#Canada #Vancouver #New Found Gold #Mineral Resource #Queensway

Overview of the Queensway Gold Project

New Found Gold Corp. has recently introduced an extensive overview and strategic plans for its Queensway Gold Project, located in the promising jurisdiction of Newfoundland and Labrador. With an impressive initial mineral resource estimate filed, the project is set to be a significant contender in Canada's mining landscape.

Project Highlights

Jurisdiction and Infrastructure

The Queensway Project is positioned in a Tier 1 jurisdiction, characterized by a pro-mining government. The region boasts excellent infrastructure—highways, ports, and airports—along with a supply of low-cost green energy and a qualified local workforce.

Mineral Resource Estimate

The initial mineral resource estimate unveils substantial findings:

• - Indicated Resources: 18.0 million tonnes grading 2.40 grams per tonne (g/t) of gold, totaling approximately 1.39 million ounces.
• - Inferred Resources: 10.7 million tonnes grading 1.77 g/t, yielding around 0.61 million ounces.

A notable aspect is that 70% of the total ounces are categorized as indicated, indicating both the reliability and potential of this resource.

High-Grade Gold Potential

Significantly, 73% of the indicated ounces are contained within just 24% of the overall tonnage, suggesting the potential for high-grade starter pits. This prospect is currently being assessed in the preliminary economic assessment (PEA) scheduled for completion by late Q2 2025.

Flexibility and Growth Opportunities

The design of the resource permits flexibility in mine planning and execution. The project actively investigates the potential for leveraging in-pit tailings storage as part of its economic assessment.

Infill drilling initiatives are expected to enhance the resource estimate further, focusing on both exploration and possible expansion within and around the existing resource shell. The company's commitment to growth is reflected in their recent drilling successes, which have identified promising high-grade intersections beyond the preliminaries.

Management and Future Plans

Keith Boyle, CEO of New Found Gold, expressed optimism regarding the project's future, highlighting the unique opportunity presented by the Queensway Project. The management is gearing up for a fully funded PEA and aiming to harness the significant gold potential that this project holds.

Planned activities include:

• - Drill Campaign: A drilling campaign targeting resource conversion and exploration is slated to commence in mid-Q2 2025.
• - Bulk Sampling: There are intentions to initiate bulk sampling in the first half of 2026, intended to confirm grade continuity and uphold the integrity of the resource model.

Technical Expertise and Reporting

The technical report filed aligns with the stringent protocols outlined by SLR Consulting, ensuring thoughtful preparation in accordance with the 2014 CIM Definition Standards and NI 43-101. Pierre Landry, P.Geo. from SLR, has observed the measures in place, which include rigorous Quality Assurance and Quality Control (QA/QC) procedures for data validity.

Conclusion

New Found Gold Corp.'s advancement in the Queensway Project marks a pivotal stride in its mining endeavors. With the impressive initial resource estimates and a solid groundwork for future exploration, the project promises to capture attention in the gold mining sector, affirming the company's commitment to bolstering their competitive edge within a vibrant industry. Interested parties can obtain more detailed documentation through New Found Gold's SEDAR+ profile as well as the official company website.

For continuous updates, the company encourages following them on social media platforms.