APPLETON FAULT ZONE AFZ

AFZ Exploration Highlights

New Found has made significant progress advancing multiple targets along the Appleton Fault Zone on Queensway North. Figure 1 below shows the Keats, Lotto, and Golden Joint discovery areas along with additional primary generative targets. The high-grade discoveries at the Keats, Lotto, and Golden Joint Zones have eachbeen made by following up on lower grade intervals of gold mineralization from initial drilling in the target area. In addition to the presence of gold mineralization these discovery areas also display areas of alteration and pathfinder elements that appear to be associated with high-grade epizonal style gold mineralization. Significant areas of white mica alteration along with boulangerite and chalcopyritemineralizationoccur proximate to higher grade gold. The generative targets being pursued typically have significant presence of these styles of alteration and pathfinder elements coincident with significant gold mineralization. Based on our interpretation, we believe these areas have a significantly enhanced probability of hostinghigh-grade epizonal mineralization.