- New Found Gold (TSXV:NFG) reveals it will acquire the remaining royalty on its Golden Bullet Property in Newfoundland for C$1 million
- The company previously purchased 0.6 per cent of the arm’s length royalty holders’ 1.6 per cent net smelter returns back in July
- The Golden Bullet property covers a key area at New Found GOld’s Queensway Project, including the extension of Keats South
- Shares of New Found Gold are up 2.10 per cent to C$3.41 as of 10:47 a.m. ET
New Found Gold (TSXV:NFG) will acquire the remaining royalty on its Golden Bullet Property in Newfoundland for C$1 million.
In a press release, the company said it previously purchased 0.6 per cent of the arm’s length royalty holders’ 1.6 per cent net smelter returns back in July.
“Today’s royalty purchase marks an important milestone in the advancement of the Queensway Project,” Collin Kettell, CEO of New Found Gold, said in a statement. “Golden Bullet encompasses the recent discovery of deep mineralization at Keats South, as well as several other notable zones along a 5km segment of the Appleton Fault.”
The company will now purchase the remaining 1 per cent net smelter royalties of the property, which covers a significant area on New Found Gold’s Queensway Project. These include the extension of Keats South as well as TCH, Knob, Bullet, Rocket, Grouse and Quarry zones.
Located roughly 15 kilometres west of Gander, Newfoundland, the Queensway Project spans over 1,662 square kilometres and covers more than 110 kilometres of strike on two primary fault zones: Appleton and JBP.
The Queensway Project is divided by Gander Lake into Queensway North and Queensway South.
On Queensway North, multiple high-grade targets have been identified along 9.5 kilometers of the Appleton Fault and 12.4 kilometres of the JBP Fault.
Headquartered out of Vancouver, B.C., New Found Gold is focused on acquiring, exploring, and evaluating resource properties with a focus on gold properties located in Newfoundland and Labrador.
In addition to the Queensway Project, the company also owns a 100 per cent interest in the Kingsway property, comprising 264 claims on three licenses covering approximately 77 square kilometres.
Shares of New Found Gold are up 2.10 per cent to C$3.41 as of 10:47 a.m. ET.
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