New Found Gold to buy remaining royalty on Golden Bullet property for $1M

New Found Gold announced that further to its press release dated July 30, the company has elected to purchase the remaining royalty on its Golden Bullet property from three arm’s length royalty holders. As announced on July 30, New Found purchased 0.6% of the Vendors’ 1.6% net smelter returns royalty on the company’s Golden Bullet property and had the right to purchase the remaining 1% net smelter returns royalty from the vendors. The company has now elected to purchase the remaining royalty for aggregate cash consideration of $1M. The Golden Bullet property covers a key target area on the company’s Queensway Project including the extension of Keats South, as well as the TCH, Knob, Bullet, Rocket, Grouse and Quarry zones.