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New Found Gold Delivers Key Milestone at Queensway Gold Project: Enters into Phase 1 EPCM Contract
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - New Found Gold Corp. (TSX...
About this update from New Found Gold Corp
[{"type":"text","content":"New Found Gold Delivers Key Milestone at Queensway Gold Project: Enters into Phase 1 EPCM ContractVancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (\"New Found Gold\" or the \"Company\") is pleased to announce key advancements at its 100%-owned Queensway Gold Project (\"Queensway\" or the \"Project\") in Newfoundland and Labrador, Canada, which includes entering into a Phase I engineering, procurement and construction management services (\"EPCM\") contract.Highlights of Key Project Advancements:EPCM Scope: The Company has entered into an EPCM contract with WSP Canada Inc., a world-leading professional services and engineering consulting firm, for Queensway Phase 1 project development as outlined in the Company's 2025 preliminary economic assessment (\"PEA\")1. The scope of work includes Queensway site development and detailed engineering for an offsite milling facility.Offsite Mill Selection: The Company owns the fully permitted Pine Cove Mill (\"Pine Cove\") and Nugget Pond Hydrometallurgical Gold Plant, both located in central Newfoundland. EPCM work will include upgrading and expanding Pine Cove for Queensway Phase 1 to benefit from the synergies of processing both Hammerdown and Queensway Phase 1 feed from a single facility.Environmental Assessment: The Company has substantially completed its environmental baseline work at Queensway and plans to submit an Environmental Registration (\"ER\") to the Newfoundland and Labrador (\"NL\") Department of Environment, Conservation and Climate Change in late Q1/26. The ER serves to initiate the environmental assessment (\"EA\") process for the Project, as per the NL Environmental Protection Act. Updates on the status of the EA process will be provided when available.Project Finance: As previously announced, the Company has engaged Cutfield Freeman & Co. Ltd., an independent global mining finance advisory firm, to act as its project finance advisor with the objective of selecting the optimal financing package for the initial capital expenditure required to fund Queensway Phase 1 production2.Technical Report: the Company plans to file an updated Technical Report, which will include an updated mineral resource estimate, in mid-2026.Timeline: The Queensway Phase 1 project finance process is ongoing and ...