Shipment term

New Found Begins Shipping Drill Core Samples to MSALAB’s Chrysos PhotonAssay™ Facility in Val d’Or, Quebec

Vancouver, British Columbia–(BUSINESS WIRE)–New Found Gold Corp. (“New found“or the”Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce that it has begun shipping drill core samples from its Queensway project to the newly commissioned Chrysos PhotonAssay by MSALAB laboratory in Val d’Or, Quebec. New Found is conducting a 400,000 m drilling campaign on its 1,500 km 100% owned2 Queensway project accessible by the Trans-Canada Highway approximately 15 km west of Gander, Newfoundland.

Strong points

  • The initial sample batches sent to MSALAB’s Val d’Or facility will be used to perform a QA/QC assessment for use by the Chrysos PhotonAssay company.at this establishment. The Chrysos PhotonAssay The method is non-destructive and New Found’s QA/QC program will include fire assay/metal screening of sample material after photon analysis for comparison of results. This follow-up fire assay process will continue until an adequate population of data is acquired to allow the company to fully validate the Chrysos PhotonAssay. method on samples from Queensway.

  • In April 2022, COO Greg Matheson, P.Geo. along with Senior Database Geologist Candice Ooi visited the MSALAB facility in Val d’Or as part of the Company’s due diligence prior to shipment of samples for analysis.

  • The core from Queensway will be cut, recorded and photographed at New Found’s facility in Gander before being shipped to Val d’Or where sample preparation and Chrysos PhotonAssay sample analysis will be completed. Sample batches will continue to include internal reference materials and blanks to validate laboratory methods.

  • In late 2021, New Found shipped a batch of core samples to Intertek’s facility in Perth, Western Australia, and subsequently flagged PhotonAssay results for these samples (see press release of January 26, 2022).

  • Using the Chrysos PhotonAssay The company’s method should result in much faster test turnaround times and significant cost savings. This earlier reception of the analysis results will allow a quicker and more efficient adjustment of the drilling targeting according to the results received.

  • Chrysos PhotonAssay machines have been ordered by some of the largest analytical laboratories, including for example three machines at Intertek’s laboratory in Perth, Australia, and the method is now used by a wide range of extraction companies and gold exploration. Kirkland Lake Gold (now Agnico Eagle) has a unit installed at its Fosterville mine in Victoria, Australia, and Barrick Gold with MSALAB operates a unit at its Bulyanhulu mine in Tanzania.

  • New Found is also pleased to report the progress of its new 25,000 square foot GigaShack processing and logging facility in Gander. Construction is progressing rapidly with an expected occupancy date of July 2022. A recent photo of the construction of the facility is shown in Figure 2.

  • In addition, the Company is pleased to announce that a twelfth drill rig has arrived on site and should begin drilling in the coming days. The company plans to increase up to fourteen platforms.

Greg Matheson, COO of New Found, said: “The Company and its exploration programs have continued to grow significantly over the past two years, along with the necessary infrastructure required to accommodate both a growing workforce and the scope of work at Queensway. Since its inception, we have aimed to be at the forefront of exploration as early adopters of machine learning with GoldSpot Discoveries and now as one of the first in North America to use Chrysos PhotonAssay, which provides another tool for the team to make better decisions faster. We look forward to working closely with MSALABS to evaluate and implement this technology alongside our growing exploration efforts.

Qualified person

The technical content disclosed in this press release has been reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer and a Qualified Person as defined by National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated May 5, 2022 by New Found. Mr. Matheson certifies that this press release accurately and fairly represents the information for which he is responsible.

About New Found Gold Corp.

New Found owns a 100% interest in the Queensway project, located 15 km west of Gander, Newfoundland, and only 18 km from Gander International Airport. The project is crossed by the Trans-Canada Highway and features logging roads crossing the project, high voltage power lines crossing the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 400,000 m drill program at Queensway, now approximately 43% complete. The Company is well funded for this program with cash and marketable securities of approximately $100 million as of May 2022.

Please visit the company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Thanks

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

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request via our investor request form. Our management is committed to responding to any investor request within 24 hours.

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.

Cautions Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Canadian securities laws, regarding assay results, exploration and drilling at the Company’s Queensway gold project in Newfoundland, interpretation of assay results and results from the drill program, the discovery of zones of high-grade gold mineralization, follow-up step-out drilling and financing of the drill program. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are usually, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims” , “suggests”, “potential”. ,” “aim”, “objective”, “prospective”, “eventually” and similar expressions, or that events or conditions “will”, “would”, “could”, “may”, “might” or “should” occur, or are such 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 management of the Company as of the date at which the statements are made, and that they involve a number of risks and uncertainties. Accordingly, there can be no assurance that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in these 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 the beliefs, estimates Management’s views or opinions, or other factors, were to change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risks associated with possible accidents and other risks associated with mining exploration operations, the risk that the Company encounters unforeseen geological factors , risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to obtain permits and other government approvals necessary to carry out exploration plans for the Company, the risk that the Company may not be able to raise sufficient funds to carry out its project activities, and the risk of political uncertainties and regulatory or legal developments that may interfere with the business and Company outlook. Readers are referred to the Company’s Annual Information Form and MD&A, which are publicly available through the Canadian Securities Administrators’ Electronic Document Retrieval System (SEDAR) at address www.sedar.com for a fuller discussion of these risk factors and their potential effects.