New Found Gold Corp. announced the continuation of its environmental baseline studies and advancement on pre-development evaluations at its 100% owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland and Labrador. Highlights: Environmental baseline studies are entering their third year and will ensure that New Found is in a favourable position to support future regulatory mine permitting requirements.

Ongoing environmental baseline studies include surface water and sediment sampling, hydrology, vegetation, wetlands, bird, wildlife, and aquatic assessments. The Company has retained metallurgist Gary Simmons as an independent consultant to design and oversee a comprehensive metallurgical test work program at the Queensway Project with the objective to understand potential process design and gold recoveries from the various mineralized zones. The company will also be initiating a number of pre-development studies including geotechnical and geochemical characterization of host rock, as well as assessment of potential project development scenarios.

In addition, New Found is continuing engagement with stakeholders, regulators, and its local communities.