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About New Found Gold Corp (NFGC)
New Found Gold Corp. is a Canada-based mineral exploration company dedicated to the discovery, exploration, and evaluation of gold resources. The company’s primary focus lies in its flagship Queensway Project, located in Newfoundland and Labrador, Canada. Spanning a substantial 1,756 km² area, the project is strategically positioned near key infrastructure such as the Trans-Canada Highway, Gander International Airport, and high-voltage power lines, offering logistical advantages for exploration activities.
Core Business and Operations
New Found Gold operates within the high-risk, high-reward gold exploration segment of the mining industry. Its business model centers on identifying and delineating economically viable gold deposits, with the ultimate goal of creating value through resource definition, strategic partnerships, or asset monetization. The company is currently undertaking an ambitious 650,000-meter drilling program at the Queensway Project, designed to expand its understanding of the mineralized zones and uncover high-grade gold resources. This exploration effort is supported by advanced geological techniques, including diamond drilling and photon assay analysis, ensuring precise and reliable data collection.
The Queensway Project
The Queensway Project is the cornerstone of New Found Gold’s operations. Situated along the Appleton Fault Zone (AFZ), a region renowned for its gold potential, the project has already yielded significant discoveries, including high-grade zones such as Keats, Iceberg, and Golden Dome. The company’s exploration activities have revealed the presence of free-milling gold, which is amenable to conventional extraction methods like gravity separation and carbon-in-leach (CIL) processing. This positions the Queensway Project as a promising asset within the Canadian gold exploration landscape.
Exploration Methodology and Technical Expertise
New Found Gold employs rigorous exploration methodologies to maximize discovery potential. Its team of geologists and technical experts utilizes advanced drilling techniques, comprehensive sampling protocols, and state-of-the-art assay methods to ensure accurate and reliable results. The company’s commitment to quality assurance and control (QA/QC) is evident in its adherence to industry best practices, including the use of ISO-17025 accredited laboratories for sample analysis.
Strategic Advantages
- Location: The Queensway Project benefits from proximity to major infrastructure, reducing operational costs and facilitating efficient exploration.
- Scale: With a vast land package and extensive drill programs, New Found Gold has the capacity to explore multiple high-priority targets simultaneously.
- Technical Expertise: The company’s team includes seasoned professionals with decades of experience in gold exploration and resource development.
Challenges and Industry Context
Operating in the junior gold exploration sector, New Found Gold faces challenges such as geological uncertainty, regulatory compliance, and funding requirements. However, its strategic focus on a highly prospective region and its well-funded exploration program mitigate some of these risks. The company’s ability to deliver consistent exploration results enhances its credibility and positions it favorably within the competitive landscape.
Conclusion
New Found Gold Corp. exemplifies the potential of junior exploration companies to unlock significant value through disciplined exploration and technical excellence. Its focus on the Queensway Project, combined with its strategic location and robust exploration program, underscores its commitment to discovering high-grade gold resources. While the nature of mineral exploration entails inherent risks, New Found Gold’s methodical approach and industry expertise position it as a noteworthy player in the Canadian gold exploration industry.
New Found Gold Corp. (AMEX:NFGC) provides an update on its exploration at the Queensway Project in Newfoundland. Drilling continues with ten rigs, achieving over 127,540 meters drilled. The program is set to expand to 14 rigs by Q1 2022. The company expects assay results from 30,700 meters of core pending testing, with the first results anticipated in January. Additionally, a new consultant, Lynda Bloom, has been retained to enhance quality control processes. The project has a strong financial position with approximately $130 million in working capital.
New Found Gold Corp. has successfully completed its acquisition of three royalty interests, totaling 0.6% of net returns from its Linear and JBP Linear properties, pivotal areas within the Queensway Project. The deal involved a cash payment of
New Found Gold Corp. has successfully completed a non-brokered private placement, issuing 5,000,000 flow-through shares at
New Found Gold Corp. announced a non-brokered private placement of 5 million common shares at C$9.60 each, raising gross proceeds of C$48 million. The TSX Venture Exchange has granted conditional approval for the offering, which is set to close on November 24, 2021. The company, which holds a 100% interest in the Queensway Project in Newfoundland, plans to fund a 400,000m drill program with a projected working capital increase to approximately C$143 million upon closing the offering.
New Found Gold Corp. (NFGC) has successfully entered into three royalty purchase agreements, acquiring 100% of royalty interests totaling 0.6% on its Linear and JBP Linear properties. The Company will pay $3.9 million in cash and stock, significantly reducing its royalty burden to just 0.4%. This transaction strengthens the Company’s position in the Queensway Project, which includes key discoveries. New Found is well funded with approximately $98 million in working capital, expected to rise to $143 million following a recent financing.
New Found Gold Corp. (NFGC) has announced a non-brokered private placement with Eric Sprott, issuing 5 million common shares at C$9.60 each, raising gross proceeds of C$48 million. The shares will qualify as flow-through shares under Canadian tax law, with proceeds directed towards exploration expenses at the Queensway and Lucky Strike projects. The offering requires customary approvals, including from the TSX Venture Exchange. Post-offering, Sprott's ownership will rise to 36,601,200 shares. The company anticipates closing shortly after approvals are secured.
New Found Gold Corp. (NFGC) has announced the initiation of assay testing for core samples from its 100%-owned Queensway Project using Chrysos PhotonAssay™ technology. The first shipment of drill core samples from Gander, Newfoundland, is planned for this week, with results expected soon. The partnership with Novo Resources Corp. allows priority access to Intertek’s facilities in Perth, Australia, known for rapid turnaround times. The company aims to enhance assay accuracy and reduce delays in reporting critical drilling results.
New Found Gold Corp. (NYSE American: NFGC) has announced updates on its QA/QC program at the Queensway Project, including plans to implement Chrysos PhotonAssay™ methods for assaying core samples. Independent consultants found lower assay grades from Eastern Analytical compared to ALS, indicating a potential bias, especially in higher-grade samples. The company is initiating two test programs to investigate this issue further. They will also shift to whole-core sampling to enhance accuracy and reduce variability. New Found is in discussions to conduct approximately 20,000 assays per month using PhotonAssay™.
New Found Gold Corp. has announced plans to expand its exploration program at the Queensway Project in Newfoundland, increasing the drill program from 200,000m to 400,000m. Currently, 51% of the initial program is complete, with 24,000m of drill core awaiting assays. The company will increase its drill count from 9 to 14 rigs by early 2022, enhancing core production from 3,000m to 4,700m weekly. A new core processing facility is set to begin construction soon, fully funded by existing capital of approximately $103 million, expected to rise to $150 million after a financing round.
New Found Gold Corp. announces a non-brokered private placement with Eric Sprott for 5 million common shares at C$9.60 each, totaling C$48 million. The funds will support exploration of the 100% owned Queensway Project and general corporate purposes. Following this investment, Sprott's stake will increase to 36,601,200 shares. The offering requires approval from the TSX Venture Exchange and possibly shareholders. New Found currently holds approximately C$150 million in working capital post-offering, indicating strong financial positioning for ongoing exploration efforts.
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