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Canada

Queensway Project

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Summary

Mine TypeOpen Pit & Underground
Study CompletedPreliminary Economic Assessment
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Cut & Fill
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SnapshotThe Queensway Project is designed to progress from a small-scale operation to a large-scale mine in a phased manner. Initial operations will involve conventional open pit mining, complemented by supplemental underground mining:
• Phase 1 (Years 1-4) will consist of a high-grade open pit mine, with ore processed through a custom milling arrangement;
• Phase 2 (Years 5-15) will expand open pit operations with a dedicated on-site processing plant;
• Phase 3 (Years 6-10) will incorporate the addition of underground mine.

The open-pit operation will consist of 17 pits. The UG operation will take place in five zones, accessible from five surface portals collared from the smaller open pits.

The project has significant growth potential with a drill program underway, targeting high-grade zones located outside the initial Mineral Resource Estimate (MRE).
Latest NewsNew Found Gold Announces Results of Phase III Metallurgical Test Work: Confirms Keats West Zone Gold Recovery; Files Technical Report for the Queensway Gold Project     September 2, 2025

Owners

SourceSource
CompanyInterestOwnership
New Found Gold Corp. 92.1 % Indirect
A total of 92.1% of the claims are owned by New Found Gold Corp., with the remaining 7.9% owned by separate licence holders and are subject to a single Option Agreement – the VOA Option – between New Found Gold Corp. and the property owners (Josh Vann, Aidan O’Neil, and Suraj Amarnani).

Contractors

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Deposit type

  • Orogenic
  • Vein / narrow vein
  • Breccia pipe / Stockwork

Summary:

The geology of the Queensway Property constitutes a poly-deformed fold and thrust belt that overprints Cambrian continental shelf rocks, Ordovician ophiolitic and marine carbonate/siliciclastic rocks, Silurian shallow marine/terrestrial sequences, and Silurian magmatic rocks. The Appleton and JBP faults are major structures that transect the Queensway Property and are spatially associated with epizonal gold mineralization. The Appleton Fault’s hanging wall and footwall have contrasting rock types.

Mineralization
Gold mineralization at the Property has been identified in several gold zones in both the Queensway North (QWN) and Queensway South (QWS) blocks.

In general, these gold zones are interpreted to be indicative of an orogenic epizonal gold system, and are characterized by:
1. Strong gold mineralization in quartz-carbonate veins that is associated with complex networks of brittle fault zones which are commonly discordant to the regional northeast trending foliation and stratigraphy. Mineralization typically occurs as coarse grains of free visible gold in multiphase quartz-carbonate veins that are brecciated, massivevuggy, laminated, or that have a closely spaced stockwork texture. High grade gold mineralization, above 10 ppm Au, typically occurs in closely spaced quartz veins, and is interpreted to be controlled by the intersection of cross-cutting faults with these auriferous veins.
2. A gold association with arsenic-bearing minerals, in addition to antimony and tungsten. Arsenopyrite is commonly observed to occur in conjunction with gold. Boulangerite, a lead-antimony sulfosalt, is often associated with chalcopyrite in intervals of high grade gold mineralization, however, it is much less common than arsenopyrite. Disseminated host rock pyrite/arsenopyrite mineralization is spatially associated with veining.
3. An alteration halo around most of the gold-rich veins that is associated with the changes in the mineralogy of white micas.

Queensway North
Appleton Fault Zone Mineralization
The northern part of the AFZ exploits a contact between a black shale interbedded with grey siltstone and greywacke in the west, and a sequence of interbedded shale and greywacke in the east. As with the difference in lithologies on either side of the AFZ, the style of mineralization contains minute differences between the western hanging wall and the eastern footwall of the AFZ.

AFZ Footwall Mineralization
Gold mineralization of zones in the AFZ footwall is commonly encountered in moderate to steeply dipping (60°-80°) epizonal-style veining associated with brittle faulting of interbedded siltstones and greywackes. The quartz-carbonate veins can exhibit stylolitic, massive vuggy, and/or brecciated textures, and have mineral associations with trace arsenopyrite, chalcopyrite, boulangerite and pyrite. High grade lenses have been observed at the intersection of multiple cross-cutting auriferous structures. The mineralization is commonly oriented along northeast-trending structural corridors, consistent with the regional structural fabric although other mineralization orientations are also present.

Notable drill-defined gold zones of the AFZ Footwall include Keats, Iceberg, Iceberg East, Golden Joint, Lotto, and Lotto North.

AFZ Hanging Wall Mineralization
Gold mineralization of zones in the AFZ Hanging Wall is commonly observed in broad zones of low angled (30°to 40°) epizonal-style veining associated with brittle faulting of graphitic siltstones interbedded with grey siltstones and greywackes. The quartz-carbonate veins typically exhibit more stockwork or fault-filling textures, with some veins exhibiting similar massive to stylolitic textures as that of the footwall gold zones. Auxiliary mineral associations are similar to gold zones in the footwall with trace arsenopyrite, chalcopyrite, boulangerite and pyrite, with the exception of unique mineral associations with stibnite occurring at the K2 prospect, and two anomalous high grade silver assays at the Little prospect. The second, less frequently observed mineralization style in the hanging wall gold zones includes mineralized ductile shear structures, like that seen at the Cokes prospect. The mineralization zone are commonly oriented west southwest at Keats West and Southeast at K2.

Notable drill-defined gold zones of the AFZ Hanging Wall include Keats West and K2.

AFZ Peripheral Mineralization
The AFZ Peripheral area hosts gold mineralization along the AFZ, sharing many characteristics with discoveries at AFZ Core. The Dropkick Zone, situated on the hanging wall side of the AFZ, exhibits structurally controlled gold mineralization within a brittle fault zone that trends parallel to the AFZ. Gold mineralization at AFZ Peripheral is primarily hosted in fault-fill quartz veins within an interbedded sequence of siltstones and sandstones. These veins commonly contain free, coarse gold and are associated with high-strain deformation zones. The presence of multiple crosscutting vein orientations, infill veining, and brittle deformation features suggests structural complexity similar to that observed in other key mineralized zones within AFZ Core.

Joe Batts Pond Fault Zone Mineralization
Along the 12.5 km strike length of the northern part of the JBPFZ, mineralization occurs in ductile-brittle deformation zones and associated epizonal-style irregular vein arrays that run parallel to the southwest-striking, steeply west-dipping stratigraphy of mainly green siltstones. Mineral associations in gold-bearing zones are similar to those of the AFZ prospects where there are trace amounts of pyrite, chalcopyrite, boulangerite, and arsenopyrite.

Queensway South Mineralization
A series of gold prospects located along the southern extension of the AFZ can be grouped into three different mineralization styles:
1. AFZ Core Analogous Mineralization;
2. Siltstone-hosted gold with intrusive mafic dyke swarm;
3. Epithermal Fault Zone.

Mineralization Analogous to QWN AFZ
The mineralization style of the Nebula, Devils Trench, Devils Pond South, and Camp Zone prospects is similar to that of the AFZ in QWN such that the gold is associated with quartz veining and accessory sulphides including pyrite and arsenopyrite and are located immediately east of the southern extension of the AFZ. These gold-bearing zones are defined by high-strain mineralized shear zones with an increased density of stylolitic quartz veins, hosted in the interbedded greywackes and siltstones of the Davidsville Formation.

VOA Option Prospects
Gold mineralization within the VOA Option prospects is characterized by high-strain domains in association with brittle faulting and increased density of cross-cutting stockwork veinlets hosted within interbedded siltstones and greywackes. Gold mineralization is commonly found associated with trace arsenopyrite and pyrite, with rare trace amounts of stibnite.

Twin Ponds Block
Gold mineralization within the Twin Ponds block was observed in two separate, although similarly altered host rocks. The first form of gold mineralization is associated with a broad deformation corridor containing a quartz veined zone with breccia, cockade, and banded textures, hosted in silicified siltstones with increased graphitic content. The second mineralization style occurs in an altered and silicified gabbro, suggesting that the gold mineralization in this area is the result of a hydrothermal setting associated with the emplacement of gabbro sills and related bodies where fluids have interacted with the mafic intrusive rocks and the host sediments.

Deposit Type
The Queensway Project is classified as an orogenic gold deposit, a globally significant deposit
type that hosts some of the richest gold systems known (Gardner, 2021).

Reserves

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Gold Metal in concentrate koz 561
Gold Metal in doré koz 933
Gold Payable metal koz 1,456
Gold Metal in conc./ doré koz 1001,494

Operational metrics

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* According to 2025 study.

Production Costs

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* According to 2025 study / presentation.

Project Costs

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OP OpEx $M CAD  ......  Subscribe
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Processing OpEx $M CAD 549.5
Refining and treatment costs $M CAD  ......  Subscribe
G&A costs $M CAD 188.7
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Pre-tax NPV @ 8% $M CAD  ......  Subscribe
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Personnel

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Workforce

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