown in Figure 4-3.

A total of 7.8% of the claims that make up the Property are not owned by NFG but rather by separate licence holders and are subject to a single Option Agreement - the VOA Option - between NFG and the current property owners (Aidan O’Neil, Suraj Amarnani, and Josh Vann). The ownership for each of the four groups is further summarized as follows:

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Mineral rights in NL are managed by the Mineral Lands Division of the Department of Industry, Energy, and Technology (IET), which coordinates map-staking of Crown mineral licences through the online Mineral Lands Administration Portal (MinLAP). Within the area of a mineral licence, there are separate mineral claims, up to 256 coterminous claims per licence area.

With respect to mineral licence maintenance in NL, NFG must abide by two financial obligations to maintain the licences in good standing:

NFG’s minimum exploration expenditure obligation for the entire Queensway Project as of March 31, 2025 is $228,397.03 with $1,589,256.57 in 2026. With the current drilling program plans scheduled to continue throughout 2025, and with ongoing surface reconnaissance and mapping activities, the money NFG spends on exploration will exceed the required minimum in 2025.

In each year of a mineral licence being issued, the minimum annual assessment work must be completed by the anniversary, unless there are excess exploration expenditures reported. After an expenditures due date, an assessment report must be submitted within 60 days of the anniversary date. Excess assessment work expenditures are credited to the licence and can be carried forward to satisfy the expenditure requirements in future years except for the transition to Year 20 when all expenditures are defaulted to Year 20 dues.

Any mineral licence holder who intends to conduct an exploration program must obtain mineral exploration approval (MEA) from the NL IET before the activity can commence.

Table 4-3 shows the renewal fee per claim for each of the five-year intervals. These fees are due every five years from Year 5 through Year 20, and then annually from Year 21 onward. NFG’s annual renewal fees will be $15,800 for the licences that reach their renewal date in 2024; and $80,175 for the licences that reach their renewal date in 2025.

Table 4-2: Minimum Expenditures for Mineral Claims in Newfoundland and Labrador

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Table 4-3: Renewal Fees for Mineral Claims in Newfoundland and Labrador

Title to surface rights in Newfoundland is required only for the development of a mineral resource under a mining lease. For exploration activities, including both non-ground-disturbing and ground-disturbing work, licence holders must obtain an MEA and/or a letter of acceptance from the NL Department of Industry, Energy and Technology (NLDIET) for all valid mineral licence(s) to be explored under the proposed program. These approvals regulate land use and environmental compliance but do not confer ownership of surface rights (Government of Newfoundland and Labrador 2024).

NFG does not own surface rights on the Project except for the Core Yard at Appleton. On an as-needed basis, NFG negotiates agreements that allow exploration activities to be conducted on property owned and administered by others:

In addition to stipulating the times when the company can conduct work, and the nature of the work that is permitted, these agreements also specify the company’s responsibility for restoring land to an acceptable condition following field activities.

For exploration activities on Crown Lands, approval is required from the Mineral Lands Division of the IET. The primary focus of these applications and approvals is to prevent or minimize adverse impacts on the environment, fish, and wildlife; Section 4.7 of this report summarizes NFG’s environmental permitting activities and the approvals it currently holds.

If the Project advances to the mine production stage, NFG would need to obtain surface rights by applying for a surface lease to the IET, accompanied by a legal survey. Surface leases are issued by the IET in consultation with the Minister appointed to administer the Lands Act.

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To the best of the SLR QP’s knowledge, there are no significant factors, or risks that may affect access, or the right or ability of NFG to perform exploration work on the Property.

In addition to the mineral licences staked by NFG, the Project also includes optioned claim packages that were negotiated by NFG from 2016 through 2018 under nine separate and completed Option Agreements. These Option Agreements granted mineral rights to NFG in return for a combination of scheduled lump sum payments, NFG shares, and net smelter return (NSR) royalties to various individual and company optionors.

As of September 2021, when the last of the option payments was made with respect to the nine Option Agreements, NFG had met all the conditions and earned 100% ownership of the associated mineral licences.

On November 2, 2022, NFG executed a single option agreement (the VOA Option) with Aidan O’Neil, Suraj Amarnani, Josh Vann, and VOA Exploration Inc., collectively referred to as the “Optionors”. The VOA Option Agreement grants NFG exclusive right and option to acquire a 100% title and interest in a property defined by five mineral licences: 035047M and 035197M, 035048M and 035198M, and 035050M, owned by Aidan O’Neil, Suraj Amarnani, and Josh Vann respectively (Figure 4-2; Table 4-1). The claims included in these five mineral licences represent 7.8% of the Property claims (Section 4.2).

In connection with the grant of the VOA Option, NFG shall have the right to enter onto and occupy the optioned property to conduct activities as contemplated in the VOA Option Agreement.

For NFG to exercise the VOA Option, NFG shall 1) issue an aggregate of 487,078 common shares in capital of NFG (the “Share Issuances”) and 2) make aggregate cash payments of $2,350,000 (the “Cash Payments”) to the Optionors as follows (NFG 2022a):

NFG shall pay all Cash Payments and register all Common Shares issued under the VOA Option Agreement to VOA Exploration Inc. unless otherwise instructed in writing by the Optionors. VOA Exploration Inc. is the consortium of Vann, O’Neil, and Amarnani.

Upon NFG completing the Cash Payments and the Share Issuances set forth above, NFG will immediately be deemed to have exercised the VOA Option and acquired a 100% interest in the property free and clear of all encumbrances with no further action required by it resulting in the Optionors’ interest in the property being immediately transferred to NFG. The terms of the VOA Option Agreement do not include any mandatory work commitments, advanced royalty payments, or granting of royalties.

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Seventy-eight of the 103 Queensway Property mineral licences (76%) are currently subject to an NSR royalty; the other 25 licences are not subject to any royalty. Some royalties were formed within agreements between NFG and the various individuals and companies that optioned their mineral rights to NFG in return for financial compensation that included NSR royalties. Others arise from financing provided by GoldSpot Discoveries Corp. (GoldSpot) in 2019. All claims acquired after the NFG-GoldSpot Agreement execution date and contiguous to the NFG-GoldSpot Agreement original claims are subject to a 1% NSR royalty to GoldSpot less royalties at the time of acquisition. A summary of the royalty structure at the Property is presented in Table 4-1. Currently, the NSR royalties range from 0.4% to 3.0% for the 78 licences subject to an NSR royalty.

Royalties associated with the NFG-Labrador Gold Corp. Purchase Agreement state that mineral licences 027636M, 207637M, and 035204M are subject to a 1% NSR plus $1 per ounce of gold in the ‘indicated mineral resource’ and ‘measured mineral resource’ categories, as defined by Canadian Institute of Mining, Metallurgy and Petroleum CIM Definition Standards for Mineral Resources and Mineral reserves (CIM (2014) definitions). In addition, an advance royalty of $50,000 per annum will be payable, at the election of the Royalty Holder, in cash or common shares, commencing on March 3, 2026, and continuing each year thereafter until commencement of commercial production.

Many of NFG’s option and financing agreements have included a buyback provision that allows the Company to reduce the NSR royalty by making a lump sum payment to the holder of the royalty. For example, on November 15, 2021, NFG announced that it had exercised its buyback option and entered into three royalty purchase agreements to acquire a total of 0.6% NSR related to the Linear and JBP Linear Properties. These royalties, originally granted under a 2016 agreement, cover key areas of the Queensway Project, including the Keats, Golden Joint, and Lotto discoveries. Following the transaction, a 0.4% NSR remains on the Keats-Golden Joint-Lotto-Big Dave corridor. Table 4-1 illustrates the current NSR royalty and the amount that could still be bought back. Were NFG to exercise its buyback rights, the NSR royalties would range between 0.5% and 1.0% for the 28 licences that are subject to a NSR royalty.

NFG is responsible for obtaining all permits in accordance with the Mineral Act (RSNL 1990 Chapter M-12) and Mineral Regulations (CNLR 1143/96) along with other Provincial Acts, Regulations, and laws, to conduct exploration activities at the Property. Exploration activities require approval from the Mineral Lands Division of the IET. These specify the activities that are allowed in the area and provide conditions set out in performing the proposed work as defined in the referral process to other government departments and agencies; they are typically valid for one to two years and can be renewed or amended if required.

The different permits and licence requirements in the Province of Newfoundland and Labrador can include:

Water Use Licence (WUL): Activities that require water to be drawn from surface waterways or from aquifers require a Water Use Licence. These are typically valid for five years and can be renewed. These permits are no longer needed for drilling and trenching activities but are still required for a camp.

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Licence to Occupy (LTO): Required if a camp location was to be used for a period longer than that which was allowed as part of the Exploration Approval Permit (Fly Camp). This permit is obtained from the Provincial Department of Crown Lands. These are typically valid for five years and can be renewed. Receipt of an LTO for establishing a camp may necessitate additional permits depending on the camp's location and associated activities. These permits may include:

Table 4-4 summarizes the permits, licences, and approvals that have currently been granted to NFG, which expire between December 1, 2024, and October 29, 2029, and are re-permitted, or re-applied for, as necessary by NFG.

Table 4-4: Environmental Permits, Licences, and Approvals

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Mineral licences 024557M, 024558M, 024561M, 024563M, 024568M, and 024570M, all of which lie in the south of Queensway South, are restricted from exploration activities from mid-May to early July as this area is a spring habitat for Newfoundland caribou.

Mineral licence 035198M in Queensway North encloses two known archaeological sites and covers a portion of the Gander River which has high archaeological potential. As such, the Provincial Archaeology Office recommends a 100 m buffer along the Gander River, and 50 m buffers around the two known sites.

The Company has completed a desktop Historic Resources Overview Assessment (HROA) of the southern portion of the Queensway North area to determine the potential for heritage and cultural resources in the area. As a result of this desktop HROA, a field assessment called a Historic Resources Impact Assessment (HRIA) was conducted in 2023. The HRIA determined that the areas evaluated have low potential for archaeological resources and no further investigation or mitigation measures were recommended. The Provincial Archaeology Office of Newfoundland and Labrador reviewed and agreed with the finding of the HRIA.

The Company has contracted ongoing environmental baseline studies since 2020 that include groundwater, surface water and sediment sampling, as well as terrestrial and aquatic assessments (NFG 2023a). The Company carried out more in-depth field studies in 2023 to better understand the environmental conditions of the Queensway area. A geotechnical and hydrogeological study and baseline air quality monitoring were initiated in 2023. The Company also conducted a field survey of muskrat and noise and light levels.

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The SLR QP is not aware of any environmental liabilities or other restrictions to NFG’s exploration activities, outside the established 300 m Gander Lake Buffer, wetland and watercourse buffers of 30 m to 100 m along Gander River and Gander Lake Tributaries. Exploration can generally be conducted year-round once the necessary approvals have been received from the Mineral Lands Division, Environment and Climate Change, and/or from the relevant municipal governments and individual property owners.

The SLR QP has no reason to assume that NFG will not obtain the necessary permits to advance the Project, provided regulatory requirements continue to be met.

Mineral licences 035047M, 035197M, 035048M, 035198M, and 035050M are owned by third parties under the VOA Option Agreement, and NFG’s mineral rights remain subject to fulfilling the agreement’s conditions.

Risks are described in Section 1.1.3.

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The Property can be accessed by commercial flights to the Gander International Airport and by vehicle from the town of Gander via the Trans-Canada Highway (TCH, Route 1) which passes through the Queensway North and the Twin Ponds claim areas. The Property is located approximately 15 km west of the town of Gander (Figure 5-1).

The Trans-Canada Highway (TCH, Route 1) provides road access across all of Newfoundland with an east-west distance of 928 km. The Trans-Canada Highway passes through eight licences in the Queensway North block and one licence in the Twin Ponds block.

The Property can also be accessed by the Northwest Gander River Road, which runs on the west portion of the Queensway South claims area from Gander Lake and crosses the river into the Queensway South claims. About halfway, at the steel bridge, approximately 15 km south of Gander Lake, additional access roads lead into the south Gander Lake area. Within the claims areas, most of the Project is accessible via gravel access roads, including the Appleton Fault Zone (AFZ) road, the H Pond Road to areas along the Joe Batt’s Pond Fault Zone (JBPFZ) , and the Joe Batt’s Pond Road on the eastern margin of QWN in the cottage area. Many quad/harvester trails and winter roads provide excellent access for heavy equipment when required.

The areas in the far south of the Queensway South area are best reached by four wheel drive trucks and ATV along resource roads that begin at the Bay d’Espoir Highway (Route 360), which spurs off the Trans-Canada Highway at the town of Bishop’s Falls, NL (Figure 5-1).

In addition to road and ATV access, the mineral licences along the shores of Gander Lake can easily be accessed by boat. The Property can also be accessed by helicopter from the Newfoundland Helicopters base in the town of Appleton and via Gander International Airport and from small craft float planes based near the international airport in Gander.

The nearest seaports are north of the Trans-Canada Highway at the towns of Lewisporte and Botwood, NL, which are approximately 40 km and 70 km, respectively, by road from the town of Glenwood, NL (Figure 5-1). Both port locations have excellent harbour facilities and capabilities.

The Queensway Property area is dominated by broad, northeast-trending ridges separated by valleys with linear bogs, brooks, and larger ponds (Figure 5-2). Gander Lake and the Gander River are the most important water bodies in the Project area.

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Figure 5-1:     Access to the Queensway Property

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Figure 5-2:     Shaded Relief Image for the Queensway Project Area, with Outline of the Queensway Mineral Licences and Bodies of Water

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Within the Property, the ground elevation rises to approximately 320 MASL at a ridge east of Caribou Lake in the southeast and drops to a low of 15 MASL in the north portion of the Property, where the Gander River flows toward the North Atlantic coast. Boreal forest covers much of the Project area and includes areas that have been logged and re-planted with white and black spruce seedlings, among other species.

The climate is blended maritime-humid continental - pleasant in the summer, cool and wet in the spring and autumn, and snowy, often windy, in the winter. Summer temperatures are typically in the 20° C to 25° C range, but highs can peak above 30° C (Figure 5-3). Winter temperatures typically range from −15° C to +5° C. Precipitation is usually in the form of snow from December to April; rainfall is typical the rest of the year, usually as showers to heavy rain, frequently occurring with strong winds.

Weather is dominated by ocean currents, prevailing westerlies, and storms coming from the west over the Maritime provinces and Québec, or from the south along the US Eastern Seaboard. The typical spring/summer exploration season is from May to late November. Winter conditions start early in November and sometimes extend into May.

The Gander area climate is conducive to exploration companies having the capability to conduct year-round exploration work. Geological mapping, prospecting, and surface rock sampling programs are typically limited to the summer and summer shoulder months (i.e., spring, or March to May, and fall, or September and October) when snow still melts and/or precipitation occurs largely as rainfall. Geophysical surveys and drilling can easily be competed year-round including through the winter months after the snow/ice has either melted or formed ice layers that are thick enough to support equipment. Producing mines in NL operate year-round. With respect to seaports in the general Property area, the sea ice is typically open year-round; however, sea ice has disrupted winter shipping in some years.

Figure 5-3:     Climate Data for Gander International Airport

Source: Environment Canada.

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The proximity to Gander, NL provides the Queensway Project with the benefits of a local community with an approximate population of nearly 12,000 persons (2021 Census of Population), which includes accommodation, restaurants, hardware, garages, office space, etc. within a short drive from the Property and fieldwork. The town of Gander is located 15 km to the east of the Queensway Project along the Trans-Canada Highway (Figure 4-2). Gander has many amenities that one would expect to find in a major city: an international airport and most of the equipment and supplies required for exploration. The people of Gander are also a source for much of the labour required for NFG’s exploration programs.

The small town of Appleton lies just within the Queensway North claims area; the neighbouring town of Glenwood lies across the Gander River, just to the west of the Project’s claims (Figure 5-2). With a combined population of approximately 1,400 individuals many of whom work in the resource sectors, these towns are also a source for critical employees and support staff. A helicopter base and an environmental remediation company are located in the Appleton Industrial Park adjacent to drill company support facilities.

In the Appleton Industrial Park, NFG has purchased eight contiguous lots that host a fenced-in core yard, office/support trailers, shipping containers for crushed sample storage and equipment sheds, and heavy equipment parking or laydown as required.

Skilled and semi-skilled workers can also be found in Grand Falls−Windsor, a town with a slightly larger population (close to 14,000 persons) located approximately 76 km west of the Queensway North claims along the Trans-Canada Highway (Figure 5-1). Central Newfoundland has hosted a number of historical and current mines resulting in the availability of mine support companies and a strong resource based skilled labour pool.

Electricity is available from the Newfoundland provincial grid, which has three electricity transmission corridors that cross the Queensway Project lands:

Other than the Water Use Licences described in Section 4.7, there is currently no developed water supply or water right attached to the Queensway Project. However, when the need arises, NFG can apply for permission to draw water from the several bodies of water within, or adjacent to, the Company’s mineral claims (Figure 5-2).

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The towns of Appleton, within the Queensway North claims area, and Glenwood, just to the west, have municipal water and sewer systems.

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Although the earliest recorded exploration activities on the Project area date back to 1955, sustained and systematic exploration only began to accelerate in the 1980s. Since that time, the Project has been operated by numerous companies, as reflected in Table 6-1 and Table 6-2, below. The current Project consists of licences that were acquired by NFG through 1) online map staking with the Government of NL, 2) the successful completion of a series of nine option agreements, 3) licences originally acquired by Palisades, NFG’s predecessor, and 4) purchase agreements (Figure 6-1). In addition, five licences are currently owned by separate licence holders and are subject to NFG satisfying conditions of the VOA Option Agreement (see Section 4.5) and NFG. In May 2024, NFG acquired the Sky Gold claims, expanding the Project by 4,800 ha. In July 2024, NFG acquired a 100% interest in LabGold’s Kingsway Project, expanding the Project by 7,774 ha and gaining approximately 13.5 km of additional strike along the AFZ. The Kingsway claims were added to the Queensway property holdings and are now referred to as the AFZ Peripheral area.

The extensive exploration history of the Queensway Project was accomplished by multiple operators and prospectors, spanning over four decades, from the 1980s through to early 2024 Exploration efforts were spread across the large district scale project, with significant concentrations of work around the many known gold showings in the Queensway licence group (Figure 6-1). The exploration methods used include surface geochemical sampling, trenching, drilling, and both airborne and ground geophysical surveys.

Surface geochemical sampling covers the widest geographical extent of the Project, and amounts to approximately 3,500 till samples, over 600 stream and lake sediment samples, 6,500 rock samples, and over 27,000 soil samples. This extensive data set has identified several gold-in-soil or gold-in-till anomalies that have led to surface gold discoveries. Several gold occurrences throughout the Property have also been discovered by surface float rock samples containing high grade gold mineralization.

A total of over 330 trenches have been historically completed across the Project, targeting previously discovered gold-in-soil and gold-in-till anomalies. For trenches that were successful in reaching bedrock, over 1,600 channel samples were taken, while unsuccessful trenches have left these soil and till anomalies unexplained and open to further exploration.

A summary of the historical drilling at the Project is presented in Table 6-2, where a total of 16 companies completed 766 drill holes (totalling 133,181.1 m). The majority were diamond drill holes, with a portion of the LabGold holes completed using rotary air blasting (RAB) and reverse circulation (RC) techniques. Diamond drill core sizes range from BQ core (36 mm diameter) to HQ core (64 mm diameter). Much of the historical drilling occurred north of Gander Lake along the two principal fault zones: AFZ and JBPFZ.

Over 50 historical airborne and ground geophysical surveys have been conducted throughout the Project; including very low frequency electromagnetic (VLF-EM), electromagnetic (EM), magnetic (MAG), induced polarization (IP), versatile time domain electromagnetic (VTEM) and controlled source audio-frequency magnetotellurics (CSAMT). These geophysical surveys regularly identify south-southwest-north-northeast to southwest-northeast linear structures consistent with the broad regional topographic fabric and orientation of the major fault zones. Most of the geographical extent of these geophysical surveys is concentrated along either the AFZ and JBPFZ, or in the QWS claims group around the Pauls Pond and Greenwood Pond gold showings.

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Newfoundland and Labrador maintains a public database of mineral exploration assessment files through its GeoFiles system. This resource provides access to a comprehensive collection of documents related to the geology and mineral resources of the province. Additionally, the province's Geoscience Atlas offers direct access to digital data, maps, reports, and images for viewing and download. These resources are managed by the Geological Survey of Newfoundland and Labrador, which is responsible for geological mapping and surveying in the province.

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Figure 6-1:     Location of Historical Exploration Programs Conducted by Prior Owners

Note. The location names accompany the names used by various companies and prospectors listed in Table 6-1.

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Table 6-1: Summary of Historic Exploration Work Completed on the Queensway Property

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Table 6-2: Summary of Historic Drilling at Queensway

The QP is not aware of any mineral resource estimates, whether compliant with current CIM Definition Standards and NI 43-101 requirements, historical, or non-compliant, having been prepared by previous operators.

There has been no production from the property as of the effective date of this report.

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The Queensway Project is situated in the northeastern Canadian portion of the Appalachian Orogen, which extends from Scandinavia in the north to Georgia, USA, in the south (Figure 7-1; van Staal and Barr 2012). The Appalachian Orogen (500-350 Ma) records the formation and destruction of the Pre-Cambrian to early Paleozoic Iapetus Ocean. The Iapetus Ocean separated the Laurentian and Gondwanan continents prior to a series of collisional events that created the super-continent Pangaea (Colman-Sadd et al. 1992; van Staal et al. 1998; Pollock et al. 2007; van Staal and Barr 2012; Honsberger et al. 2022).

Newfoundland is divided into four litho-tectonic facies, from west to east - the Humber, Dunnage, Gander, and Avalon zones based on differences in structural, faunal, geochronological, isotopic characteristics, and stratigraphic relationships (Figure 7-2). The Property is mainly in the Dunnage Zone, and to a lesser extent the Gander Zone in the east.

The Dunnage Zone is a collage of Cambro-Ordovician ophiolitic, intra-oceanic arc, back arc, and associated marine sedimentary rocks of both Laurentian and Gondwanan affinity (Figure 7.2). The zone is subdivided into the Notre Dame (Peri-Laurentian) and Exploits (Peri-Gondwanan) subzones which are separated by a major, late Ordovician suture known as the Mekwe’jit Line (former Red Indian Line; van Staal and Barr 2012). Most of the Property lies in the eastern Exploits Subzone of the Newfoundland Appalachians.

The Gander Zone is defined by distinct poly-deformed, middle Cambrian to Tremadocian quartz-rich metapsammites and metapelites which represent continental margin sediments of Ganderia (Figure 7-2; van Staal and Barr 2012). Ganderia is interpreted to be a small ribbon continent that rifted from Gondwana during the middle Cambrian (van Staal and Barr 2012). The Gander Zone is separated from the Dunnage Zone by an early Ordovician suture called the GRUB Line which formed during the Penobscot Orogeny (Colman-Sadd et al. 1992). In the Newfoundland Appalachians the Gander Zone is divided into the Gander Lake, Meelpaeg, and Mount Cormack subzones (Williams 1979). Eastern parts of the Property are underlain by rocks of the Gander Lake Subzone.

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Figure 7-1:     Correlation of Major Suture Zones across the Atlantic Ocean

Notes: Abbreviations of suture zones in the vicinity of the Queensway Property include: BBL - Baie Verte-Brompton Line; RIL - Mekwe’jit Line (formerly Red Indian Line); DBL - Dog Bay Line; GRUB - Gander River Ultramafic Belt; DHF - Dover-Hermitage Fault

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Figure 7-2:     Newfoundland’s Bedrock Geology and Major Tectonic Zones

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The geology of the Queensway Property constitutes a poly-deformed fold and thrust belt that overprints Cambrian continental shelf rocks, Ordovician ophiolitic and marine carbonate/siliciclastic rocks, Silurian shallow marine/terrestrial sequences, and Silurian magmatic rocks (Figure 7-3; Coleman-Sadd et al. 1992; van Staal and Barr 2012; Sandeman et al. 2018). The Appleton and JBP faults are major structures that transect the Queensway Property and are spatially associated with epizonal gold mineralization. The Appleton Fault’s hanging wall and footwall have contrasting rock-types.

Glacial cover is extensive across the Queensway Project and varies in thickness. The AFZ Core is covered by nearly continuous veneers and blankets of fine to medium grained lodgement tills that are very thin (<10 cm) to 2 m thick on average, overlain by a thin layer of courser meltout tills. Craig-and-tail / roche moutonnée landforms are common here and represent topographic highs. The AFZ Peripheral and JBP is covered by an undulating / hummocky blanket of course meltout till, that is greater then 2m thick on average (Palmer, 2023).

QWS is dominated by a thick blanket of medium to coarse grained undulating / hummocky glacial material typically greater than 2m thick with areas exceeding 10m. Northeast oriented ribbed moraines are localized to the southern shore of Gander Lake. Outcrop exposure is rare (Palmer, 2023).

Ice flow on the Queensway property was initially east to east-southeastward and then shifted to a northeastward flow (Vanderveer and Taylor, 1987; Brushett, 2010, 2012; Organ, 2022). Gander Lake acted as part of a glacial spillway in which meltwater flowed eastward to the ocean before the glaciers retreated from the area 11,300 years ago (McCuaig, 2006; Organ, 2022). This resulted in variable till thickness and transport directions from a given point source.

Most of the Queensway Property resides between the Appleton Fault’s footwall and the Gander River Ultramafic Belt (GRUB) Line (Figure 7-3). Easternmost exposures include rocks of the Gander River Ultramafic Complex (GRUC) and the Gander Group (O’Neil 1990). The GRUC consists of discontinuous blocks of peridotite, pyroxenite, tonalite, serpentinite, talc schist, mafic volcanics, and mafic derived volcaniclastics (e.g., Blackwood 1982). Its structural base is flanked against metamorphosed quartz arenite and mudstone of the Gander Group to the east along the GRUB Line (O’Neil 1990). GRUC rocks are unconformably overlain to the west by shallow to deep marine rocks of the Middle Ordovician Davidsville Group (e.g., Blackwood 1982) which continue east until the Appleton Faults immediate footwall. Thin discontinuous slivers of Davidsville Group rocks locally appear in the Appleton Faults hanging wall but they are mainly absent. These rocks consist of an ultramafic-derived conglomerate, fossiliferous sandstone/limy siltstone, greywacke, siltstone, and mudstone (Blackwood 1982).

Westernmost exposures between the Appleton Fault and the Dog Bay Line (a possible Silurian suture) are lithologically diverse (Figure 7-3). The Main Point Formation, Indian Islands Group, Ten Mile Lake Formation and, to a lesser extent, Davidsville Group rocks are strongly imbricated along northwest verging thrust faults (Sandeman and Honsberger 2023). The late Ordovician Main Point Formation includes deep-marine dark grey to black graphitic siltstone and mudstone and is interpreted to overly the Davidsville Group (Currie 1995a; Sandeman and Honsberger 2023). The Main Point Formation is overlain by detrital mica-bearing rhythmic dark to light grey sandstone and dark grey siltstone/mudstone with local conglomeratic sections. Historically these rocks have been assigned to the Davidsville Group (Blackwood 1982). However, the presence of detrital-mica and their relationship with the Main Point Formation suggest that they may be a stratigraphic-equivalent of the late Ordovician to early Silurian Badger Group of the western Exploits Subzone and mark the base of the Indian Islands Group (Sandeman, Personal Communication 2023). These rocks are overlain by limestone and interbedded fossiliferous green/maroon/grey micaceous siltstone and sandstone assigned to the middle-late Silurian Indian Islands Group. Rocks of the Indian Islands Group are capped by green, maroon, and grey thick bedded micaceous sandstone with minor siltstone of the late Silurian to early Devonian Ten Mile Lake Formation. The projected trace of the Dog Bay Line and Indian Islands Group/Ten Mile Lake Formation are spatially associated with mafic, intermediate, and felsic intrusive rocks of the Mount Peyton Intrusive Suite (Williams et al. 1993).

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A preliminary stratigraphic column, summarized in Figure 7-4, was developed through integrated work conducted by NFG and recent studies by Sandeman and Honsberger (2023). Interpretation of structure and lithology on a north-facing cross-section through the QWN block is presented in Figure 7-5. Gold bearing veins in the main deposit area of the AFZ Core are hosted in the Hunt’s Cove and Outflow (Figure 7-6) formations of the Davidsville Group, Main Point Formation (Figure 7-7), and basal Indian Islands Group rocks (Sandeman, Personal Communication 2023; Sandeman and Honsberger 2023).

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Figure 7-3:     Bedrock Geology of the Queensway Area

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Figure 7-4:     Stratigraphic Column Describing the Rocks Underlying the Queensway Property

Source: NFG 2024; Modified after Sandeman and Honsberger 2023.

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Figure 7-5:     Interpretation of Structure and Lithology on a North-facing Queensway North Block Cross-section

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Figure 7-6:     Interbedded Siltstone and Greywacke of the AFZ Footwall, Outflow Formation from Drill Hole NFGC-23-1416

Source: NFG 2023.

Figure 7-7:     Interbedded Black Siltstone and Greywacke of the AFZ Hanging Wall, Main Point Formation from Drill Hole NFGC-24-2116

Source: NFG 2024.

Gold mineralization at the Property has been identified in several gold zones in both the QWN and QWS blocks.

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In general, these gold zones are interpreted to be indicative of an orogenic epizonal gold system, and are characterized by:

Figure 7-8:     Typical Gold-bearing Quartz Vein Styles Observed at Queensway

Source: NFG

Note. Top Left: Brecciated quartz vein with visible gold, Top Right: Vuggy quartz vein with visible gold, Bottom Left: Multiphase quartz vein with visible gold, Bottom Right: Stylolitic quartz vein with visible gold.

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Figure 7-9:     Images of Core from Mineralized Intervals in Drill Hole NFGC-19-01

Source: NFG 2019.

Appleton Fault Zone Mineralization

The northern part of the AFZ exploits a contact between a black shale interbedded with grey siltstone and greywacke in the west, and a sequence of interbedded shale and greywacke in the east. As with the difference in lithologies on either side of the AFZ, the style of mineralization contains minute differences between the western hanging wall and the eastern footwall of the AFZ. The spatial relationships between rock type, the AFZ and JBPFZ, and known and drill-defined gold showings in the QWN block are presented in Figure 7-10.

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Figure 7-10:   Integrated Geological Map of Lithology, Regional Faults and Gold-bearing Faults in Queensway North Block

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AFZ Footwall Mineralization

Gold mineralization of zones in the AFZ footwall is commonly encountered in moderate to steeply dipping (60°-80°) epizonal-style veining associated with brittle faulting of interbedded siltstones and greywackes. The quartz-carbonate veins can exhibit stylolitic, massive vuggy, and/or brecciated textures, and have mineral associations with trace arsenopyrite, chalcopyrite, boulangerite and pyrite. High grade lenses have been observed at the intersection of multiple cross-cutting auriferous structures. The mineralization is commonly oriented along northeast-trending structural corridors, consistent with the regional structural fabric although other mineralization orientations are also present.

Notable drill-defined gold zones of the AFZ Footwall include Keats, Iceberg, Iceberg East, Golden Joint, Lotto, and Lotto North (Figure 7-11).

Keats

The Keats prospect is located at the north end of the AFZ in QWN, along the Keats-Baseline Fault Zone (KBFZ), approximately 0.4 km southeast of the Cokes prospect (Figure 7-10). The KBFZ is a brittle fault zone that lies obliquely to the east of the AFZ with an east-northeast strike (N55°E) and a southeast dip of approximately 60°. This fault forms an extensive damage zone that is discordant to the steeply dipping northeast striking stratigraphy and controls the development of a complex network of brittle, high grade gold vein arrays that are epizonal in character (Figure 7-12). This complex network of high grade veins has been encountered surrounding the KBFZ, creating high-grade domains that bifurcate from both the KBFZ and the AFZ, and plunge in varying orientations over a defined strike length of 575 m. Two vein orientations dominate, with the most prominent orientation being approximately parallel to the orientation of the KBFZ. The second common vein orientation at Keats is a westerly dip of approximately 55°.

Gold mineralization, consistent with the AFZ footwall style, begins near the surface and is hosted in quartz-carbonate veins with vuggy (Figure 7-12B), stylolitic, and brecciated textures (Figure 7-12A, C, and D). These veins commonly contain trace amounts of arsenopyrite, chalcopyrite, boulangerite, or pyrite and are associated with NH4 muscovite alteration.

A distinct brecciated texture known as "ghost breccia" (Figure 7-12A and C) is linked to very high gold grades (>100 g/t Au). This texture is characterized by numerous points of visible gold and a silica overprint that gives brecciated clasts a faded, “ghost-like” appearance.

Figure 7-13 shows an example of mineralization from the Equinox vein within the Keats Zone. At this location, drill hole NFGC-21-204 intersects the vein sub-parallel to the core axis, with a downhole extent of approximately 16 m, corresponding to a true thickness of approximately 4 m.

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Figure 7-11:   Queensway North AFZ Prospects with Major Structures and Gold Vein-Filled Faults on Surface

Note: Vein widths not to scale.

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Figure 7-12:   Core Photographs from NFGC-19-01 (Keats Prospect): Visible Gold (A, C, and D); Vuggy Quartz Texture (B)

Source: NFG 2019.

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Figure 7-13:   Photos of Mineralization from Drill Hole NFGC-21-204 at Keats Zone (approximately 280 m to 296 m)

Source: NFG 2021.

Iceberg and Iceberg East

The Iceberg and Iceberg East showings are located on the east side of the AFZ and are 300 m northeast from the Keats Zone (Figure 7-8 and Figure 7-9). The geological and mineralization characteristics of Iceberg are nearly identical to those observed at Keats (Figure 7-14) and NFG’s current interpretation is that Iceberg is the eastern continuation of the KBFZ which extends through Iceberg Alley to the northeast. The near-surface Iceberg-Iceberg East high grade segment of the KBFZ has a strike length of 655 m and when combined with the 400 m high grade segment of Keats Main, this near-surface, high grade corridor covers over one kilometre of strike. These domains of high grade occur within the overall KBFZ that is drill-defined over 1.9 km of strike. The KBFZ is offset between each of the Keats, Iceberg-Iceberg East, and Iceberg Alley zones. Each zone exhibits similar fault characteristics including orientation, intensity, and width of the damage zone. Figure 7-14 shows mineralization at the interpreted intersection of three sub-parallel veins: Iceberg, T800, and T1000, which are all believed to converge at this drill hole location.

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Figure 7-14:   Photos of Mineralization from Drill Hole NFGC-23-1210 at Iceberg (approximately 58 m to 82 m)

Source: NFG 2023.

Golden Joint

The Golden Joint prospect is located one kilometre northeast of the Keats prospect on the east side of the AFZ in QWN (Figure 7-10 and Figure 7-11). Gold mineralization at Golden Joint occurs in two structural settings: in the immediate footwall to the AFZ (Golden Joint), and in a more distal setting that is spatially associated with a thick greywacke unit that has a northeast strike (Golden Joint Hanging Wall, or Golden Joint HW).

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The Golden Joint Zone consists of a massive quartz vein with stylolitic and brecciated textures, identical to that observed at Keats and Iceberg, that is steeply dipping with a north strike lying in the footwall shales adjacent to the AFZ. It has been drill-defined over a strike length of 250 m and to a depth of 385 m. The Golden Joint HW mineralization is comprised of stockwork veining hosted in a thick bed of greywacke that trends in an east-northeast orientation and dips moderately to the southeast. The Golden Joint HW is drill-defined over a strike length of 185 m and to a depth of at least 150 m.

Lotto and Lotto North

The Lotto prospect is located approximately 0.7 km north-northeast of Golden Joint and 200 m east of the AFZ (Figure 7-10 and Figure 7-11). Lotto mineralization is typical of the AFZ footwall and consists primarily of the Lotto Main vein that strikes north (azimuth N0°E), and dips steeply to the east at approximately 85°. Within the Lotto Fault Zone that hosts the Lotto Main vein, a high grade lens plunges steeply to the northeast and is likely controlled by the intersection of the Lotto Main vein with a thin bed of greywacke.

The Lotto North prospect is adjacent (north) to the Lotto prospect and exhibits gold mineralization hosted in a series of AFZ-typical, epizonal-style veins contained in a north-south striking brittle fault immediately north of Lotto. When combined with the Lotto Main Zone, these high grade gold-bearing structures have been drill-defined over a total strike length of 630 m.

AFZ Hanging Wall Mineralization

Gold mineralization of zones in the AFZ Hanging Wall is commonly observed in broad zones of low angled (30°to 40°) epizonal-style veining associated with brittle faulting of graphitic siltstones interbedded with grey siltstones and greywackes. The quartz-carbonate veins typically exhibit more stockwork or fault-filling textures, with some veins exhibiting similar massive to stylolitic textures as that of the footwall gold zones. Auxiliary mineral associations are similar to gold zones in the footwall with trace arsenopyrite, chalcopyrite, boulangerite and pyrite, with the exception of unique mineral associations with stibnite occurring at the K2 prospect, and two anomalous high grade silver assays (253.8 ppm Ag over 2.0 m and 94.9 ppm Ag over 1.0 m) at the Little prospect (Figure 7-10 and Figure 7-11). The second, less frequently observed mineralization style in the hanging wall gold zones includes mineralized ductile shear structures, like that seen at the Cokes prospect. The mineralization zone are commonly oriented west southwest at Keats West and Southeast at K2.

Notable drill-defined gold zones of the AFZ Hanging Wall include Keats West and K2.

Keats West

Keats West prospect is located on the west the AFZ, 500 m northwest of Keats (Figure 7-10 and Figure 7-11) and is defined by a low angle thrust fault that dips gently to the south-southwest. This fault zone is hosted by an interbedded sequence of black siltstone, siltstone, and greywacke, and contains a series of stacked veins that contain the gold mineralization (Figure 7-15). The mineralization style is epizonal and typical of the other gold prospects found along this segment of the AFZ. This gold-bearing structure has a drill-defined mineralized footprint spanning an area that is 305 m long by 315 m wide and extends from surface to 130 m vertical depth. In Figure 7-15, the mineralized intercept of the KW_Harbinger1 vein extends from 150.6 m to 167 m and lies directly above the KW_Harbinger2 vein, which is mineralized from 167 m to 177 m. The KW_Harbinger2 vein is prominently visible at the bottom of Figure 7-15, displaying approximately 10 m of "ghost" breccia texture.

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Figure 7-15:   Photos of Mineralization from Drill Hole NFGC-22-960 at Keats West (approximately 149 m to 182 m)

Source: NFG 2022.

K2

The K2 prospect is 725 m north of Lotto, 2.2 km northeast of Keats West, and is situated on the west side of the AFZ (Figure 7-10 and Figure 7-11). The K2 prospect is a significant structural zone made up of multiple structures and cross-cutting vein orientations, with much of the gold being found in the “K2 Main” structure, a low-angle gold-bearing fault zone that shares a similar dip to Keats West and strike to the KBFZ. The defined mineralized footprint is 490 m long and 395 m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250 m.

The K2 prospect consists of a series of epizonal stockwork and fault-fill style quartz veins that parallel, and cross-cut, the K2 Main fault to form a broad domain of gold mineralized brittle faults (Figure 7-16). The mineralization shown in Figure 7-16 is interpreted as three distinct veins: Annapurna, K2, and K2No3. These veins are separated by two intervals of poorly mineralized host rock, with downhole lengths of approximately 2 m and 14 m. These intervals can be identified in Figure 7-16 as the core boxes without flagging tape at the ends.

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The Stibnite vein, a component of the larger K2 structure, has returned several significant gold intervals. This vein contains significant amounts of stibnite, an antimony-bearing sulphide mineral as reflected by the antimony assay results of 0.95% Sb over 12.95 m in NFGC-23-1303, and 0.04% Sb over 3.90 m in NFGC-23-1391. This is the first time this mineral association has been observed at QWN.

Mineralization at K2 generally tends to be lower grade over broad widths, however, localized domains of high grade have been identified and occur at locations where cross-cutting structures interact with the K2 structure.

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Figure 7-16:   Photos of Mineralization from Drill Hole NFGC-23-1986 at K2 (approximately 140 m to 182 m)

Source: NFG 2023.

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AFZ Peripheral Mineralization

The AFZ Peripheral area hosts gold mineralization along the AFZ, sharing many characteristics with discoveries at AFZ Core. The Dropkick Zone, situated on the hanging wall side of the AFZ, exhibits structurally controlled gold mineralization within a brittle fault zone that trends parallel to the AFZ.

Gold mineralization at AFZ Peripheral is primarily hosted in fault-fill quartz veins within an interbedded sequence of siltstones and sandstones. These veins commonly contain free, coarse gold and are associated with high-strain deformation zones. The presence of multiple crosscutting vein orientations, infill veining, and brittle deformation features suggests structural complexity similar to that observed in other key mineralized zones within AFZ Core.

Joe Batts Pond Fault Zone Mineralization

Along the 12.5 km strike length of the northern part of the JBPFZ (Figure 7-10), mineralization occurs in ductile-brittle deformation zones and associated epizonal-style irregular vein arrays that run parallel to the southwest-striking, steeply west-dipping stratigraphy of mainly green siltstones (Figure 7-17). Mineral associations in gold-bearing zones are similar to those of the AFZ prospects where there are trace amounts of pyrite, chalcopyrite, boulangerite, and arsenopyrite.

Figure 7-17:   Photos of Mineralization from Drill Hole NFGC-21-304 at Pocket Pond (approximately 82 m to 91 m)

Source: NFG 2021.

A series of gold prospects located along the southern extension of the AFZ (Figure 7-18) can be grouped into three different mineralization styles.

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Figure 7-18:   Integrated Geological Map of Lithology, Regional Faults, and Gold Trends in Queensway South, Pauls Pond Region

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Mineralization Analogous to QWN AFZ

The mineralization style of the Nebula, Devils Trench, Devils Pond South, and Camp Zone prospects is similar to that of the AFZ in QWN such that the gold is associated with quartz veining and accessory sulphides including pyrite and arsenopyrite and are located immediately east of the southern extension of the AFZ. These gold-bearing zones are defined by high-strain mineralized shear zones with an increased density of stylolitic quartz veins, hosted in the interbedded greywackes and siltstones of the Davidsville Formation. Minor differences in the mineralization of these zones include a proportionally greater concentration of pyrite and arsenopyrite, as well as the presence of tourmaline at the Nebula prospect.

Siltstone-hosted gold with intrusive mafic dyke swarm

High grade gold mineralization within the Goose, Astronaut, Nova, and Greenwood Pond #2 prospects is hosted by a sequence of siltstones that is intruded by a swarm of intermediate to mafic dykes, largely gabbro and diorite. This mineralization style occurs west of the AFZ in a unit that has not been recognized at QWN. Gold mineralization in these prospects include the following accessory minerals: arsenopyrite, chalcopyrite, pyrrhotite, pyrite, and tourmaline (Figure 7-19).

Figure 7-19:   Select Photographs of Drill Core from the Astronaut and Nova Prospects

Source: NFG 2022.

Note. Top photo: Brecciated gold-bearing vein from drill hole NFGC-QS-22-19 at a depth of approximately 199 m (Astronaut prospect). Bottom Left: Visible gold in drill hole NFGC-QS-22-18 at approximately 48 m (Astronaut prospect). Bottom Right: Visible gold in drill hole NFGC-QS-22-21 at approximately 222 m (Nova prospect).

Epithermal Fault Zone

The mineralization style of the Aztec and Mars showings is interpreted to be epithermal. Aztec is located west of the AFZ at the interpreted domain boundary of the Davidsville Group and Mars is situated near the margin of the Peyton Intrusive Suite (Figure 7-18). At Aztec, gold mineralization is spatially associated with a large area of sinter and a significant fault zone containing hydrothermal breccia and gold that is exposed both in a trench and historical drill core (Figure 7-20). At Mars, weak gold mineralization is characterized by chalcedonic quartz vein breccias, with low sulphide content hosted in an east-west trending fault zone cutting a highly oxidized granite (Figure 7-21 and b).

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Figure 7-20:   Photos of Mineralization from Drill Hole NFGC-QS-22-32 at Aztec (approximately 102 m to 113 m)

Source: NFG 2022.

Figure 7-21:   Fault Zone in Oxidized Granite (A) and Chalcedonic Quartz Breccia Veins (B) at Mars

Source: NFG

Gold mineralization within the VOA Option prospects (Figure 7-10) is characterized by high-strain domains in association with brittle faulting and increased density of cross-cutting stockwork veinlets hosted within interbedded siltstones and greywackes. Gold mineralization is commonly found associated with trace arsenopyrite and pyrite, with rare trace amounts of stibnite.

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Gold mineralization within the Twin Ponds block (Figure 7-10) was observed in two separate, although similarly altered host rocks. The first form of gold mineralization is associated with a broad deformation corridor containing a quartz veined zone with breccia, cockade, and banded textures (Figure 7-22), hosted in silicified siltstones with increased graphitic content. The second mineralization style occurs in an altered and silicified gabbro, suggesting that the gold mineralization in this area is the result of a hydrothermal setting associated with the emplacement of gabbro sills and related bodies where fluids have interacted with the mafic intrusive rocks and the host sediments. Similar gold showings are seen regionally and, in the Duder Lake area, are termed structurally controlled gabbro-hosted gold mineralization (Churchill and Evans 1992).

Figure 7-22:   Core Photo of Quartz Vein Zone Breccia, Cockade, and Banded Textures within Twin Ponds Drill Hole NFGC-TP-22-01, 173.3 m to 183.85 m

Source: NFG 2022.

A visually subtle hydrothermal alteration is present around the gold-bearing veins at the Queensway Property. The alteration is defined by a weak discolouration of the rock adjacent to quartz-carbonate veins, extending 2 m to 10 m beyond the veins themselves. NFG uses hyperspectral core logging (HALO) to identify a consistent alteration halo around the mineralized zones. SLR notes that the modeling of hyperspectral core data is still in its early stages. Currently, the 'halo' and 'buffer' mineralization wireframes described in Section 14 are based on grade and distance, respectively, and remain independent of NFG’s alteration modeling.

A schematic cross-section that illustrates a zonation in the alteration moving outward from a gold-bearing stockwork is presented in Figure 7-23 and is characterized by:

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Figure 7-23:   Schematic Illustration of Mineralogical Changes in White Micas Identified by Hyperspectral Imaging of Core near Strong Gold Mineralization

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