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New Found Gold Announces Increased Weighting by GDXJ
VANCOUVER, British Columbia / Mar 15, 2023 / Business Wire / New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provid
About this update from New Found Gold Corp
[{"type":"text","content":"VANCOUVER, British Columbia / Mar 15, 2023 / Business Wire / New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provide an update on its weighting in the VanEck Junior Gold Miners ETF (“GDXJ”). The Company’s 100%-owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador. Highlights: Index weighting of New Found in the GDXJ is anticipated to increase from 0.32% to 0.42% following a rebalancing on March 17, 2023. In order to reflect the ~10bps weighting increase in New Found, the GDXJ, which has an AUM of ~US$3.8bln, is expected to purchase additional shares of New Found. New Found was initially added to the GDXJ on December 18, 2020. Following Friday’s rebalancing, the GDXJ will be increasing its exposure to New Found by ~31%. Collin Kettell, Founder and CEO of New Found, stated: “The GDXJ is a primary conduit for capital flows into the junior and midcap space. New Found’s inclusion in the GDXJ provides the Company with additional visibility and access to a larger investor base and this week’s rebalancing and increased index weighting is welcome news as we continue to execute on our aggressive exploration plans at Queensway.” About New Found Gold Corp. New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 500,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $72-million as of March 2023. Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com. Acknowledgements New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador. Contact To contact the Company, please visit the Company’s website at www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquir...