Palisades Goldcorp (TSXV: PALI) reports that New Found Gold – a significant equity investee of Palisades – has provided an overview of, and plans for Queensway gold project located in Newfoundland and Labrador. The company has also filed the technical report for the initial mineral resource estimate for the Queensway gold project.
The technical report for the Queensway project has the following highlights: Tier 1 jurisdiction: Mining-positive government, access to highway, port, airport, low-cost green power and skilled local workforce, initial mineral resource estimate: 70% of the initial MRE ounces are in the indicated category, 18.0 Mt¹ grading 2.40 g/t gold, for 1.39 Moz³ (indicated), 10.7 Mt grading 1.77 g/t gold, for 0.61 Moz (inferred), high-grade veins exposed at surface: 73% of the ounces are contained in 24% of the tonnage (indicated) within the mineral resource pit shells, the opportunity for high-grade starter pits is being investigated as part of the preliminary economic assessment (PEA) currently underway and scheduled for release in late Q2/25, planning to commence bulk sampling H1/26.
The report also highlighted the following details: Versatile deposit: The mineral resources are defined within a series of open pits, which creates flexibility with respect to mine planning, grade sequencing and tailings deposition strategies, the potential to leverage in-pit tailings storage is being investigated as part of the PEA
Finally, the technical report filed also provided the following details on project growth: Infill: the initial MRE has potential for expansion between and within the initial MRE pit shells, expansion: recently announced high-grade gold intersections beyond the initial MRE footprint demonstrates that gold mineralization remains open for expansion both along strike and at depth; past drilling focussed within 200 m of surface in a less than 5% portion of the 110 km long strike extent of the two major structures controlling gold mineralization
Keith Boyle, CEO of New Found Gold commented: “New Found Gold has begun a new chapter, with an initial mineral resource completed in Q1/25 and a preliminary economic assessment scheduled for completion in late Q2/25. As a mining engineer with 40 years of experience in development and operations, much of which was spent working on projects with parallels to Queensway, I can see the unique opportunity we have at New Found Gold. We are rapidly advancing with the PEA, while at the same time continuing to explore our highly prospective landholdings targeting additional discoveries similar to Keats and Iceberg.”
Looking Ahead, New Found Gold has committed a fully funded PEA, with a release in late second quarter. The company has also released an ambitious 2025 drill campaign. New Found Gold has plans to start drilling around mid-second quarter. Company officials will be focused primarily on resource conversion (infill, expansion, extensions).
The company’s secondary focus will be on exploration (discovery of additional major deposits along the 110 km long strike extent of the project. Finally, the company is also conducting work on supporting future studies and permitting, including baseline environmental studies. For further information on New Found Gold, please visit the company’s website at www.NewFoundGold.ca.
May 2, 2025
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