RE:New Found Files Queensway Gold Project NI 43-101 23 Adjacent Properties
The QP has been unable to verify the information in this section related to other company’s projects surrounding the Queensway Property, and therefore, the information is not necessarily indicative of the geology or mineralization on the Property that is the subject of this technical report. Adjacent property mineral tenure is based on current information maintained by the Minerals Land Division.
Since 2019, mineral exploration interests in central Newfoundland have resulted in a staking rush with over 100,000 claims acquired in 2021. Many of the adjacent properties in the Queensway Property area are hosted within the Exploits Subzone of the central Newfoundland gold belt. Most of the exploration attention is focused on the southwest to northeast trending Dog-Bay-Appleton-GRUB line fault system that extends from central Newfoundland to the north coast.
The Beaver Brook Antimony Mine, which began mining operations in 1998, lies on the western boundary of Queensway South, across the Northwest Gander River. It suspended operations in 2020 (due to the COVID-19 pandemic) and restarted in 2021. In January 2023, the mine entered a period of care and maintenance, and it is not known whether production will resume in the future (CBC News, 2023).
There are hundreds of licence blocks in the immediate area of the Queensway Property, thus, only those adjacent properties of significant size and proximity to the Property will be discussed in this section (Figure 23.1).
Exploits Discovery Corp. (Exploits) are owners of over 40 mineral licence blocks immediately adjacent or close to NFG’s Queensway Property (Figure 23.1). These include Exploits’ Bullseye, Gazeebow, Great Bend, Mt. Peyton, and Mt. Peyton North projects (Exploits Discovery Corp., 2024). Exploits has recently completed diamond drilling at their Bullseye project (license 035151M), which borders the Queensway Property immediately north of the NFG Showings Everest and Lotto North. In an August 14, 2023, News Release, Exploits announced assay results from 29 diamond drillholes completed at Bullseye in 2023, including: “Select intercepts from BE-23-28 include 4.08 g/t Au over 1.60 m core-length, including 8.16 g/t Au contribution from a 0.7 m core sample” (Exploits Discovery Corp., 2023). Additional exploration work completed by Exploits on their claims surrounding NFG’s Queensway Property include rock grab sampling, till sampling, remote sensing surveys, and geophysical surveys (Exploits Discovery Corp., 2024).
To the southeast of QWS, Galloper Gold Corp. (a privately-owned exploration company registered in British Columbia), own a significant land package of mineral licences east-southeast of QWS, which include their Mint Pond project (Galloper Gold Corp., 2024). Reconnaissance soil sampling programs were completed on their claims in 2022 and 2023 (Galloper Gold Corp., 2024).
Marvel Discovery Corp. (Marvel) have recently completed exploration work on their Gander East project, which is located along the southeast border of QWS (Marvel Discovery Corp., 2023). This exploration work on their claims includes a till sampling program in 2023, as well as a helicopter-borne magnetic geophysical survey in 2022 (Marvel Discovery Corp., 2023).
Gossan Resources Ltd. (Gossan) have initiated ground exploration on their claims package referred to as the Gander Gold project, which borders the eastern edge of QWN (Gossan Resources Ltd., 2024). The exploration work involved a till sampling survey completed in 2022, which identified several gold-in-till anomalies across the property (Newsfile Corp., 2023).
Labrador Gold Corp.’s (Labrador Gold) Kingsway project comprises several licence blocks located between the South Pond and Queensway North blocks of the Queensway Property and is situated along the Appleton Fault Zone (Labrador Gold Corp., 2024). Since 2020, Labrador Gold has completed extensive ground geochemical sampling surveys as well as diamond drilling programs at targets including Big Vein (Labrador Gold Corp., 2024). Assay result highlights for drillhole K-22-177 completed at Big Vein in 2022, as reported by Labrador Gold, include 2.02 g/t Au over 32 m core-length, including an 18.08 g/t Au sample over 0.63 core-length (Labrador Gold Corp., 2022).
NFGs Bigger Vein 2 and Karate Chop South prospects are proximal and along strike of Labrador Gold’s (LAB) neighbouring Big Vein and Dropkick zones, respectively (Kingsway Property). It is possible that these zones are inter-related along the Appleton Fault Zone. The QP has been unable to verify information related to other company’s projects surrounding the Queensway Property, and therefore, the information is not necessarily indicative of the geology or mineralization on the Property that is the subject of this technical report.
Approximately 20 km east of the town of Gander, Falcon Gold Corp. has conducted a reconnaissance ground exploration program on their claims referred to as the Gander North project (Falcon Gold Corp., 2022). In 2022, Falcon Gold Corp. completed prospecting and till sampling programs, with one sub-crop quartz vein sample returning an assay result of 885 ppb Au (Falcon Gold Corp., 2022).
Finally, there are 5 mineral licence blocks not owned by NFG that are enclosed within the general boundary of the Queensway Property, all of which are located within the NFGs QWS block. In the southeast corner of the Property, Clyde McLean owns 1 mineral licence block (025520M) comprising 6 mineral claims. In the central area of QWS, Roland Quinlan (licence 025767M), Edge Exploration (licence 024195M) and Buchans Minerals Corp. (licence 031341M) each hold one mineral licence with 54, 8, and 4 claims respectively. In the northern end of QWS, Quadro Resources Ltd. Holds one mineral licence (024096M) with 6 claims.
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