New Found Gold Corp is an development and exploration company.
Its flagship project is a 1500 square kilometer highly prospective area known as Queensway Gold Project.
As of 2021, aggressive drilling programs and mineralization discoveries are being done on the Queensway gold project, the firm claims.
The company says that various productive zones like Appleton fault and JBP fault have been drilled and new gold discoveries are made.
The mining company claims to be well funded and aims at drilling additional targets in the future.
Newfound Gold Corp is said to be one of the largest land holders in the Newfoundland with a prospective land area of more than 1500 square kilometer.
The company operates through a portfolio of large land holdings and highly prospective exploration stage projects located in North America.
New Founds’ Queensway Gold project is located within the central Newfoundland Gold Belt, and it includes more than 12 high-grade gold occurrences.
The project has a district scale exploration of more than 100 kilometers of prospective strike, the firm claims.
In the 1980s, the project was explored and drilled by Noranda, and by Rubicon in the 2000s.
New Found Gold also says the project has an efficient infrastructure with access to highways and power grid. Presently, it is focused on multiple drilling targets and tests at the property because of the historical drillings that prove significant gold mineralization discoveries.
New Found Gold’s second asset is the Lucky Strike Project in the Abitibi greenstone belt.
The Abitibi greenstone belt is known for the production of more than 180 million ounces of gold.
As of June 2021, the company’s ownership include 31 per cent interest of Palisadesgold, 20 per cent Eric Sprott, 10 per cent by Resources Corp, six per cent interest is held by the insiders and the management. The 33 per cent interest is held by institutional and retailers.
The company completed its IPO in 2020. It raised $31.4 million at $1.30 dollar per share through this public offering.
By January 2021, the mining company announced aggressive drilling activities in the form of 200,000-meter drilling program and eight drill rigs.