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New Found Gold Corp V.NFG

Alternate Symbol(s):  NFGC

New Found Gold Corp. is a Canada-based mineral exploration company engaged in the acquisition, exploration and evaluation of resource properties with a focus on gold properties located in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Project, which comprises a approximately 1,662 square kilometers area, located about 15 kilometers (km) west of Gander, Newfoundland and Labrador, and just 18 km from Gander International Airport. The Queensway Project is divided by Gander Lake into Queensway North and Queensway South. The Company is undertaking a 500,000-meter drill program at Queensway.


TSXV:NFG - Post by User

Post by nozzpackon Nov 22, 2023 8:09am
232 Views
Post# 35747961

Development of Queensway North

Development of Queensway NorthI don't think that many shareholders yet realize that the timing and magnitude of QW North gold production is controlled by Maritime Resources.

Afterall, Maritine have the only excess milling capacity in NL.

Not only does Maritime have its own high grade gold to mine and mill , but the entry of Auteco which is now about to resume limited copper production has entirely altered the milling outlook for the three mills owned by Maritime ( 2) and Auteco ( 1 ).

Auteco,s mining costs will be reduced by close to 30% by milling its Ming copper-gold production at the nearby Pine Cove mill , rather than trucking its copper ore 44 km away to be milled at its Nugget Pond mill and then trucking it's copper concentrate another 145 km to its Deep Port storage center at GoodYears Cove.
This info is available from Ramblers 2018 FS.

Otherwise it's operating margins will be paper thin and very vulnerable to copper price volatility .

As well, the Pine Cove mill can produce copper and gold at the same time, upgrading the copper concentrate with Stoger tight gold production , resulting in a copper cost price net of gold credits close to nil.
For these and other obvious reasons , Auteco acquiring or merging with Maritime makes eminient sense, creating a Baie Verte NL mining powerhouse whose Hub and Spoke will be able to service and control mining activity in the NL region, including NFG.

That is, NFG should not assume that Maritime is its compliant vassal.
In fact, the reverse is much more closer to the truth 
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