New Found Gold Corp. announced an expansion of the exploration program at its 100% owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. To date the Company has completed approximately 80% (319,000m) of its current 400,000m diamond drill program at Queensway.

Approximately 60,000m of drill core is pending assay. During 2022, New Found drilled 184,911m of core, employing an average of fourteen drill rigs. This equates to 3,555m of core production per week, with significant operating efficiencies experienced in the second half of the year.

Following the Holiday break, New Found has restarted drilling and moving forward, the Company intends to use an average of 12 drill rigs, including a maximum ramp-up to 14 drill rigs throughout 2023 as it continues its aggressive exploration program. As a result, New Found is now planning to drill a total of 500,000m as part of its ongoing drilling program at the Queensway Project by the end of 2023. With 319,000m of drilling completed to date, the Company is forecasting 181,000m of core production during 2023.

This expanded drill program is fully funded out of the Company's current cash and marketable securities balance of $90 million. Exploration drilling will include a hybrid of targeted drilling, aimed at expanding existing zones and identifying new zones in highly prospective areas, as well as grid drilling aimed at testing open swaths of prospective strike along main fault structures, with a strong emphasis on the west side of the Appleton Fault Zone (“AFZ”). Drilling is also planned for the parallel JBP Fault Zone (“JBP”) at Queensway North, the newly optioned VOA ground to the north, and at Queensway South.