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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. The Company is 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 an 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 also owns a 100% interest in the Kingsway property, which consists of 264 claims on three licenses covering approximately 77 square kilometers. The project is located approximately 18km northwest of the town of Gander, Newfoundland. The Company is undertaking a 650,000-meter drill program on Queensway. It has royalty interests underlying Keats South and several additional zones in Queensway.


TSXV:NFG - Post by User

Post by Flyderon Jul 29, 2021 9:22am
184 Views
Post# 33620199

Drills and drill crews

Drills and drill crewsAL - you said:

I didn't think a junior gold exploration-stage company would arrange to purchase or rent their own drills and then try to hire hire drill crews separately.

Sometimes that does happen

Instead, I thought the gold company hires a drilling company and the drilling company provides both the drill(s) and the crew(s) neeed to operate it, with the gold company and drilling company establishing a contract re.term and total compensation....?

What usually happens

It seems that, unless NFG is paying for the rentals of any idle drills sitting on their property without drillers/crews to operate them, a drilling company would only want to deliver a drill to a site and leave it there if they can also provide the crew to begin operations and earn money

Sometimes the drilling company will charge Standby if their drills are sitting idle, but in the case where the drilling company can't find crew to operate them, the exploration company wouldn't be responsible for paying Standby.  

A good driller is very hard to find these days, but 'green' helpers are a dime a dozen.  Green helpers generally catch on pretty quickly, but for sure an experienced helper makes a difference on efficiency of operations.

Drilling companies across the country are vying for the good drillers by offering higher and higher wages and bonuses.  Those higher costs get passed on to the exploration company.  It's a 'Driller's Market', and they make very good money. 

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