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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 (NYSE-A: NFGC) has announced significant drilling results from its Queensway Project, including a new discovery called 'Golden Dome.' Key highlights include intersections of 343 g/t Au over 2.15m, 40.6 g/t Au over 2.20m, and 9.51 g/t Au over 7.45m. The Golden Dome zone is located between Golden Joint and Dome, in a previously untested gap spanning 500m, and occurs 200m below existing drilling at Dome. The company has increased its drilling capacity to eight rigs, with five at Queensway and three at the recently acquired Kingsway Project.
New Found Gold Corp (TSXV: NFG) (NYSE-A: NFGC) announced significant drilling results from its Kingsway Project, including notable intercepts of 105 g/t Au over 2.10m and 10.4 g/t Au over 4.45m at the Pistachio Zone. Additional highlights include 36.7 g/t Au over 2.00m at Jackpot and 8.44 g/t Au over 4.10m at Honeypot. The Kingsway Project, which adjoins the northern border of the Queensway Project, has demonstrated high-grade gold mineralization extending well north of the Queensway area. The Honeypot high-grade domain shows good continuity over 170m in strike and 230m down dip.
New Found Gold Corp. (TSXV: NFG) (NYSE-A: NFGC) has announced the acquisition of the remaining 1% net smelter returns royalty on its Golden Bullet property for $1,000,000 in cash. This follows the company's previous purchase of 0.6% of the 1.6% royalty announced on July 30, 2024. The Golden Bullet property is a key target area of the Queensway Project, covering the extension of Keats South and several other zones along a 5km segment of the Appleton Fault.
CEO Collin Kettell stated that this purchase marks an important milestone for the Queensway Project, positioning New Found with a minimal outstanding royalty burden of 0%-0.4% on key zones along the Appleton North corridor. The acquisition encompasses the recent discovery of deep mineralization at Keats South and other notable zones in the area.
New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has announced high-grade gold results from channel samples at the Keats Trench of its Queensway Project in Newfoundland. Highlights include 300 g/t Au over 5.1m and 215 g/t Au over 5.2m, confirming good continuity of high-grade mineralization. The trench exposed a 50m by 50m surface expression of a key high-grade corridor within the Keats-Baseline Fault Zone.
The Phase I channel sampling program covered a 200m long by 70m wide stripped bedrock surface with a 27-line sampling grid. A Phase II program is ongoing to increase sample density along high-grade veins. The company is also 80% complete with excavation at the Iceberg Trench, which will expose 220m of strike length over a 105m wide area.
New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has announced the acquisition of royalty interests on its Golden Bullet property at the Queensway Project. The company will purchase 0.6% of a 1.6% net smelter returns royalty for $1.95 million in cash and 300,000 common shares. New Found retains the right to buy the remaining 1% royalty for $1 million by November 2024. The Golden Bullet property covers key target areas including Keats South, TCH, Knob, Bullet, Rocket, and Quarry zones. This transaction follows a previous royalty purchase in 2021, ensuring minimal royalty burdens on significant mineralized zones along the Appleton Fault Zone. The company views this as a strategic move to maximize the future potential of Queensway.
New Found Gold Corp. (NFGC) announces results from 11 diamond drill holes at the Queensway Project. The deep drilling program, initiated in March, confirms high-grade gold mineralization, extending to 820m depth—doubling the system's known vertical extent. Nine new gold zones were discovered within a 3km strike, with six zones containing visible gold, showing assay values as high as 57.1 g/t Au. Significant intervals include 2.65m at 10.98 g/t Au in Keats South and 2.15m at 12.01 g/t Au in Iceberg-AFZ.
These new zones exhibit epizonal-style gold mineralization, enhancing the 3-D seismic model and improving targeting for future drilling. The company is utilizing directional drilling to expedite follow-up exploration. The ongoing 650,000m drill program aims to further delineate the gold system's extent and improve geological models.
New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has completed the acquisition of a 100% interest in Labrador Gold’s Kingsway Project, located in Gander, Newfoundland and Labrador. This acquisition includes related assets from LabGold. As consideration, New Found Gold issued 5,263,157 common shares to Labrador Gold. This strategic acquisition is aimed at expanding New Found Gold's asset base and potential resource holdings in a prolific mining region.
New Found Gold Corp. has launched surface trenching at the Iceberg Zone of its Queensway Project in Newfoundland. The trenching will remove 1-12 meters of overburden to expose 220m of strike length over a 105m wide area. This will aid in detailed geological analysis. Excavation is expected to take 8-10 weeks, with mapping set for Q4 2024. Previous drilling has highlighted robust gold grades, including 10.75m at 15.42 g/t Au and 5.85m at 40.51 g/t Au. An ongoing channel sampling at the Keats Zone, started in May 2024, is set to complete by mid-July 2024. Additionally, the company provided an update on its equity offering, issuing 2,925,552 shares at an average of C$4.71, raising C$13.78 million in the last quarter.
New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has provided an update on its deep drilling program at the 100% owned Queensway Project in Newfoundland. The company has completed 10,345 meters in 12 drill holes since the program began in March, with results pending. Initial drilling targets include Jackpot, Lotto, K2, and Iceberg zones, using 3-D seismic data to guide efforts. The company has engaged Devico AS for advanced directional drilling services, expected to enhance efficiency and reduce costs. VP of Exploration, Melissa Render, emphasized the potential of the Queensway Project and the benefits of incorporating directional drilling technology.
New Found Gold Corp. (NFGC) has settled a lawsuit filed by ThreeD Capital and 1313366 Ontario Inc. against the company, Palisades Goldcorp, and Mr. Collin Kettell. The settlement avoids the costs and uncertainties of a trial scheduled for January 2025. Under the agreement, the plaintiffs will receive 3,750,000 New Found shares. Palisades will transfer 3,379,998 shares, and New Found will issue 370,000 shares, subject to regulatory approval. The shares will be under a four-month hold period. The settlement includes no admission of liability and provides releases for all defendants.
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