New Found Gold Corp
Symbol NFGFF (US OTC)
Symbol NFG (TSX-V)
In 2019, this then small company conducted some initial testing and a small drill program that yielded dramatic results. One drill hole 19 meters with a grade of 92.9 grams per ton of gold. New Found Gold was a private company at the time. In 2020, New Found Gold did an IPO on the TSX Venture Exchange. Shortly thereafter they commenced a 100,000-meter drill program on what is now known as the Queensway Project in Newfoundland.
In October 2020 the results started coming in. The results were so impressive that a gold rush began in Central Newfoundland. They then increased their drill program to 200,000 meters and the excellent drill results continued. In February of 2021 the company announced their most impressive drill results date with a assay report of 224.7 grams per ton over 2.45 meters. In April of 2021 they announced an assay of 261.3 grams per ton over 7.2 meters. In May of 2021, they reported a assay of 146.2 grams per ton over 25.6 meters. On June 30 of 2021, they reported a result of 430.2 grams per ton over 5.25 meters.
So, New Found Gold is no longer a tiny junior exploration play. The market capitalization as of today (August 30 2021) is $1.32 billion. The spectacular drill results from New Found Gold has kicked off a gold rush in Central Newfoundland with a couple of dozen smaller companies getting in on the action. Some of those companies will be profiled here on SuccessWerx.com over the coming months.
In the meantime, legendary precious metals investor Eric Sprott has a significant stake in New Found Gold. Mr. Sprott has purchased shares as low as 0.75 cents per share and as high as $12.00 per share. Eric Sprott has positions in a number of other companies in this region.
New Found Gold is the largest claimholder in the Central Newfoundland region.
On August 24 2021, New Found Gold announced they closed an offering of 5,048,500 shares at a price of $11.39 for gross proceeds of $57,502,415. Eric Sprott did roughly 19.9% of the financing to maintain his interest in the company. Going forward, the company will have approximately $118 million in working capital as a result of the offering.
Palisades Gold 31%
Eric Sprott 20%
Novo Resources 10%
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WATCH VIDEO – Eric Sprott Compares New Found Gold to Fosterville
Part 4 – Featuring Eric Sprott