New Found Announces the Continuation of Environmental Baseline and Pre-Development Studies
09 Januar 2023 - 12:30PM
Business Wire
New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the continuation of its environmental baseline studies and
advancement on pre-development evaluations at its 100% owned
Queensway Project (“Queensway”), located on the Trans-Canada
Highway 15km west of Gander, Newfoundland and Labrador.
Highlights
- Environmental baseline studies are entering their third year
and will ensure that New Found is in a favourable position to
support future regulatory mine permitting requirements. Ongoing
environmental baseline studies include surface water and sediment
sampling, hydrology, vegetation, wetlands, bird, wildlife, and
aquatic assessments.
- The Company has retained metallurgist Gary Simmons as an
independent consultant to design and oversee a comprehensive
metallurgical test work program at the Queensway Project with the
objective to understand potential process design and gold
recoveries from the various mineralized zones. Mr. Simmons is an
internationally recognized metallurgist who previously served as
Director of Metallurgy and Technology of Newmont Mining
Corporation, where he managed the corporate metallurgical
laboratory and R&D staff responsible for global Newmont process
development and engineering design projects.
- New Found will also be initiating a number of pre-development
studies including geotechnical and geochemical characterization of
host rock, as well as assessment of potential project development
scenarios.
- In addition, New Found is continuing engagement with
stakeholders, regulators, and our local communities.
Ron Hampton, Chief Development Officer for New Found stated: “We
are pleased with the progress to date on our environmental baseline
work at the Queensway Project and excited to be progressing
pre-development study work including metallurgical testing, host
rock characterization geochemistry, and geotechnical
investigations. By being proactive at this early stage of project
development, we are confident we will be well placed to accelerate
future project design and regulatory permitting.”
Gary Simmons Biography
Gary Simmons has over 40 years of experience with
internationally recognized mining companies in the areas of project
management, process development, operations, design engineering,
R&D, and corporate due diligence activities. Gary's previous
roles have included: Mill Superintendent for The New Jersey Zinc
Company and Noranda Mining Company; Director of Metallurgy for
Meridian Minerals Company and Santa Fe Pacific Gold Corp.; and
Director of Metallurgy and Technology for Newmont Mining
Corporation, where he managed Newmont's corporate metallurgical
laboratory and R&D staff and a staff of Process Managers
(engineers) responsible for global Newmont process development and
engineering design projects. Upon retirement from Newmont, Gary has
continued as an independent consultant on multiple North American
and international mining operations and development projects,
providing operations technical consulting guidance and managing
metallurgical testing and process design activities.
Qualified Person
The scientific and technical information disclosed in this press
release was reviewed and approved by Greg Matheson, P. Geo., Chief
Operating Officer, and a Qualified Person as defined under National
Instrument 43-101. Mr. Matheson consents to the publication of this
press release dated January 9, 2023, by New Found. Mr. Matheson
certifies that this press release fairly and accurately represents
the scientific and technical information that forms the basis for
this press release.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project which
comprises a 1,650km2 area located 15km west of Gander, Newfoundland
and Labrador, and just 18km from Gander International Airport. The
project is intersected by the Trans-Canada Highway and has logging
roads crosscutting the project, high voltage electric power lines
running through the project area, and easy access to a highly
skilled workforce. The Company is currently undertaking a 500,000m
drill program at Queensway and is well funded for this program with
cash and marketable securities of approximately $90 million as of
January 2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Acknowledgements
New Found acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Natural Resources,
Government of Newfoundland and Labrador.
Contact
To contact the Company, please visit the Company’s website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation, relating to
exploration, drilling and mineralization on the Company’s Queensway
gold project in Newfoundland and Labrador; assay results; the
interpretation of drilling and assay results, the results of the
drilling program, mineralization and the discovery of zones of
high-grade gold mineralization; plans for future exploration and
drilling and the timing of same; the merits of the Queensway
project; future press releases by the Company; and funding of the
drilling program. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are statements that are not historical facts; they are generally,
but not always, identified by the words "expects," "plans,"
"anticipates," "believes," “interpreted,” "intends," "estimates,"
"projects," "aims," “suggests,” “often,” “target,” “future,”
“likely,” “pending,” "potential," "goal," "objective,"
"prospective," “possibly,” “preliminary”, and similar expressions,
or that events or conditions "will," "would," "may," "can," "could"
or "should" occur, or are those statements, which, by their nature,
refer to future events. The Company cautions that forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made, and they
involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with possible
accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, risks associated with the interpretation of
assay results and the drilling program, the possibility that the
Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
the risk that the Company will not be able to raise sufficient
funds to carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management’s
discussion and Analysis, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com for a more complete
discussion of such risk factors and their potential effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230109005285/en/
New Found Gold Corp. Per: "Collin Kettell" Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
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