Vancouver, BC - New Found Gold Corp. ('New Found' or the 'Company') (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from six diamond drill holes that were completed as part of a program designed to test the west side of the highly prospective Appleton Fault Zone ('AFZ') adjacent to the Keats Zone. New Found's 100%-owned Queensway project comprises a 1500km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
Keats West Highlights:
A new, near-surface high-grade gold discovery called 'Keats West' has been made west of the AFZ, with intercepts including 17.87 g/t Au over 4.20m in NFGC-22-681 and 10.36 g/t Au over 10.50m in NFGC-22-686, (see Figures 1 and 3). These two intercepts are located approximately 50m apart along strike within an extensive brittle fault zone that has now been intersected over a strike length of approximately 120m and to a vertical depth of approximately 100m by four holes released today. Based on current modelling, this new structure strikes to the northwest, dips moderately to the southwest, and is open in all directions.
The discovery of high-grade gold west of the AFZ is a recent and exciting development, starting with the intercept of 8.70 g/t Au over 6.75m in NFGC-22-533, announced on May 4, 2022. Up to this point, drilling was focused entirely on the east side of the AFZ, which is host to Keats, Keats North, Golden Joint, and Lotto (see Figure 3). This recent discovery of similar high-grade gold mineralization now opens up a new 9.45km target corridor along the west side of the AFZ at Queensway North.
Keats West is located northwest of Keats and along strike of the recent discoveries made at Keats North.The intensity of veining and size of the structural zone found at Keats West displays similar characteristics to the epizonal-style veining found on the east side of the fault, particularly at Keats Main Zone. Several drillholes into this new zone are pending assays with ongoing drilling focused on expanding the Keats West Zone.
Melissa Render, VP Exploration for New Found stated: 'The 'West Side Story' plot thickens with the discovery of high-grade mineralization in a structure akin to the Keats-Baseline Fault and with similar epizonal characteristics seen elsewhere along the AFZ, particularly at Keats. This gives us great encouragement that the stratigraphy on the west side of the Appleton Fault Zone, spanning +9.45km of strike on Queensway North, shares the same potential as the east. Currently one drill is operating at Keats West which will be joined by a second drill shortly, and two more drills are now testing additional targets on the west side of the AFZ. We are excited to move into a new territory with proven potential.'
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 400,000m drill program at Queensway, now approximately 66% complete. The Company is well funded for this program with cash and marketable securities of approximately $71 million as of September 2022.
Please see the Company's website at www.newfoundgold.ca and the Company's SEDAR profile at www.sedar.com.
Acknowledgements
New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Contact:
New Found Gold Corp.
Collin Kettell
Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486
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; assay results; the interpretation of drilling and assay results, the results of the drilling program, 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,' '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 assay results and the drilling program, 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.sedar.com for a more complete discussion of such risk factors and their potential effects.
NEW FOUND GOLD CORP. 
