New Found Gold Corp V.NFG

Press release

[Retiredgeo]

A superior version of todays press release can be found on the home page.

23-1040 is an impressive result which yielded 12.85 g/t over 47.9 m (this includes the barren gap).  Once again don't think underground mine, think open pit.  This is a spectacular open pit result which most exploration companies would kill for!  In an open pit model no one cares what vein widths are.  The shorters are trying to make hay out of vein widths.

23-1155 only caught the refractory halo because it was too high up.  I'm not sure what the other three holes were about.  They appear to be theory busters.

The only down side to this press release is that it was more infill than anything else.  Keates West remains 250x305x30 m in size.  If it wasn't for 23-1040 they probably would have delayed another week before releasing.

[MrDales62]

Never like seeing these three words. NO SIGNIFICANT VALUES. GLTA

[snooker1797]

apreciate your imput. don't know what theory buster means- is that good or bad ?

[Retiredgeo]

As a geologist on the surface you have no good idea of what the rocks look like deep underneath your feet.  You come up with educated guesses/theories as to what they might look like.  The only way to test your theory is to plunk down a drill hole and extract a core.  Sometimes you are right but most of the time your theory is busted - no significant results.  You learn from

[SeismicSurvey]

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[Gangsterme]

Exactly why they are going to use seismic surveying to help determine best location, drill angle and depth to drill. The info then gathered will determine the scope of the mineralization.

[snooker1797]

thanks for the explanation.

[Flyder]

RetiredGeo, you said: "If it wasn't for 23-1040 they probably would have delayed another week before releasing." This speaks to what is considered "material information", I'm assuming.  I'm curious about what is considered 'material'.  If they get a huge batch of results back from the lab that are, say, all I'm wondering because it seems the

[NightManager]

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[Retiredgeo]

Material information is information which relates to a material change in the company's wealth or status.  More of the same doesn't qualify.  A huge pile of negative results might qualify if they undermine previous positive results.  By themselves negative results change nothing. In the past they have released piles of background results which they had been sitting on. 

[Flyder]

Agree.  I considered that the assay labs may not have resolved their turn-around times, after all.  I don't know why, but that might be the sad case.   Thanks for the reply - that all makes sense.

[Gangsterme]

Question for you, retiredgeo. Can you explain how many assays would be done on one drill hole. It would,obviously, be determined by the visual inspection to determine whether or not assaying is needed, do not assay the wrong rock. Would it be every 1/2 meter or 1 meter or just where the core broke? Is this determined by NFG's onsite geologist?

[Retiredgeo]

The details are at the bottom of every press release.  The drill geologist selects core lengths for assay, usually in 1 m lengths.  The number could be anywhere from zero to hundreds.  22-1040 probably had 50 or more. I interpret 60,000 metres awaiting assay as 60,000 1 metre samples but I'm guessing.  22-1040 was one of last years holes.