New Found Gold (NFG.V): 50 Meter Step-Out Hole at Keats Intercepts Broad, Shallow, High-Grade Intervals: 22.5 g/t Au over 10.4m and 31.4 g/t Au over 15.9m

Vancouver, BC, January 11, 2021: New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG, OTC: NFGFF) is pleased to announce partial results from four diamond drill holes recently completed at the Keats Zone (“Keats”) and six initial holes drilled at the Little-Powerline Zone (“Little-Powerline”), drilled as part of the Company’s ongoing 200,000 m diamond drill program at its 100% owned Queensway Project (“Queensway”), 15 km west of Gander, Newfoundland.

Keats Zone Highlights

• Intervals displaying significant quartz veining, sulfide mineralization and/or visible gold are assayed on a rush basis. Recent results received for four holes at Keats are summarized below and in Figure 1.

• Two shallow high-grade intervals in hole NFGC-20-41 (22.5 g/t Au over 10.4m and 31.4 g/t Au over 15.9m) have extended the Keats Zone 50m to the north of discovery hole NFGC-19-01 (Figure 1).
• Importantly, high-grade mineralization in NFGC-20-41 starts just 12m down hole at the bedrock surface.

Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: “Veining in drilling to date at the Keats Zone is characterized by quartz and sulfide mineralization displaying consistent broad thicknesses in the range of 10m to 40m. Intervals of visible gold have been consistently encountered within broader mineralized vein intervals with assays to date returning consistent high-grade Au tenors. Good continuity is evident between holes with approximately 100m of strike now confirmed on this exciting high-grade zone. The zone remains open along strike and to depth, with geophysics, surface sampling, and wide-spaced drilling indicating at least 300m of prospective strike. Increasing our drill count from four to eight drills early in 2021 will help us to ramp-up the grid drilling at Keats and to also test multiple other high-grade targets along 5 km of strike on the Appleton Fault Zone and 3 km of strike on the JBP Fault Zone.”

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