New Found Gold (TSXV: NFG) is finally moving the development of its Queensway Project forward, announcing last night that it has engaged SLR Consulting to conduct both a maiden resource estimate, as well as a preliminary economic assessment for the massive project.
Despite over a half a million metres of drilling being conducted on the project to date, the Queensway project is notable for investors in that it has yet to deliver a maiden resource estimate. The project, at 1,756 square kilometres in size, has seen over 575,000 metres drilled along the Appleton fault as part of a multi-year, 650,000 metre program. Multiple discoveries have been made along the fault, including seven key zones, while new zones are frequently found through this continued drilling. Yet, the economics of the project for further development are as of yet unknown.
“We are excited to initiate this study work that will be invaluable to defining our strategic development pathway. We believe the resource estimate and PEA is an important step in understanding the value potential of the Project and will provide the Company with a clear path forward to continue advancing Queensway,” commented Ron Hampton, chief development officer for New Found Gold.
Both the maiden resource as well as the preliminary economic assessment are expected to be delivered in the second quarter of 2025.
New Found Gold last traded at $2.93 on the TSX Venture.
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