07:27 AM EDT, 10/15/2024 (MT Newswires) -- New Found Gold ( NFGC ) on Tuesday said it has elected to purchase the remaining royalty on its Golden Bullet property from three arm's length royalty holders for $1 million in total.

New Found purchased 0.6% of the vendors' 1.6% net smelter returns royalty on the Golden Bullet property and had the right to purchase the remaining 1%.

The property covers a key target area on the company's Queensway project.

"New Found finds itself in a rare and strong position with a minimal outstanding royalty burden, ranging from 0%-0.4%, covering key zones along the Appleton North corridor," said Collin Kettell, chairman and CEO of New Found. "Golden Bullet encompasses the recent discovery of deep mineralization at Keats South, as well as several other notable zones along a 5-kilometer segment of the Appleton Fault."

NFG edged down 0.01 to $3.34 on the TSX Venture last Friday, before the Canada holiday weekend.