New Found Gold Initiates Key Project Work
New Found Gold Corp. (TSXV: NFG) (NYSE-A: NFGC) is thrilled to announce the commencement of vital studies aimed at delivering a maiden resource estimate and a preliminary economic assessment (PEA) for the promising Queensway Project. This project covers a vast area of 1,756 square kilometers and is strategically located near significant transport routes.
Engagement of SLR Consulting
Collaborating with Leading Experts
The Company has partnered with SLR Consulting, a renowned leader in the industry, entrusting them with the responsibility of completing the maiden resource estimate and PEA. The anticipated deadline for these critical assessments is set for the second quarter of 2025. Engaging SLR represents a significant milestone for New Found, as it marks the initial step toward evaluating the mineral inventory and project economics, including cash flows, net present value (NPV), internal rate of return (IRR), and payback periods.
SLR's Extensive Experience
SLR brings a wealth of experience in estimating gold mineralized systems, with a strong track record in Newfoundland projects. Their consulting division specializes in geological, mining, metallurgical, tailings, and environmental services. Their extensive expertise will be vital in navigating the complexities of Queensway's resource estimation.
Project Goals and Financial Potential
The overarching aim of the resource estimation and PEA is to explore various project development scenarios and showcase the financial prospects of the Queensway Project. The PEA will also outline essential work programs that will enable New Found to progress the project further.
Company Insights and Management Statements
In discussing this initiative, Ron Hampton, Chief Development Officer of New Found, expressed enthusiasm: "Initiating this study is not just exciting but essential for defining our strategic development pathway. We view the resource estimate and PEA as crucial steps in realizing the value potential of the Project, providing a clear direction for advancing Queensway."
About New Found Gold Corp.
New Found Gold holds complete ownership of the Queensway Project, which benefits from its proximity to Gander, Newfoundland, and the region's robust transportation infrastructure. The project boasts easy access to high voltage power lines and a skilled workforce, essential for operational success.
The Company is actively pursuing a comprehensive drill program, planning to complete 650,000 meters of drilling at Queensway. With approximately $35 million in cash and marketable securities, New Found is well-positioned to undertake this ambitious project.
Contact Information
For inquiries, potential investors can reach out via the Company website. Management is committed to responding to all inquiries promptly, typically within 24 hours.
Leadership
The announcement was made on behalf of New Found Gold Corp by Collin Kettell, Chief Executive Officer, who emphasizes the company's dedication to transparency and growth in this crucial phase.
Frequently Asked Questions
What is the Queensway Project?
The Queensway Project is a significant gold exploration initiative undertaken by New Found Gold Corp, located in Newfoundland.
When is the resource estimate expected to be completed?
The resource estimate and preliminary economic assessment are anticipated to be completed by Q2 2025.
Who is SLR Consulting?
SLR Consulting is a leading firm specializing in mineral resource estimation and mining project advisory, with significant experience in assessing gold projects.
What are the financial goals of the assessment?
The key financial goals involve demonstrating project viability, including its cash flows, NPV, IRR, and identifying development scenarios.
How does this project benefit New Found Gold Corp.?
This project positions New Found for growth and development in the mining sector, enhancing its portfolio through strategic assessments and investments.
