VANCOUVER, British Columbia--(BUSINESS WIRE)--January 31, 2024--New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 29 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone (May 10, 2023) 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 Highlights:

Hole No.	From (m)		To (m)		Interval (m)		Au (g/t)		Zone
NFGC-23-16301	58.20		66.10		7.90		4.92		K2
Including	58.20		58.55		0.35		26.50
Including	58.90		59.70		0.80		22.10
And	129.75		153.20		23.45		1.82
NFGC-23-16331	24.55		31.35		6.80		2.91		K2
Including	30.00		30.65		0.65		14.75
NFGC-23-16581	43.35		51.00		7.65		4.16		K2
Including	45.00		45.50		0.50		19.90
And	71.60		74.05		2.45		2.90
NFGC-23-16672	162.90		173.60		10.70		1.65		K2
NFGC-23-16691	75.30		93.15		17.85		2.08		K2
Including	79.45		80.00		0.55		41.70
And2	163.40		173.00		9.60		2.49
Including	168.80		169.40		0.60		11.35
NFGC-23-17092	19.40		27.75		8.35		3.01		K2
And2	34.60		44.45		9.85		6.18
Including	39.45		39.95		0.50		47.10
Including	40.55		41.40		0.85		24.58
NFGC-23-17211	32.60		43.15		10.55		1.23		K2
NFGC-23-17291	26.75		36.35		9.60		3.39		K2
And1	55.20		62.20		7.00		27.49
Including	55.20		55.70		0.50		370.00
NFGC-23-17381	87.00		90.00		3.00		19.19		K2
Including	88.25		90.00		1.75		30.92
And1	95.80		107.00		11.20		1.89
NFGC-23-17722	25.00		43.65		18.65		1.55		K2
NFGC-23-17781	17.50		19.50		2.00		12.69		K2
Including	17.50		18.45		0.95		25.90
And1	26.50		41.40		14.90		2.92
Including	36.05		36.60		0.55		34.70
NFGC-23-17791	15.95		23.00		7.05		4.51		K2
Including	22.00		23.00		1.00		12.15
NFGC-23-17832	10.40		35.70		25.30		3.48		K2
Including	10.40		11.00		0.60		12.50
Including	12.90		13.20		0.30		42.30
And1	55.00		57.40		2.40		21.96
Including	56.00		56.40		0.40		130.50
NFGC-23-17861	29.45		41.70		12.25		8.69		K2
Including	29.45		30.15		0.70		18.54
Including	30.75		31.40		0.65		90.69
Including	32.25		33.25		1.00		13.40
NFGC-23-18612	33.25		44.85		11.60		1.23		K2
NFGC-23-19043	72.35		90.80		18.45		3.14		K2
Including	86.60		87.45		0.85		17.40
And2	145.30		162.05		16.75		1.00
NFGC-23-19932	29.45		32.15		2.70		19.41		K2
Including	30.20		30.60		0.40		120.71

Table 1: K2 Drilling Highlights

Note that the host structures are interpreted to be moderately dipping and true widths are generally estimated to be ¹70% to 95%, ²40% to 70%, and ³10% to 40% 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.

K2 Highlights:

• 27.5 g/t Au over 7.00m and 3.39 g/t Au over 9.60m in NFGC-23-1729 and 8.69 g/t Au over 12.25m in NFGC-23-1786 were intersected as part of a program designed to extend a high-grade domain of the K2 structure back to surface and occur between 22-43m from surface, with the reported intercept lengths being close to true width (Figures 1-4).
• Additional near-surface highlight results from ongoing expansion and definition drilling include 3.48 g/t Au over 25.30m and 22.0 g/t Au over 2.40m in NFGC-23-1783, 6.18 g/t Au over 9.85m and 3.01 g/t Au over 8.35m in NFGC-23-1709, 3.14 g/t Au over 18.45m in NFGC-23-1904, and 19.4 g/t Au over 2.70m in NFGC-23-1993. As demonstrated in the long section below in Figure 4, all intervals occur shallowly above 65m vertical depth and demonstrate strong continuity of gold mineralization across the K2 structure.
• 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. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250m (Figures 1-4), where it remains open and untested.
• 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 (Figure 3). Today’s highlight intervals in NFGC-23-1729 and NFGC-23-1786 both occur within K2 Main.
• 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 (Figure 3).

Melissa Render, VP of Exploration of New Found, stated: “As we continue to expand and target specific areas within the K2 fault network with the drill bit, the results have strengthened and we have identified multiple domains of high-grade gold in addition to broad intersections of gold mineralization. Located 2.2km north of Keats on the west side of the Appleton Fault Zone, K2 and other significant zones such as Keats West and Monte Carlo demonstrate the strong prospectivity of this package of rocks. Characterized by high-grade gold mineralization starting at surface with a shallow dip, this zone is accessible to explore at depth with minimal meters as it remains open and continues to deliver encouraging results.”

Drillhole Details
Hole No.		From (m)		To (m)		Interval (m)		Au (g/t)		Zone
NFGC-22-10671		207.95		210.50		2.55		2.11		K2
NFGC-23-14341		27.55		29.55		2.00		1.07		K2
And2		111.60		117.35		5.75		1.60
NFGC-23-15791		95.05		97.90		2.85		1.23		K2
And4		164.65		166.85		2.20		1.01		K2
And1		222.70		225.40		2.70		1.33
And1		231.65		234.45		2.80		1.37
NFGC-23-16301		58.20		66.10		7.90		4.92		K2
Including		58.20		58.55		0.35		26.50
Including		58.90		59.70		0.80		22.10
And1		74.25		80.20		5.95		1.38
And1		129.75		153.20		23.45		1.82
And2		165.15		168.15		3.00		3.62
Including		167.60		168.15		0.55		18.20
NFGC-23-16311		12.00		14.55		2.55		3.08		K2
NFGC-23-16331		24.55		31.35		6.80		2.91		K2
Including		30.00		30.65		0.65		14.75
NFGC-23-16581		43.35		51.00		7.65		4.16		K2
Including		45.00		45.50		0.50		19.90
And1		71.60		74.05		2.45		2.90
NFGC-23-16672		137.00		140.70		3.70		1.40		K2
And2		162.90		173.60		10.70		1.65
NFGC-23-16691		65.85		68.75		2.90		1.90		K2
And1		75.30		93.15		17.85		2.08
Including		79.45		80.00		0.55		41.70
And1		104.20		106.35		2.15		1.94
And1		163.40		173.00		9.60		2.49
Including		168.80		169.40		0.60		11.35
NFGC-23-16944		46.10		48.15		2.05		4.71		K2
Including		46.10		46.75		0.65		14.71
And1		94.25		101.45		7.20		1.56
And1		107.05		109.75		2.70		1.47
And1		165.05		167.30		2.25		1.16
And1		170.00		172.25		2.25		2.77
And1		188.60		193.60		5.00		2.10
And1		203.45		210.10		6.65		1.09
NFGC-23-17041		25.55		28.15		2.60		2.98		K2
And1		110.25		112.55		2.30		4.51
Including		111.60		112.00		0.40		20.20
And1		134.35		137.00		2.65		1.64
NFGC-23-17092		19.40		27.75		8.35		3.01		K2
And2		34.60		44.45		9.85		6.18
Including		39.45		39.95		0.50		47.10
Including		40.55		41.40		0.85		24.58
And2		49.75		52.00		2.25		7.79
Including		49.75		50.15		0.40		39.00
NFGC-23-17211		32.60		43.15		10.55		1.23		K2
And1		49.50		56.90		7.40		1.54
And1		64.00		66.00		2.00		1.48
And1		92.30		97.80		5.50		1.32
NFGC-23-17291		26.75		36.35		9.60		3.39		K2
And1		55.20		62.20		7.00		27.49
Including		55.20		55.70		0.50		370.00
NFGC-23-17381		74.55		78.00		3.45		6.53		K2
Including		76.35		77.00		0.65		11.14
And1		87.00		90.00		3.00		19.19
Including		88.25		90.00		1.75		30.92
And1		95.80		107.00		11.20		1.89
And1		116.00		118.35		2.35		1.18
And1		127.85		131.15		3.30		1.17
NFGC-23-17592		25.40		32.95		7.55		1.30		K2
And1		45.30		49.55		4.25		1.00
And1		50.85		53.10		2.25		1.10
NFGC-23-17722		15.85		18.00		2.15		2.63		K2
And2		25.00		43.65		18.65		1.55
NFGC-23-17781		17.50		19.50		2.00		12.69		K2
Including		17.50		18.45		0.95		25.90
And1		26.50		41.40		14.90		2.92
Including		36.05		36.60		0.55		34.70
NFGC-23-17791		15.95		23.00		7.05		4.51		K2
Including		22.00		23.00		1.00		12.15
NFGC-23-17832		10.40		35.70		25.30		3.48		K2
Including		10.40		11.00		0.60		12.50
Including		12.90		13.20		0.30		42.30
And1		55.00		57.40		2.40		21.96
Including		56.00		56.40		0.40		130.50
NFGC-23-17861		29.45		41.70		12.25		8.69		K2
Including		29.45		30.15		0.70		18.54
Including		30.75		31.40		0.65		90.69
Including		32.25		33.25		1.00		13.40
And1		60.00		64.40		4.40		2.04
Including		64.00		64.40		0.40		11.64
NFGC-23-17921		44.15		49.20		5.05		2.85		K2
And4		208.00		211.00		3.00		1.86
NFGC-23-18091		8.00		10.10		2.10		1.62		K2
NFGC-23-18363		65.75		68.15		2.40		2.22		K2
NFGC-23-18442		158.35		166.55		8.20		2.14		K2
And2		174.10		176.65		2.55		1.30
NFGC-23-18612		33.25		44.85		11.60		1.23		K2
NFGC-23-19041		48.00		50.05		2.05		1.39		K2
And1		56.80		64.25		7.45		1.11
And3		72.35		90.80		18.45		3.14
Including		86.60		87.45		0.85		17.40
And1		100.20		106.50		6.30		1.63
And2		119.00		121.00		2.00		1.06
And2		145.30		162.05		16.75		1.00
NFGC-23-1940		No Significant Value								K2
NFGC-23-19932		29.45		32.15		2.70		19.41		K2
Including		30.20		30.60		0.40		120.71

Table 2: Summary of composite results reported in this press release for K2.

Note that the host structures are interpreted to be moderately dipping and true widths are generally estimated to be ¹70% to 95%, ²40% to 70%, and ³10% to 40% of reported intervals. ⁴True widths are unknown at this time. 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.

Hole No.	Azimuth (°)		Dip (°)		Length (m)		UTM E		UTM N		Prospect
NFGC-22-1067	299		-56		287		658738		5429662		K2
NFGC-23-1434	345		-45		152		659045		5429997		K2
NFGC-23-1579	300		-45		299		659125		5429791		K2
NFGC-23-1630	345		-64		176		659018		5429881		K2
NFGC-23-1631	345		-45		100		658855		5429937		K2
NFGC-23-1633	345		-45		135		658880		5429889		K2
NFGC-23-1658	345		-45		129		658985		5429906		K2
NFGC-23-1667	299		-45.5		248		659148		5429834		K2
NFGC-23-1669	1		-45		218		659029		5429847		K2
NFGC-23-1694	0		-60		308		658993		5429823		K2
NFGC-23-1704	5		-50		161		659049		5429902		K2
NFGC-23-1709	110		-60		95		659049		5429903		K2
NFGC-23-1721	0		-45		119		659059		5429944		K2
NFGC-23-1729	0		-45		110		659064		5429990		K2
NFGC-23-1738	0		-45		149		659071		5429933		K2
NFGC-23-1759	0		-45		89		659080		5429987		K2
NFGC-23-1772	345		-45		68		659015		5430046		K2
NFGC-23-1778	345		-45		65		658995		5430046		K2
NFGC-23-1779	345		-45		59		658978		5430069		K2
NFGC-23-1783	20		-50		95		659052		5430044		K2
NFGC-23-1786	75		-45		131		659091		5430008		K2
NFGC-23-1792	10		-45.5		224		658985		5429906		K2
NFGC-23-1809	25		-55		50		659052		5430109		K2
NFGC-23-1836	207		-55		119		658999		5429765		K2
NFGC-23-1844	237		-61		401		658998		5429766		K2
NFGC-23-1861	65		-65		59		658975		5429719		K2
NFGC-23-1904	17		-58		206		658913		5429819		K2
NFGC-23-1940	55		-67		281		658859		5429589		K2
NFGC-23-1993	70		-53		203		658868		5429773		K2

Table 3: Details of drill holes reported in this press release

Queensway 650,000m Drill Program Update

The Company is currently undertaking a 650,000m drill program at Queensway and approximately 7,000m of core is currently pending assay results.

Sampling, Sub-sampling, and Laboratory

Assays are uncut and composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.

All drilling recovers HQ core. Drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found has submitted samples for gold determination by fire assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS (“MSA”) since June 2022. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick. ALS is an ISO-17025 accredited laboratory for the fire assay method.

Drill core samples are also submitted to MSA in Val-d’Or, Quebec. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. Accreditation of the photon assay method at the MSA Val D’Or laboratory is in progress.

At ALS, the entire sample is crushed to approximately 70% passing 2mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed. The three assays are combined on a weight-averaged basis. Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

At MSA, the entire sample is crushed to approximately 70% passing 2mm. For “routine” samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill two 450g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis. If one of the jars assays greater than 1 g/t, the remaining crushed material is weighed into multiple jars and are submitted for photon assay.

For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver. Samples that reached the upper limit of antimony for this method, were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08).

Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found’s quality control protocols.

New Found’s quality control program also includes submission of the second half of the core for approximately 5% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this news release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

Qualified Person

The scientific and technical information 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 press release dated January 31, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km 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 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $57.3 million as of January 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

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.

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 exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; 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”, “interpreted”, “intends”, “estimates”, “projects”, “aims”, “suggests”, “demonstrates”, “encouraging”, “indicate”, “often”, “target”, “future”, “likely”, “pending”, “potential”, “goal”, “objective”, “prospective”, “possibly”, “preliminary”, 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, risks associated with the interpretation of assay results and the drilling program, 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.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.