New Found Gold Corp. announced the results from eighteen diamond drill holes that were completed as part of an ongoing systematic drill program exploring highly prospective segments of the Appleton Fault Zone (AFZ) north of the Lotto and proximal to the Dome prospects. New Found's 100%-owned Queensway project comprises an approximate 1,500 km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador.

Note that the host structures are interpreted to be steeply dipping and true widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could 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 2m 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 drill thickness. Systematic drilling along the east side of the AFZ north of Lotto has intersected anew, shallow brittle fault zone that hosts high-grade, epizonal-style gold mineralization, named “Lotto North”.

This new discovery is hosted by a north-south striking open-ended structure, slightly off trend of the Lotto Main Vein. Initial drilling at Lotto North intersected near-surface, high-grade gold mineralization over a strike length of 175m including highlight intervals of 33.79 g/t Au over 2.35m in NFGC-22-661, 37.36 g/t Au over 2.10m in NFGC-22-690, and 22.18 g/t Au over 2.20m in NFGC-22-717. Only four holes have been received to date from Lotto North and several priority assays are pending.

Exploration drilling will continue to expand on this new high-grade zone, which remains open in all directions and to depth. The Lotto-Lotto North segment of the AFZ now demonstrates a combined strike length of 1km, situated within the overall Keats-Lotto corridor that now exceeds 3.2km in strike length.