07:29 AM EDT, 07/03/2024 (MT Newswires) -- New Found Gold ( NFGC ) said on Wednesday that it began surface trenching at the Iceberg Zone at its Queensway Project, located on the Trans-Canada Highway near Gander, Newfoundland.

The Iceberg surface trenching program will focus on excavating 1 to 12 meters of overburden that covers the projection of the Iceberg Zone at the bedrock surface. This is expected to expose 220 meters of strike length over a 105-meter wide area.

The excavation of overburden covering the surface of the zone is expected to allow for a detailed analysis of the geological and structural models currently defined through drilling, the company said.

New Found Gold ( NFGC ) expects to complete the trench in 8-10 weeks. A detailed geological mapping program will be completed in the fourth quarter.

On Tuesday, the company's shares slipped about 3% in Canada and 2.5% in the U.S.