PRECIOUS METALS

Keats results provide allure for New Found

Recently-listed New Found Gold has reported results including 41.35m at 22.3g/t gold in initial step-out drilling at the Keats zone, at its Queensway project in Newfoundland.

Staff reporter
 Core from initial step-out drilling at Keats, at New Found Gold’s Queensway project in Newfoundland

Core from initial step-out drilling at Keats, at New Found Gold’s Queensway project in Newfoundland

The holes were drilled as part of a 10m step-out pattern around the previously reported discovery hole, which had intercepted 19m at 92.9g/t gold late in 2019.

Co-founder and president Denis Laviolette told Mining Journal earlier this month the company was doing smaller step-outs inspired by what it believed were similarities to Kirkland Lake Gold's high-grade Fosterville mine in Victoria, Australia.

"We are very pleased that our initial step-out drilling at Keats is demonstrating strong continuity of veining and high-grade gold mineralisation," COO Greg Matheson said.

Keats is 2km from New Found's Lotto discovery, where the first drillhole reported earlier this month had returned 4.75m at 41.2g/t. 

New Found's fully-funded, C$22 million 100,000m drilling programme is continuing.

The company had about $75 million in working capital this month, having raised C$31.4 million at $1.30 per share through its August IPO.

Its top shareholders include Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%) and Rob McEwen (7%).

Its shares (TSXV: NFG) peaked at $3.77 mid-month.

They closed up 13.7% to $3.40 yesterday to capitalise it about $483 million (US$366 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.