08:04 AM EST, 12/28/2022 (MT Newswires) -- New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) on Wednesday said it has completed about 319,000 meters of the ongoing 400,000-meter drill program to date at its 100%-owned Queensway Project, located 15km west of Gander, Newfoundland and Labrador, with results pending for about 60,000 meters.
The company said it drilled 184,911 meters in 2022, a record year of core production, and discovered multiple new zones along the Appleton Fault Zone, including Keats North, the Keats South Extension, Lotto North, and Keats West. The discovery of multiple zones validated management's working model that gold mineralization at Queensway is spatially associated with the zone, the company said.
New Found also said it raised $50 million in a bought deal financing in 2022, resulting in minimal dilution of 3.6%. The company ends the year with $90.6 million in cash and marketable securities, it said.
"As we enter 2023, we will remain laser-focused on delineating additional gold mineralization through aggressive drilling and exploration," said Collin Kettell, Founder and CEO of New Found.