Iceberg Research, which doesn’t state where it’s based or who runs it beyond a founder’s pseudonym of Arnaud Vagner, noted New Found Gold has drilled the extraordinarily large amount of 563,000 metres since acquiring the project in 2016. But it has yet to release an initial resource.
Iceberg alleges the company is trying to hide the project’s lack of consistent gold mineralization and publishes difficult-to-read drilling program cross-sections to obscure the fact. The researcher criticized CEO and chairman Collin Kettell as a stock promoter with a history of poor mining investments. It also noted the British Columbia Securities Commission has twice determined New Found Gold issued misrepresentative statements.
“Management has been actively re-marketing this old deposit, but we believe the same issues that plagued previous operators — above all a lack of continuity — remain unresolved,” Iceberg concludes in its…
