New Found Files Queensway Gold Project NI 43-101 Technical Report

Rhea-AI Summary

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has filed a National Instrument 43-101 technical report for its 100%-owned Queensway Project in Newfoundland and Labrador, Canada. The report, titled 'NI 43-101 Technical Report, New Found Gold Corp.’s Queensway Gold Project: 2024 Exploration Update', has an effective date of April 18, 2024. This update details the company's recent exploration activities, which include prospecting, soil sampling, trenching, channel sampling, diamond drilling, geophysics, and metallurgical testing since the previous report dated January 24, 2023. The report was prepared by independent Qualified Persons and is available on SEDAR+.

Positive

• Filing of an updated NI 43-101 report demonstrates ongoing exploration progress.
• New exploration activities include prospecting, soil sampling, trenching, channel sampling, diamond drilling, geophysics, and metallurgical testing.
• The report is prepared by independent Qualified Persons, ensuring credibility and compliance with industry standards.

Negative

• No specific data on resource estimates or financial outcomes from the latest exploration activities.
• The update does not provide immediate financial or production benefits.
• Potential investor dilution if further capital is required for continued exploration.

Insights

Financial Analyst

The release of the NI 43-101 Technical Report for New Found Gold Corp.'s Queensway Project is a significant update for investors. This type of report is a comprehensive technical document required by the Canadian securities regulatory authority, which provides a detailed analysis of the mineral project. For retail investors, the key takeaway here is that the report indicates continued and substantial exploration activities, showcasing the company's ongoing commitment to advancing its project.

Financial implications include a potential increase in the perceived value of the Queensway Project, which could positively impact the stock price in the short term. Detailed updates on prospecting, soil sampling, trenching and drilling give a clearer picture of the project's prospects, which can attract investors looking for exposure to promising gold projects.

However, as with any exploration update, there are drawbacks and risks. The costs associated with extensive exploration can impact cash flow and liquidity. Moreover, there's no guarantee that further exploration will result in commercially viable mineral deposits. These factors need careful consideration, especially for long-term investments.

Understanding terms like

Metal Mining Expert

The NI 43-101 Technical Report is authored by independent qualified persons, which adds credibility and impartiality to the findings. From a technical standpoint, the detailed breakdown of exploration activities such as diamond drilling, geophysics and metallurgical testing is crucial. These activities are integral to understanding the geological framework, which can influence mining efficiency and ore recovery rates.

Investors should note the extensive use of diamond drilling, a common method for obtaining core samples from bedrock. This technique is vital for accurate geological modeling and resource estimation, offering insights into the project's potential mineralization.

Moreover, metallurgical testing is highlighted, which assesses how the extracted ore can be processed to recover valuable metals. This is essential for determining the economic feasibility of the project. Positive results in this area can significantly enhance the project's attractiveness by indicating higher recovery rates and lower processing costs.

In summary, these technical activities are fundamental to advancing the project towards possible production, but they come with uncertainties and costs that investors should weigh.

Market Research Analyst

The disclosure of the NI 43-101 Technical Report is aimed at providing transparency and fostering investor confidence. The detailed update on exploration efforts can help market participants better understand the project's progress and potential.

From a market perspective, such reports can positively influence investor sentiment, especially if the findings hint at significant mineral resources. Positive technical findings can lead to increased demand for the company's shares, potentially driving up the stock price.

However, investors should also consider the broader market context. The gold market is influenced by various macroeconomic factors, such as changes in interest rates, inflation and geopolitical instability. These factors can affect the demand and price of gold, which in turn impacts the valuation of gold exploration companies.

Additionally, the competitive landscape in gold mining is intense, with numerous companies vying for market share. Investors should assess how New Found Gold's exploration efforts and findings compare to those of their peers to gauge the company's competitive position.

Overall, while the technical report is a positive development, market dynamics and external factors must also be considered when evaluating investment prospects.

VANCOUVER, British Colubmia--(BUSINESS WIRE)-- New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce that the Company has filed a National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report for New Found’s 100% owned Queensway Project, entitled “NI 43-101 Technical Report, New Found Gold Corp.’s Queensway Gold Project in Newfoundland and Labrador, Canada: 2024 Exploration Update”, with an effective date of April 18, 2024 (the “Technical Report”). The Technical Report is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

The Technical Report was prepared by D. Roy Eccles, M.Sc., P. Geol. P Geo. of APEX Geoscience Ltd., Mark K. Jorgensen, B.Sc., QP Metallurgy of Jorgensen Engineering and Technical Services, LLC and Gary Simmons, B.Sc., QP Metallurgy of GL Simmons Consulting, LLC, each a “Qualified Person” as defined under NI 43-101 and independent of New Found.

The Technical Report provides an update on New Found’s exploration activities at the Queensway Project since the Company’s previous technical report, which had an effective date of January 24, 2023. Since that time, New Found has conducted additional prospecting, soil sampling, trenching and channel sampling, diamond drilling, geophysics and metallurgical testing.

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 NI 43-101. Greg Matheson consents to the publication of this press release dated June 4, 2024 by New Found. Greg 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 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $56 million as of June 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

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 and U.S. securities legislation (including the Private Securities Litigation Reform Act of 1995), relating to exploration, drilling and mineralization on the Company’s Queensway Gold Project in Newfoundland and Labrador for the future; and the merits of the Queensway Project. 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 TSXV or the NYSE American, 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 volatility of capital markets, 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.sedarplus.ca or through the SEC’s Electronic Data Gathering and Retrieval System (EDGAR) at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240604741054/en/

New Found Gold Corp.

Per: “Collin Kettell”

Collin Kettell, Chief Executive Officer

Email: ckettell@newfoundgold.ca

Phone: +1 (845) 535-1486

Source: New Found Gold Corp.

FAQ

What is the latest update on NFGC's Queensway Gold Project?

New Found Gold Corp. has filed an NI 43-101 technical report detailing recent exploration activities at its Queensway Gold Project.

When was the latest technical report for NFGC's Queensway Project released?

The latest technical report for New Found Gold Corp.'s Queensway Project was released on April 18, 2024.

What exploration activities were conducted at NFGC's Queensway Project?

The exploration activities included prospecting, soil sampling, trenching, channel sampling, diamond drilling, geophysics, and metallurgical testing.

Who prepared the latest technical report for NFGC's Queensway Project?

The report was prepared by independent Qualified Persons from APEX Geoscience , Jorgensen Engineering and Technical Services, and GL Simmons Consulting.

Where can the latest technical report for NFGC's Queensway Project be accessed?

The report is available under New Found Gold Corp.'s SEDAR+ profile at www.sedarplus.ca.