New Found Gold Corp. announced the results from 37 diamond drill holes that were completed as part of a program designed to follow up on newly discovered high-grade gold at Keats West located west of the highly prospective Appleton Fault Zone (“AFZ”) and from expansion drilling at Keats North. 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 At Keats West,ongoing drilling up-dip of NFGC-22-960 that intercepted 42.6 g/t Au over 32m continues to intersect expansive zones of gold mineralization including 6.68 g/t Au over 24.00m in NFGC-22-784, 13.9 g/t Au over 5.00m and 2.01 g/t Au over 7.00m in NFGC-22-808, and 2.12 g/t Au over 16.25m in NFGC-22-868.These intercepts all occur near surface and demonstrate the robustness and continuity of this gold system.

Follow-up drilling results exploring along strike and down-dip of NFGC-22-960 are pending. The Keats West structure is interpreted to be a thrust fault that dips gently to the south-southwest and hosts both low and high-grade gold mineralization over a considerable thickness with cumulative widths ranging from 10-30m. This fault zone occurs on the west side of the AFZ and contains a series of stacked veins that contain the gold mineralization.

Drilling initially focused within a panel of the structure where gold mineralization has been intersected over an area of 280m x 130m and ongoing drilling is designed to extend this zone along strike to the west and down-dip. Across the AFZ to the east is Keats Northwhere an extensive array ofbrittle faults host to high-grade gold have been discovered and traced over an area 150m wide x 630m in strike. A combination of systematic and targeted drilling is being used to test this area and expand on several gold domains identified to date with a focus on the top 200m of vertical depth.

Highlight results from this drilling include 28.8 g/t Au over 3.45m in NFGC-22-855 and 2.13 g/t Au over 14.10m in NFGC-22-813. A new high-grade vein has been discovered between Keats North and Golden Joint reporting a grade of 50.3 g/t Au over 2.45m in NFGC-22-766. The vein occurs at the greywacke-shale contact roughly midway between Golden Joint and Keats North as illustrated in Figure 2. Limited drilling has been done in this area and follow-up drilling is underway.