New Found Gold Corp. has unveiled promising results from its Preliminary Economic Assessment (PEA) for the Queensway Gold Project in Newfoundland and Labrador, Canada. The study highlights a robust, phased development plan aiming for low-cost, high-margin gold production, with initial gold output targeted for 2027, pending regulatory approvals. This marks a significant step towards establishing a new gold mine in central Newfoundland.
New Found Gold's PEA for the Queensway Gold Project outlines a strategic, phased development plan designed to optimize capital efficiency and accelerate revenue generation. The project, located near Gander, Newfoundland and Labrador, is envisioned to have a 15-year mine life.
The PEA demonstrates strong economic viability for the Queensway Project, even at conservative gold price assumptions.
| Metric | Base Case (US$2,500/oz Au) | Upside Case (US$3,300/oz Au) |
|---|---|---|
| After-Tax NPV5% | C$743 million | C$1.45 billion |
| After-Tax IRR | 56.3% | 197% |
| After-Tax Payback | <2 years | <1 year |
| Total Production (LOM) | 1.5 Moz Au | 1.5 Moz Au |
| Average Total Cash Cost | US$1,085/oz Au | US$1,085/oz Au |
| Average AISC (LOM) | US$1,256/oz Au | US$1,256/oz Au |
The Queensway Project boasts significant mineral resources, with further exploration upside across its extensive strike extent.
New Found Gold is actively conducting a 70,000-meter drill program in 2025 to upgrade and expand the mineral resource, with an updated Mineral Resource Estimate planned for Q1 2026.
New Found Gold has undertaken comprehensive environmental baseline studies, identifying no significant obstacles to date. The company is committed to responsible water management and plans to implement in-pit tailings management to minimize environmental disturbance. Early and widespread social engagement efforts have received positive feedback, underscoring community support for the project.
The company is focused on advancing Queensway to cash flow, with key milestones including:
Nord Precious Metals secures $200,000 from MICA to advance its Re-2Ox technology, enabling critical mineral recovery from arsenic-bearing mine tailings and positioning for global commercial deployment.
GFG Resources Inc. receives a C$200,000 grant from the Ontario Junior Exploration Program to advance gold exploration in the Timmins Gold District, boosting the province's mining sector.
Resolve Ventures Inc. options the Lloyd Lake Uranium Project in the Athabasca Basin, marking its entry into the uranium sector to capitalize on green energy demand.
We're just a bunch of guys mixing up market news with our own brand of banter, giving you the lowdown on stocks with a twist at Walk The Street Capital.
