RE:New Found Gold
goldendomer68 wrote: Help. Does anybody have an educated estimate on what the AISC would be for the gold deposit so far delineated at Queensway. Also what an estimate of gold found so far. Thanks
That is a real hard question to answer. I did calculate that they had about 2 million ounces back in Feb but the past few months the I haven't kept up with the drilling results and I think the traditional way of calculating reserves is hard to use with this discovery because these high grade gold shoots go in weird directions so it's difficult for the ordinary guy to calculate. They have at least doubled the resource since I calculated the 2 million ounces a few months ago and I based it just in the Keats Zone. They have since doubled the Keats Zone and I didn't attempt to calculate the Lotto Zone because there wasn't enough information available as fas as I was concerned. So to answer your question my best estimate would be that so far they have discovered somewhere between 4 million and 6 million ounces of gold. But that is a very rough estimate because I'm not a geologist and I don't have all the available information and this is a very complex gold system because of the weird orientation of the high grade shoots of gold.
I have heard rumours that they hit another high grade zone which I am assuming would be the Knob Zone since they were drilling in there at the time when I heard that rumour a few weeks ago and they are still drilling in there. Roads are roughly and muddy on this side of the highway and I'm guessing they have been over there too long. Maybe two months at most. There should soon be some assay results coming from this new Zone if indeed that is the new high grade zone they encountered.
I was in there snooping around recently and I can tell you I was very impressed with what I saw. There was a network of roads neatly done and they have even put fresh grass along the edges of some of the roads and there was indeed two drilling companies onsite (Rally Drilling and New Valley Drilling) . They have a camp and drillcore shacks set up at the Town of Appleton Industrial Park. The drills are only about a mile from the Industrial Park. What a beautiful setup for a drilling operation. It's as good as it gets for this company with high voltage lines running across the property and the terrain is very favourable. Easy access to the site. You could literally drive a Toyota Corolla to the Keats Zone where the drills are located and get out with your sneakers in and not get mud or dirt on them. Crushed rock for the base of the roads and class A to cap them off on top. Very nice. The Keats Zone is parallel to a long linear pond which I'm pretty sure they have permission to drain. It helps when you have buddies in the govt. I'm thinking these guys plan on mining sooner rather than later because I don't think they plan on going anywhere soon based on what I saw. Very professional in my opinion and I have been to a few camps early in my life. You can tell these guy aren't messing around. My impression is these guys plan on building an empire with New Found Gold. I honestly don't think they plan on selling because there is far more valued to be gained from mining then selling. The cost to mine the high grade gold near surface at the Keats and Lotto Zones would be very cheap.
There have been two drills drilling on the main Keats Zone for months and it is peppered with drill holes. You can see these two drills from the highway. There was a third drill at the Keats Zone on the northern edge of it but there was a welder working on that one and didn't look to be in operation when I was there. There is a third drill on the Lotto Zone and I saw everything with my own two eyes and they are drilling away. Everything is exactly as they have described on their website and in the news releases. I saw two drills over on the other side of the highway in the area of the Knob Zone but the area over there is fresh and the roads are rough and muddy over there. And I heard there is currently two drills over around Pocket Pond and H Pond drilling on the JBP Fault but I did not see those drills. I didn't want to get my truck dirty. Lol
Ok I've got to go. I'm way behind schedule here today. Do not sell your NFG shares. I'm thinking at least 3 to 5 times your money at least from these levels. Just my honest opinion. Queensway is big and it's rich!!!