New Found Gold Corp V.NFG

Alternate Symbol(s): NFGC

Metals & Mining Gold

New Found Gold Corp. is a Canada-based mineral exploration company. The Company is engaged in the acquisition, exploration, and evaluation of resource properties with a focus on gold properties located in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Project, which comprises an approximately 1,662 square kilometers area, located about 15 kilometers (km) west of Gander, Newfoundland and Labrador, and just 18 km from Gander International Airport. The Queensway Project is divided by Gander Lake into Queensway North and Queensway South. The Company also owns a 100% interest in the Kingsway property, which consists of 264 claims on three licenses covering approximately 77 square kilometers. The project is located approximately 18km northwest of the town of Gander, Newfoundland. The Company is undertaking a 650,000-meter drill program on Queensway. It has royalty interests underlying Keats South and several additional zones in Queensway.

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New Found Gold Corp

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Post by knoxton Oct 25, 2021 9:41am

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Post# 34044175

it is a grate day for NFG

New Found Gold to Expand Drill Program at Queensway Project to 400,000 Meters

25 Oct 202107:38 ET

07:38 AM EDT, 10/25/2021 (MT Newswires) -- New Found Gold Corp. (NFG.V) said Monday that it plans to expand the exploration program at its Queensway project in Newfoundland to 400,000 meters from 200,000 meters.

The expanded drill program will be fully funded out of the company's current working capital balance of about $103 million, which is anticipated to increase to about $150 million on closing of the recently announced financing by Eric Sprott.

New Found also aims to increase the drill rigs to 14 from nine with the addition of two core rigs by the end of 2021, followed by two additional rigs in the first quarter of 2022.

New Found has drilled about 102,000 meters to date under the current 200,000-meter drill campaign. Assay results for about 24,000 meters of drill core are pending.