Further Definition Of Thick Gold Zone At Keats West

VANCOUVER - New Found Gold Corp. reported on 11 diamond drill holes that were completed as part of a drill program designed to test the newly discovered Keats West Zone, a low-angle thrust fault that dips gently to the south-southwest and is located on the west side of the highly prospective Appleton Fault Zone (AFZ). New Found’s 1Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

The host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70% 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 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. 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.

3.29 g/t Au over 42.35m in NFGC-23-1129 as well as 2.19 g/t Au over 37.30m and 1.73 g/t Au over 24.00m in NFGC-23-1091 occur just 30m from surface and 80m along strike from previously reported 42.6 g/t Au over 32.00m in NFGC-22-960 (November 2022) at Keats West. These holes were designed to fill significant gaps in the main portion of the Keats West Zone. Keats West has a known footprint spanning 305m long by 315m wide and starts at surface with all intercepts drilled to date occurring above 130m vertical depth. The zone has a cumulative average thickness of 30m. The highlight intervals are interpreted to be close to true width, occur near surface, and demonstrate that the gold mineralization can span cumulative widths greater than 60m in places. Drilling to date has identified several locations within the Keats West structure where this occurs with one such example being the aggregate interval of 1.94 g/t Au over 79.75m in NFGC-22-833.

Melissa Render, VP of Exploration, said, “Exactly one year ago today, we announced the discovery of Keats West (September 27, 2022). At that time, there was little understanding about the prospectivity of the west side of the Appleton Fault. Through aggressive drilling in just 12 short months, Keats West has transformed into one of our most significant zones, spanning 305m long by 315m wide. This discovery has proven pivotal for New Found, changing our perspective on the west side of the AFZ and leading to the discovery of several additional gold zones in this domain such as K2 and Monte Carlo.”