Miners Shine Following Foresight to Lead the Modern Gold Rush in Newfoundland
Tuesday, May 30, 2023
Newfoundland, a Canadian island off the east coast of the North American mainland, has emerged as a front-runner in the global gold mining industry. In recent years this resource-friendly jurisdiction has been the epicenter of a series of prolific gold discoveries, stirring up a modern-day gold rush that has captivated the attention of miners, investors, and geological enthusiasts worldwide. New Found Gold
(TSX-Venture: NFG) commands a nearly $1 billion (CDN) market cap as the leading gold play on the island with its Keats Zone and other discoveries. (NYSE-American: NFGC)
Newfoundland, also an energy powerhouse, still has untapped riches in high-grade gold deposits that have yet to be discovered according to geologists. Gold occurs naturally in quartz veins and volcanic units that are abundant in Newfoundland's geology, a fact that remained relatively untested until the last decade or so. The proliferation of new gold discoveries in recent years has triggered an economic boom for Newfoundland. Mining has overtaken fishing as the island’s principal economic driver, creating job opportunities and attracting a wave of skilled migrants, while spurring a boom in investments related to infrastructure, such as roads, ports, and other logistics essential for mining operations.
The turn of the tide can be traced back to a gold discovery in 2010 at what is now the Valentine Gold Project of Marathon Gold
(TSX: MOZ) . Starting back then at 280,000 gold ounces Measured and Indicated (M&I), the project is now shown to contain 4.0 million ounces of gold M&I and another 1.1 million ounces Inferred. The prolific streak of gold finds has continued unabated, with the most recent notable discovery at New Found Gold’s Queensway Project in the heart of the Gander Gold Belt. What’s different about NFG’s Keats Zone and other discoveries in the immediate area is the exceptional high-grade nature of the gold, with intercepts such as 146 g/t Au over a core interval of 25.6 meters at Keats. Remodeling of orogenic gold systems in Newfoundland has opened up incredible new possibilities for Fosterville-type deposits across vast areas. (OTCQX: MGDPF)
A series of known parallel trends sweeps across the island, but they are still largely unexplored, while entirely new trends are also possible.
The new kid on the block is Gander Gold Corp.
(CSE: GAND) . They need to be watched closely because for the past two years, Gander has carried out a district-leading soil sampling program combined with extensive geophysics, mapping and ground-truthing. Results at several projects have been extraordinary. While other juniors rushed to drill their properties during the 2021 Gold Rush, Gander methodically and systematically explored a dominant land package of 2,300 sq. km to “prep” it just perfectly for first-ever drilling starting in 2023. That process has now started, with RAB (rotary air blast) drilling commencing in mid-May to prioritize diamond drill targets. Current drilling is expected to continue non-stop well into the summer. (OTCQB: GANDF)
To put Gander’s land package in perspective, understand that it’s almost 4 times the size of the city of Toronto and nearly three-quarters the size of the U.S. state of Rhode Island.
As detailed in a
new corporate video, Gander Gold, the company proud to be “All Newfoundland, All The Time,” is rapidly advancing 8 major claim blocks on the island. This previously undrilled virgin territory is littered with high priority targets discovered via scouring historical geophysical and geochemical data in combination with modern exploration techniques by the company. Gander Gold’s recent work has included a Newfoundland-best 39,000 soil samples, extensive geophysics, and a litany of “boots on the ground” mapping. The early work points to a strong trend of mineralization moving east-northeast for more than 20 km across Gander North, for example.
The initial focus is the massive 485 sq. km Gander North Project, starting about 15 km east of the Keats Zone discovery.
Gander Gold President and CEO Mark Scott says Gander North by itself has the potential to be a “company maker,” but it’s only one of eight Gander properties on the island. The former Vale Canada VP isn’t the only one that’s bullish on the opportunity. Shawn Ryan, widely known as Canada’s most famous prospector, and Technical Advisor to Gander Gold, sees a bright future for the company with its projects.
The money is there - Gander Gold closed an over-subscribed non-brokered private placement with strategic investors for total gross proceeds of $4.0 million in September to fund its explorations; The team is there - Ryan almost single-handedly kicked off the 2009 Yukon Gold Rush and has now partnered with Gander Gold; Insiders are committed and there – Eric Sprott and Sassy Gold own 50% of the stock, and just a small handful of other long-term investors own another 20% (there are also virtually no warrants outstanding); The jurisdiction is there – pro-resource Newfoundland is ranked 4th in the world for mining attractiveness according to the latest Fraser Institute Annual Survey of mining companies; The gold is there – deposits are going into production, others are increasing in size, and new ones are going to be found.
Gander Gold is in an enviable position.
Gander Gold Corp. (CSE: GAND) (OTCQB: GANDF) Full Corporate Write-Up:
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