Significant High-Grade Intervals Expands Mineralized Footprint

VANCOUVER - New Found Gold Corp. reported on the 43 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone (AFZ). New Found’s district-scale Queensway Project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490m long x 395m wide, representing an increase of 80m in a down-dip direction. The gold mineralization begins at surface and has been drill-defined down to a maximum depth of 250m. Much of the gold at K2 is found in the “K2 Main” structure a low-angle gold-bearing fault zone starting at surface that dips 40° to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness. The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults. Many of these veins start at surface and additional drilling is required to fully define this network. This network of cross-cutting veins form thick domains of gold mineralization, which is well demonstrated by several of the highlight intervals reported today including 5.58 g/t Au over 12.35m in NFGC-23-1733 located just 29m from surface adjacent to the AFZ, 3.23 g/t Au over 17.65m, 1.45 g/t Au over 17.25m and 1.60 g/t Au over 10.45m in NFGC-23-1552 located a further 220m down-dip and 5.28 g/t Au over 10.75m in NFGC-23-1626 situated 230m along strike, all hosted by the K2 Main structure.

Several of the cross-cutting structures are high-grade in nature, examples of this are the highlight intervals of 40.0 g/t Au over 2.45m in NFGC-23-1868 and 29.0 g/t Au over 2.85m in NFGC-23-1635. These cross-cutting high-grade gold-bearing structures are important for concentrating gold mineralization where they interact with the main K2 Main structure, a relationship the Company is actively testing. The K2 structure remains open down dip with limited drilling testing these internal domains of high-grade gold mineralization. Exploration continues to expand on this important new discovery.

Melissa Render, VP of Exploration, said, “The results from K2 are very encouraging and we are now getting a better handle on the complexity of this new discovery and the key relationships between the various structural constituents that are important for concentrating gold mineralization. We have increased confidence in our geological model from the drilling we have completed to date, and we are well positioned to target with this knowledge in hand to better expand on the multitude of thick gold-bearing zones hosted by the K2 Main structure. This new discovery is expanding rapidly, and we are quite excited by how well the model is holding up and the continued success we are having at K2.”