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New Found Intersects 300 g/t Au Over 5.1M and 215 g/t Au Over 5.2M at Keats With Phase I Trench Channel Samples

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New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has announced high-grade gold results from channel samples at the Keats Trench of its Queensway Project in Newfoundland. Highlights include 300 g/t Au over 5.1m and 215 g/t Au over 5.2m, confirming good continuity of high-grade mineralization. The trench exposed a 50m by 50m surface expression of a key high-grade corridor within the Keats-Baseline Fault Zone.

The Phase I channel sampling program covered a 200m long by 70m wide stripped bedrock surface with a 27-line sampling grid. A Phase II program is ongoing to increase sample density along high-grade veins. The company is also 80% complete with excavation at the Iceberg Trench, which will expose 220m of strike length over a 105m wide area.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) ha annunciato risultati di alta qualità d'oro da campioni a canale nel Keats Trench del suo progetto Queensway in Newfoundland. I punti salienti includono 300 g/t Au su 5.1m e 215 g/t Au su 5.2m, confermando una buona continuità della mineralizzazione ad alta grade. Il trench ha rivelato una superficie di 50m per 50m di un importante corridoio ad alta qualità all'interno della Zona della Frattura Keats-Baseline.

Il programma di campionamento a canale della Fase I ha coperto una superficie di roccia nuda lunga 200m e larga 70m con una griglia di campionamento di 27 linee. È in corso un programma di Fase II per aumentare la densità dei campioni lungo le vene ad alta qualità. L'azienda ha anche completato l'80% dello scavo nel Iceberg Trench, che esporrà 220m di lunghezza di strike su un'area larga 105m.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) ha anunciado resultados de oro de alta calidad de muestras de canal en el Keats Trench de su Proyecto Queensway en Newfoundland. Los aspectos destacados incluyen 300 g/t Au en 5.1m y 215 g/t Au en 5.2m, confirmando una buena continuidad de mineralización de alta ley. La trinchera expuso una expresión en superficie de 50m por 50m de un importante corredor de alta ley dentro de la Zona de Fallas Keats-Baseline.

El programa de muestreo por canal de la Fase I cubrió una superficie de roca desnuda de 200m de largo por 70m de ancho con una cuadrícula de muestreo de 27 líneas. Se está llevando a cabo un programa de Fase II para aumentar la densidad de las muestras a lo largo de las vetas de alta ley. La empresa también ha completado el 80% de las excavaciones en el Iceberg Trench, que expondrá 220m de longitud de strike sobre un área de 105m de ancho.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC)는 뉴펀들랜드의 Queensway 프로젝트에 있는 Keats Trench에서 채널 샘플의 고품질 금 결과를 발표했습니다. 주요 내용으로는 300 g/t Au의 5.1m 및 215 g/t Au의 5.2m가 포함되어 있으며, 고품질 광물질의 좋은 연속성을 확인했습니다. 이 트렌치는 Keats-Baseline 단층대의 중요한 고품질 코리도르의 50m x 50m 표면 표현을 드러냈습니다.

1단계 채널 샘플링 프로그램은 200m 길이와 70m 너비의 노출된 암석 표면을 27개 라인 샘플링 격자로 커버했습니다. 고품질 광맥을 따라 샘플 밀도를 증가시키기 위해 2단계 프로그램이 진행 중입니다. 이 회사는 또한 Iceberg Trench의 굴착 작업이 80% 완료되었으며, 이는 105m 너비의 영역에서 220m의 스트라이크 길이를 노출할 것입니다.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) a annoncé des résultats d'or de haute qualité provenant d'échantillons de canaux dans le Keats Trench de son projet Queensway à Terre-Neuve. Les points forts incluent 300 g/t Au sur 5,1 m et 215 g/t Au sur 5,2 m, confirmant une bonne continuité de la minéralisation hautement qualitative. Le trench a révélé une expression de surface de 50 m sur 50 m d'un corridor clé de haute qualité au sein de la zone de faille Keats-Baseline.

Le programme d'échantillonnage par canal de la Phase I a couvert une surface de roche dénudée de 200 m de long et 70 m de large avec un grille d'échantillonnage de 27 lignes. Un programme de Phase II est en cours pour augmenter la densité des échantillons le long des veines hautement qualitatives. L'entreprise a également terminé 80 % de l'excavation dans le Iceberg Trench, qui exposera 220 m de longueur de strike sur une zone de 105 m de large.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) hat hochwertige Goldresultate aus Kanalmuster im Keats-Trench seines Queensway-Projekts in Neufundland bekannt gegeben. Die Highlights umfassen 300 g/t Au über 5,1 m und 215 g/t Au über 5,2 m, was die gute Kontinuität der hochgradigen Mineralisierung bestätigt. Der Graben legte eine 50 m mal 50 m große Oberflächenausprägung eines wichtigen hochgradigen Korridors innerhalb der Keats-Baseline-Verwerfungszone frei.

Das Kanalprobenprogramm der Phase I umfasste eine 200 m lange und 70 m breite freigelegte Felsoberfläche mit einem 27-linigen Probenraster. Ein Phase-II-Programm ist im Gange, um die Probenanzahl entlang der hochgradigen Adern zu erhöhen. Das Unternehmen ist auch zu 80 % mit den Ausgrabungen im Iceberg-Trench fertig, der 220 m Streichenlänge über ein 105 m breites Gebiet freilegen wird.

Positive
  • High-grade gold results from channel samples: 300 g/t Au over 5.1m and 215 g/t Au over 5.2m
  • Confirmation of good continuity of high-grade mineralization at Keats Trench
  • Exposure of a 50m by 50m surface expression of a key high-grade corridor
  • Ongoing Phase II channel sampling program to increase sample density along high-grade veins
  • 80% completion of excavation at Iceberg Trench, exposing 220m of strike length
Negative
  • None.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results of the first phase of channel samples from the Keats Trench and an update on the Iceberg Trench at the Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

Figure 1. Keats Trench plan map with the simplified geology, channel sample assay results and gold grade contours (Graphic: Business Wire)

Figure 1. Keats Trench plan map with the simplified geology, channel sample assay results and gold grade contours (Graphic: Business Wire)

Keats Trench Highlights:

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

KM-24-01-11

14.93

16.98

2.05

10.87

Keats Main Trench

Including

15.43

16.18

0.75

27.80

And

22.59

25.15

2.56

26.23

Including

24.15

25.15

1.00

60.84

And

30.03

34.91

4.88

7.35

Including

30.03

30.93

0.90

37.65

And

48.23

50.90

2.67

35.61

Including

48.23

49.08

0.85

108.74

KM-24-01-12

20.77

25.98

5.21

214.97

Keats Main Trench

Including

20.77

21.67

0.90

14.72

And

22.58

24.18

1.60

688.66

And Including

22.58

23.58

1.00

1088

KM-24-01-13

32.58

39.13

6.55

27.70

Keats Main Trench

Including

33.23

33.98

0.75

37.14

Including

35.68

36.23

0.55

263.48

KM-24-01-15

50.77

53.02

2.25

9.73

Keats Main Trench

Including

51.32

52.07

0.75

27.76

KM-24-01-16

17.50

31.20

13.70

10.38

Keats Main Trench

Including

19.25

20.20

0.95

128.71

And

44.25

70.84

26.59

13.41

Including

54.89

57.34

2.45

63.41

Including

58.34

63.00

4.66

13.61

Including

63.98

67.04

3.06

28.28

Including

69.94

70.84

0.90

12.46

KM-24-01-17

18.33

32.40

14.07

3.77

Keats Main Trench

Including

25.80

27.00

1.20

16.82

Including

27.85

28.60

0.75

10.88

And

39.97

51.59

11.62

33.57

Including

48.36

51.59

3.23

119.31

And

56.70

62.37

5.67

19.04

Including

59.39

61.77

2.38

43.62

And

73.66

78.76

5.10

300.36

Including

73.66

74.47

0.81

32.74

Including

76.22

77.86

1.64

907.44

And Including

76.22

77.02

0.80

1808

KM-24-01-18

35.85

52.45

16.60

38.88

Keats Main Trench

Including

38.35

41.45

3.10

44.53

Including

44.60

46.80

2.20

221.00

Table 1: Keats Trench Channel Sample Highlights

True widths are generally estimated to be 70% to 95% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed which could result in additional uncertainty in true width. Undulations in the bedrock surface could also 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. 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 channel length.

  • Today’s highlight channel intervals include 300 g/t Au over 5.10m, 215 g/t Au over 5.21m, 38.9 g/t Au over 16.60m, 13.4 g/t Au over 26.60m, 10.4 g/t Au over 13.70m, and 27.7 g/t Au over 6.55m, confirming good continuity of high-grade mineralization while comparing well with neighbouring drill holes and demonstrating the broad distribution of gold mineralization in this portion of the Keats Zone (Figure 1).
  • Prior to trenching and channel sampling, the Keats Zone was fully obscured by overburden and defined entirely by diamond drilling. Exposing the bedrock surface and sampling it at this resolution represents an important step to fully understand the extent, distribution and variability of gold mineralization across this portion of the Keats Zone and provides insights that might apply to other areas of Keats that are not currently exposed or able to be assessed in this way. This new exposure has also enabled validation of the 3D geologic model, which controls, constrains, and dictates the geometries of gold mineralization at Queensway.
  • The Keats Zone is hosted within the Keats-Baseline Fault Zone (“KBFZ”), a high-grade gold bearing structure that has been defined over a current strike length of 1.9km averaging 50m wide. It is characterized by a damage zone containing gold-bearing quartz veins that form a network with varying orientations. The trenched surface gives a complete 2D picture, providing additional understanding of the gold system in the following ways:
    • Exposed an approximately 50m by 50m surface expression of the key southwest plunging high-grade corridor within the KBFZ that has been drill defined over a length of over 500m. Detailed mapping has provided an increased understanding of its controls, which will be beneficial for future exploration targeting.
    • Uncovered veins that were not well constrained by the drilling because of their oblique orientation in relation to the main drill orientation.
    • Revealed additional peripheral low-grade gold mineralization currently not well represented in drilling and the existing model.
  • This improved understanding along with the channel gold results are currently being incorporated into the Company’s 3D geological model which will extend the gold mineralization to the bedrock surface.
  • The Phase I channel sampling program was completed over a stripped bedrock surface that is 200m long by 70m wide with a 27-line sampling grid spaced 7.5m apart, covering a total length of 1,782m that includes 2,200 individual samples.
  • A Phase II channel sampling program is ongoing at Keats that is designed to increase the sample density along very high-grade veins to provide more certainty about grade variability of these domains. In addition, the Phase II program aims to better assess vein domains oblique to the systematic grid that were not adequately represented in the Phase I program.

Iceberg Trench Update:

  • A surface trench at the Iceberg Zone was announced on July 3, 2024, with a plan to excavate between 1-12 metres of overburden that covers the projection of the Iceberg Zone at the bedrock surface, exposing 220m of strike length over a 105m wide area (Figure 3).
  • The Company is now 80% complete with excavation and plans to undertake a detailed analysis of the geological and structural models currently defined through drilling, as well as a detailed channel sampling program.

Greg Matheson, COO of New Found, stated: “Our approach at the Keats Trench has been to systematically test across the entire exposed surface to accurately map the extent of gold mineralization and determine with more certainty the distribution and variability of the gold contained within the mineralized domain. This is the highest density of assay data at Keats obtained to date and we are extremely pleased to see the broad widths of high-grade mineralization carrying across the exposure which is largely in line with modelled mineralization from the drilling program. The assay grade data from the trench is another key component to building our geologic understanding of the mineralization and structural controls at Keats. Given some of the elevated high-grade gold encountered, with many individual samples exceeding 100 g/t and some above 1,000 g/t, the team is now completing a second phase of channel sampling. This Phase II program will include a more targeted assessment of the high-grade components of Keats and cross veins that were not well tested in the first phase.

“Many of the key zones at Queensway extend to the bedrock surface and given some of the sensitivity surrounding these types of systems, it is fortunate that we are able to remove the overburden cover to study these zones in finite terms. We feel that uncovering both Keats and Iceberg will contribute significantly to the understanding of this gold system and future study work.

Channel Details

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

KM-24-01-01

26.07

28.50

2.43

3.72

Keats Main Trench

KM-24-01-02

25.90

28.37

2.47

1.75

Keats Main Trench

And

33.00

40.22

7.22

1.04

And

41.89

44.22

2.33

1.01

And

46.18

49.06

2.88

1.21

KM-24-01-03

1.90

4.54

2.64

1.78

Keats Main Trench

KM-24-01-04

29.49

31.74

2.25

2.95

Keats Main Trench

KM-24-01-05

11.57

14.14

2.57

2.74

Keats Main Trench

And

26.87

29.11

2.24

2.69

KM-24-01-06

7.48

10.06

2.58

1.24

Keats Main Trench

KM-24-01-07

4.45

7.11

2.66

1.85

Keats Main Trench

And

28.75

30.88

2.13

1.03

KM-24-01-08

No Significant Values

Keats Main Trench

KM-24-01-09

33.30

39.60

6.30

1.26

Keats Main Trench

And

47.22

49.70

2.48

1.54

KM-24-01-10

13.12

15.79

2.67

1.36

Keats Main Trench

And

35.13

39.51

4.38

2.78

KM-24-01-11

7.03

10.80

3.77

5.39

Keats Main Trench

Including

7.03

7.97

0.94

18.78

And

14.93

16.98

2.05

10.87

Including

15.43

16.18

0.75

27.80

And

22.59

25.15

2.56

26.23

Including

24.15

25.15

1.00

60.84

And

30.03

34.91

4.88

7.35

Including

30.03

30.93

0.90

37.65

And

48.23

50.90

2.67

35.61

Including

48.23

49.08

0.85

108.74

And

58.86

61.07

2.21

1.90

KM-24-01-12

20.77

25.98

5.21

214.97

Keats Main Trench

Including

20.77

21.67

0.90

14.72

And

22.58

24.18

1.60

688.66

And Including

22.58

23.58

1.00

1088

And

31.63

34.92

3.29

1.89

Including

31.63

32.03

0.40

11.77

KM-24-01-13

32.58

39.13

6.55

27.70

Keats Main Trench

Including

33.23

33.98

0.75

37.14

Including

35.68

36.23

0.55

263.48

KM-24-01-14

31.28

36.44

5.16

2.56

Keats Main Trench

KM-24-01-15

25.25

29.80

4.55

1.73

Keats Main Trench

And

50.77

53.02

2.25

9.73

Including

51.32

52.07

0.75

27.76

And

60.58

62.63

2.05

1.84

KM-24-01-16

17.50

31.20

13.70

10.38

Keats Main Trench

Including

19.25

20.20

0.95

128.71

And

44.25

70.84

26.59

13.41

Including

54.89

57.34

2.45

63.41

Including

58.34

63.00

4.66

13.61

Including

63.98

67.04

3.06

28.28

Including

69.94

70.84

0.90

12.46

KM-24-01-17

18.33

32.40

14.07

3.77

Keats Main Trench

Including

25.80

27.00

1.20

16.82

Including

27.85

28.60

0.75

10.88

And

39.97

51.59

11.62

33.57

Including

48.36

51.59

3.23

119.31

And

56.70

62.37

5.67

19.04

Including

59.39

61.77

2.38

43.62

And

73.66

78.76

5.10

300.36

Including

73.66

74.47

0.81

32.74

Including

76.22

77.86

1.64

907.44

And Including

76.22

77.02

0.80

1808

KM-24-01-18

16.90

20.25

3.35

1.20

Keats Main Trench

And

24.40

26.70

2.30

8.20

Including

25.80

26.70

0.90

14.04

And

35.85

52.45

16.60

38.88

Including

38.35

41.45

3.10

44.53

Including

44.60

46.80

2.20

221.00

And

61.05

69.00

7.95

2.47

And

79.15

81.50

2.35

1.17

KM-24-01-19

22.78

25.19

2.41

2.18

Keats Main Trench

And

35.32

37.93

2.61

1.52

And

48.48

53.70

5.22

1.13

KM-24-01-20

No Significant Values

Keats Main Trench

KM-24-01-21

No Significant Values

Keats Main Trench

KM-24-01-22

38.05

41.00

2.95

1.77

Keats Main Trench

KM-24-01-23

54.85

57.60

2.75

1.15

Keats Main Trench

KM-24-01-24

No Significant Values

Keats Main Trench

KM-24-01-25

No Significant Values

Keats Main Trench

KM-24-01-26

17.55

20.05

2.50

1.24

Keats Main Trench

KM-24-01-27

No Significant Values

Keats Main Trench

Table 2: Summary of composite results reported in this press release for Keats Trench channel samples

True widths are generally estimated to be 70% to 95% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed which could result in additional uncertainty in true width. Undulations in the bedrock surface could also 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. 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 channel length.

Channel No.

Azimuth (°)

Length (m)

Channel Start UTM E

Channel Start UTM N

KM-24-01-01

118

40.92

658087

5427477

KM-24-01-02

118

53.87

658117

5427512

KM-24-01-03

118

16.28

658101

5427461

KM-24-01-04

118

47.04

658088

5427484

KM-24-01-05

118

51.22

658094

5427490

KM-24-01-06

118

49.32

658099

5427496

KM-24-01-07

118

45.98

658105

5427501

KM-24-01-08

118

49.76

658111

5427507

KM-24-01-09

118

56.99

658124

5427516

KM-24-01-10

118

55.20

658132

5427521

KM-24-01-11

118

58.87

658138

5427526

KM-24-01-12

118

91.40

658140

5427533

KM-24-01-13

118

91.08

658144

5427539

KM-24-01-14

118

87.81

658153

5427543

KM-24-01-15

118

96.35

658161

5427548

KM-24-01-16

118

90.07

658169

5427552

KM-24-01-17

118

91.63

658173

5427558

KM-24-01-18

118

77.20

658180

5427563

KM-24-01-19

118

76.86

658187

5427568

KM-24-01-20

118

69.05

658192

5427573

KM-24-01-21

118

61.62

658201

5427577

KM-24-01-22

118

57.19

658206

5427583

KM-24-01-23

118

56.00

658209

5427590

KM-24-01-24

118

51.75

658215

5427595

KM-24-01-25

118

55.17

658217

5427602

KM-24-01-26

118

52.54

658223

5427608

KM-24-01-27

118

20.68

658244

5427605

Table 3: Details of channels reported in this press release

Queensway 650,000m Drill Program Update

The Company is currently undertaking a 650,000m drill program at Queensway. Approximately 232m of channels is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

All channel samples are collected directly from the bedrock.

A geologist examines the bedrock 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 channel along the cut line, producing two lines 5 cm apart and approximately 6-8 cm deep. The sample is removed from the bedrock and placed into sample bags. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found has submitted channel samples for gold determination photon assay or screened metallic at ALS in Thunder Bay, Ontario. ALS is an ISO-17025 accredited laboratory for the photon assay and screened metallic methods.

Samples submitted to ALS received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For “routine” samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

For samples which returned values >350 g/t, the samples were submitted for screen metallic. All jars were analysed, with results combined as a weighted average. 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 with a gravimetric finish.

Channel sample 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.

New Found’s quality control program also includes submission of a duplicate channel for 2% of the channel sample intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer of the Company, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated September 23, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $45 million as of September 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

Acknowledgements

New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; the Keats and Iceberg surface trenching programs and the expected next steps, timing and benefits of such programs; assay results; the interpretation of drilling and assay results, the results of drilling programs, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

New Found Gold Corp.

Per: “Collin Kettell”

Collin Kettell, Chief Executive Officer

Email: ckettell@newfoundgold.ca

Phone: +1 (845) 535-1486

Source: New Found Gold Corp.

FAQ

What are the main gold intercepts reported by New Found Gold (NFGC) at the Keats Trench?

The main gold intercepts reported by New Found Gold at the Keats Trench include 300 g/t Au over 5.1m and 215 g/t Au over 5.2m, along with other significant results such as 38.9 g/t Au over 16.60m and 13.4 g/t Au over 26.60m.

What is the size of the exposed area at the Keats Trench of New Found Gold's (NFGC) Queensway Project?

The Keats Trench exposed a 200m long by 70m wide stripped bedrock surface, with a 50m by 50m surface expression of a key high-grade corridor within the Keats-Baseline Fault Zone.

What is the status of the Iceberg Trench excavation at New Found Gold's (NFGC) Queensway Project?

New Found Gold reports that the excavation at the Iceberg Trench is 80% complete. The trench is planned to expose 220m of strike length over a 105m wide area.

What is the next step in New Found Gold's (NFGC) sampling program at the Keats Trench?

New Found Gold is conducting a Phase II channel sampling program at the Keats Trench. This program aims to increase sample density along high-grade veins and better assess vein domains oblique to the systematic grid that were not adequately represented in the Phase I program.

New Found Gold Corp

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