New Found Gold (NFG.V): Intercepts 45.3 g/t Au over 13.1m and 25.0 g/t Au over 16.85m

New Found Gold Intercepts 45.3 g/t Au over 13.1m and 25.0 g/t Au over 16.85m in Step-Out Drilling at Keats Zone, Queensway Project, Newfoundland

Vancouver, BC, December 15, 2020: New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG, OTC: NFGFF) is pleased to announce partial results from six additional holes drilled at the Keats Zone (“Keats”) drilled as part of the Company’ ongoing 100,000m diamond drill program at its 100% owned Queensway Project (“Queensway”), 15 km west of Gander, Newfoundland.

Highlights

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

• These intervals reported above start at down-hole depths ranging from 80m to 132m.
• The interval reported in hole NFGC-20-30 is 50m south of NFGC-19-01 and is the second interval reported on this fence line. This intercept is approximately 50m vertically below the interval of 44.5 g/t Au over 6.85m previously reported in hole 20-26 (see November 16, 2020 news release).
• Intervals from holes completed 50m north of NFGC-19-01 (fence line 4850N) have been submitted on a rush basis and the Company anticipates reporting these results by early January.
• Of 36 holes completed to date at the Keats Zone the Company has now received full or partial results for 12 holes (including NFGC-19-01), including the six holes reported in this release.  For other Keats Zone results please refer to the Company’s October 27 and November 16, 2020 news releases.

Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: “Veining observed in drill holes to date at Keats is characterized by quartz-sulfide mineralization displaying thicknesses typically in the 20m to 40m range with good continuity between holes. Intervals displaying visible gold have consistently been encountered within these broader vein intervals. Assays received to date have typically returned high-grade results albeit with some variability in thickness and grades likely due to the nugget effect. The Keats Zone has been confirmed by geophysics, surface sampling, and wide spaced drilling over more than 300m of strike and remains open along strike in both directions and to depth.  Our current drill program continues to step-out and test this zone laterally and to depth.”

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