New Found Gold Corp. Reports Promising Drill Results at Queensway Gold Project Expansion
- New Found Gold Corp. reports significant drill results from the Queensway Gold Project, confirming high-grade gold mineralization.
- The company plans expansion and infill drilling at Keats West to optimize resource extraction in 2025.
- New Found Gold is conducting a mineral resource estimate and preliminary economic assessment to evaluate project viability.
### New Found Gold Corp. Advances Gold Exploration with Promising Drill Results
New Found Gold Corp. announces significant developments from its 2025 Work Program at the Queensway Gold Project, specifically within the Keats West Zone. The company has completed 2,691 meters of drilling across 22 diamond drill holes during the second quarter of 2025. This drilling aims to confirm the continuity of high-grade gold mineralization and enhance resource classification in the area. Notably, high-grade mineralization is encountered starting from surface levels and extends to a vertical depth of 150 meters, indicating substantial potential for both in-pit and near-pit expansion. The latest drill results showcase impressive intervals, including 22 meters at 4.29 grams per ton (g/t) Au and 15.55 meters at 7.08 g/t Au, reinforcing the strategic importance of this project.
The focus on derisking high-priority open pits at Queensway is a critical component of New Found Gold’s ongoing strategy. Infill drilling, particularly targeting higher-grade portions, is underway to enhance the project's viability. The company plans to maintain its momentum at Keats West throughout the latter half of 2025, with intentions to conduct both expansion drilling and further infill drilling within various zones. These activities are essential for optimizing resource extraction and ensuring the economic feasibility of future operations.
In tandem with the drilling activities, New Found Gold Corp. is advancing its evaluation of the Queensway Gold Project's overall viability. The company has engaged SLR Consulting for an initial mineral resource estimate (MRE), which was announced on March 24, 2025. A preliminary economic assessment (PEA) is also in the works, with completion expected by early Q3 2025. This assessment will be pivotal in providing insights into the project's economics, ultimately guiding strategic decisions moving forward.
Additionally, channel sampling at the Iceberg excavation is nearing completion, with results anticipated soon. These developments signal New Found Gold's commitment to advancing its exploration efforts and further solidifying its position in the gold mining sector in Newfoundland and Labrador. The promising drill results and ongoing assessments highlight the company's proactive approach in unlocking the potential of the Queensway Gold Project.