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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 Apr 23, 2024 8:33am
147 Views
Post# 36002895

Why not Hope Brook or Cape Ray ?

Why not Hope Brook or Cape Ray ?

Hope Brook hosts ...

....an indicated gold resource totalling 16.19 million tonnes grading 2.32 grams per tonne gold for 1.2 million ounces .

.....and inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on a long-term gold price of $1,750 (U.S.).


...The deposit also hosts a total of 47 million pounds of copper mineralization in the inferred category.

..Cape Ray hosts 837,000 ounces at an average grade of 2 grams.

Of course, these deposits, like QW , are stranded resources as they have no production/ processing mills.

Thankfully, with 2 gold mills with 650,000 tpa, including copper floatation capability , Maritime's Hub and Spoke business model , will provide tolling solutions to enable production to begin on these stranded gold deposits.

So, why didn't NFG try to acquire , say, the Hope Brook mine which has an MRE of 1.5 m ounces instead of what might turn out to be moose pasture at Kingsway for $35 million and counting..



 

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