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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (192201)	9/27/2022 11:12:56 AM
From: Pogeu Mahone	1 Recommendation Recommended By fred woodall Read Replies (1) \| Respond to of 218380

False Gold-Stock Panic By Adam Hamilton, CPA 2022.09.23 The left-for-dead gold miners’ stocks are literally trading at stock-panic levels today! But they’ve been slammed to extreme lows in recent months on a false premise. Traders assume gold’s parallel plunge must be fundamentally-righteous. But that was driven by enormous gold-futures selling on anomalous market events. As these unsustainable extremes inevitably reverse hard, the battered gold stocks will soar. Without any doubt, the most-contrarian sector in the markets today is the despised gold stocks. They’ve been long-forgotten by mainstream traders, and they’re pretty loathed even by contrarians who ought to like buying low. It’s hard to imagine anything more deeply-out-of-favor than the gold miners, as there is virtually zero interest in them. That has left them languishing at exceedingly-oversold stock-panic levels. The leading gold-stock benchmark and trading vehicle remains the GDX VanEck Gold Miners ETF. Its dreadful recent technical action sure illuminates why gold stocks have been abandoned. From mid-April to early September, GDX was thrashed a brutal 43.5% lower in just 4.5 months! This sector won’t win any fans with that kind of miserable performance, which left sentiment overwhelmingly-bearish to apathetic. The gold stocks just suffered their worst summer performance of all modern gold-bull-market years since 2001. During June, July, and August, GDX cratered 25.0%! That is painfully evident in this updated chart from my latest gold-summer-doldrums essay. It uses the older HUI gold-stock index since GDX’s history is insufficient for such longer-term analysis, but these two sector indices are functionally-interchangeable. Ouch right? Entering September, the gold stocks have never suffered such a massive bearish deviation from their average seasonal performances! That 26.6% plummeting compares to them normally exiting market summers up 5.6%. So it’s no wonder even the hardest-core contrarians’ enthusiasm for this high-potential sector has all but vanished. Price action drives herd sentiment, and both have proven terrible recently. GDX’s latest sharp plunge to major secular lows happened in late August, after the Fed chair’s short-and-blunt hawkish speech at Jackson Hole. Jerome Powell used only eight minutes of his half-hour time slot to emphatically declare the Fed must keep tightening aggressively “until the job is done” of slaying this raging inflation. In five trading days starting with that uber-hawkish war cry, GDX plummeted 11.7% to $23.08. That proved gold stocks’ lowest levels since late March 2020, when they were just emerging from the extreme pandemic-lockdown stock panic. Battered to that deep 2.4-year secular low just a few weeks ago, the gold stocks were literally trading at stock-panic levels! So why not join the herd in abandoning them? Massive uplegs are born from extreme lows, GDX rocketed up 134.1% in 4.8 months after that panic! Contrarian trading is based on the core market truth that the worse any sector looks and feels, the greater its upside potential. The vast majority of traders are momentum-chasers, they will only buy after sectors have already powered much higher stoking popular greed. But once they’ve rallied big-enough and long-enough to start attracting mainstream traders, the lion’s share of the upleg gains have already been won. So buying low as massive gold-stock uplegs are being born requires fighting the herd. Capital needs to be deployed when it feels bad as popular fear, bearishness, and apathy abound. Excessive negativity is the telltale sign major bottomings are underway. That’s certainly the case in gold stocks today, which are trading at stock-panic levels under false premise. They’ll mean revert way higher before traders figure this out. Gold miners’ earnings are highly leveraged to prevailing gold prices, so their stocks mirror and amplify whatever is happening in gold. Powell’s Jackson-Hole warning that the Fed will accept forcing the US economy into a recession if necessary to combat inflation also hammered the yellow metal. It fell 3.5% over those same subsequent five trading days where GDX plunged 11.7%, making for 3.3x downside leverage. That’s on the high side, as the major gold stocks dominating GDX typically exaggerate gold’s material trends by 2x to 3x. And that’s what happened since mid-April when all this carnage started. Plummeting that 43.5% at worst, that amplified gold’s own 15.8% drop from mid-April to late September by 2.8x. So understanding why gold stocks have been brutalized and why they are overdue to soar requires looking at gold. The overwhelming reason gold just had such a tough 5.3 months is extreme gold-futures selling. I wrote a whole essay on futures still dogging gold a couple weeks ago analyzing that in depth. Futures have an outsized impact on gold prices due to the staggering leverage inherent in them, which usually exceeds 25x! That makes futures trading exceedingly-risky, forcing those speculators to have ultra-myopic time horizons. They take their primary trading cues from the US dollar’s fortunes, doing the opposite. Gold futures are sold when the dollar rallies. And boy has the benchmark US Dollar Index skyrocketed since mid-April. In just 5.3 months into the middle of this week, it blasted an astounding-for-a-major-currency 11.4% higher! That is one of the biggest parabolic USDX spikes ever, catapulting it to an extreme 20.3-year secular peak! The US dollar in turn soared on the Fed’s most-extreme hawkish pivot ever. The tightening executed by the Fed’s Federal Open Market Committee since mid-March has been radically unprecedented. It hiked the federal-funds rate at five consecutive FOMC meetings, by 25 basis points, 50bp, 75bp, 75bp, and yet another 75bp this week! That was its first 50bp hike since May 2000 and its first 75bp since November 1994. The FOMC hasn’t blasted its FFR higher so fast in six months since March 1981! Exactly a year ago, top Fed officials projected the FFR would end 2022 at just 0.38%. In their newest dot plot just released this week, these same policymakers are now projecting 4.38% exiting this year! The FFR has already shot from 0.13% to 3.13% since mid-March. And violent rate hikes aren’t the Fed’s only tightening underway. The FOMC also recently birthed its second quantitative-tightening campaign and accelerated it to terminal velocity shortly after. QT2 is necessary to start unwinding the colossal quantitative-easing money printing following March 2020’s pandemic-lockdown stock panic. The Fed mushroomed its balance sheet an insane 115.6% or $4,807b in just 25.5 months into April 2022! That more than doubled the US money supply. That’s the overwhelmingly-dominant reason inflation is raging out of control, which is why Fed officials are panicking. Relatively-much-more money is chasing and bidding up the prices on relatively-less goods and services. QT2 was launched at $47.5b per month of monetary destruction in mid-June, then quickly ramped to $95b monthly in September! That dwarfed QT1’s $50b target pace which took an entire year to hit. This radically-extreme Fed tightening is why the US dollar shot parabolic pummeling gold. The FOMC is hiking rates at its fastest pace in 41.5 years while destroying QE-conjured money at the greatest velocity ever attempted! That has blasted the USDX way higher as other major central banks were initially slow to follow the Fed. While that is changing, the dollar opened up big positive yield differentials over competitors. That epic dollar strength triggered enormous gold-futures selling. Between mid-April to last Tuesday’s latest data, speculators dumped 126.9k gold-futures long contracts and added another 50.2k short ones. That is the equivalent of 551.0 metric tons of gold selling in just 5.1 months, far too much too fast for global markets to absorb! And extended to early March’s gold geopolitical spike, the selling was even bigger. At worst within that span, specs liquidated 154.1k longs while short selling another 85.3k. That adds up to 744.7t of gold supply vomited out in just 6.2 months! With that extreme degree of selling intensity, gold has actually proven relatively resilient. Its total selloff since soon after Russia invaded Ukraine is running 18.8% mid-week. Using that total correction, GDX’s downside leverage was actually milder too at 2.3x. That brutal gold plunge hammering its miners’ stocks lower wasn’t fundamentally-righteous though, it was a futures-driven anomaly. That’s why I say it happened under false premise. Because of the extreme risk inherent in hyper-leveraged futures trading, there aren’t many speculators playing in that realm. And their capital firepower is small compared to the greater gold markets. So they can only do so much total selling. And as explained in my gold-futures essay a couple weeks ago, specs’ gold-futures selling firepower is essentially exhausted. In mid-September’s latest data, total spec longs slumped to a fresh 3.3-year low. And total spec shorts weren’t far from late July’s 3.7-year high. Speculators have already shot their wad, done virtually all the selling they are able to. That has left their overall futures positioning exceedingly-bearish. After similar past episodes of incredibly-lopsided gold-futures trading, massive mean-reversion buying soon erupted to normalize their collective bets. The last time spec gold futures were similar to today came in May 2019. These traders were convinced gold was doomed, so they had jettisoned huge amounts of longs while ramping their shorts. They soon resumed buying, catapulting gold 21.5% higher in just 3.3 months! Speculators are legally required to buy gold futures to cover and close out their shorts, and they love jumping in on the long side to chase the resulting sharp gold rallies out of major lows. Their strong mean-reversion buying fuels big-and-fast gold uplegs, which work wonders for gold stocks. During that same short mid-2019 span, GDX rocketed 51.6% higher! That was solid 2.4x upside leverage to gold’s big surge. If spec gold-futures selling didn’t look spent by historical standards, if these traders could keep on selling at extreme levels, the near-term outlook for gold and gold stocks would indeed be bearish. But since they have done about all the selling they are likely able to do, massive mean-reversion buying to normalize their crazy-lopsided positions is imminent. When that arrives, gold and its miners’ stocks will power way higher. That recent extreme-but-exhausted gold-futures selling wasn’t justified fundamentally, it has to soon reverse. But unfortunately the resulting distorted gold prices really impacted gold investor psychology, which sucked in more selling. I analyzed that in depth in last week’s essay on gold investment bleeding. The recent gold carnage wrought by those gold-futures speculators left gold investors bearish, apathetic, and wary. While comprehensive global gold investment data is only available quarterly, a great high-resolution proxy is found in the combined holdings of the world’s largest gold exchange-traded funds. These of course are the American GLD SPDR Gold Shares and IAU iShares Gold Trust. In plenty of quarters, changes in their holdings alone account for the great majority of changes in overall global gold investment demand! While they control vastly more capital than gold-futures speculators, gold investors are momentum-chasers. Most only want to buy when gold is rallying on balance, portending more gains to come. With gold plunging on that extreme anomalous gold-futures selling since mid-April, investors increasingly fled. They assumed gold’s battered prices were fundamentally-righteous instead of the actual temporary anomaly. So GLD+IAU holdings plunged 11.3% or 183.5t between late April to mid-week, adding to the downside pressure on gold. That identifiable gold investment selling clocked in at about a third of the gold-futures puking, or a quarter of the combined total. Similar to specs’ unsustainably-bearish positioning in futures, that pummeled American stock investors’ gold holdings to deep secular lows. That too needs to reverse. At just 1,442.3t of gold bullion held between these two mighty gold ETFs mid-week, their holdings hadn’t been lower since mid-April 2020. That was 2.4 years ago as gold and gold stocks were screaming out of that pandemic-lockdown stock panic. Gold ultimately rocketed 40.0% higher in just 4.6 months out of that extreme selling anomaly! That massive upleg was initially fueled by futures buying, but investment took over. After despising gold in that stock panic’s depths much like today, investors quickly flipped to loving it as it soared. So they rushed to flood back into GLD and IAU, catapulting their holdings up 35.3% or 460.5t in that short span! Big gold investment demand will quickly return again once gold powers decisively higher on inevitable massive gold-futures mean-reversion buying. That truly is way overdue to ignite any day now. Despite the extreme Fed hawkishness, the extraordinarily-overbought US dollar is running out of steam. In the past month the USDX only rallied 2.1% at best despite the Fed chair’s Jackson-Hole hawknado and top Fed officials’ aggressive rate-hike outlook this week. In the initial month of this parabolic dollar surge into mid-May, the USDX blasted 4.9% higher. The long-dollar trade that has vexed gold has grown wildly-overcrowded. Now other major central banks are increasingly rushing to catch up with the Fed, executing their own monster rate hikes. That is closing the yield differentials between the US dollar and five of the six major currencies included in the US Dollar Index. Together they account for nearly 7/8ths of its weighting. So this way-overextended US dollar is on the verge of rolling over hard as other currencies rally on big rate hikes. A weaker USDX will ignite big gold-futures short-covering buying. That will propel gold high-enough for long-enough to attract back long-side gold-futures specs, who trade about 2.7x more contracts. Their buying will greatly accelerate gold’s rally, eventually attracting back investors with their massive pools of capital. That will fuel gold’s next major upleg, on which the battered gold stocks will soar amplifying its gains. And gold stocks have huge room to run, as this next chart shows. It looks at a construct called Relativity, how GDX is trading relative to its 200-day moving average. This multiple reveals how absurdly oversold the gold miners’ stocks are today. They literally haven’t been this brutalized technically since the depths of that March 2020 pandemic-lockdown stock panic! Just like back then, this false anomaly won’t last long. When GDX itself collapsed to that brutal 2.4-year secular low in early September, as a multiple of its own 200dma the Relative GDX plunged to 0.727x. That proved a deep 2.5-year low not seen since the worst depths of that stock panic. This degree of gold-stock oversoldness is so darned extreme that it was only exceeded on two trading days as that stock panic bottomed! Gold stocks are literally panic-level oversold. After actively speculating and investing in gold stocks and writing popular financial newsletters about that full-time for almost 23 years now, I’ve learned some key truths about panic-level prices. They never last long, as extreme bearish sentiment soon sucks in all available sellers. That leaves only buyers, who soon return with snowballing capital inflows quickly catapulting gold stocks sharply higher out of anomalous lows. During and soon after March 2020’s pandemic-lockdown stock panic I was writing similar contrarian analysis. I warned those extreme gold and gold-stock prices couldn’t last and were birthing enormous mean-reversion uplegs. Indeed that hardcore contrarian stance soon proved correct, as gold and GDX skyrocketed 40.0% and 134.1% higher over the next 4.6 and 4.8 months! This time should prove bigger. Why? Thanks to the Fed’s extreme QE4 money printing, inflation is raging out of control. Since the US dollar started shooting parabolic in mid-April, the monthly headline Consumer Price Index inflation read has run red-hot up 8.3%, 8.6%, 9.1%, 8.5%, and 8.3% year-over-year. June’s high-water mark was the worst witnessed since November 1981, a 40.6-year high! We’re in the first inflation super-spike since the 1970s. Gold skyrocketed during the last similar inflation super-spikes that decade. In the first the CPI blasted from +2.7% YoY to +12.3% over 30 months into December 1974. Gold’s monthly-average prices from trough to peak CPI months launched 196.6% higher! During the second the CPI exploded from +4.9% YoY to +14.8% in 40 months climaxing in March 1980. Gold’s monthly-average prices were a moonshot, up 322.4%! Sooner or later gold-futures speculators and gold investors are going to realize the US dollar can’t keep soaring indefinitely, especially with raging inflation relentlessly eroding its purchasing power. They will come to realize ultra-aggressive Fed rate hikes aren’t slaying inflation, that requires the FOMC to unwind the majority of its QE4 money printing. And they will fear this Fed-fueled major stock-market bear deepening. They will remember gold has proven the ultimate inflation hedge for centuries. Speculators will flood back into gold futures with a vengeance as the inflation-debased US dollar mean reverts way lower. Investors will aggressively boost their meager portfolio allocations to gold as it surges with general stocks burning all around from the Fed’s scorched-earth tightening. As gold runs, battered gold stocks will soar multiples higher. The bottom line is battered gold stocks are literally trading at panic levels today! They haven’t been lower or more oversold since March 2020’s pandemic-lockdown stock panic, after which they violently mean reverted massively higher. Today’s extreme lows are just as anomalous and unsustainable, based on a false premise that recent months’ big gold selloff was fundamentally-righteous. But that simply isn’t true. Gold-futures speculators fled unleashing enormous selling as the US dollar soared parabolic on the Fed’s most-extreme hawkish pivot ever. That tainted gold psychology, leaving investors bearish enough to join in the selling. But all that has mostly been spent, with speculators’ gold-futures positioning and investors’ gold-ETF holdings at major multi-year lows. As all that reverses, gold will soar launching gold stocks way higher. Adam Hamilton, CPA

To: TobagoJack who wrote (192201)	9/28/2022 8:53:42 AM
From: Pogeu Mahone	1 Recommendation Recommended By marcher Read Replies (2) \| Respond to of 218380

Tell Erita to mask up! Front page above the fold Boston Globe Today!!! COVID cases increase sharply among Mass. children and teens as school starts, fall arrives Children and teens have seen sharp increases in COVID-19 case counts recently, led by 10- to 19-year-olds who saw a 59.6 percent jump in the latest weekly report, according to the Massachusetts Department of Public Health.

To: TobagoJack who wrote (192201)

9/28/2022 9:38:47 AM

From: Pogeu Mahone

Respond to of 218380

New Found Discovers New High-Grade Gold Zone West of the Appleton Fault Intercepting 10.4 g/t Au Over 10.5m & 17.9 g/t Au Over 4.2m at “Keats West”

Figure 1. Keats West plan view map (Graphic: Business Wire)

September 27, 2022 06:30 AM Eastern Daylight Time
VANCOUVER, British Columbia--( BUSINESS WIRE)--New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from six diamond drill holes that were completed as part of a program designed to test the west side of the highly prospective Appleton Fault Zone (“AFZ”) adjacent to the Keats Zone. New Found’s 100%-owned Queensway project comprises a 1500km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Keats West Highlights:

Hole No.	From (m)	To (m)	Interval (m)1	Au (g/t)	Prospect
NFGC-22-681	116.80	121.00	4.20	17.87	Keats West
Including	116.80	117.25	0.45	15.90
And including	120.30	121.00	0.70	68.80
NFGC-22-686	100.50	111.00	10.50	10.36	Keats West
Including	101.30	102.55	1.25	43.84
And including	103.05	103.45	0.40	88.20

Table 1: Keats West Drilling Highlights

1Note that the host structures are interpreted to be steeply dipping and true widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

A new, near-surface high-grade gold discovery called “Keats West” has been made west of the AFZ, with intercepts including 17.87 g/t Au over 4.20m in NFGC-22-681 and 10.36 g/t Au over 10.50m in NFGC-22-686, (see Figures 1 and 3). These two intercepts are located approximately 50m apart along strike within an extensive brittle fault zone that has now been intersected over a strike length of approximately 120m and to a vertical depth of approximately 100m by four holes released today. Based on current modelling, this new structure strikes to the northwest, dips moderately to the southwest, and is open in all directions.The discovery of high-grade gold west of the AFZ is a recent and exciting development, starting with the intercept of 8.70 g/t Au over 6.75m in NFGC-22-533, announced on May 4, 2022. Up to this point, drilling was focused entirely on the east side of the AFZ, which is host to Keats, Keats North, Golden Joint, and Lotto (see Figure 3). This recent discovery of similar high-grade gold mineralization now opens up a new 9.45km target corridor along the west side of the AFZ at Queensway North.Keats West is located northwest of Keats and along strike of the recent discoveries made at Keats North. The intensity of veining and size of the structural zone found at Keats West displays similar characteristics to the epizonal-style veining found on the east side of the fault, particularly at Keats Main Zone. Several drillholes into this new zone are pending assays with ongoing drilling focused on expanding the Keats West Zone.Melissa Render, VP Exploration for New Found stated: “The “West Side Story” plot thickens with the discovery of high-grade mineralization in a structure akin to the Keats-Baseline Fault and with similar epizonal characteristics seen elsewhere along the AFZ, particularly at Keats. This gives us great encouragement that the stratigraphy on the west side of the Appleton Fault Zone, spanning +9.45km of strike on Queensway North, shares the same potential as the east. Currently one drill is operating at Keats West which will be joined by a second drill shortly, and two more drills are now testing additional targets on the west side of the AFZ. We are excited to move into a new territory with proven potential.”

Drillhole Details

Hole No.	From (m)	To (m)	Interval (m)1	Au (g/t)	Zone
NFGC-22-542	35.45	38.00	2.55	2.06	Keats West
NFGC-22-558	56.55	58.55	2.00	1.03	Keats West
And	96.00	98.20	2.20	1.19	Keats West
NFGC-22-579	109.00	111.00	2.00	1.43	Keats West
And	118.05	120.65	2.60	1.44	Keats West
NFGC-22-594	32.00	34.20	2.20	2.31	Keats West
And	38.50	41.00	2.50	2.37
And	45.60	47.95	2.35	1.66
And	60.00	68.10	8.10	2.52
And	121.10	123.60	2.50	2.02
NFGC-22-681	116.80	121.00	4.20	17.87	Keats West
Including	116.80	117.25	0.45	15.90
And including	120.30	121.00	0.70	68.80
NFGC-22-686	100.50	111.00	10.50	10.36	Keats West
Including	101.30	102.55	1.25	43.84
And including	103.05	103.45	0.40	88.20

Table 2: Summary of composite results reported in this press release for Keats West

1Note that the host structures are interpreted to be steeply dipping and true widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Hole No.	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N
NFGC-22-542	120	-45	296	658003	5427818
NFGC-22-558	120	-45	281	658053	5427904
NFGC-22-579	120	-45	200	657963	5427741
NFGC-22-594	120	-45	263	658104	5427990
NFGC-22-681	120	-63	131	658053	5427905
NFGC-22-686	70	-60	206	658053	5427905

Table 3: Details of drill holes reported in this press release

Queensway 400,000m Drill Program Update

Approximately 66% of the planned 400,000m program at Queensway has been drilled to date with ~44,445m of the core still pending assay results. Fourteen (14) core rigs are currently operating meeting New Found’s targeted drill count for Q2.

Sampling, Sub-sampling, Laboratory and Discussion

True widths of the intercepts reported in this press release have yet to be determined and further exploration is required. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional variability in true width. Assays are uncut, and composite intervals are calculated using a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 2m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.

All drilling recovers HQ core. Drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A professional geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades. Once all sample intervals have been chosen, photos of the wet and dry core are taken for future reference.

Technicians saw the core along the defined cut-line. One-half of the core is kept as a witness sample and the other half is submitted for crushing, pulverizing, and assaying. Individual sample bags are sealed and placed into shipping pails and/or nylon shipping bags, sealed and marked with the contents.

Drill core samples are shipped to ALS Canada Ltd. (ALS) for sample preparation in Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick; an ISO-17025 accredited laboratory. ALS operates under a commercial contract with New Found.

The entire sample is crushed to approximately 70% passing 2 mm. A 3,000-g split is pulverized. “Routine” samples do not have visible gold (VG) identified and are not within a mineralized zone. Routine samples are assayed for gold by 30-g fire assay with an inductively-couple plasma spectrometry (ICP) finish. If the initial 30-g fire assay gold result is over 1 g/t, the remainder of the 3,000-g split is screened at 106 microns for screened metallics assay. For the screened metallics assay, the entire coarse fraction (sized greater than 106 microns) is fire assayed and two splits of the fine fraction (sized less than 106 microns) are fire assayed. The three assays are combined on a weight-averaged basis.

Samples that have VG identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

All sample pulps are also analyzed for a multi-element ICP package (ALS method code ICP61).

Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found’s quality control protocols.

New Found’s quality control program also includes submission of the second half of the core for approximately 5% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this news release have been verified by the Company’s Qualified Person against the original assay certificates.

The Company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated September 27, 2022, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 400,000m drill program at Queensway, now approximately 66% complete. The Company is well funded for this program with cash and marketable securities of approximately $71 million as of September 2022.

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

Acknowledgements

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

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries 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.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration, drilling and mineralization on the Company’s Queensway gold project in Newfoundland and Labrador; assay results; the interpretation of drilling and assay results, the results of the drilling program, mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Queensway project; future press releases by the Company; and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," “interpreted,” "intends," "estimates," "projects," "aims," “suggests,” “often,” “target,” “future,” “likely,” “pending,” "potential," "goal," "objective," "prospective," “possibly,” “preliminary”, and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those 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 Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such 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 management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

ContactsNew Found Gold Corp.
Per: "Collin Kettell"
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486

NEW FOUND GOLD CORP.
TSX VENTURE:NFG

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ContactsNew Found Gold Corp.
Per: "Collin Kettell"
Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486

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