VANCOUVER, British Columbia - New Found Gold Corp. ('New Found' or the 'Company') (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 30 diamond drill holes that were completed as part of a program designed to test the down-plunge extents of the Keats Main Zone located along the highly prospective Appleton Fault Zone ('AFZ'). New Found's 100%-owned Queensway project comprises a 1500km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Melissa Render, VP Exploration for New Found stated: 'The Keats-Baseline Fault Zone is comprised of an extensive brittle damage zone adjacent to the Appleton Fault Zone that hosts a network of high-grade gold veins. Today's results demonstrate that this gold-bearing fault persists over a strike length of at least 1km and likely to depths beyond our current drill footprint. The AFZ is the primary gold-bearing fluid conduit, and the KBFZ is the structural trap where gold has precipitated. Drilling aimed at expanding the Keats Main Zone to the south, which is hosted within the KBFZ, has identified mineralization akin to the characteristic epizonal mineralization styles found elsewhere within the KBFZ and with high gold grades to match. Orogenic gold systems are known to have deep roots, occur in areas of structural complexity, and demonstrate structural repetition. This is fundamental to the design of our exploration drill program targeting the deeper extents of the KBFZ but also where it interacts with the AFZ. Today's results give us great encouragement in this region of the KBFZ and we are eager to continue to explore and expand on this discovery.'

Sampling, Sub-sampling, Laboratory and Discussion

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 60% to 95% of reported core lengths. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. 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 2m 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 professional 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 (

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