RE:RE:RE:Great Bear vs New Found Gold
Gangsterme wrote: Quality of ounces? What is this? Many obviously do not have an understanding of assaying or grade.
Gold is gold. Pure gold is 24 karat. 10 karat is 10/24.
Grade is its amount of pure gold, ie 24 karat gold, per.
I think I explained it very well in my previous post. Listen to Eric Sprott and you might learn something. It's all about grade. You can't beat grade. Not all gold is of the same value when it's in the ground. There are a lot of factors that determine the economics of a gold deposit and the grade of the deposit is first on that list. The higher the grade means it's most likely much more profitable to mine unless there are other negative factors which isn't the case with New found Gold. It doesn't get any better than the situation at Queensway.
So it's possible to have ten million ounces of low grade gold in a deposit but if it's not economical to mine it's essentially worthless. It's high grade waste. Lol I wouldn't call that high quality ounces. Now if NFG proves up ten million ounces of high grade gold at 10 g/t or more than that would be some very high quality ounces of gold right there which would generate incredible profits for shareholders. And chances are the average grade of gold at Queensway will be a lot higher than 10 g/t possibly as high as Fosterville or even higher and with multiple high grade zones all beginning near surface you've got something very special.
So what I'm getting at is it isn't just about how many ounces of gold a company has in the ground. Ore is an economic term. If you got ten million ounces of gold in the ground but it isn't economical to mine (due to several factors most likely) then it's worthless and you don't have one ton of ore.
I can assure you that the gold that New Found Gold has discovered at Queensway is considered extremely high grade gold. It will be high grade ore. They have some of the very best intersections of gold on the planet and it will be very very profitable to mine. Eric Sprott is no dummy. He isn't buying millions and millions of shares of NFG just for the hell of it. Any he doesn't buy stocks unless he can see making several times his money on his investment. NFG will be going much higher. You can take that to the bank!!!