New Found Gold Corp. announce the results of its Chrysos PhotonAssayTM method test program in addition to assay results from 14 diamond drill holes completed as part of a program designed to test the Keats Main Zone located along the highly prospective Appleton Fault Zone (“AFZ”). 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 Company reported high-grade intervals of 85.7 g/t Au over 5.65m and 13.4 g/t Au over 9.05m in NFGC-22-705 and 56.8 g/t Au over 2.15m in NFGC-22-672 from drilling at the Keats Main Zone that was designed to expand on mineralization hosted within the Keats-Baseline Fault Zone (“KBFZ”) and to target specific high-grade gold vein orientations and vein intersections not previously well-tested. These holes were drilled at a low angle to the KBFZ to target the less well-constrained vein orientations and to identify new veins hosted within it. Following detailed testwork and a quality control program, the Company and its consultants have found the Chrysos PhotonAssayTM (“photon assay”) method to be an appropriate technique for determining gold content in Queensway Project samples.

Over the past several months, the Company tested hundreds of samples in the low, mid, and high-grade range, comparing the results of the photon assay method to traditional fire assay, and found a very strong correspondence of the results. Moving forward, the Company will use the photon assay method at MSALABS' (“MSA”) Val-d'Or facility as well as ALS Minerals' (“ALS”) Vancouver laboratory for traditional fire assay and screen fire determination, to ensure the most efficient turnaround times on assays. The ongoing quality control (QC) program will include analysis of some samples by both methods to monitor accuracy.

Mineralization reported today provided the photon assay test program with the ultra-high-grade (+100 g/t) gold material that is often found in the Keats Main Zone and provided an important component of the QAQC test work program.