New Found Gold (TSXV: NFG) is starting off 2023 by expanding its excessive drill program at its flagship Queensway Project, located near to Gander, Newfoundland. The firm this morning revealed it will be expanding its current drill program by an additional 100,000 metres of drilling in aggregate.
The expanded drill program brings the total size of the ongoing drill program to 500,000 metres. To date, 319,000 metres have been completed under the current program, of which 184,911 metres were drilling during 2022.
Planned drilling for the year is set to consist of a “hybrid of targeted drilling,” with the company focused on expanding existing zones and identifying further new zones in highly prospective areas. A large grid drilling program will be utilized as well to test the “open swaths of prospective strike” found alongside major fault structures. Current plans also call for drilling along the JBP Fault Zone, at Queensway North, Queensway South, and at the recently optioned VOA ground.
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The increase in size, despite its significant size, implies that drilling will be slowing during 2023 at least to some degree, with 181,000 metres of drilling now remaining under the current program. Reinforcing this is the fact that the company intends to use an average of 12 drill rigs at a time, with a maximum ramp-up to 14 rigs throughout the year. The firm employed an average of 14 rigs during 2022.
60,000 metres of drill core is said to be pending assays presently.
The expanded program is fully funded, with company coffers reportedly sitting at $90 million in cash and marketable securities. The cash position is in part due to a $50 million bought deal flow-through financing conducted in December, which saw Eric Sprott maintain his 19.9% stake in the company.
New Found Gold last traded at $5.45 on the TSX.
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