New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
that it has entered into a property purchase agreement (the
“Agreement”) with Labrador Gold Corp. (“LabGold”)
(TSX-V: LAB, OTCQX: NKOSF, FNR: 2N6) providing for the sale by
LabGold to New Found (the “Transaction”) of a 100% interest
in LabGold’s Kingsway Project (the “Kingsway Project”),
located in Gander, Newfoundland and Labrador, as well as certain
related assets of LabGold (together with the Kingsway Project, the
“Purchased Assets”). As consideration for the Purchased
Assets, New Found will issue to LabGold such number of common
shares in New Found (the “Shares”) equal to CDN$20,000,000
divided by the closing price of the Shares on the TSX Venture
Exchange (the “TSX-V”) on the last trading day prior to the
closing date of the Transaction.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240422537394/en/
Figure 1: Location of the Kingsway
Project (Graphic: Business Wire)
Greg Matheson, COO of New Found, stated: “The acquisition of the
Kingsway Project announced today is a significant building block to
the district scale potential of the Queensway Project. We recognize
the transformative exploration contributions by the LabGold team,
making several early discoveries at Kingsway, and we look forward
to continuing exploration and drilling aimed at unlocking its full
potential. Kingsway today is reminiscent of Queensway when New
Found acquired the project back in 2016 with numerous early
discoveries and large swaths of underexplored structures that later
evolved into significant mineralized zones. We like to think that
Kingsway is entering its discovery phase.
“The combined projects have over 20km of strike length along the
Appleton Fault Zone, which more than doubles the existing strike
length currently within the Queensway North project. Our
exploration and operations team at New Found is well suited to
explore this geological domain and mineralization style and we
expect to unleash that expertise in realizing the potential at
Kingsway.”
Kingsway Project Details
- The Kingsway Project contains 311 mineral claims covering 7,775
hectares and adjoins New Found’s Queensway Project (the
“Queensway Project”) along several borders (see Figure
1).
- The Kingsway Project contains many similar geological
characteristics to the Queensway Project including over 12km of
presumed strike length along the Appleton Fault Zone
(“AFZ”).
- Exploration over the past several years by LabGold has resulted
in several high-grade gold discoveries including Big Vein,
Pristine, and Golden Glove that display similar mineralizing styles
to the Queensway Project.
Project Synergies
- New Found’s base of geologic knowledge of the central
Newfoundland Gold Belt and the AFZ will be applied to the Kingsway
Project to expand on existing discovery areas and to identify
additional mineralized zones.
- The combined projects offer increased potential to solidify the
district scale nature of the Queensway Project, with the additional
12km of strike along the AFZ lending the ability to identify and
build upon additional zones of mineralization.
- New Found is well capitalized and has significant exploration
infrastructure and an experienced exploration team in place that
will allow for efficient exploration that is required to unlock the
mineral potential at the Kingsway Project.
Details of the
Transaction
The Transaction requires the approval of 66 2/3% of the votes
cast by holders of common shares of LabGold at a shareholder
meeting to be called by LabGold. In addition, the Transaction is
subject to customary closing conditions, including the approval of
the TSX-V. It is anticipated that the closing of the Transaction
will occur in the third quarter of 2024.
The Agreement includes deal-protection provisions, including
customary non-solicitation provisions, a right for New Found to
match any superior proposal, and a termination fee of CDN$500,000,
payable by LabGold, in customary circumstances. Directors, officers
and certain shareholders of LabGold, owning approximately 2.35% of
LabGold’s common shares have entered into voting support agreements
pursuant to which they have agreed to vote all the LabGold shares
they own, or control, in favour of the Transaction.
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 $53.6 million as of April
2024.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR+ profile at www.sedarplus.ca.
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.
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
the Transaction and the Company, including with respect to the
benefits of the Transaction and the Kingsway Project, including the
Company’s exploration plans, project synergies and mineral
potential, the approval the Transaction by the of shareholders of
LabGold, TSXV approval of the Transaction and the timing of the
Transaction. 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”, “encouraging”, “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 obtaining the required
approvals for the Transaction, satisfying the other conditions to
the Transaction, 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 results and the results of the
metallurgical testing program, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240422537394/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
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