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New Found Gold Corp

New Found Gold Continues to Expand the Dropkick Zone at the Queensway Gold Project: 42.8 g/t Au over 14.95 m, 47.6 g/t Au over 3.95 m and 22.9 g/t Au over 2.40 m

VANCOUVER, BC , May 21, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce new drill results from the Company's 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada. Highlights include:

  • Dropkick zone ("Dropkick") west of the Appleton Fault Zone ("AFZ"):
    • 42.8 g/t Au over 14.95 m (NFGC-24-2225)1
    • 47.6 g/t Au over 3.95 m (NFGC-24-2214)
    • 22.9 g/t Au over 2.40 m (NFGC-24-2205)
    • Dropkick mineralization has now been intersected over a 580 m strike extent
    • Open in all directions
  • Dropkick east of the AFZ:
    • 5.30 g/t Au over 15.20 m (NFGC-24-2233)
    • A newly identified domain at Dropkick on the eastern side of the AFZ
    • Open in all directions
  • Pistachio zone ("Pistachio")
    • 5.34 g/t Au over 7.30 m (NFGC-24-2190)
    • 240 m strike length delineated to date with a high-grade portion constrained by one underground panel in the initial mineral resource estimate ("MRE")
    • Open down plunge and to depth

Melissa Render, President of New Found Gold, stated: "In these final drill results from the 2024 exploration program we continue to intersect high-grade gold mineralization and expand both Dropkick and Pistachio. At Dropkick, we have now discovered gold mineralization both west and east of the AFZ. The continued results from Dropkick and Pistachio, located 8 and 11 kilometres north, respectively, of the main resource area at Queensway are highly encouraging and point to the potential for future near-surface resource expansion along the strike of this prolific gold mineralized system. We look forward to continuing to test the tenor and extent of these zones".

Results Summary – This Release:

This news release includes results from 13,768 m of drilling in the final 38 diamond drill holes ("DDH") completed in Q4/24 as part of an exploration program at AFZ Peripheral (formerly the Kingsway Project) as well as from other zones throughout Queensway North (Tables 1 to 3). The program included step-out drilling at Dropkick targeting new high-grade mineralization, the strike extension of the gold-bearing host fault, and the eastern side of the AFZ. In addition, step-out drilling at Pistachio targeting the expansion of the high-grade, and systematic reconnaissance drilling along the AFZ Peripheral segment was completed (see the New Found Gold news releases dated February 11, 2025 and October 24, 2024).

_________________________________

1 g/t Au = grams of gold per tonne, m = metres

Drill highlights, along with details from all 38 DDH in this news release are included in Tables 1 to 3 below.

Dropkick:

  • Dropkick step-outs west of the AFZ announced in this release include 42.8 g/t Au over 14.95 m (NFGC-24-2225), 47.6 g/t Au over 3.95 m (NFGC-24-2214), 22.9 g/t Au over 2.40 m (NFGC-24-2205) and 5.77 g/t Au over 6.55 m (NFGC-24-2228). These and all previously drilled intercepts at Dropkick occur in a fault zone subparallel to and west of the AFZ (Tables 1 to 3).
  • This drilling follows up on discovery holes NFGC-24-2197 (89.5 g/t Au over 5.85 m) and NFGC-24-2193 (26.2 g/t Au over 16.15 m; see the New Found Gold news release dated February 11, 2025).
  • As part of this program step-out drilling on the north end of the Dropkick zone was extended to test for mineralization on the eastern side of the AFZ. Drilling returned 5.30 g/t Au over 15.20 m (NFGC-24-2233) east of the AFZ. This is the first mineralization at Dropkick east of the AFZ; this new domain of mineralization is open and will be tested in a follow-up program.
  • These new results from Dropkick have expanded the high-grade mineralization over a 150 m x 75 m area and are associated with the Dropkick fault zone that has now been delineated over a 580 m strike length.
  • Gold mineralization at Dropkick starts at surface and has been drilled to 285 m vertical depth to date, and is open in all directions, with expansion potential of the high-grade toward surface.
  • Dropkick is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 km northeast of AFZ Core (see the New Found Gold news release dated March 24, 2025) and indicates that the gold mineral system at Queensway spans a considerable distance to the north (Figure 2).
  • Gold mineralization in the DDH in this release exhibit characteristics similar to the primary discovery area, with coarse free gold contained in fault-fill quartz veins hosted within an interbedded sequence of siltstones and sandstones.

Pistachio:

  • Continued step-out drilling at Pistachio intersected 5.34 g/t Au over 7.30 m (NFGC-24-2190) and has extended the high-grade mineralization in this zone by 40 m down-dip.
  • Pistachio is located 150 m north of the Big Vein zone and spans a strike length of 240 m with a high-grade portion constrained by an underground panel in the initial MRE (see the New Found Gold news release dated March 24, 2025).
  • Pistachio extends from 165 m to 250 m vertical depth and remains open down plunge and to depth.
  • The zone is characterized by a series of quartz veins containing visible gold hosted within a greenish siltstone unit that is spatially associated with a high-grade gold stibnite-bearing fault zone.

AFZ Peripheral Reconnaissance:

  • Systematic step-out drilling initially focussed on the west side the AFZ and targeting regions with prospective features was initiated in Q4/24 at AFZ Peripheral. This work has delivered encouraging early results. Large stretches of both the east and west sides of the AFZ at AFZ Peripheral have limited to no testing.
  • Topographic lineaments which often indicate faults were tested 2.4 km southwest of Pistachio with three drillholes. One drillhole crosscut a series of stacked quartz veinlets over a downhole length of 42 m containing multiple occurrences of visible gold.
  • Additional reconnaissance drilling 1.6 km along trend to the northeast of Pistachio, targeting a gold-arsenic soil anomaly and gold-in-rotary air blast ("RAB") drilling intersected a series of brittle structures and mineralization, returning 6.44 g/t Au over 2.95 m (NFGC-24-2212) and visible gold in two of the four holes drilled. This soil anomaly is associated with a topographic lineament having a similar orientation to the prolific Keats-Baseline Fault Zone in the AFZ Core area.
  • The early success in the reconnaissance program has identified two target areas that are open for additional testing. Follow-up drilling is planned for the soil anomaly in Q2/25 as the multitude of prospective features makes this target a priority.

Looking Ahead:

The Company has now released all drill results from the 2024 exploration program, which totaled 89,974 m in 271 DDH. The results of 37,750 m in 82 DDH were received after the cutoff date for inclusion in the initial MRE and will be included in the next MRE for the Project.

Based on the highly encouraging results received to date at Dropkick, the Company plans to conduct follow-up drill testing beginning in June 2025, with work following at the soil anomaly located north of Pistachio.

Table 1: Drill Result Highlights

DROPKICK














Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

K-23-254

224.45

228.10

3.65

7.70

Unknown

Dropkick

Including

225.10

226.60

1.50

11.88

Unknown

NFGC-24-2205

296.85

299.25

2.40

22.93

70-95

Dropkick

Including

297.15

298.10

0.95

56.78

70-95

NFGC-24-2214

386.20

390.15

3.95

47.60

70-95

Dropkick

Including

386.50

386.85

0.35

498.18

70-95

Including

389.25

389.75

0.50

11.46

70-95

NFGC-24-2219

268.25

270.70

2.45

10.05

Unknown

Dropkick

Including

268.25

269.70

1.45

16.97

Unknown

NFGC-24-2225

188.85

203.80

14.95

42.79

40-70

Dropkick

Including

197.45

198.85

1.40

432.76

40-70

And Including

197.45

198.10

0.65

745.88

40-70

NFGC-24-2228

387.45

394.00

6.55

5.77

Unknown

Dropkick

Including

390.05

390.50

0.45

32.48

Unknown

Including

391.55

392.50

0.95

10.32

Unknown

And

402.90

405.00

2.10

29.52

55-85

Including

402.90

403.40

0.50

123.86

55-85

NFGC-24-2233

157.05

172.25

15.20

5.30

Unknown

Dropkick

Including

162.85

164.70

1.85

17.18

Unknown








PISTACHIO














Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2190

264.60

271.90

7.30

5.34

Unknown

Pistachio

Including

266.90

267.25

0.35

11.40

Unknown

Including

268.65

269.65

1.00

11.62

Unknown

NFGC-24-2204A

264.90

267.00

2.10

8.56

Unknown

Pistachio

Including

265.65

266.40

0.75

23.25

Unknown

NFGC-24-2226

284.70

287.00

2.30

9.37

Unknown

Pistachio

Including

284.70

285.05

0.35

60.24

Unknown








AFZ PERIPHERAL














Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2163A

79.80

89.40

9.60

1.48

Unknown

AFZ Peripheral

NFGC-24-2212

35.40

38.35

2.95

6.44

Unknown

AFZ Peripheral

Including

35.40

35.85

0.45

42.15

Unknown








Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all 38 drill holes are included in Table 2 and Table 3 below.

Table 2: Summary of composite results reported in this news release for Dropkick, Pristine, Pistachio, AFZ Peripheral, Golden Glove, Big Vein, Green Mantle, and Hazelnut

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

K-23-254*

108.90

113.00

4.10

2.45

Unknown

Dropkick

Including*

109.40

109.70

0.30

16.68

Unknown

And

224.45

228.10

3.65

7.70

Unknown

Including

225.10

226.60

1.50

11.88

Unknown

NFGC-24-2205

278.00

280.00

2.00

1.17

Unknown

Dropkick

And

292.80

295.00

2.20

1.36

Unknown

And

296.85

299.25

2.40

22.93

70-95

Including

297.15

298.10

0.95

56.78

70-95

NFGC-24-2208

62.00

65.80

3.80

1.42

Unknown

Dropkick

And

160.55

162.90

2.35

1.42

Unknown

And

166.10

168.10

2.00

1.49

Unknown

NFGC-24-2214

386.20

390.15

3.95

47.60

70-95

Dropkick

Including

386.50

386.85

0.35

498.18

70-95

Including

389.25

389.75

0.50

11.46

70-95

NFGC-24-2219

177.20

180.05

2.85

1.09

Unknown

Dropkick

And

268.25

270.70

2.45

10.05

Unknown

Including

268.25

269.70

1.45

16.97

Unknown

NFGC-24-2220

39.00

42.00

3.00

1.36

Unknown

Dropkick

And

56.45

58.70

2.25

1.65

Unknown

And

99.30

101.45

2.15

1.11

Unknown

And

160.10

162.15

2.05

1.21

Unknown

NFGC-24-2225

188.85

203.80

14.95

42.79

40-70

Dropkick

Including

197.45

198.85

1.40

432.76

40-70

And Including

197.45

198.10

0.65

745.88

40-70

And

212.70

215.15

2.45

1.38

Unknown

And

243.95

248.25

4.30

1.08

Unknown

NFGC-24-2228

387.45

394.00

6.55

5.77

Unknown

Dropkick

Including

390.05

390.50

0.45

32.48

Unknown

Including

391.55

392.50

0.95

10.32

Unknown

And

402.90

405.00

2.10

29.52

55-85

Including

402.90

403.40

0.50

123.86

55-85

NFGC-24-2232

No Significant Values

Dropkick

NFGC-24-2233

15.00

18.50

3.50

1.98

Unknown

Dropkick

And

48.45

52.15

3.70

2.21

55-85

And

157.05

172.25

15.20

5.30

Unknown

Including

162.85

164.70

1.85

17.18

Unknown








Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2182

No Significant Values

Pristine

NFGC-24-2186

No Significant Values

Pristine

NFGC-24-2195

254.05

256.80

2.75

2.26

Unknown

Pristine

And

261.90

264.00

2.10

1.15

Unknown

And

270.40

272.60

2.20

1.04

Unknown

NFGC-24-2203

No Significant Values

Pristine

NFGC-24-2237

No Significant Values

Pristine








Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2171

289.45

292.00

2.55

1.28

Unknown

Pistachio

And

295.50

297.55

2.05

1.76

Unknown

NFGC-24-2174

248.25

255.15

6.90

1.36

70-95

Pistachio

And

270.25

272.40

2.15

1.36

Unknown

And

304.65

309.10

4.45

1.26

Unknown

NFGC-24-2178

256.85

261.00

4.15

1.10

Unknown

Pistachio

NFGC-24-2183

215.20

221.30

6.10

1.32

Unknown

Pistachio

And

285.30

288.55

3.25

1.71

Unknown

And

420.90

423.75

2.85

1.42

Unknown

And

435.20

437.45

2.25

1.31

Unknown

NFGC-24-2190

250.30

252.85

2.55

3.49

Unknown

Pistachio

And

264.60

271.90

7.30

5.34

Unknown

Including

266.90

267.25

0.35

11.40

Unknown

Including

268.65

269.65

1.00

11.62

Unknown

NFGC-24-2198

215.50

218.15

2.65

2.70

Unknown

Pistachio

Including

215.50

216.05

0.55

11.90

Unknown

And

286.75

289.90

3.15

2.99

Unknown

NFGC-24-2204A

264.90

267.00

2.10

8.56

Unknown

Pistachio

Including

265.65

266.40

0.75

23.25

Unknown

And

385.00

387.05

2.05

2.46

Unknown

NFGC-24-2215

244.6

247.35

2.75

1.34

Unknown

Pistachio

And

358.8

361.3

2.5

2.95

Unknown

NFGC-24-2226

263.95

266

2.05

1.64

Unknown

Pistachio

And

284.7

287

2.3

9.37

Unknown

Including

284.7

285.05

0.35

60.24

Unknown








Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2216

No Significant Values

Golden Glove

NFGC-24-2231

No Significant Values

Golden Glove








Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2164

No Significant Values

Big Vein

NFGC-24-2167

No Significant Values

Big Vein








Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2163A

56.50

59.00

2.50

2.11

Unknown

AFZ Peripheral

And

72.00

74.80

2.80

2.21

Unknown

And

79.80

89.40

9.60

1.48

Unknown

And

122.00

124.70

2.70

2.11

Unknown

NFGC-24-2165

No Significant Values

AFZ Peripheral

NFGC-24-2170

405.00

407.15

2.15

3.90

Unknown

AFZ Peripheral

NFGC-24-2192

No Significant Values

AFZ Peripheral

NFGC-24-2196

106.25

108.90

2.65

1.95

Unknown

AFZ Peripheral

NFGC-24-2212

35.4

38.35

2.95

6.44

Unknown

AFZ Peripheral

Including

35.4

35.85

0.45

42.15

Unknown

NFGC-24-2218

No Significant Values

AFZ Peripheral

NFGC-24-2224

319.65

321.70

2.05

1.30

Unknown

AFZ Peripheral

NFGC-24-2235

204.90

207.50

2.60

4.01

Unknown

AFZ Peripheral

Including

204.9

205.7

0.8

13.42

Unknown








Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

True Width (%)

Zone

NFGC-24-2162

285.75

288.25

2.50

5.42

75-95

Green Mantle

Including

285.75

286.25

0.50

24.55

75-95








Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. *Previously released interval.

Table 3: Details of drill holes reported in this news release

Hole No.

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Prospect

K-23-254

140

-45

271

663159

5438126

Dropkick

NFGC-24-2162

96

-49

344

661292

5434748

Green Mantle

NFGC-24-2163A

120

-45

436

660520

5433196

Knobby

NFGC-24-2164

82

-51

317

661293

5434748

Big Vein

NFGC-24-2165

145

-45

422

660497

5433494

Knobby

NFGC-24-2167

49

-48.5

440

661217

5434812

Big Vein

NFGC-24-2170

120

-45

464

661058

5434405

Knobby

NFGC-24-2171

331

-59.5

389

661924

5435249

Pistachio

NFGC-24-2174

300

-45

419

661945

5435186

Pistachio

NFGC-24-2178

306

-45

311

661895

5435174

Pistachio

NFGC-24-2182

120

-45

419

661945

5435728

Pristine

NFGC-24-2183

301

-48

473

661895

5435174

Pistachio

NFGC-24-2186

325

-45

371

661945

5435727

Pristine

NFGC-24-2190

313

-52

404

661946

5435186

Pistachio

NFGC-24-2192

300

-45

431

662333

5436311

AFZ Peripheral

NFGC-24-2195

303

-53

329

661946

5435186

Pistachio

NFGC-24-2196

120

-45

308

662333

5436311

AFZ Peripheral

NFGC-24-2198

323

-57

335

661946

5435186

Pistachio

NFGC-24-2203

120

-45

398

661946

5436637

Pristine

NFGC-24-2204A

327

-62

431

661977

5435268

Pistachio

NFGC-24-2205

120

-50

404

663035

5438087

Dropkick

NFGC-24-2208

120

-45

179

663434

5438446

Dropkick

NFGC-24-2212

120

-45

308

662518

5436724

AFZ Peripheral

NFGC-24-2214

120

-45

434

662964

5438076

Dropkick

NFGC-24-2215

328

-56

404

661977

5435268

Pistachio

NFGC-24-2216

300

-45

377

661088

5432962

Golden Glove

NFGC-24-2218

300

-45

194

662518

5436725

AFZ Peripheral

NFGC-24-2219

120

-45

332

663069

5438060

Dropkick

NFGC-24-2220

120

-45

185

663454

5438492

Dropkick

NFGC-24-2224

119

-45.5

398

662489

5436972

AFZ Peripheral

NFGC-24-2225

120

-45

296

663076

5438004

Dropkick

NFGC-24-2226

345

-60

395

661977

5435268

Pistachio

NFGC-24-2228

120

-45

491

662962

5438130

Dropkick

NFGC-24-2231

300

-45

419

660941

5432777

Golden Glove

NFGC-24-2232

120

-45

356

663030

5437984

Dropkick

NFGC-24-2233

120

-45

173

663424

5438408

Dropkick

NFGC-24-2235

300

-45

299

662538

5436656

AFZ Peripheral

NFGC-24-2237

308

-56

331

662068

5435329

Pistachio

Sampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario.  ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON, laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.

New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any reserves.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Mrs. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

The Company has completed an initial MRE at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25.

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones.

New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway.

Please see the Company's website at www.newfoundgold.ca and the Company's SEDAR+ profile at www.sedarplus.ca.

Keith Boyle
Chief Executive Officer
New Found Gold Corp.

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Acknowledgements

New Found Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company's Queensway gold project in Newfoundland and Labrador; the interpretation of the results and benefits of the drilling program; future drilling and the timing and expected benefits thereof; the initial resource estimate; potential resource expansion; a preliminary economic assessment and the expected funding, timing and benefits thereof; assay results; the interpretation of drilling and assay results, the extent of mineralization and the discovery of zones of high-grade gold mineralization; future exploration and  the focus and timing of same; the merits of the Queensway Project; future press releases by the Company; 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", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", 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 the Company's ability to complete the preliminary economic assessment, the results and timing of the preliminary economic assessment, 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 exploration, drilling and assay results, 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.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

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SOURCE New Found Gold Corp.