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New Found Intersects 9.12 g/t Au Over 8.20m & 42.6 g/t Au Over 11.75m Starting 9m From Surface & 55.1 g/t Au Over 5.10m at the Keats Main Zone

V.NFG

New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce assay results from 39 diamond drill holes designed to further delineate and expand the network of high-grade gold veins and associated structures at the Keats Zone. These holes were drilled as part of the Company’s ongoing 400,000m diamond drill program targeting +20km of prospective strike along the regional-scale Appleton (“AFZ”) and JBP fault zones at its 100% owned ~1500km2 Queensway project, accessible via the Trans-Canada Highway ~15km west of Gander, Newfoundland.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220606005434/en/

Figure 1. Photo of mineralization from NFGC-22-593 at ~22m down hole depth. ^Note that these photos are not intended to be representative of gold mineralization in hole NFGC-22-593. (Photo: Business Wire)

Figure 1. Photo of mineralization from NFGC-22-593 at ~22m down hole depth. ^Note that these photos are not intended to be representative of gold mineralization in hole NFGC-22-593. (Photo: Business Wire)

Highlights:

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-364A

216.25

218.30

2.05

56.3

Keats Main

Including

217.05

217.85

0.80

140.5

NFGC-21-388

123.00

128.65

5.65

9.0

Keats Main

Including

126.95

128.30

1.35

31.5

NFGC-21-448

200.50

205.60

5.10

55.1

Keats Main

Including

200.50

200.95

0.45

609.0

NFGC-21-466

169.70

172.05

2.35

10.9

Keats Main

NFGC-22-486

35.90

38.00

2.10

11.2

421

Including

36.60

37.30

0.70

32.0

And

371.40

373.60

2.20

10.1

Keats Main

Including

371.75

372.45

0.70

30.0

NFGC-22-593

8.80

17.00

8.20

9.12

Keats Main

Including

11.15

11.45

0.30

25.9

Including

13.80

14.80

1.00

32.4

Including

16.20

16.60

0.40

55.3

And

20.50

32.25

11.75

42.6

Including

20.50

21.00

0.50

111

Including

21.90

22.20

0.30

338

Including

22.90

23.30

0.40

733

Including

29.60

30.10

0.50

25.8

Including

31.35

32.25

0.90

21.8

And

36.60

42.90

6.30

1.88

Table 1: Keats Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 95% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

  • A gap in the drilling at the north end of the Keats Main Zone in a structurally complex portion of the near surface extents of the Keats-Baseline Fault Zone (KBFZ) was recently tested with NFGC-22-593 which returned 9.12 g/t Au over 8.20m and 42.6 g/t Au over 11.75m, beginning at 8.8m down hole. This intercept extends the high-grade gold mineralization to surface in this area and indicates that there is a wide domain of high-grade gold veining immediately below the overburden; current modelling suggests that this thickened segment is approximately 125m in strike length and 35m wide (Figures 2, 3 and 4).
  • 55.1 g/t Au over 5.10m in NFGC-21-448, 56.3 g/t Au over 2.05m in NFGC-21-364A, 9.0 g/t Au over 5.65m in NFGC-21-388, 10.9 g/t Au over 2.35m in NFGC-21-466 and 10.1 g/t Au over 2.20 in NFGC-22-486 are all intersections in the Keats Main Zone which to date has been defined over 845m down plunge and intersected at a vertical depth of 375m. The Keats Main Zone consists of a network of veins that is associated with the KBFZ which generally strikes N55°E and dips ~60° to the southeast (Figures 2, 3 and 5).
  • Targeting the 421 Zone at the south end of Keats, NFGC-22-486 intersected 11.2 g/t over 2.10m at ~30m below surface. This high-grade gold mineralization is associated with an extensive moderately southwest dipping brittle fault zone that appears to play a role in localizing gold. The extents of this target area are not well constrained and this fault zone area and its projected intersections with the AFZ and KBFZ are high priorities for the current drilling (Figures 2 and 3).

Melissa Render, VP Exploration for New Found, stated: “Drilling continues to advance our understanding of the geometries and potential projections of the high-grade gold veins and faults that comprise the Keats. Our team is working tirelessly to keep the drills focused on expanding the zones discovered to date and concurrently building our understanding of the controls on the high-grade gold mineralization to allow continued optimization of targeting. Six drills are operating in and around Keats, with three working to tackle mineralization correlated to the main plunge and to depth, while an additional three drills are working at Keats North to follow-up on the recent near surface discoveries such as the 275 g/t Au over 2.15m in NFGC-22-538 (reported on May 4, 2022), 8.70 g/t Au over 6.75m in NFGC-22-533 (reported on May 4, 2022) and 43.9 g/t Au over 3.85m in NFGC-22-515 (reported on April 13, 2022) (Figure 3). Meanwhile, six more drills are systematically testing along the north segment of the AFZ. I would like to thank our exploration team for their ongoing dedication and hard work as we continue to advance this discovery.”

Discussion

Mineralization at the Queensway Project is hosted by a fold-thrust sequence of northeast-striking, steeply dipping turbiditic sedimentary rocks deposited and deformed during the closure of the Iapetus Ocean and subsequent continent-continent collision. During this prolonged period of continued shortening, at least two regional-deformation zones developed and include the Appleton (‘AFZ’) and JBP fault zones. The AFZ is interpreted to be a significant, deep-seated thrust fault, that strikes southwest across the full +100km length of the property and is likely the main conduit for the gold mineralizing fluids, much like the Cadillac-Larder Lake Fault Zone in the Abitibi.

As a result of progressive deformation, the brittle host stratigraphy developed an extensive network of gold-bearing fault zones enveloping the AFZ, the extents of which are not yet known. Higher-grades and widths of gold mineralization occur in areas where there was greater mineralizing fluid flow such as at structural intersections, at dilational openings within fault structures, and along lithological contacts where breakage occurs due to rheological differences in the compressional strength of contrasting sedimentary rock units.

Keats

Mineralization at Keats is associated with a significant east-northeast striking and moderately southeast dipping brittle fault zone, the Keats-Baseline Fault Zone (“KBFZ”) that developed adjacent to and trends at an oblique angle to the AFZ. Situated ~1.8km south of Lotto and 1.2km south of the Golden Joint discoveries, this fault forms an extensive damage zone that is discordant to the northeast striking and steeply dipping stratigraphy and controls the development of a complex network of high-grade gold vein arrays that are epizonal in character and exhibit breccia, stylolitic, and vuggy textures. The host rock units are comprised of an interbedded sequence of turbiditic shales and greywackes where lithological contrasts in part control domains of high-grade gold, however model advancements suggest the larger underlying control are dilational settings that experienced increased fluid flow that typically develop at structural intersections such as intersecting fault or vein segments. The KBFZ expresses itself as a topographic low and interpretation of this low has traced it over ~+2km strike length. At this stage, exploration has been largely focused within close proximity to the AFZ and has delineated a high-grade gold segment of the Keats-Baseline Fault over a strike length of ~660m, the high-grade southwest plunging dilational zone to ~845m while the deepest high-grade gold intercept to date is at a vertical depth of ~375m.

Drillhole Details

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-21-364A

216.25

218.30

2.05

56.3

Keats Main

Including

217.05

217.85

0.80

140.5

NFGC-21-388

123.00

128.65

5.65

9.0

Keats Main

Including

126.95

128.30

1.35

31.5

And

135.75

139.10

3.35

4.2

Including

138.60

139.10

0.50

21.5

NFGC-21-405

No Significant Values

Keats Main

NFGC-21-406

32.20

34.95

2.75

1.2

Keats HW

And

48.30

51.00

2.70

2.1

And

62.40

65.00

2.60

3.6

And

209.00

211.15

2.15

1.8

And

217.30

219.80

2.50

1.4

And

280.00

282.00

2.00

1.2

Keats Main

NFGC-21-410B

139.65

142.00

2.35

1.2

Keats Main

And

174.20

176.50

2.30

1.8

NFGC-21-413A

424.60

428.80

4.20

1.9

Keats Main

And2

463.05

467.55

4.50

28.2

Including2

463.05

466.00

2.95

41.0

NFGC-21-425

44.65

47.00

2.35

1.4

Keats HW

And

107.35

109.45

2.10

1.3

Keats Main

And

136.15

139.20

3.05

1.0

NFGC-21-426

255.10

257.55

2.45

1.5

Keats FW

NFGC-21-427

26.00

33.50

7.50

2.0

421

And

37.50

39.80

2.30

1.1

And

50.10

52.70

2.60

1.0

And

60.85

63.00

2.15

1.1

And

65.00

67.00

2.00

1.0

And

131.00

133.00

2.00

1.9

And

170.30

172.60

2.30

1.5

And

175.00

177.00

2.00

1.3

And

280.10

283.00

2.90

3.0

Keats Main

And

285.10

288.00

2.90

3.0

NFGC-21-428

17.80

21.30

3.50

1.1

Keats Main

And

57.55

59.55

2.00

1.3

And

158.30

160.50

2.20

7.0

Keats FW

Including

158.30

159.00

0.70

20.5

And

173.90

176.00

2.10

1.2

NFGC-21-433

80.95

83.00

2.05

1.4

Keats HW

And

90.00

93.00

3.00

7.0

Including

92.00

93.00

1.00

19.5

And

228.30

230.35

2.05

1.4

Keats Main

And

237.70

240.00

2.30

2.5

NFGC-21-436

88.10

90.55

2.45

2.1

Keats HW

And

140.70

142.70

2.00

12.9

Keats Main

Including

141.00

141.65

0.65

39.6

NFGC-21-438

168.00

170.60

2.60

2.4

Keats Main

And

204.35

206.85

2.50

9.0

Including

204.35

205.10

0.75

28.5

And

216.15

218.65

2.50

2.1

And

246.85

249.00

2.15

2.2

NFGC-21-440

285.75

288.95

3.20

1.8

Keats Main

And

362.15

365.55

3.40

2.0

NFGC-21-445

No Significant Values

Keats Main

NFGC-21-447

87.60

90.50

2.90

3.1

Keats HW

NFGC-21-448

184.70

187.00

2.30

1.3

Keats Main

And

200.50

205.60

5.10

55.1

Including

200.50

200.95

0.45

609.0

And

284.00

286.35

2.35

4.0

NFGC-21-450

No Significant Values

Keats Main

NFGC-21-451

121.70

125.10

3.40

1.4

Keats HW

And

130.00

132.15

2.15

1.3

And

161.00

169.55

8.55

1.7

NFGC-21-454

209.55

213.25

3.70

2.7

Keats Main

NFGC-21-458

83.25

86.40

3.15

1.5

Keats HW

And

120.55

122.75

2.20

5.6

Including

121.10

121.65

0.55

21.5

And

369.20

371.40

2.20

1.9

Keats FW

NFGC-21-460

166.40

168.75

2.35

1.1

Keats Main

And

252.00

254.00

2.00

1.0

NFGC-21-466

169.70

172.05

2.35

10.9

Keats FW

NFGC-21-468

258.70

260.70

2.00

2.0

Keats Main

NFGC-22-472

40.00

42.00

2.00

1.9

Keats HW

NFGC-22-475

No Significant Values

Keats Main

NFGC-22-483

134.00

136.00

2.00

7.2

Keats Main

Including

134.00

135.00

1.00

14.1

And

138.60

140.90

2.30

3.9

Including

138.60

139.30

0.70

10.9

And

151.75

165.70

13.95

1.9

And

177.30

180.00

2.70

1.1

NFGC-22-484

341.55

344.00

2.45

2.3

Keats Main

And

425.65

428.10

2.45

1.7

And

431.00

435.60

4.60

1.5

NFGC-22-486

35.90

38.00

2.10

11.2

Keats HW

Including

36.60

37.30

0.70

32.0

And

371.40

373.60

2.20

10.1

Keats FW

Including

371.75

372.45

0.70

30.0

NFGC-22-487

134.00

136.40

2.40

1.1

Keats HW

And

250.50

252.85

2.35

3.7

Including

252.15

252.85

0.70

11.0

And

517.50

519.50

2.00

1.2

Keats Main

NFGC-22-491

80.00

82.00

2.00

1.1

Keats Main

And2

92.00

95.00

3.00

79.8

Including2

92.45

94.35

1.90

124.6

And

164.35

171.85

7.50

4.3

Keats FW

Including

170.90

171.85

0.95

24.2

NFGC-22-492

92.15

94.25

2.10

3.8

421

And

391.00

393.95

2.95

3.2

Keats Main

Including

392.90

393.65

0.75

12.6

And

398.15

400.35

2.20

5.1

Including

398.45

399.05

0.60

14.3

NFGC-22-494

No Significant Values

Keats East

NFGC-22-511

77.00

79.00

2.00

1.29

Keats HW

And

434.00

436.25

2.25

4.00

Keats Main

Including

435.20

435.70

0.50

17.85

Keats Main

NFGC-22-514

149.00

151.05

2.05

2.06

Keats FW

NFGC-22-527B

487.25

489.75

2.50

3.2

Keats Main

Including

487.90

488.50

0.60

11.9

NFGC-22-537

No Significant Values

Keats East

NFGC-22-593

8.80

17.00

8.20

9.12

Keats Main

Including

11.15

11.45

0.30

25.9

Including

13.80

14.80

1.00

32.4

Including

16.20

16.60

0.40

55.3

And

20.50

32.25

11.75

42.59

Including

20.50

21.00

0.50

111

Including

21.90

22.20

0.30

338

Including

22.90

23.30

0.40

733

Including

29.60

30.10

0.50

25.8

Including

31.35

32.25

0.90

21.8

And

36.60

42.90

6.30

1.88

Table 2: Summary of composite results reported in this release for Keats.

1Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 60% to 95% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. 2 Previously reported interval.

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

NFGC-21-364A

120

-80

299

657971

5427338

NFGC-21-388

120

-71

242

657988

5427370

NFGC-21-405

300

-45

308

658056

5427182

NFGC-21-406

325

-56

396

657853

5427066

NFGC-21-410B

297

-46.5

257

658075

5427285

NFGC-21-413A

296

-57

515

658086

5427134

NFGC-21-425

299

-45.5

269

658031

5427311

NFGC-21-426

120

-50

335

657804

5427529

NFGC-21-427

325

-56

431

657841

5427083

NFGC-21-428

299

-42.5

238

657976

5427343

NFGC-21-433

299

-45.5

314

658009

5427209

NFGC-21-436

300

-45

350

657970

5427232

NFGC-21-438

299

-45.5

350

658094

5427246

NFGC-21-440

119

-47

425

657748

5427446

NFGC-21-445

298

-57

344

658280

5427369

NFGC-21-447

300

-45

371

657999

5427158

NFGC-21-448

299

-45.5

329

658074

5427257

NFGC-21-450

298

-57

371

658418

5427406

NFGC-21-451

325

-56

434

657810

5427057

NFGC-21-454

299

-45.5

401

657989

5427163

NFGC-21-458

325

-56

455

657814

5427087

NFGC-21-460

299

-45.5

356

657956

5427182

NFGC-21-466

300

-45

338

657943

5427161

NFGC-21-468

300

-45

527

657997

5427129

NFGC-22-472

325

-56

494

657836

5427050

NFGC-22-475

298

-57

527

658249

5427215

NFGC-22-480

120

-45

425

657864

5427742

NFGC-22-483

299

-45.5

235

658214

5427379

NFGC-22-484

240

-45

470

658030

5427310

NFGC-22-486

30

-65

419

657815

5427088

NFGC-22-487

245

-42

574

657996

5427136

NFGC-22-491

299

-45.5

206

658300

5427503

NFGC-22-492

23

-64

440

657811

5427057

NFGC-22-494

299

-45.5

266

658907

5427777

NFGC-22-511

22

-60

470

657778

5427033

NFGC-22-514

299

-45.5

205

658295

5427493

NFGC-22-527B

294

-47.5

731

657945

5426843

NFGC-22-537

299

-45.5

212

658867

5427859

NFGC-22-593

300

-45

119

658214

5427523

Table 3: Details of drill holes reported in this release.

Queensway 400,000m Drill Program Update

Approximately 48% of the planned 400,000m program at Queensway has been drilled to date with ~21,700m of the core with pending assay results. Twelve core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs.

Sampling, Sub-sampling, Laboratory and Discussion

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 60% to 95% of reported core lengths. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. Assays are uncut, and composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.

All drilling recovers HQ core. Drill core is spit in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A professional geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Once all sample intervals have been chosen, photos of the wet and dry core are taken for future reference.

Technicians saw the core along the defined cut-line. One-half of the core is kept as a witness sample and the other half is submitted for crushing, pulverizing, and assaying. Individual sample bags are sealed and placed into shipping pails and/or nylon shipping bags, sealed and marked with the contents.

Drill core samples are shipped to either ALS Canada Ltd. (ALS) for sample preparation in Sudbury, Ontario or Eastern Analytical Ltd. (EAL) in Springdale, Newfoundland. Both laboratories are ISO-17025 accredited. All assay laboratories operate under a commercial contract with New Found.

At both laboratories the entire sample is crushed to ~80% passing 2 mm. At ALS, 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 50-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 50-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.

EAL receives routine samples. A 250-g split of the crushed material is pulverized, and a 30-g subsample is fire assayed for gold with an atomic absorption spectrometry (AAS) finish.

All sample pulps are also analyzed for a multi-element ICP package (ALS method code ICP61).

Drill program design, Quality Assurance/Quality Control and interpretation of results is 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 laboratories 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 ~2% of the drilled intervals. In addition, ~3% 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.

The assay data disclosed in this news release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this news release dated June 6, 2022, by New Found. Mr. Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. 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 currently undertaking a 400,000m drill program at Queensway, now ~43% complete. The Company is well funded for this program with cash and marketable securities of $87-million as of June 2022.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Acknowledgements

New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to assay results, exploration and drilling on the Company’s Queensway gold project in Newfoundland, interpretation of the assay results and the results of the drilling program, the discovery of zones of high-grade gold mineralization, follow-up step-out drilling and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," “suggests,” "potential," "goal," "objective," "prospective," “possibly,” and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.