­ New Found Gold Corp. announced the results from 51 diamond drill holes that were completed as part of an ongoing systematic and targeted drill program exploring the highly prospective segment of the Appleton Fault Zone ("AFZ") from the south end of the Keats Main Zone to the Knob Zone. New Found's 100% owned Queensway project comprises an approximately 1,650km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador.

Systematic and targeted drilling along the highly prospective AFZ corridor has continued to delineate high-grade gold mineralization now extending 1.5km south of Keats, including the discovery of the new TCH Zone, and new veins and structures around existing zones. Importantly, the high-grade corridor of gold along the AFZ has now been tracked over 4.1km from Lotto North/Zone 36 down to Knob, with much of this area remaining underexplored (Figure 1). At the southern extension of the Keats Main Zone (Keats Main South) the Company continues to intersect high-grade gold mineralization following up on its October 18, 2022, release.

Highlight intercepts include 25.31 g/t Au over 2.45m and 72.7 g/t Au over 2.20m in NFGC-22-774 and 4.59 g/t Au over 14.90m in NFGC-22-845. The high-grade gold associated with the Keats-Baseline Fault Zone, the structure that hosts the Keats Main Zone, has now been traced over a strike length of 1.1km and down to a vertical depth of 400m (Figures 1- 4). Systematic reconnaissance grid drilling south of the Trans-Canada highway along the eastern side of the AFZ identified a new gold-bearing zone called "TCH (Trans Canada Highway)" with intercepts of 79.6 g/t Au over 2.00m in NFGC-22-863, 10.5 g/t Au over 2.45m in NFGC-22-642 and 1.02 g/t Au over 10.70m in NFGC-22-703.

This structure is located in the footwall to the AFZ and has been intersected over a strike length of 190m and down to a vertical depth of 300m (Figures 1-4). At Knob, a new vein called "Rocket" has been discovered 100m to the east, with a highlight interval of 12.63 g/t Au over 4.45m in NFGC-22-704 intersected at a vertical depth of 65m. The Knob zone is a historical discovery with mineralization hosted within an east-west striking structure largely constrained to greywacke which has been traced over a strike length of 160m and has seen minimal modern-day drilling (Figures 1, 2 and 4).

Additional drilling into the 421 Zone, a moderately southwest-dipping structure that runs at an oblique angle to the Keats Main Zone has intersected the highlight interval of 10.5 g/t Au over 2.30m in NFGC- 22-733. This structure likely plays a role in concentrating high-grade gold where it interacts with the Keats-Baseline Fault (Figures 1 and 4).