New Found Gold Corp. has announced an initial Mineral Resource Estimate (MRE) for its Queensway Gold Project located in Newfoundland and Labrador, Canada. This significant milestone highlights the project's potential, showcasing high-grade gold mineralization and setting the stage for future exploration and economic assessments.
The initial MRE was prepared by SLR Consulting (Canada) Ltd. and adheres to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards. The estimate is based on extensive drilling data, with a total of 3,214 holes drilled, amounting to 723,387 meters.
| Zone | Category | Tonnage (Mt) | Grade (g/t Au) | Contained Metal (Moz Au) |
|---|---|---|---|---|
| Open Pit | Indicated | 17.3 | 2.25 | 1.25 |
| Inferred | 9.0 | 1.24 | 0.36 | |
| Underground | Indicated | 0.8 | 5.76 | 0.14 |
| Inferred | 1.7 | 4.44 | 0.25 | |
| Total | Indicated | 18.0 | 2.40 | 1.39 |
| Inferred | 10.7 | 1.77 | 0.61 |
The Queensway Gold Project is characterized by high-grade veins that start at the surface, allowing for quick access and selective mining opportunities. The project is situated along a 110 km segment of the Appleton and JBP fault zones, which are known for their gold mineralization potential.
New Found Gold is committed to advancing the Queensway Project through continued exploration and resource expansion. The company plans to:
The initial MRE for the Queensway Gold Project marks a pivotal moment for New Found Gold, validating its systematic exploration efforts and highlighting the potential for significant gold deposits in a Tier 1 jurisdiction. With ongoing exploration and a clear path toward economic assessment, the company aims to unlock substantial value for its shareholders and the surrounding communities.
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