When I first heard this track, the first thing that came to mind was: Bikers! So I did a Google! search for "Outlaw Bikers," then looked for "Canadian Bikers," and, finally, "Newfoundland Bikers." Looking over the links I came across this very interesting group: The Salvation Army Motorcycle Club. There's a Canadian branch of this started-in-Norway club, which goes with this track.
When you leave the old country for somewhere new, it's inevitable that something/one is left behind. There are numerous tales of emigrants who planned to work for a stake and go back home. Most found that the "Gold Mountain" was made of copper coins, and stayed longer than they had originally planned.
Great Big Sea's "Fortune's Favour" CD release liner notes are short on details and long on acknowledgments. (Do I notice a trend here?) Fortunately, such details are available at the band's website, which influenced which MP3s I uploaded. This Friday-night-at-the-dance track was left off "Something Beautiful," but here is the tale of a teen in a borrowed pickup truck in search of a dance partner.