Palisades' Made in America Gold Corp. Closes Acquisition of Undercover Gold, Adding 73km2 Ground Package Just 6km South of Fourmile and Goldrush
New Found Gold Ramps Up Engineering for 2027 Production Target While High-Grade Results Bolster Project Tenor
The most recent news for New Found Gold Corp. (NFG), dated February 2, 2026, reports additional grade control drill results from the Keats Zone at the Queensway Gold Project. Highlights include 507.7 g/t Au over 2.2m and 113.27 g/t Au over 3.75m. These results are part of a 2,773m diamond drilling program designed to improve confidence in high-grade, near-surface mineralization for future mine planning. This follows a flurry of year-end activity, including the commencement of a Phase 1 EPCM contract with WSP Canada Inc. (January 26, 2026) and the closing of the Maritime Resources Corp. acquisition (November 13, 2025), which provided NFG with the Hammerdown and Pine Cove assets.
The drill results are positive as they confirm the high-grade continuity required for the "starter pit" strategy outlined in the 2025 Preliminary Economic Assessment (PEA). However, in the context of the company’s current stage, the engineering milestones are more materially significant than exploration results. - The EPCM contract signifies a formal shift from exploration to development, moving toward the goal of a first gold pour in H2 2027. - The acquisition of Maritime Resources adds a secondary project (Hammerdown) and, crucially, infrastructure (Pine Cove Mill), which reduces the capital burden for processing Queensway's ore. - Financial impact: While exploration continues to yield high grades, the company’s cash burn is significant. For the six months ended June 30, 2025, NFG used C$18.6M in operating activities. Despite a C$67.5M treasury reported in October 2025, the transition to construction will necessitate substantial project financing.
New Found Gold Corp. owns 100% of the Queensway Gold Project in Newfoundland, Canada. The project covers 110km of strike extent along the Appleton and JBP fault zones. - Flagship Project: Queensway Gold Project. - Resource: 1.39M oz Au Indicated (2.4 g/t) and 0.61M oz Au Inferred (1.77 g/t). - Strategy: A phased development approach. Phase 1 targets ~69 koz/yr using custom milling to minimize upfront CapEx (C$155M), followed by an expansion to ~172 koz/yr in Phase 2 with an on-site mill.