Vancouver - New Found Gold Corp. ('New Found' or the 'Company') (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce 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 2.45 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.
Melissa Render, VP of Exploration for New Found Gold, stated: 'It is not surprising that we are encountering new orientations of high-grade gold veins within this highly prospective domain of rock located between the Keats Main Zone and the Appleton Fault Zone. This area is of high-priority because it is evident that it has been subjected to the same gold-bearing fluids and related deformation responsible for producing the Keats Main Zone. The data we are collecting allows us to model and accurately project these high-grade veins which is used in our drill hole planning and ultimately increases our success rate for intersecting them. It is an exciting target and this discovery along with the gained knowledge is critical for exploration achievement; work going forward will look for these vein orientations and more importantly, their intersections with other high-grade gold vein orientations. We currently have one drill dedicated to exploring along strike of this intercept in the footwall domain with more drills on the way.'
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, 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 400,000m drill program at Queensway, now approximately 33% complete. The Company is well funded for this program with a current working capital balance of approximately $130 million.
Acknowledgements
New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Contact:
Craig Roberts
Tel: +1 (910) 406-2407
Email: croberts@newfoundgold.ca
Forward-Looking Statement Cautions
This press release contains certain 'forward-looking statements' within the meaning of Canadian securities legislation, relating to assay results, exploration and drilling on the Company's Queensway gold project in Newfoundland, interpretation of the assay results and the results of the drilling program, the discovery of zones of high-grade gold mineralization, follow-up step-out drilling 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,' 'intends,' 'estimates,' 'projects,' 'aims,' 'suggests,' 'potential,' 'goal,' 'objective,' 'prospective,' 'possibly,' 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.sedar.com for a more complete discussion of such risk factors and their potential effects.
NEW FOUND GOLD CORP. 
