New Found Gold Corp. Announces the Results from 14 Diamond Drill Holes

New Found Gold Corp. announced the results from 14 diamond drill holes that were completed as part of a program that re-entered and extended several drill holes originally targeting the Keats Main Zone into the Keats Footwall (?FW?) domain, the area between the Keats Baseline Fault Zone (?KBFZ?) and the highly prospective Appleton Fault Zone (?AFZ?). New Found?s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70% and 310% to 40% of reported intervals. 4True widths are unknown at this time. 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 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 250m 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.

104 g/t Au over 2.75m in NFGC-21-393 EXT was intersected in the Keats FW Zone at a vertical depth of 300m. This domain of high-grade located immediately east of the AFZ is known as the ?Paradox? vein.

Other notable intervals from this vein include 119 g/t Au over 2.40m in NFGC-21-375 (April 11, 2022) located 190m up-dip, 6.66 g/t Au over 5.90m in NFGC-21-342 (April 11, 2022) located 220m up-dip and 25m along strike to the northeast and 21.9 g/t Au over 2.50m in NFGC-20-73 (March 10, 2021) located a further 25m to the northeast. Previous exploration efforts in this area were focused on delineating the Keats Main Zone while only a few holes extended beyond, crossing the Paradox vein. These holes are the result of a program that utilized existing drill holes and extended them to cover this highly prospective domain between the KBFZ and the AFZ.

The Paradox vein parallels the AFZ and remains open in all directions while several drill holes from this extension program are pending assays. The Company is currently undertaking a 500,000m drill program at Queensway and approximately 42,100m of core is currently pending assay results. All drilling recovers HQ core.

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 metre 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, sealed and marked with the contents.

New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (?ALS?) and by photon assay to MSALABS (?MSA?) since June 2022. ALS and MSA operate under a commercial contract with New Found. Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick.

ALS is an ISO-17025 accredited laboratory for the fire assay method. Drill core samples are also submitted to MSA in Val-d?Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods.

Accreditation of the photon assay method at the MSA Val D?Or laboratory is in progress. At ALS, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized.

?Routine? samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish.

If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed. The three assays are combined on a weight-averaged basis.

Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold. At MSA, the entire sample is crushed to approximately 70% passing 2mm. For ?routine?

samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill two 450g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis. If one of the jars assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay.

For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis. All samples prepared at ALS or MSA 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?s quality control protocols.