New Found Gold (TSXV: NFG) is evidently putting that fresh capital that was infused by Eric Sprott to work. The company this morning had a major announcement in that it has doubled the size of its ongoing exploration program at its Queensway project in Newfoundland.
Originally pegged at 200,000 metres, the continued success of the current program has lead the company to double the size of the project to a total of 400,000 metres. 102,000 metres of drilling has reportedly been completed to date, of a which roughly a quarter is still pending assay results.
Also increasing will be the amount of drill rigs on site. The nine in operation currently will see an increase to a total of 14 rigs. The first two additional rigs are anticipated to be added by the end of the year, with a further two added in the first quarter of 2022, increasing core production to 4,700 metres per week.
Finally, the full funded drill program will also see a 25,000 square foot core processing facility constructed, referred to as a giga-shack. Permits for the building have been included with the expanded drill permit application.
New Found Gold last traded at $9.99 on the YSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
