PR Newswire | Sep 15, 2021 07:32AM EDT

Vertically Towards Surface

09/15 06:30 CDT

New Found Intercepts More High-Grade Gold at Keats; Extends Zone 200m Vertically Towards Surface VANCOUVER, BC, Sept. 15, 2021

VANCOUVER, BC, Sept. 15, 2021 /PRNewswire/ - New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (OTC: NFGFF) is pleased to announce recently received assay results from twenty-nine holes drilled at the Keats Zone ("Keats"), located along the Appleton Fault Zone. These holes were completed as part of the Company's ongoing 200,000m diamond drill program at its 100% owned Queensway Project ("Queensway"), located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.

Highlights

* Highlight intervals are summarized below. Additional results are provided in Table 2.

Hole No. From To (m)IntervalAu (g/t)Zone (m) (m)*

NFGC-21-14539.00 41.50 2.50 21.29 Keats Main

NFGC-21-170101.55106.404.85 31.80 Keats Main

NFGC-21-184140.25143.253.00 36.52 Keats Main

NFGC-21-250170.75177.807.05 32.65 Keats Main

NFGC-21-251227.00229.002.00 137.49 Keats Main

NFGC-21-257229.50232.553.05 24.12 Keats Main

NFGC-21-310279.25281.452.20 104.59 Keats Main

* Note that the true width of the mineralization is uncertain, but hoststructures are interpreted to be steeply dipping implying true widths in therange of 85% to 95% of reported intercepts. Intervals are calculated at a 1 g/tAu cut-off grade and minimum width of 2m; grades have not been capped in theaveraging.

* The interval of 104.59 g/t Au over 2.20m in NFGC-21-310 is the furthest south drill interval reported to date along the south-westerly plunging core dilatational zone extending drill definition of this zone (see Figures 1 and 2). * Recent intercept highlights of 31.80 g/t Au over 4.85m in NFGC-21-170 and 36.52 g/t Au over 3.00m in NFGC-21-184 up dip of the core dilatational zone within the Keats fault demonstrate strong vertical continuity of the Keats Main Zone to surface. * The Keats high-grade zone vertical profile now exceeds 200m up dip of the core dilatational zone and is open to surface and along strike to the northeast and southwest. * Drill hole NFGC-21-257 intersected a new zone of high-grade gold mineralization in the hanging wall of the Keats fault near surface; the interval graded 9.18g/t Au over 2.70m. * Future exploration at Keats will continue to expand the Keats Main zone along strike and down plunge but also focus on targeting specific zones in both the hanging wall and foot wall of the Keats fault.

Denis Laviolette, President of New Found, stated: "The high-grade zones along the Appleton Fault continue to see significant expansion. Today's announcement demonstrates further continuity of high-grade gold mineralization at Keats including between the core dilatational zone and surface; a vertical distance of 200m. Last week we announced that we doubled the drilled depth of the high-grade Lotto vein system with strong vertical continuity, and we are now seeing similar vertical continuity at Keats above the plunging dilation zone. We are pleased to see high-grade zones that start at surface and extend for these distances along strike and to depth, remaining open in all directions for further expansion. The addition of a new hanging wall zone at Keats near surface adds to the growing list of discoveries made this past year along the Appleton Fault. These discoveries continue to support our belief in the high potential for additional discoveries along approximately 7.8km of strike on the Appleton Fault, within a prospective corridor of approximately 500m on each side of the Appleton Fault."

Drill-hole Details

Hole No. From To (m)IntervalAu (g/t)Zone (m) (m)*

NFGC-21-92 176.00178.002.00 1.92 Keats South

NFGC-21-120**9.65 21.70 12.05 12.65 Including 9.65 13.25 3.60 35.76 And** 22.90 25.00 2.10 1.33 Keats Main And** 28.20 33.00 4.80 1.98 And** 36.00 38.00 2.00 2.66 And** 40.30 46.00 5.70 5.16

And 95.00 98.00 3.00 1.69 Keats FW

NFGC-21-140 95.50 103.457.95 3.59 Keats Main Including 100.15102.452.30 9.69

And 164.25166.602.35 1.01 Keats FW

NFGC-21-145 39.00 41.50 2.50 21.29 Keats Main

And 81.00 83.35 2.35 13.04 Keats FW

NFGC-21-148A 233.50256.3522.85 1.15 Keats Main

NFGC-21-149 48.05 53.60 5.55 2.46 And 62.55 67.35 4.80 9.22 Keats Main And 72.80 77.45 4.65 1.82

NFGC-21-163 73.80 85.40 11.60 4.92 Keats Main Including 77.65 80.65 3.00 13.30

And 154.00156.752.75 1.40 Keats FW

NFGC-21-164 247.80250.002.20 1.37 And 261.00263.002.00 1.23 Keats Main And 267.45270.002.55 1.65 And 272.30277.204.90 1.77

NFGC-21-170 70.00 72.70 2.70 1.96 And 90.70 93.00 2.30 1.02 Keats Main And 101.55106.404.85 31.80

NFGC-21-173 115.60117.802.20 1.39 Keats Main And 126.90128.952.05 4.09

NFGC-21-174 273.60277.053.45 1.79 Keats Main And 300.00306.006.00 1.57

And 340.90343.002.10 1.85 Keats FW

NFGC-21-184 140.25143.253.00 36.52 Keats Main And 151.30154.002.70 1.02

NFGC-21-188A NSV Keats Main

NFGC-21-194 NSV Keats North

NFGC-21-198 141.85144.302.45 1.03 Keats Main And 154.50156.552.05 4.23

NFGC-21-200 NSV Keats Main

NFGC-21-203 157.35162.154.80 2.71 Including 157.35159.902.55 4.14 Keats Main And 173.50176.002.50 1.08

And 242.60245.653.05 1.12 Keats FW

NFGC-21-212 71.60 74.75 3.15 2.64 Keats Main And 90.00 92.65 2.65 1.77

NFGC-21-222 242.00245.703.70 1.20 And 260.00262.852.85 1.33 Keats Main And 290.95293.202.25 1.19 And 334.95337.002.05 1.51

NFGC-21-223 21.00 23.65 2.65 1.05 Keats Main

And 88.40 90.60 2.20 1.23 Keats FW

NFGC-21-227 42.30 44.30 2.00 1.71 Keats Main

NFGC-21-229 NSV Keats Main

NFGC-21-236 48.75 51.05 2.30 2.28 Keats Main And 61.65 64.00 2.35 1.91

NFGC-21-247 43.55 45.90 2.35 1.01 And 51.35 62.00 10.65 3.37 Including 52.85 55.05 2.20 10.10 Keats Main And 64.40 66.50 2.10 1.46 And 77.00 79.60 2.60 1.31 And 83.55 85.55 2.00 1.30

And 90.65 93.00 2.35 1.05 Keats FW And 160.00162.052.05 2.02

NFGC-21-250 170.75177.807.05 32.65 Including 171.60175.904.30 52.36 Keats Main And 183.05188.805.75 2.01

NFGC-21-251 227.00229.002.00 137.49 Keats Main

NFGC-21-257 62.30 65.00 2.70 9.18 Keats HW

And 229.50236.006.50 16.04 Keats Main Including 229.50232.553.05 24.12

NFGC-21-283 235.40237.552.15 1.05 And 239.30246.857.55 1.21 And 253.40255.452.05 1.08 Keats Main And 268.55270.952.40 1.10 And 272.35274.552.20 6.96

NFGC-21-310 279.25281.452.20 104.59 Keats Main

Table 2: Summary of results reported in this release

* Note that the true width of the mineralization is uncertain, but hoststructures are interpreted to be steeply dipping implying true widths in therange of 85% to 95% of reported intercepts. Intervals are calculated at a 1 g/tAu cut-off grade and minimum width of 2m, grades have not been capped in theaveraging. ** Results released on July 5, 2021, from NFGC-21-120 updated withadditional secondary zone results.

Hole No. AzimuthDip (*)LengthUTM E UTM N (*) (m)

NFGC-21-92 300 -45 346 6578365427049

NFGC-21-120 300 -45 109 6582285427529

NFGC-21-140 300 -45 182 6581595427410

NFGC-21-145 300 -45 209 6581175427435

NFGC-21-148A300 -45 333 6581825427224

NFGC-21-149 300 -45 141 6581585427455

NFGC-21-163 300 -45 233 6580925427392

NFGC-21-164 300 -45 288 6582045427216

NFGC-21-170 300 -45 171 6581145427379

NFGC-21-173 300 -45 188 6581355427367

NFGC-21-174 300 -45 366 6582055427215

NFGC-21-184 300 -45 196 6581575427354

NFGC-21-188A300 -45 269 6582925427337

NFGC-21-194 300 -45 365 6585875427560

NFGC-21-198 300 -45 227 6581645427343

NFGC-21-200 297 -55 395 6581705427203

NFGC-21-203 300 -45 314 6581445427333

NFGC-21-212 298.5 -45.5 194 6581265427401

NFGC-21-222 297 -55 350 6581335427195

NFGC-21-223 299 -45.5 112 6582415427551

NFGC-21-227 299 -45.5 146 6582535427545

NFGC-21-229 297 -55.5 356 6581305427165

NFGC-21-236 299 -45.5 251 6581305427457

NFGC-21-247 299 -45.5 182 6581475427476

NFGC-21-250 298 -46 205 6582075427368

NFGC-21-251 118 -75 334 6579515427310

NFGC-21-257 118 -78 346 6579515427310

NFGC-21-283 300 -45 392 6581485427216

NFGC-21-310 300 -45 386 6581125427179

Table 3: Details of drill holes reported in this release

Queensway 200,000m Drill Program Update

Approximately 44 percent of the 200,000 meters have been drilled to date with approximately 20,000 meters of core pending assay results. Nine core rigs are currently operating, with a tenth scheduled to start in Q3 2021.

Sampling, Sub-sampling and Laboratory

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 85% 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 calculated intervals are reported over a minimum length of 2 meters using a lower cut-off of 1.0 g/t Au. All HQ split core assays reported were obtained by either complete sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia, or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Newfoundland. The complete sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than 1.0 g/t Au. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with National Instrument 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.

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 Sept 15, 2021, 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 15 km west of Gander, Newfoundland, and just 18 km 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 200,000m drill program at Queensway. Nine rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs in Q3 2021. With a current working capital balance of approximately $111 million, New Found is well funded for this program.

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.

New Found Gold Corp.Per: "Craig Roberts"Craig Roberts, P.Eng., Chief Executive OfficerEmail: croberts@newfoundgold.caPhone: (604) 562 9664

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 further exploration and drillingon the Company's Queensway gold project in Newfoundland, interpretation of results of the drilling program 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," "potential," "goal," "objective," "prospective," 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, 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.

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SOURCE New Found Gold Corp.