Drill Program Doubles To 200,000 Meters And Drill Rigs Increase At Queensway

VANCOUVER - New Found Gold Corp. reported that the Company is expanding the current Queensway drill program from 100,000 meters to 200,000 meters and is increasing the rig count from four to eight drills. Highlights: The decision to double the current drill program to 200,000 meters was made following an analysis of the multiple high-grade gold intercepts reported from drilling to date and further review of the multiple drill-ready targets defined along 5 km of strike of the Appleton Fault Zone and 3 km of strike of the JBP Fault Zone; To the end of December 2020, approximately 13,400 meters of drilling has been completed; With this expansion to 200,000 meters of drilling, the revised budget for the Queensway program now commencing is approximately $35 million; The Company currently has approximately $67 million in working capital and is well funded to support this expanded program; Following the holiday break, drilling has now resumed at the Queensway with four drill rigs currently on site. The Company is advancing arrangements for four additional drills and anticipates finalizing contracts and mobilizing these drills by February 2021; and There is currently a significant backlog of samples from the 2020 drilling at the assay lab including a significant number of samples submitted on a rush basis. Additional results are expected shortly.

Craig Roberts, P.Eng., Chief Executive Officer, said, "Our drilling to date at Queensway has yielded impressive intervals of high-grade gold over significant widths. With this increase in the drill count we can now accelerate our grid drilling program along 5 km of strike on the Appleton Fault Zone. We will also concurrently commence testing targets along 3 km of strike on the parallel JBP Fault Zone. Both zones are highly prospective for gold with multiple showings that require systematic drilling. With our new 7,000 ft2 core process facility in place our operational team is ready to ramp up and aggressively explore Queensway.  We are excited to move into 2021 with this large program ahead of us and we look forward to a significant news flow of drill results through 2021."