- Write by:
-
Tuesday, December 15, 2020 - 7:07:15 PM
-
458 Visit
-
Print
Mining News Pro - New Found Gold has been added to the VanEck Vectors Junior Gold Miners ETF (GDXJ) pursuant to the fund’s Q4 rebalance, with the anticipated rebalancing to be complete by December 18, the company announced on Monday.
The VanEck gold ETF gives investors exposure to some of the largest gold mining companies in the world, delivering what can be thought of as “indirect” exposure to gold prices. It seeks to match as closely as possible the price and yield performance of the AMEX Gold Miners Index.
New Found Gold is currently advancing its flagship Queensway project located 15 km west of Gander, Newfoundland, where drilling last winter returned the highest grade intercept ever recorded in the province.
The company followed up that discovery with a planned 10,000 m drill program this year, which returned more high-grade results from the Keats and Lotto zones.
Drilling success has sent New Found Gold’s stock up by more than 300% since its initial public offering in August, which attracted interest from high-profile investors in the industry. Major shareholders in the company currently include Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%) and Rob McEwen (7%).
“New Found’s inclusion in the GDXJ is a milestone for the company, reflecting successful execution of our exploration program at the Queensway project in central Newfoundland,” New Found Gold CEO Craig Roberts said in a press release.
“The initial drilling from our 100,000 m program at Queensway has delivered some outstanding high-grade intervals over significant widths at both the Keats and Lotto zones, separated by 2 km along the Appleton fault zone. This has significantly increased the company’s market visibility and liquidity, bringing additional trading flexibility and value to our investors.”
Shares of New Found Gold surged 13.4% by midday Monday on the TSX, sending the company’s market capitalization to C$628.5 million.
Short Link:
https://www.miningnews.ir/En/News/609749
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Ucore Rate Metals (TSXV: UCU) has deemed a 26-tonne sample of mixed rare earth carbonate (MREC) from the Wicheeda mine ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Australian Strategic Materials ASM.AX said on Friday it has received a non-binding letter of interest for a debt funding ...
No comments have been posted yet ...