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Highlights

  • Queensway Gold Project reports an Indicated Mineral Resource of 1.39 million ounces and an Inferred Mineral Resource of 0.61 million ounces.

  • High-grade veins close to the surface present opportunities for selective mining and rapid access.

  • Expansion potential remains significant, with further resource growth expected beyond the initial estimate.

New Found Gold Corp. (TSXV:NFG, NYSE-A:NFGC) has announced its initial Mineral Resource Estimate (MRE) for the Queensway Gold Project, located in Newfoundland and Labrador, Canada. The estimate outlines an Indicated Mineral Resource of 18.0 million tonnes grading 2.40 grams per tonne (g/t) of gold, translating to 1.39 million ounces. The Inferred Mineral Resource stands at 10.7 million tonnes grading 1.77 g/t gold, amounting to 0.61 million ounces.

The deposit is characterized by high-grade veins that start at the surface, with minimal overburden cover. This feature enables easier access and presents selective mining opportunities. Notably, 73% of the contained gold ounces in the Indicated category are concentrated within just 24% of the tonnage within the mineral resource pit shells.

The company sees significant upside potential, as the current MRE represents only a fraction—less than 5%—of the 110-kilometer-long strike extent of two key mineralized structures. Numerous additional gold targets have already been identified within this expansive corridor.

Additionally, ongoing drilling has intersected high-grade gold beyond the initial MRE footprint, indicating further mineralization along strike and at depth. Most of the drilling to date has focused on the upper 200 meters of the deposit, leaving deeper zones largely unexplored.

New Found Gold plans to continue its advancement efforts, with additional metallurgical testing underway. The company expects to release a preliminary economic assessment (PEA) in the latter half of the second quarter of 2025.