New Found Gold Corp V.NFG

Cost to complete recommendations in Revised tech report

[suregold2]

Exploration Update
Queensway Project
May 31, 2022
240
Table 26–1. Summary of Phase 1 recommendations and estimated costs.
Estimated
Cost ($C)
Geophysics & Interpretation $8,415,000
QWN − Direct Current resistivity Induced Polarization (DCIP) survey $750,000
QWN − 3D seismic survey $7,000,000
Geophysical interpretation $300,000
Geological interpretation and modelling $300,000
Gander Lake bathymetry survey $65,000
Surface Exploration $1,620,000
QWS − Prospecting and geological mapping $1,000,000
QWS − Till program $200,000
QWS − Soil program $400,000
QWS − Trenching $350,000
QWN − Keats trenching $150,000
QWN − Joe Batt’s Pond trenching $150,000
Environmental and Social $1,100,000
Aquatics (streams and pond baseline studies) $100,000
Water monitoring program $250,000
Flora and fauna surveys $100,000
Seasonal 3D ground water modeling $100,000
Habitat studies $50,000
Incidental wildlife studies $50,000
Socioeconomic studies $100,000
Reclamation options $350,000
Drilling $62,900,000
QWN − AFZ and JBPFZ diamond drilling (212,000 m of HQ) $56,180,000
QWS − Greenwood and Paul’s Pond diamond drilling (12,000 m of HQ) $3,180,000
Twin Ponds − Diamond drilling (6,000 m of HQ) $1,590,000
QWN − JBPFZ RC drilling (10,000 m of 60.3 mm inner diameter CIP) $1,950,000
Analytical Procedures $190,000
PhotonAssays and screen fire assay comparison (1,000 samples) $100,000
Lab density measurements for gamma-gamma calibration (4,250 samples) $65,000
Gold grain size study (20 samples) $25,000
PHASE 1 TOTAL (with 15% contingency) $86,000,00

Exploration Update
Queensway Project
May 31, 2022
241
Table 26–2. Summary of Phase 2 recommendations and estimated costs.
Estimated
Cost ($C)
Drilling and Geotechnical $66,450,000
AFZ and JBPFZ diamond drilling for prospect identification (100,000 m of HQ) $26,500,000
QWN − Infill diamond drilling for inferred mineral resources (100,000 m of HQ) $26,500,000
Step-out diamond drilling to close off prospects (50,000 m of HQ) $13,250,000
Geotechnical study $200,000
PHASE 2 TOTAL (with 15% contingency) $77,000,000

[suregold2]

That totals $163 million, so going to need to raise significant funds by year end most likely. With share price in toilet we had better hope it improves dramatically soon. I and one other poster here have been down this road before and dilution matters, I can assure you!

[megacopper]

  Phase 1 drilling has already been completed with more than 200k meters of drilling finished. They even had a cake to celebrate the occasion. So that $86 million has already been paid for.  Phase two with the remaining 200k meters has yet to be paid for. The company is fully funded to cover this cost with New Found Gold recently reporting $87 million in the treasury. But yes

[TheGreekGoldGuy]

Megacopper, why don't you have those guys on ignore? They are not worthy of a response.

[DanWarren]

This post has been removed in accordance with Community Policy

[likeike]

TheGreekGoldGuy wrote:Megacopper, why don't you have those guys on ignore? They are not worthy of a response. ....GGG, somebody needs to respond to the FUD posters of the Shorts..... I still think that the constant pressure put on the stock by the Short position, has put the stock down significantly below what it would have been if no Short position had been acting on the stock.....notice

[suregold2]

agree, but these project burn cash like a flash fire. They will need to go to market well before cash runs  out. And interest rates will be exhorbitant by year end  most likely, so dilution occurs no matter how you slice the cake. If share price goes back to old highs then not a big issue, but at $5 it will be huge problem. All I am saying is share price needs to go up big time or

[BetontheFed1]

Future pp's will go to ES.  Especially at the current share price.

[itsjustme1]

Suregold2 ,they don't like to hear about that kind of stuff on this board. You will be shite on for even thinking such negative thoughts. Many heads buried deep in denial here.

[AlwaysLong683]

My hunch is NFG will do their next equity raise (in all likelihood with Eric Sprott) at around the same time as last year's (October / November). Not sure when the 87M figure for cash plus marketable securities was last updated on NFG's web page, but NFG's financial statements as at March 31, 2022 (exactly three months ago) showed: 85M in Cash 22M fair value of securities as at

[megacopper]

    Using Marathon Gold as a model for a possible similar credit facility you can read the key facility terms below as to what NFG will need to do to secure funding.    Marathon Gold Closes US$185M Credit Facility for the Valentine Gold Project T.MOZ | March 31, 2022 TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- 

[AlwaysLong683]

MOZ is in the process of building a mine ("Valentine Gold Project") with a first pour target being the end of 2024. The lender is likely giving MOZ a one-year grace period in case the first pour is delayed. MOZ is almost at the end of the permitting stage (a long and drawn-out process that has taken quite some time to get final approval from both the Newfoundland and Canadian governments

[braindeadoldguy]

This post has been removed in accordance with Community Policy

[eldreco]

Amen, Braindead! el d

[AlwaysLong683]

Palisades is in the equity financing business (private placements, preferably with warrants attached). From the Palisades website: "Since the start of 2020 Palisades has financed over 100 juniors through private placements with full warrants and at a discount to market.   Palisades will ride the bull market’s exponential rise, even further leveraged to the upside through this