New Found Gold expands $44M Queensway program

Following the recent funding of its Queensway project in Newfoundland and Labrador, New Found Gold is expanding its $44-million work program at its Queensway gold project in Newfoundland and Labrador, increasing its focus on exploration and resource growth. 

The 2026 program will include 90,000 metres of drilling with six diamond drill rigs. The company said 45% of that drilling will be directed toward exploration and resource expansion, including below the Appleton Fault Zone (AFZ) core. 

“At the AFZ core, previous deep drilling has confirmed the system is open below the current mineral resource to more than 1,000 metres,” Melissa Render, the president of New Found Gold, said in a news release.

In addition to digging below the AFZ core, the company also plans to search for new deposits, targeting exploration efforts on the Pauls Pond, Greenwood and Gazeebow South regions. Render said testing will also continue in the Dropkick zone, an area New Found Gold said “returned encouraging results” in 2025.

The other 55% of the program will remain focused on resource conversion, grade control drilling, geotechnical and hydrogeological planning.

Render added that the program is on track with its development objectives with ore processing set to begin in late 2027.