#Canada #Vancouver #New Found Gold #Queensway #Exploits Discovery

New Found Gold Enhances Queensway Gold Project

New Found Gold Corp. has officially announced its latest strategic move by entering into a property purchase agreement with Exploits Discovery Corp. This transaction is set to expand New Found Gold's Queensway Gold Project located in Newfoundland and Labrador significantly. By acquiring a 100% interest in specific mineral claims, the company's landholdings will increase by 33%, amounting to a total of 234,050 hectares.

Project Significance

Keith Boyle, the CEO of New Found Gold, highlighted the importance of this acquisition, stating that it paves the way to create a more substantial land package in central Newfoundland. The acquired claims are situated adjacent to the AFZ Core, an area where the company recently published promising findings from a preliminary economic assessment (PEA). By controlling additional land, New Found Gold will intensify its exploration activities aimed at identifying and developing gold mineralization in the region.

This venture not only enhances the size of the Queensway project but also extends the strike length by an additional 20 kilometers along the crucial structures that govern gold mineralization. In recent years, Queensway has shown tremendous potential, and with this purchase, the company is better equipped to uncover more resources in this promising territory.

Transaction Details

The property purchase agreement entails several critical components. First, New Found Gold will issue 2,821,556 common shares to Exploits as part of the transaction. In addition, a 1% net smelter returns (NSR) royalty will be granted to Exploits concerning certain mineral claims. In line with the agreement, New Found Gold must also fulfill customary closing conditions and secure shareholder approval from Exploits, along with the endorsements of the TSX Venture Exchange and other regulatory bodies.

In the event of closure, which is anticipated for the fourth quarter of 2025, this acquisition will place New Found Gold in a robust position to capitalize on its enhanced geological advantage and broaden its exploration initiatives. The development's advantages are crucial, considering the ongoing commitment of the management team towards increasing shareholder value and addressing the project's further growth potential.

Future Directions

As management focuses on advancing the Queensway project, they are armed with an experienced exploration team known for their successful discovery track record. Having a well-established operational infrastructure and available capital, New Found Gold is poised to commence exploration with renewed vigor and determination.

Moreover, New Found Gold is already considering additional investment avenues as signs of mineral potential continue to surface, presenting lucrative prospects in the future. The company intends to leverage this expanded land position to fortify its standing in Newfoundland’s flourishing gold exploration arena.

With a solid backing from shareholders and a confident outlook towards exploration, New Found Gold aims to maintain its momentum in the mining sector while ensuring maximum returns for its investors.

In conclusion, this acquisition marks a significant milestone for New Found Gold Corp. as they take decisive steps to enhance the Queensway Gold Project's profile and explore further within this promising gold district. The future appears bright for New Found Gold as it embarks on this new chapter of exploration, paving the way toward unlocking further value in a mining-friendly environment.