New Found Gold Unveils Promising Preliminary Economic Assessment for Queensway Gold Project

New Found Gold, a Canadian-based junior mining company, has released the preliminary economic assessment (PEA) for its Queensway Gold Project, located in Newfoundland, Canada. The PEA provides an initial overview of the project’s potential economic viability and outlines the proposed development plan. According to the report, the Queensway Gold Project has the potential to produce an average of 212,000 ounces of gold per year over a 12-year mine life. The project’s initial capital expenditure is estimated to be around $206 million, with a payback period of approximately 2.5 years. The PEA also highlights the project’s attractive operating costs, with an estimated all-in sustaining cost of $743 per ounce of gold. The Queensway Gold Project is expected to generate significant revenue, with an estimated pre-tax net present value (NPV) of $1.48 billion and an internal rate of return (IRR) of 33.4%. The project’s gold production is anticipated to commence in 2026, with the first year of production expected to yield around 240,000 ounces of gold. The Queensway Gold Project is situated in a highly prospective region, with multiple high-grade gold discoveries and a strong potential for further exploration and development. New Found Gold’s management team is optimistic about the project’s potential and is planning to advance the project to the next stage of development. The company is committed to conducting further exploration and engineering studies to optimize the project’s design and economics. The Queensway Gold Project has the potential to become a significant gold producer in Canada, contributing to the country’s mining industry and economy. The project’s development is expected to create new job opportunities and stimulate local economic growth. New Found Gold is working closely with local stakeholders and regulatory authorities to ensure that the project is developed in a responsible and sustainable manner. The company is also committed to minimizing the project’s environmental footprint and implementing best practices in environmental management. The release of the PEA marks an important milestone in the project’s development, and New Found Gold is eager to advance the project to the next stage. The company’s shares are expected to benefit from the positive news, with investors showing increased interest in the junior mining sector. The Queensway Gold Project is a significant discovery in the Canadian mining industry, and its development is expected to have a positive impact on the country’s economy and mining sector.

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