New Found Gold Corp(NFGFF) announce partial results from four diamond drill holes recently completed at the Keats Zone ("Keats") and six initial holes drilled at the Little-Powerline Zone ("Little-Powerline"), drilled as part of the Company's ongoing 200,000 m diamond drill program at its 100% owned Queensway Project ("Queensway"), 15 km west of Gander, Newfoundland. Keats Zone Highlights · Intervals displaying significant quartz veining, sulfide mineralization and/or visible gold are assayed on a rush basis. Recent results received for four holes at Keats are summarized below and in Figure 1. Keats Zone Summary Results ? From To Interval Au Grade (m) (m) (m) (g/t) ? NFGC-20-41 11.7 22.1 10.4 22.5 and 45.0 60.9 15.9 31.4 NFGC-20-43 119.8 138.0 18.2 10.0 including 122.3 130.0 7.7 20.7 NFGC-20-33 151.9 156.0 4.0 2.59 NFGC-20-36 96.4 105.3 8.9 5.16 ? · Two shallow high-grade intervals in hole NFGC-20-41 (22.5 g/t Au over 10.4m and 31.4 g/t Au over 15.9m) have extended the Keats Zone 50m to the north of discovery hole NFGC-19-01 (Figure 1). · Importantly, high-grade mineralization in NFGC-20-41 starts just 12m down hole at the bedrock surface. Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: "Veining in drilling to date at the Keats Zone is characterized by quartz and sulfide mineralization displaying consistent broad thicknesses in the range of 10m to 40m. Intervals of visible gold have been consistently encountered within broader mineralized vein intervals with assays to date returning consistent high-grade Au tenors. Good continuity is evident between holes with approximately 100m of strike now confirmed on this exciting high-grade zone. The zone remains open along strike and to depth, with geophysics, surface sampling, and wide-spaced drilling indicating at least 300m of prospective strike. Increasing the drill count from four to eight drills early in 2021 will help to ramp-up the grid drilling at Keats and to also test multiple other high-grade targets along 5 km of strike on the Appleton Fault Zone and 3 km of strike on the JBP Fault Zone." Note that the exact orientation of the veins is uncertain but believed to be steeply dipping thus implying true widths of the high-grade zone to be in the 70% to 80% range of reported drill lengths. Little-Powerline Zone Highlights · First pass drilling at the Little Powerline Zone, located on the west side of the Appleton Fault approximately one km northwest of the Keats Zone, has returned early promising results including: Little-Powerline Zone Summary Results From To Interval Au Grade Ag Grade (m) (m) (m) (g/t) (g/t) NFGC-20-11 21.3 38.5 17.2 1.28 NFGC-20-12 16.9 26.5 9.6 2.61 including 23.2 25.5 2.3 7.75 NFGC-20-14 11.0 13.0 2.0 253.8 and 57.0 58.0 1.0 94.9 ? · Holes NFGC-20-11 and NFGC-20-12 returned significant intervals of near surface gold mineralization including 1.28 g/t Au over 17.2m and 2.61 g/t Au over 9.6m, respectively. The latter interval includes a high-grade interval of 7.75 g/t Au over 2.3m. · Interestingly and unexpectedly, hole NFGC-20-14 returned two intercepts of high-grade silver mineralization including 253.8 g/t Ag over 2.0 m. This is the first instance of high-grade silver being identified on the Queensway property. · Silver mineralization is located proximal to the Little-Powerline gold bearing structures but is believed to be a separate, earlier mineralizing system. Further geological investigation is ongoing to determine the significance of these intervals and to develop a follow up plan for additional drilling. Note that the exact orientation of the veins is uncertain but believed to be steeply dipping thus implying true widths of the high-grade zone to be in the 70% to 80% range of reported drill lengths.