New Found Gold Corp. announce the results from 17 diamond drill holes that were completed as part of an ongoing systematic drill program exploring a highly prospective segment of the Appleton Fault Zone (“AFZ”) immediately north of the Keats Zone. New Found's 100% owned Queensway project comprises an approximately 1500km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador.

Keats North refers to an area of 630m of strike x 150m in width immediately north of the Keats Main Zone comprised of multiple newly discovered mineralized veins and associated structures that subcrop below a thin cover of glacial till. Several notable structures hosting gold mineralized veining are demonstrating excellent geological continuity and remain open in all directions with very limited drilling below 150m to date. Multiple high-grade gold intervals have been returned from the limited drilling completed so far at Keats North.

Preliminary interpretation by the Company demonstrates continuity of high-grade gold mineralization developing in certain areas within these veins, which in some cases is correlated to structural intersections. Drilling in the “Enigma” Zone area provides one such example with hole NFGC-22-665 returning 18.95 g/t Au over 5.75m in a step-out hole ~60m northeast along strike from a previously reported intercept of 275 g/t Au over 2.15m in NFGC-22-538. Ongoing drilling at Keats North is designed to further define areas of high-grade mineralization within these gold bearing structures, which remain open along strike and to depth.

The Keats-Baseline Fault Zone (“KBFZ”) is an extensive brittle fault zone that lies to the east of the AFZ and runs slightly oblique to it and has an east-northeast strike (N55°E) and dips to the southeast at approximately 60°. This fault forms an extensive damage zone that is discordant to the stratigraphy, and it controls the development of a complex network of brittle, high-grade gold vein arrays that are epizonal in character. Gold mineralization is characterized by the presence of quartz-carbonate veins with vuggy, stylolitic, and/or brecciated textures which often contain trace amounts of arsenopyrite, chalcopyrite, boulangerite, or pyrite, and which are associated with an NH4 muscovite alteration.

A variety of fault and vein orientations have been encountered within and surrounding the KBFZ, forming a complex network of high-grade vein splays bifurcating from the KBFZ and the AFZ. Cross-cutting the Keats Main zone and forming important constituents of the KBFZ network are several conjugate brittle faults that are gold-rich and that create lenses of high-grade gold mineralization. Examples of such structures are the Umbra, Penumbra, Solstice, Eclipse, and 421 zones.

The Umbra and Penumbra structures strike approximately north-south and have been intersected over a strike length of approximately 630m and are interpreted to play an important role for concentrating high-grade gold in the Keats North region.