Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
New Found Gold (TSXV: NFG) announced on Thursday it has received all permits required to begin drilling at its Keats “Discovery” Zone at its Queensway Project, in Newfoundland.
According to the company, preparatory surface work is now under way and the first drill will be mobilized to the area shortly.
“We are excited to return to the Keats Zone to follow up on the discovery made in November 2019 when New Found intersected 19.0 m of 92.9 g/t Au at approximately 75 m depth in hole NFGC-19-01,” said New Found Gold CEO Craig Roberts in a media release.
New Found Gold wholly owns the Queensway gold project, which is near existing infrastructure. Over the past four years, the company consolidated and expanded the project grounds to 1,500 sq. km.
Queensway covers a 105-km section of the Dog Bay suture, a structure formed at the closing of a historic ocean, which is found on both sides of the Atlantic and associated with several large-scale gold systems.
New Found also said it has granted stock options exercisable for a total of 215,000 common shares in the capital of the company.
The stock options have an exercise price of $2.07 per option and expire on September 3, 2025.
Midday Thursday, New Found’s stock was down nearly 3% on the TSXV. The company has a C$282 million market capitalization.
