Comments on NFG Drilling Program Update
From the NFG press relase today:
"Since commencing its 200,000m drill program in August 2020, New Found has completed 160 diamond drill holes for a total of 35,756 meters.
There are currently 7 drills operating on the Queensway Project.
To support the planned grid drilling at the Keats and Lotto discoveries and to pursue the planned drilling of multiple targets along 7.8km of the Appleton Fault Zone and 12.4km along the JBP Fault Zone, as well as to execute on the planned regional drilling along these corridors, the Company has decided to increase the drill count at Queensway North to 10 drills.
The 8th and 9th drills are on site and anticipated to start by the end of April, with the 10th drill anticipated to start by mid-May."
My observations re. the above quote:
1) Since August 2020 NFG has only drilled approximately 36,000 total metres. That tells me they must have well over 160,000 metres to go on their current drilling program since the 200,000 metre program was only announced January 6, 2021. With 10 drills anticipated to be in operation starting mid-May, I suspect assay results will continue to be released every one to two weeks which, if impressive, will further boost the share price.
2) Let's not forget that NFG has TWO faults running through their property all the way down to the southern boundary of Queensway South (Appleton and JBP). The quote above indicated that NFG will be utilizing their 10 drills not only to pursue new holes at both the Keats and Lotto target areas along the Appleton Fault, but will also drill holes in a portion of the JBP Fault. If NFG can hit holes even half as good along JBP, look out.
3) These drill sites only represent a small portion of the two faults that run though NFG's property, so there's enormous potential for future drilling along these tremendously long faults on NFG's property.