New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
that the Company has entered into a non-binding memorandum of
understanding (the “MOU”) with Maritime Resources Corp.
(“Maritime”) (TSX-V: MAE) pursuant to which the Company has
been granted the right to conduct due diligence and exclusivity to
negotiate with Maritime regarding a toll milling agreement at the
existing Pine Cove Mill located at the Point Rousse project near
Baie Verte, Newfoundland and Labrador.
Ron Hampton, Chief Development Officer of New Found, commented,
“Queensway is a unique project, endowed with high-grade gold
mineralization and ideally located for potential development. The
project has several favourable attributes including –
- High-grade gold mineralization at many of the Queensway
project’s zones starts in the bedrock just 3-6m below
surface including at Keats, Iceberg and Keats West.
- Mineralization at Keats, Iceberg and Keats West is easily
accessible and located less than one kilometre from the
Trans-Canada Highway.
- Renewable hydroelectric sourced high-tension powerlines
run directly across the project adjacent to the Keats, Iceberg and
Keats West zones.
- The project is located 15km west of the Town of Gander
and Gander International Airport.
- Gander and the surrounding towns provide a highly motivated
and skilled local workforce.
- Newfoundland is currently ranked as the world’s #4 mining
jurisdiction by the Fraser Institute, providing a highly
supportive regulatory environment.
“This all bodes well for the potential to realize significant
value through timely production. In my experience the opportunity
to develop an early operation, even if at a smaller scale, allows
for significant risk reduction. While we have plenty of work still
to do to determine the viability of any such early production
scenario, the option of having access to a gold processing facility
located nearby is of significant interest.”
About Pine Cove Mill
The Pine Cove Mill is a fully permitted gold processing facility
that was operating as recently as Q1 of this year and is rated at
1,400 tonnes per day with a large capacity tailings storage
facility and access to port infrastructure. Pine Cove is located on
the Baie Verte peninsula, approximately 270km from the Queensway
project by paved highway.
Maritime Note Offering
In addition, the Company is pleased to announce that, pursuant
to a brokered private placement, it intends to purchase
non-convertible senior secured notes (the “Notes”) and
common share purchase warrants of Maritime (the “Note
Warrants”) for an aggregate purchase price of US$2,000,000 (the
“Offering”). The Notes will be issued in US$1,000
increments, less 2.0% original issue discount on the principal
amount of the Notes. The Note Warrants will entitle New Found to
purchase common shares in the capital of Maritime equal to 40% of
the aggregate principal amount of the Notes and will be exercisable
until the maturity date of the Notes.
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 500,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $47.5 million as of August
2023.
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.
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 MOU, the merits of the Queensway Project, the development of
the Queensway Project, the Company’s plans and expectations
regarding the Queensway Project, the possibility of entering into a
toll milling agreement, the Offering, the acquisition of the Notes
and the Note Warrants, and the exercise of the Note Warrants.
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 the
negotiation of a toll milling agreement, risks associated with the
Company’s investment in Maritime, 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 assay results and the
drilling 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/20230814710571/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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