New Found Gold Corp. completed 2,306 m of diamond‑drill infill work in 28 holes across the Monte Carlo zone of its Queensway Gold Project, confirming the existing resource model and delivering several higher‑grade intercepts in areas previously modeled as lower grade.
The results reinforce the company’s preliminary economic assessment, which projects Phase 1 production of 69,300 oz annually at US$1,282 AISC and Phase 2 expansion to 172,200 oz at US$1,090 AISC. By upgrading the resource definition, the company is moving the Queensway project closer to permitting and construction and strengthening the rationale for using cash flow from the recently acquired Hammerdown mine to fund Phase 1 capital expenditures.
"We are pleased to report these results from infill drilling of Phase I and II open pits at Monte Carlo. Overall, we see consistency with past drilling, indicating good continuity of gold mineralization in this proposed open pit. Select holes from 2025 drilling have returned higher grade intervals than in the initial mineral resource estimate block model," said Melissa Render, President of New Found Gold.
The company’s phased development strategy—starting with a small open‑pit mine and toll milling in Phase 1, followed by an on‑site processing plant and underground mining in Phase 2—relies on the cash flow generated by Hammerdown. The infill drilling results provide the data needed to refine the resource estimate and support the company’s timeline of permitting in 2026 and construction in 2027.
The updated resource model will be incorporated into the Queensway mineral resource update scheduled for the first half of 2026, providing a more robust basis for the next feasibility study and accelerating the project’s path to production.
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