New Found Gold is currently advancing its flagship Queensway project located 15 km west of Gander, Newfoundland, where drilling last winter returned the highest grade intercept ever recorded in the province.
The company followed up that discovery with a planned 100,00 m drill program this year, which returned more high-grade results from the Keats and Lotto zones.
Recent work suggests that the high-grade gold at Queensway is epizonal similar to the high-grade Swan Zone at Kirkland Lake’s Fosterville mine in Australia, one of the highest-grade and lowest-cost producers globally, according to New Found Gold.
Continued drilling success has sent New Found Gold’s stock up by more than 300% since its initial public offering in August, which attracted interest from high-profile investors in the industry. Major shareholders in the company currently include Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%) and Rob McEwen (7%).
“New Found’s inclusion in the GDXJ is a milestone for the company, reflecting successful execution of our exploration program at the Queensway project in central Newfoundland,” New Found Gold CEO Craig Roberts stated in a press release.
“The initial drilling from our 100,000 m program at Queensway has delivered some outstanding high-grade intervals over significant widths at both the Keats and Lotto zones, separated by 2 km along the Appleton fault zone. This has significantly increased the company’s market visibility and liquidity, bringing additional trading flexibility and value to our investors.”
Shares of New Found Gold surged 13.4% by midday Monday, sending the company’s market capitalization to C$628.5 million.
