New Found Gold Corp. announced the results from 16 diamond drill holes that were completed as part of a drill program designed to test the newly discovered Honeypot Zone located 230m north of Jackpot on the east side of the highly prospective Appleton Fault Zone (?AFZ?). New Found?s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Honeypot Highlights: 26.4 g/t Au over 7.65m in NFGC-23-1810, intersected at a vertical depth of 91m, and 23.1 g/t Au over 5.25m in NFGC-23-1931, located a further 100m down-dip, are part of a new discovery called Honeypot that was found along the east side of the AFZ, 230m north of Jackpot and 1.3km north of Lotto. This discovery was made as a result of a follow-up drill program testing a mineralized fault that was initially identified by grid drilling. Gold found at Honeypot is hosted within a primary fault that has been drill-defined over a strike length of 280m and to a depth of 190m.

The high-grade domain shows good continuity and appears to strengthen at depth. Honeypot has a similar east-northeast striking and steeply dipping orientation to the neighbouring Jackpot Zone and ongoing drilling is targeting its expansion along strike and to depth. The Company is currently undertaking a 650,000m drill program at Queensway and approximately 10,000m of core is currently pending assay results.

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 geologist examines the drill core and marks out the intervals to be sampled and the cutting line.

Sample lengths are mostly 1.0 metre and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis.

Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents. New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (?ALS?) and by photon assay to MSALABS (?MSA?) since June 2022. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay method. Drill core samples are also submitted to MSA in Val-d?Or, Quebec.

MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photon assay method. At ALS, the entire sample is crushed to approximately 70% passing 2mm.

A 3,000-g split is pulverized. ?Routine? samples do not have visible gold (VG) identified and are not within a mineralized zone.

Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed.

The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold. At MSA, the entire sample is crushed to approximately 70% passing 2mm.

For ?routine? samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill two 450g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis.

If one of the jars assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay. For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory?s internal quality assurance programs. Quality Control data are evaluated on receipt from the laboratories for failures.

Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found?s quality control protocols. New Found?s quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals.

In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays. The Company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed.