New Found Gold (TSXV: NFG) is starting off 2021 strong by announcing a doubling in size of its current drilling program at its flagship Queensway project, effectively growing the program from 100,000 metres to that of 200,000 metres. The company in the process is also increasing the number of drill rigs on site from four to eight drills.
The additional four rigs are anticipated to be mobilized by February 2021, with the company currently in the process of drilling with four rigs now that the holiday break has ended. The decision to enhance the size and scale of the program reportedly follows the analysis of multiple high grade gold intercepts contained within drilling that has occurred on site, along with a review of the targets remaining on at least 8 kilometres of strike.
The expanded scale is expected to bring the total program cost to $35 million, with the company indicating that it is will funded presently with $67 million in current working capital following recent option exercises by insiders. To date, only 13,400 metres of the program have been conducted with a significant backlog reported for the assay lab. The latest results from the company are anticipated to be released next week.
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New Found Gold last traded at $4.12 on the TSX Venture.
Information for this briefing was found via Sedar and New Found Gold. 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.
