There are a number of recent developments in progress at New Found Gold:
Courtesy: Yahoo Finance
The company is doubling down on a key exploration program – New Found Gold is expanding the current Queensway drill program from 100,000 meters to 200,000 meters and is increasing the rig count from four to eight drills.
The decision to double the current drill program to 200,000 meters was made after New Found Gold conducted an in-depth analysis of multiple high-grade gold intercepts reported from drilling at the Queensway property and further review of the multiple drill-ready targets.
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This represents a huge meaningful step for the Queensway project, which was already moving ahead of schedule. Around 13,400 meters of drilling had been completed by the end of December, and that was with four drill rigs on the site.
New Found Gold is currently drilling at Queensway – of which the company holds a 100% interest – with those four drill rigs. However, the company is also advancing arrangements for four additional drills and anticipates finalizing the contracts and mobilizing those drills by February.
With the expansion to 200,000 meters of drilling, the revised budget for the Queensway program is approximately $35 million. New Found Gold has around $67 million in working capital and is well funded to support this expanded program.
There’s potential for mineralization discovery, because New Found Gold has a significant backlog of samples from the 2020 drilling activity at their assay lab, including a significant number of samples submitted on a rush basis.
This isn’t the only big event. Not long ago, New Found Gold joined the world’s most important junior mining companies when it was included in the famous VanEck Vectors Junior Gold Miners ETF (ticker symbol GDXJ).
Inclusion in the VanEck ETF was inevitable since New Found Gold is among the world’s most respected and fastest-growing junior gold miners. Major shareholders of NFG/NFGFF stock include Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%), and Rob McEwen (7%).
The inclusion in the ETF is noteworthy because it further enhances New Found Gold stock’s value to the shareholders.
As CEO Craig Roberts explains, “New Found’s inclusion in the GDXJ is a milestone for the Company, reflecting successful execution of our exploration program at the Queensway Project in Central Newfoundland… This has significantly increased the Company’s market visibility and liquidity, bringing additional trading flexibility and value to our investors.”
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On July 22nd, 2020, in connection with our agreement with New Found Gold Corp, we received $235,467USD to Gold Standard Media LLC. On April 24th, 2020, in connection with our agreement with New Found Gold Corp, we received $133,342.USD to Gold Standard Media LLC. We contracted with New Found Gold Corp to provide advertising services for a period of 24 months.