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New Found Provides Update on Deep Drilling Program, Engages Devico Directional Drilling Services at Queensway
^{(TSX-V: NFG | NYSE-A: NFGC)}

Vancouver, BC, June 11, 2024 – New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provide a deep drilling update on its 100% owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

Highlights:

• In early March, the Company announced commencement of its deep drilling program at Queensway to test targets derived from the initial 3-D seismic interpretation. To date, a total of 10,345m have been completed in 12 drill holes ranging in length from 550 to 1,230m. The program is ongoing and results are pending.
• Referring to Figure 1 below, initial targets selected include down-dip step-outs on some of the most significant mineralized zones and structures:
  • At Jackpot and Lotto, the Company has drilled three holes targeting the zones at depth in areas that coincide with apparent structural breaks and reflectors in the 3-D seismic data.
  • At K2, one hole was drilled to test the down-dip extension of the K2 structure while continuing on to test a prospective region where the Glenwood and the Appleton Fault zones converge and coincide with a reflective feature in the seismic data.
  • At Iceberg, two drill holes have been completed testing the Keats-Baseline-Fault Zone (“KBFZ”) in an area where the KBFZ appears to change direction based on the seismic interpretation. At the same time, the Company is extending several existing Iceberg holes towards the Appleton Fault Zone (“AFZ”) to target a previously untested and highly prospective ‘wedge’ between the KBFZ and the AFZ and below Keats West.
  • Two drill holes have been completed at the south extension of Keats, targeting the down plunge extension of the KBFZ.
• The Company has engaged Devico AS, a division of IMDEX, a leading supplier of directional drilling services, to apply its DeviDrill steerable core barrel technology at Queensway. Devico is in the process of deploying a team of technicians to the project site that will work closely with New Found and onsite drill contractors to apply this directional drilling technology that will enable branch holes. Branching involves single hole re-entry and directional drilling techniques to branch off existing holes at depth and more quickly target and define areas of interest.

Melissa Render, VP of Exploration for New Found, stated: “Our quest to unlock the deep potential of Queensway is off to a good start. With 12 holes completed, we are rapidly advancing our understanding of the geological environment and acquiring data that will help us to refine our interpretation of the 3-D seismic survey. Through 500,000+ meters of near-surface drilling, our team has developed a robust understanding of the controls on mineralization at Queensway and we are keen to apply that knowledge to this untested domain. In our search for staying at the forefront of exploration technology, we are proud to add directional drilling to our arsenal of tools. Devico is a renowned, industry-leader in directional drilling and the application of this technology should help us to lower cost, while increasing efficiency.”
 

Figure 1. 3-D vertical view of the approximately 6km north-south mineralized corridor along the Appleton Fault Zone at Queensway North with modelled zones and deep drill hole traces (looking west)