New Found Gold Corp. announced the results from thirty-six 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 a 1,650km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

The Keats North prospect consists of a complex network of brittle fault zones that host a number of high-grade gold-bearing veins that have been defined over an area 150m wide by 630m strike. Exploration to date has successfully extended the gold mineralization to depths of 200m and has identified several domains of high-grade gold that often occur at structural intersections within this fault system (Figure 1). Several holes into the Keats North prospect contained significant intervals including 117 g/t Au over 2.00m in NFGC-22-728, 36.5 g/t Au over 2.15m in NFGC-22-762, 20.8 g/t Au over 2.00m in NFGC-22-825, and 17.1 g/t Au over 2.25m in NFGC-22-796.

These significant intervals along with many others occur largely within and around the Umbra, Penumbra, and Enigma structures, however, others fall outside into new structural splays; these zones remain open (Figure 1). Follow-up drilling has commenced targeting these domains of high-grade to better define their geometries to inform future drilling campaigns focused on expansion. This first pass of drilling across the Keats North prospect has been successful at identifying a new gold system with proven high-grade potential and has provided important geological information for detailed geological modeling which has been used to design the follow-up program.