New Found Gold drills 10.1 g/t gold over 22.5 metres at Queensway, Newfoundland

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New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from 11 diamond drill holes that were completed as part of a drill program designed to expand on the newly discovered Keats West zone, a low-angle thrust fault that dips gently to the south-southwest and is located on the west side of the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,662-km2 area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland. Keats West highlights: Today’s highlight interval of 10.1 g/t gold over 22.50 metres in NFGC-22-945 is a 305-metre step-down dip from previously reported 18.9 g/t gold over 15.95 metres in NFGC-22-773 released November 23, 2022, and a 100-metre step-down dip of previously reported 42.6 g/t gold over 32.00 metres in NFGC-22-960 released November 28, 2022. This high-grade interval occurs just 65 metyres from surface due to late faulting that has uplifted this portion of the Keats West structure and relocated it closer to surface.

The mineralized footprint of Keats West now spans 200 metres wide x 305 metres down dip, averaging approximately 30 metres thick with broader domains spanning widths as great as 80 metres as seen in NFGC-22-833, which intersected multiple intervals of gold mineralization with grades ranging from 1.6-3.2 g/t gold.

Additional notable intercepts released today within the Keats West zone include 61.8 g/t gold over 3.55 metres in NFGC-22-865, 3.26 g/t gold over 16.60 metres and 4.32 g/t gold over 21.30 metres in NFGC-22-922, and 2.53 g/t gold  over 29.40 metres in NFGC-22-989.

Step-out drilling and infill drilling are continuing at Keats West to expand on this new discovery and to better define the continuity of grade and the controls on the gold mineralization within the host fault.

Melissa Render, vice-president of exploration, stated: “Keats West continues to impress with high-grade gold intercepts and broad domains of gold mineralization. This zone is providing us with ample evidence that both sides of the Appleton Fault can act as a prolific host for gold mineralization. One interesting insight from today’s drilling is the late faulting that occurred down dip on Keats West, effectively uplifting the mineralized zone towards surface. This corroborates our interpretation of the newly discovered Iceberg zone as the fault offset of Keats Main, an understanding that will allow us to better identify and test for additional zones of gold mineralization.”

The company is currently undertaking a 500,000-metre drill program at Queensway and approximately 54,900 metres of core is currently pending assay results.

The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is well funded for this program with cash and marketable securities of approximately $72-million as of March 2023.

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