New Found Gold Corp. announce the results from 29 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone (?AFZ?). New Found?s district-scale Queensway Project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

K2 Highlights: 27.5 g/t Au over 7.00m and 3.39 g/t Au over 9.60m in NFGC-23-1729 and 8.69 g/t Au over 12.25m in NFGC-23-1786 were intersected as part of a program designed to extend a high-grade domain of the K2 structure back to surface and occur between 22-43m from surface, with the reported intercept lengths being close to true width. Additional near-surface highlight results from ongoing expansion and definition drilling include 3.48 g/t Au over 25.30m and 22.0 g/t Au over 2.40m in NFGC-23-1783, 6.18 g/t Au over 9.85m and 3.01 g/t Au over 8.35m in NFGC-23-1709, 3.14 g/t Au over 18.45m in NFGC-23-1904, and 19.4 g/t Au over 2.70m in NFGC-23-1993. K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490m long x 395m wide.

The gold mineralization begins at surface and has been drill defined down to a maximum vertical depth of 250m, where it remains open and untested. Much of the gold at K2 is found in the ?K2 Main? structure, a low-angle gold-bearing fault zone starting at surface that dips 40° to the south and shares a similar orientation to Keats West.

K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness. Today?s highlight intervals in NFGC-23-1729 and NFGC-23-1786 both occur within K2 Main. The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults.

Many of these veins start at surface and additional drilling is required to fully define this network. The Company is currently undertaking a 650,000m drill program at Queensway and approximately 7,000m of core is currently pending assay results. Assays are uncut and composite intervals are calculated using 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. 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 meter 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, which are then 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. 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.

Samples that reached the upper limit of antimony for this method, were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08). 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. New Found?s quality control program also includes submission of the second half of the core for approximately 5% of the drilled 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 of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed. The assay data disclosed in this news 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.