New Found drills 47.82 g/t gold over 9.75 metres at Queensway, Newfoundland

New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported assay results from 17 diamond drill holes targeting expansion of the Keats zone. These holes were drilled as part of the company’s continuing 400,000-metre diamond drill program at its 100%-owned Queensway project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.

Highlight intervals include drill hole NFGC-21-256A that returned 2.25 metres of 15.07 g/t gold at Keats Main and 9.75 metres of 47.82 g/t gold, including 3.65 metres of 125.49 g/t gold.

Hole NFGC-21-306 returned 3.15 metres of 10.66 g/t gold at Keats Main. Hole NFGC-21-376 returned 2.05 metres of 13.65 g/t gold at Keats Main. Hole NFGC-21-385 returned 3.20 metres of 55.61 g/t gold at Keats Main.

The interval of 47.82 g/t gold over 9.75 metres in NFGC-21-256A provides further definition of a south-plunging zone of significant thickening of high-grade gold mineralization within the Keats-Baseline fault interpreted to be hosted in a zone of dilation.

The intercept of 55.61 g/t gold over 3.20 metres in NFGC-21-385 is shallow – at approximately 45 metres vertical depth – and is located approximately 425 metres southwest of where the south-plunging dilation zone is projected to subcrop at surface beneath a thin blanket of glacial till. This high-grade interval is approximately 200 metres vertically above the dilation zone on this section line clearly demonstrating the significant extension of high-grade gold outside the dilation zone and toward surface within the Keats-Baseline fault.

Similarly, the intercept of 10.66 g/t gold over 3.15 m in NFGC-21-306 is approximately 75 metres up-dip of intervals interpreted to be in the dilation zone including NFGC-21-104 which returned 29.10 g/t gold over 11.4 metres.

Greg Matheson, PGeo, chief operating officer, stated: “These impressive high-grade drill intervals at Keats continue to extend and add definition to the Keats discovery. The intercept of high-grade near-surface (45 m depth) gold mineralization at a location over 400 m southwest from where the thickened dilation zone of high-grade gold is projected to reach surface further demonstrates the broader extent of high-grade gold mineralization hosted within the Keats-Baseline fault. At Keats, high-grade gold mineralization has now been intercepted in drilling over approximately 800 m of strike and from surface to nearly 400 m of vertical depth. The three drills operating at Keats continue to step out in all directions. As an orogenic gold system there is good potential to extend this system to multiples of the depth tested so far, and our ongoing drilling will continue to chase this high-grade zone to depth.”

Approximately 37% of the planned 400,000-metre program at Queensway has been drilled to date with approximately 25,400 metres of the core with pending assay results. Eleven core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs by the end of Q1 2022.