New Found Intercepts 49.7 g/t Au Over 29.9m at Iceberg Zone (TSX-V: NFG; NYSE-A: NFGC)

Vancouver, BC, March 13, 2023 – New Found Gold Corp. is pleased to announce the results from one diamond drill hole that was completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300m northeast of Keats Main along the highly prospective Appleton Fault Zone. 49.7 g/t Au over 29.85m and 14.6 g/t Au over 3.80m in NFGC-23-1120 is a 25m step-down from the fence of three Iceberg discovery holes released on March 1, 2023, which outlined a new, at-surface zone traced over 50m in strike length, with the highlight interval of 72.2 g/t Au over 9.65m in NFGC-23-1100. Starting at just 35m from surface NFGC-23-1120 exhibits a nearly continuous 40m drilled mineralized interval. High-grade gold mineralization is well distributed throughout the intercept with 19 samples registering over 10 g/t Au and 9 samples grading above 50 g/t Au. Characteristics of mineralization remain consistent with those seen at Keats Main, further supporting the interpretation that Iceberg is hosted by the Keats-Baseline Fault Zone (“KBFZ”) and is likely the eastern extension of Keats Main that has been displaced by faulting. Greg Matheson, COO of New Found, stated: “With this impressive intercept located 25m below the fence of three holes released on March 1, we have now added vertical dimension to this new and growing discovery. Like Keats, Iceberg is shallowly located and demonstrates strong quartz veining over significant widths. Drilling is ongoing at Iceberg with a focus on both expansion of this new discovery and exploring along strike within the projection of the highly prospective KBFZ in search of additional near-surface high-grade gold mineralization; several assays are pending from this area.” Read the full Press Release at: //newfoundgold.ca Keep updated on New Found Gold at Facebook:   / newfoundgoldcorp   Follow us on twitter at:   / newfoundgold   #NewFoundGold #Newfoundland #Gold #Exploration #goldexploration #goldmining #newfoundland #goldrush