VANCOUVER, BC, Oct. 25, 2021 /CNW/ - New Found Gold
Corp. ("New Found" or the "Company") (TSXV:
NFG) (NYSE American: NFGC) is pleased to announce an expansion
of the exploration program at its 100% owned Queensway Project
("Queensway"), located on the Trans-Canada Highway 15km west
of Gander, Newfoundland. To date
the Company has completed approximately 51% (~102,000m) of its
current 200,000m diamond drill
program at Queensway. Approximately 24,000 meters of drill
core is pending assay results.
- Nine core rigs are currently operating, with a tenth scheduled
to commence in the first week of November. New Found is targeting
an increase in the drill count to 14 rigs with the addition of two
core rigs by the end of 2021, followed by two additional rigs in Q1
2022. The ramp up from 9 to 14 drills represents a 55% increase in
the drill count with a corresponding increase in the rate of core
production from approximately 3,000m per week to approximately 4,700m per week.
- New Found plans to increase the current program at the
Queensway project to a total of 400,000m, including the approximately
102,000m completed to date. Permit
applications for this expansion have now been submitted. This
expanded drill program is fully funded out of the Company's current
working capital balance of approximately $103 million, which is anticipated to increase to
approximately $150 million on closing
of the recently announced financing by Eric
- New Found anticipates commencement of construction of a new
25,000 sq ft core processing facility in the next several weeks
(the "Giga-Shack") following approval of its permit
applications. This facility is budgeted at approximately
$3 million and is scheduled to be
completed by the end of Q1 2022. This state-of-the-art facility
will be capable of handling the logging and processing of core from
the expanded exploration program and in fact if required provides
sufficient capacity for additional increases in the drilling rate.
The Giga-Shack will include 27 offices covering 10,000 sq ft, in
addition to 15,000 sq ft of core processing space, a roughly 3x
increase to New Found's existing Gander facilities.
- New Found also continues to actively recruit additional
professional and support staff to add to its growing team in
Gander, which now totals 178
Greg Matheson COO of New Found, stated: "To date our
Queensway program has delivered three high-grade gold discoveries
(Keats, Lotto, and Golden Joint)
over 2.6km of strike along the Appleton Fault Zone. At the same
time, we continue to generate and advance multiple other high-grade
gold targets at the Appleton and
JBP Faults along +20km of strike on Queensway North. With several
new, high-priority targets and a plan for initial drilling at
Queensway South in the coming months, the addition of these new
rigs will allow the Company to continue to step-out at Keats,
Lotto, and Golden Joint, while also
honing in on other potential discoveries. Recognizing our success
rate to date, we are excited to now more aggressively pursue
further potential high-grade gold discoveries at Queensway."
Note that this
additional financing is subject to the satisfaction of customary
closing conditions, including the approval of the TSX Venture
Exchange (the "TSXV") and approval by the shareholders of the
Company if required by the TSXV.
The technical content disclosed in this press release was
reviewed and approved by Greg
Matheson, P. Geo., Chief Operating Officer, and a Qualified
Person as defined under National Instrument 43-101. Mr. Matheson
consents to the publication of this news release dated October 25, 2021, by New Found. Mr. Matheson
certifies that this news release fairly and accurately represents
the information for which he is responsible.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander,
Newfoundland, and just 18km from Gander International Airport. The project is
intersected by the Trans-Canada Highway and has logging roads
crosscutting the project, high voltage electric power lines running
through the project area, and easy access to a highly skilled
workforce. The Company is currently undertaking a 200,000m drill program at Queensway. With a
current working capital balance of approximately $103 million, New Found is well funded for this
Please see the Company's website at www.newfoundgold.ca and
the Company's SEDAR profile at www.sedar.com.
To contact the Company, please visit the Company's website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
New Found Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., Chief
Phone: + 1 (910) 406 2407
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking
statements" within the meaning of Canadian securities legislation,
relating to assay results, exploration and drilling on the
Company's Queensway gold project in Newfoundland, interpretation of the assay
results and the results of the drilling program, the discovery of
zones of high-grade gold mineralization, follow-up step-out
drilling and funding of the drilling program. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "aims," "suggests," "potential," "goal,"
"objective," "prospective," "possibly," and similar expressions, or
that events or conditions "will," "would," "may," "can," "could" or
"should" occur, or are those statements, which, by their nature,
refer to future events. The Company cautions that forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made, and they
involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with possible
accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, risks associated with the interpretation of
assay results and the drilling program, the possibility that the
Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
the risk that the Company will not be able to raise sufficient
funds to carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management's
discussion and Analysis, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com for a more complete
discussion of such risk factors and their potential
View original content to download
SOURCE New Found Gold Corp.