VANCOUVER, BC, Nov. 6, 2024
/CNW/ - New Found Gold Corp. ("New Found" or the
"Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce
initiation of work towards a maiden resource estimate and
preliminary economic assessment ("PEA") for the Queensway
Project ("Queensway" or the "Project"), which
comprises a 1,756 km2 area, accessible via the
Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
Highlights:
- The Company has engaged SLR Consulting ("SLR") to
deliver a maiden resource estimate and PEA, with an anticipated
completion date of Q2 2025. The appointment of SLR to deliver a
maiden resource and PEA is an important milestone for the Project
as it will provide the first assessment of mineral inventory and
project economics, including cash flows, NPV, IRR, and payback
period.
- SLR, including its Mining Advisory Group (formerly Roscoe
Postle Associates Inc.), is a leader in Mineral Resource estimation
and mining project advisory with extensive experience in estimating
gold mineralized systems with recent involvement with projects on
the island of Newfoundland,
including producing mineral resource estimates, mining studies and
National Instrument 43-101 technical reports. SLR's mining advisory
services include geological, mining, metallurgical, tailings, and
environmental consulting.
- The goals of the resource estimate and PEA are to identify
possible project development scenarios and demonstrate the
financial potential for the Project. In addition, the PEA will
define work programs that will allow the Company to advance the
Project.
Ron Hampton, Chief Development
Officer of New Found, stated: "We are excited to initiate this
study work that will be invaluable to defining our strategic
development pathway. We believe the resource estimate and PEA is an
important step in understanding the value potential of the Project
and will provide the Company with a clear path forward to continue
advancing Queensway."
Qualified Person
The scientific and technical information 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 press release dated
November 6, 2024, by New Found. Mr.
Matheson certifies that this press release fairly and accurately
represents the scientific and technical information that forms the
basis for this press release.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander,
Newfoundland and Labrador,
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 650,000m drill program at Queensway and is well
funded for this program with cash and marketable securities of
approximately $35 million as of
November 2024.
Please see the Company's website at www.newfoundgold.ca and the
Company's SEDAR+ profile at www.sedarplus.ca.
Contact
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: "Collin Kettell"
Collin Kettell, Chief Executive
Officer
Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486
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
the maiden resource estimate and PEA for the Project; the goals and
benefits of the resource estimate and PEA; the timing of the
resource estimate and PEA; exploration, drilling and mineralization
on the Project; the extent of mineralization and the discovery of
zones of high-grade gold mineralization; plans for future
exploration and drilling and the timing of same; the merits of the
Queensway project; 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", "interpreted",
"intends", "estimates", "projects", "aims", "suggests", "indicate",
"often", "target", "future", "likely", "pending", "potential",
"goal", "objective", "prospective", "possibly", "preliminary", 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 the Company's ability to
complete the maiden resource estimate and PEA, the results and
timing of the maiden mineral resource estimate and PEA, 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
exploration, drilling and assay results, 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.sedarplus.ca for a more complete
discussion of such risk factors and their potential effects.
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SOURCE New Found Gold Corp.
