New Found Gold begins Phase II 10,000m drill program at Queensway South

New Found Gold announced commencement of a Phase II, 10,000m drill program at Queensway South, or QWS, designed to follow up on results from its inaugural 2022 program that tested early-stage exploration targets along an 18.5km long stretch of the Appleton Fault Zone, or AFZ, approximately 50km south of the Keats Zone. The inaugural 2022 drill program intersected significant gold mineralization in 27 of 33 drill holes and visible gold in 10 drill holes across four target areas. QWS is a contiguous portion of New Found’s 100%-owned Queensway project and covers roughly 65km of strike extension on the regional Appleton and JBP Fault Zones across 1320km2 of the Queensway project’s total area of 1,662km2. QWS is easily accessed via the Trans-Canada Highway and a network of forestry roads. Drill Program Highlights include: The Company is planning follow up drilling at Pauls Pond, an area covering a high concentration of gold anomalies on both sides of the AFZ. Seventeen drillholes were completed in 2022 leading to three new discoveries: “Astronaut”, “Nova” and “Nebula”. Astronaut and Nova are parallel structures located west of the AFZ that have been traced over 1,600m and 250m of strike length, respectively. At Astronaut and Nova, eight out of nine holes drilled contained visible gold, including highlight interval of 19.0 g/t Au over 3.15m in NFGC-QS-22-20. Nebula, the third discovery in the Pauls Pond area, is located on the east side of the AFZ and drill testing of a prominent Au-in-soil anomaly with two holes identified significant mineralization that is associated with a near-surface shear zone that returned an initial highlight result of 3.70 g/t Au over 4.30m in NFGC-QS-22-25. Drilling is also planned at the Devils Pond Trend, located on the east side of the AFZ where 2022 drill testing of two trenched Au-in soil and till anomalies led to two new discoveries, “Devils Pond” and “Devils Pond South”. These zones are located 12km apart and all drillholes at both targets intersected broad domains of highly anomalous gold including highlight intervals of 0.47 g/t Au over 8.00m and 0.37 g/t Au over 28.00m in NFGC-QS-22-15 at Devils Pond and 1.01 g/t Au over 8.80m in NFGC-QS-22-30 at Devils Pond South. Several new high-priority drill targets resulting from ongoing prospecting, mapping, soil, till and grab sampling, and trenching have been developed that will be drill tested during the 2023 Phase II program.