New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from eighteen diamond drill holes that were completed as part of an ongoing systematic drill program exploring highly prospective segments of the Appleton Fault Zone (“AFZ”) north of the Lotto and proximal to the Dome prospects. New Found’s 100%-owned Queensway project comprises an approximate 1500km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221102005465/en/

Figure 1. Keats – Lotto North plan view map (Graphic: Business Wire)

Lotto North Highlights:

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-661

74.65

77.00

2.35

33.79

Lotto N

Including

74.95

75.30

0.35

225.00

NFGC-22-690

69.45

71.55

2.10

37.36

Lotto N

Including

70.15

70.85

0.70

109.00

NFGC-22-717

49.80

52.00

2.20

22.18

Lotto N

Including

49.80

50.80

1.00

48.74

Table 1: Lotto North Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are unknown at this time. 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.

  • Systematic drilling along the east side of the AFZ north of Lotto has intersected a new, shallow brittle fault zone that hosts high-grade, epizonal-style gold mineralization, named “Lotto North” (Figure 1). This new discovery is hosted by a north-south striking open-ended structure, slightly off trend of the Lotto Main Vein.
  • Initial drilling at Lotto North intersected near-surface, high-grade gold mineralization over a strike length of 175m including highlight intervals of 33.79 g/t Au over 2.35m in NFGC-22-661, 37.36 g/t Au over 2.10m in NFGC-22-690, and 22.18 g/t Au over 2.20m in NFGC-22-717 (Figures 1-4).
  • Only four holes have been received to date from Lotto North and several priority assays are pending. Exploration drilling will continue to expand on this new high-grade zone, which remains open in all directions and to depth.
  • The Lotto-Lotto North segment of the AFZ now demonstrates a combined strike length of 1km, situated within the overall Keats-Lotto corridor that now exceeds 3.2km in strike length.

Melissa Render, VP Exploration for New Found stated: “We are very pleased with the results of our systematic reconnaissance drilling that has been designed to make new discoveries within the +200m wide highly prospective window surrounding the AFZ. The program is working, adding more discoveries along this 3.2km long section of the fault. With today’s announcement of high-grade gold at Lotto North and the recent discovery made at Keats West (see September 27, 2022 release), we continue to gain appreciation for the size of this system and its numerous expressions of near surface, high-grade gold, hosted in an extensive network of fault hosted veining.”

Drillhole Details

Lotto And Lotto North Results:

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-5742

217

219

2.05

1.66

Lotto FW

And

228.6

230.85

2.25

1.30

And2

254.4

258.9

4.5

1.22

NFGC-22-609

95.00

97.55

2.55

8.03

Lotto FW

Including

97.00

97.55

0.55

37.20

And

99.85

102.00

2.15

1.11

NFGC-22-629

62.35

65.00

2.65

2.66

Lotto FW

Including

63.00

63.35

0.35

17.10

NFGC-22-661

74.65

77.00

2.35

33.79

Lotto N

Including

74.95

75.30

0.35

225.00

And

80.60

83.00

2.40

1.26

And

87.00

89.00

2.00

1.28

And

113.00

119.50

6.50

1.54

NFGC-22-664

60.25

62.85

2.6

1.14

Lotto Main

And2

66.4

70

3.6

16.13

Including2

68.8

69.35

0.55

92.60

NFGC-22-673

79.6

82.35

2.75

1.38

 

Lotto Main

And2

106.8

108.8

2.05

8.29

Including2

106.8

107.5

0.75

22.00

And2

206.2

210

3.85

152.08

Including2

206.2

208.9

2.75

211.91

And2

239.8

242.7

2.9

7.92

Including2

241.2

241.8

0.65

15.55

NFGC-22-676

88.3

94.05

5.75

3.12

Lotto N

And

133.9

137

3.1

1.20

NFGC-22-684

184

186

2

3.53

Lotto Main

And2

206.00

208.65

2.65

1.41

And2

211.45

226.40

14.95

12.98

Including2

216.30

217.00

0.70

25.30

And Including2

224.30

226.40

2.10

72.35

NFGC-22-690

69.45

71.55

2.1

37.36

Lotto N

Including

70.15

70.85

0.7

109.00

And

121.6

123.85

2.3

6.15

Including

123.3

123.85

0.6

15.95

And

157.9

160

2.1

5.51

Including

158.8

159.6

0.8

10.75

NFGC-22-717

49.8

52

2.2

22.18

Lotto N

Including

49.8

50.8

1

48.74

Dome Results:

Hole No.

From (m)

To (m)

Interval (m)1

Au (g/t)

Zone

NFGC-22-548

183.45

186.00

2.55

2.96

Dome

NFGC-22-566

No Significant Values

Dome

NFGC-22-584

No Significant Values

Dome

NFGC-22-595

212.15

214.20

2.05

3.81

Dome

NFGC-22-606

No Significant Values

Dome

NFGC-22-607

250.10

253.35

3.25

1.10

Dome

NFGC-22-622

No Significant Values

Dome

NFGC-22-633

214.00

216.55

2.55

1.21

Dome

And

216.90

220.10

3.20

3.38

And

231.00

233.00

2.00

1.18

Table 2: Summary of composite results reported in this press release for Lotto, Lotto North and Dome

1Note that the host structures are interpreted to be steeply dipping and true widths are unknown at this time. 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.

2Previously reported interval with host structures interpreted to be steeply dipping and true widths are generally estimated to be 40% to 90% of the reported interval.

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM North

Prospect

NFGC-22-548

305

-50

279

658583

5428522

Dome

NFGC-22-566

318

-64

354

658583

5428522

Dome

NFGC-22-574

300

-45

276

658881

5429100

Lotto

NFGC-22-584

300

-45

276

658592

5428575

Dome

NFGC-22-595

300

-45

219

658635

5428665

Dome

NFGC-22-606

300

-45

462

658757

5428535

Dome

NFGC-22-607

300

-45

348

658655

5428770

Dome

NFGC-22-609

278

-56

123

658810

5429026

Lotto

NFGC-22-622

300

-45

156

658732

5428841

Dome

NFGC-22-629

300

-45

144

658788

5429040

Lotto

NFGC-22-633

300

-45

273

658629

5428612

Dome

NFGC-22-661

285

-45

396

659079

5429391

Lotto North

NFGC-22-664

300

-61

174

658919

5429139

Lotto

NFGC-22-673

263

-68

258

658990

5429097

Lotto

NFGC-22-676

300

-45

278

659083

5429446

Lotto North

NFGC-22-684

258

-69

237

658983

5429072

Lotto

NFGC-22-690

270

-42

264

659083

5429446

Lotto North

NFGC-22-717

300

-45

213

659089

5429559

Lotto North

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

Queensway 400,000m Drill Program Update

Approximately 74% of the planned 400,000m program at Queensway has been drilled to date with ~60,000m of the core still pending assay results.

Sampling, Sub-sampling, Laboratory and Discussion

True widths of the intercepts reported in this press release have yet to be determined and further exploration is required. 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 split 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 ALS Canada Ltd. (ALS) for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS operates under a commercial contract with New Found.

The entire sample is crushed to approximately 70% passing 2 mm. 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.

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 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 5% 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.

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 scientific and technical information 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 press release dated November 2, 2022, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, 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 approximately 74% complete, and is well funded for this program with cash and marketable securities of approximately $55 million as of November 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 exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project;; future press releases by the Company; 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," “interpreted,” "intends," "estimates," "projects," "aims," “suggests,” “often,” “target,” “future,” “likely,” “pending,” "potential," "goal," "objective," "prospective," “possibly,” “preliminary”, 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.

New Found Gold Corp. Per: "Collin Kettell" Collin Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486

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