New Found Gold Corp. announced the first set of results from 11 diamond drill holes that were completed as part of a deep drilling program along the highly prospective Appleton Fault Zone (?AFZ?) on its 100% owned Queensway Project located on the Trans-Canada Highway 15km west of Gander, Newfoundland. The Company commenced deep drilling at Queensway in March to test targets derived from the initial 3-D seismic interpretation and to date, a total of 14,940m have been completed in 15 drill holes ranging in length from 550m to 1,270m.

Initial Deep Program Highlights: Initial deep drilling confirms the presence of high-grade epizonal-style gold mineralization extending to 820m depth, doubling the vertical extent of the gold mineralized system at Queensway. Nine new deep gold zones were intersected in three holes. Six of the mineralized zones contained visible gold, with individual gold assay values as high as 42.0 g/t Au and 57.1 g/t Au.

These zones occur on both the east and west sides of the AFZ and occur over a strike length of 3km (-4). A detailed discussion of the mineralized intervals is provided in the Technical Discussion section below. Mineralization encountered at depth exhibits the same characteristics as the AFZ gold system at surface with broad quartz vein domains ranging in downhole length from 6m to 66m, visible gold mineralization, accessory minerals arsenopyrite, boulangerite, chalcopyrite, NH4 white mica alteration halos, and extensive deformation.

The same lithological and structural framework has been confirmed to continue at depth and these initial deep test holes have provided an important preliminary dataset for interpreting the 3-D seismic data. This information is critical for refining existing geological models, further enhancing deep targeting capabilities. The directional drilling program utilizing Devico AS, a division of IMDEX, is now underway that will enable the use of branch holes to expedite follow-up on these deep discoveries.

Assay results from 11 diamond drill holes have been received to date and the deep drilling program is ongoing. Below Keats (NFGC-24-2112): At the southern extent of the Keats Baseline Fault Zone (?KBFZ?), in the highly prospective region near the AFZ, two holes have been completed. NFGC-24-2112 intersected four distinct gold-bearing intervals throughout a total downhole length of 258m.

These intervals range in vertical depth from 585-770m. Zone 1 observed visible gold in a quartz vein zone at 773m grading 11.0 g/t Au over 2.65m, including a high-grade assay of 57.1 g/t Au over 0.50m. Zone 2 consists of a broad interval of significant gold mineralized quartz veining spanning a downhole interval of 66m starting at 815m, characterized by massive stylolitic, brecciated and stockwork quartz vein phases with visible gold at 830.6m.

This is accompanied by strong faulting and anomalous gold from 825-851m. Zone 3 is a wide domain of irregular gold mineralized stylolitic quartz veining and associated deformation reporting 1.98 g/t Au over 2.05m, 2.17 g/t Au over 4.70m and 1.69 g/t Au over 3.50m, extending 25m downhole from 915m. Zone 4 is a gold mineralized interval located on the west side of the AFZ characterized by massive stylolitic quartz veins (0) containing finely disseminated gold with the most significant veining occurring over 15m downhole from 1,016m, grading 7.66 g/t Au over 2.70m, including a high-grade assay of 28.5 g/t Au over 0.65m.

Iceberg-AFZ (NFGC-23-1304): A further 1.2km to the northeast between the Iceberg segment of the KBFZ and the AFZ the extension of NFGC-23-1304 intercepted four individual zones of significant gold mineralization. These intervals range in vertical depth from 550-820m. Zone 1, starting 763m downhole, is characterized by a high density of gold mineralized quartz veins, some with widths of up to 1m, accompanied by increased deformation that extends a broad interval spanning 14m in length that is anomalous in gold throughout.

This interval contained two visible gold occurrences and returned a significant interval of 3.27 g/t Au over 2.15m including a high-grade assay of 13.5 g/t Au over 0.35m. Zone 2, at 830m downhole, consists of a high-grade vein with coarse visible gold grading 12.0 g/t Au over 2.15m including 41.2 g/t Au over 0.60m. Zone 3 is a domain with an increase of massive stylolitic and brecciated quartz veins containing anomalous gold throughout and extending 6m in downhole length from 839m.

Zone 4 is an interval consisting of high density stockwork and irregular quartz veins that are locally brecciated and contain anomalous gold, including one visible gold occurrence extending 13m downhole from 1,111m. K2 Extension and AFZ-GSZ (NFGC-24-2094): At K2, a further 1.7km to the north, drill hole NFGC-24-2094 was designed to test both the deep extension of the K2 Main gold structure and a seismic target in a region where the Glenwood Shear Zone (?GSZ?) is interpreted to intersect the AFZ. This drillhole was successful in both extending the K2 structure to depth and identifying a new zone immediately west of the AFZ in close proximity to the GSZ.

At a vertical depth of 296m, drilling encountered an increased percentage of mineralized stacked quartz veinlets transitioning to thicker and more massive stylolitic veins, typical of the K2 mineralization style. This interval of 13m starts at 334m downhole and grades 1.11 g/t Au over 2.30m, with anomalous gold throughout. This is interpreted to be the deep down-dip extension of the K2 Zone, extending it by 220m down-dip.

The deep AFZ-GSZ intercept is located at the intersection of the AFZ-GSZ in the hanging wall to the AFZ and is comprised of a significant deformation zone with an abundance of quartz veinlets grading 1.50 g/t Au over 7.00m at a vertical depth of 555m. Mineralization in this area is akin to mineralization found at the Keats West Zone. Queensway 650,000m Drill Program Update: The Company is currently undertaking a 650,000m drill program at Queensway and approximately 4,830m of core is currently pending assay results.