VANCOUVER, BC, Oct. 15,
2024 /CNW/ - New Found Gold Corp. ("New
Found" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is
pleased to announce that further to its press release dated
July 30, 2024, the Company has
elected to purchase the remaining royalty on its Golden Bullet
property from three arm's length royalty holders (together, the
"Vendors"). As announced on July 30,
2024, New Found purchased 0.6% of the Vendors' 1.6% net
smelter returns royalty on the Company's Golden Bullet property and
had the right to purchase the remaining 1% net smelter returns
royalty (the "Remaining Royalty") from the Vendors.
The Company has now elected to purchase the Remaining Royalty for
aggregate cash consideration of $1,000,000. The Golden Bullet property covers a
key target area on the Company's Queensway Project including the
extension of Keats South, as well as the TCH, Knob, Bullet, Rocket,
Grouse and Quarry zones (Figure 1).
Collin Kettell, Chairman and CEO
of New Found, stated: "Today's royalty purchase marks an
important milestone in the advancement of the Queensway Project.
New Found finds itself in a rare and strong position with a minimal
outstanding royalty burden, ranging from 0%-0.4%, covering key
zones along the Appleton North corridor. Golden Bullet encompasses
the recent discovery of deep mineralization at Keats South, as well
as several other notable zones along a 5km segment of the Appleton
Fault."
Qualified Person
The scientific and technical information disclosed in this press
release was reviewed and approved by Greg
Matheson, P. Geo., Chief Operating Officer, and a Qualified
Person as defined under National Instrument 43-101. Mr. Matheson
consents to the publication of this press release dated
October 15, 2024, by New Found. Mr.
Matheson certifies that this press release fairly and accurately
represents the scientific and technical information that forms the
basis for this press release.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander,
Newfoundland and Labrador,
and just 18km from Gander
International Airport. The project is intersected by the
Trans-Canada Highway and has logging roads crosscutting the
project, high voltage electric power lines running through the
project area, and easy access to a highly skilled workforce. The
Company is currently undertaking a 650,000m drill program at Queensway and is well
funded for this program with cash and marketable securities of
approximately $41 million as of October
2024.
Please see the Company's website at www.newfoundgold.ca and the
Company's SEDAR+ profile at www.sedarplus.ca.
Acknowledgements
New Found acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Natural Resources,
Government of Newfoundland and
Labrador.
Contact
To contact the Company, please visit the Company's website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
New Found Gold Corp.
Per: "Collin Kettell"
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation relating to
remaining royalty burdens on the Queensway Project; the merits of
the Golden Bullet property, the merits and potential of the
Queensway Project; exploration, drilling and mineralization on the
Queensway Project; assay results; the interpretation of drilling
and assay results, the results of drilling programs, mineralization
and the discovery of zones of high-grade gold mineralization; plans
for future exploration and drilling and the timing of same; future
press releases by the Company; and funding of the drilling program.
Although the Company believes that such statements are reasonable,
it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are statements that are not
historical facts; they are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes",
"interpreted", "intends", "estimates", "projects", "aims",
"suggests", "indicate", "often", "target", "future", "likely",
"pending", "potential", "goal", "objective", "prospective",
"possibly", "preliminary", and similar expressions, or that events
or conditions "will", "would", "may", "can", "could" or "should"
occur, or are those statements, which, by their nature, refer to
future events. The Company cautions that forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made, and they involve a
number of risks and uncertainties. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except to the extent required by
applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with possible
accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, risks associated with the interpretation of
exploration, drilling and assay results, the possibility that the
Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
the risk that the Company will not be able to raise sufficient
funds to carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management's
discussion and Analysis, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete
discussion of such risk factors and their potential effects.
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SOURCE New Found Gold Corp.