New Found Gold announced assay results from one diamond drill hole designed to expand the newly discovered high-grade gold zone found in the Keats footwall. This hole was drilled as part of the Company's ongoing 400,000m diamond drill program at its 100%-owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. The interval of 56.69 g/t Au over 2.45m in drill hole NFGC-21-407 was intersected at the new Keats Footwall Discovery.

This high-grade gold vein is interpreted to be connected to the mineralization encountered in hole NFGC-21-238 which intercepted 88.53 g/t Au over 3.35m thereby extending the vein 20m south; it remains open in all directions. NFGC-21-407 intersected a second gold-bearing vein in the Keats Footwall Zone. This newly discovered vein assayed 4.89 g/t Au over 2.90m and it also remains open in all directions.

Orientation data collected from the optical televiewer image indicates that the high-grade veins are approximately parallel and dip moderately to the southwest. Follow-up drilling is underway targeting the extensions of these veins and to confirm their geometry. Discussion: The test work program announced by the Company's November 4th release is ongoing.

The outcomes of all test work will be reported as soon as the outstanding data becomes available. While the test work program is in progress and for the purpose of reporting a whole core assay result, the Company collected the other half of the sampled core intervals through select mineralized domains. For the mineralized domains being reported, samples of both the first half and second half of the core were submitted to ALS for screen fire assay.

A weighted gold average for both core- Note that for the results reported, the highest-grade samples had higher grades reported for the first half of the core. This differs from the results released on January 6, 2022, where the highest-grade samples were reported in the second half of the core. Given the nuggety nature of the gold mineralization at Queensway, significant differences are expected between each half-core assay.

As noted, the test program announced by the Company on November 4, 2021 is designed to statistically assess differences in half core results and to assess any potential bias in the results, with results from this test work anticipated in the next several weeks. It is not the intention for the Company to always release whole core assay results; certain gold grade composites will be reported on a whole-core basis to build additional confidence in selected mineralized zones. Following a pause late last year the Company anticipates a continuous ramp up in receipt and disclosure of drill results over the coming weeks and will consequently move towards the disclosure of larger batches of assay results in its news releases.

Approximately 33% of the planned 400,000m program at Queensway has been drilled to date with approximately 29,700m of the core with pending assay results. Ten core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs by the end of First Quarter 2022.