RE:RE:RE:RE:QHeldreco wrote: I am so glad that you are not claiming to be Dog...when you can't even spell it properly! LOL
GGG is big on this...Fosterville never released a Resource estimate that was more than +2 mil ounces...which they would mine...and then come up with yet another 2 mill ounces. Magic! Has been going on for years....and has made a lot of the old do-re-mi in the process.
So, I totally agree with what you say, Braindead, it is a real conundrum with this nuggety stuff. But I am not running away...how about you?
el d
braindeadoldguy wrote: Alright, a stupid question maybe, but how can you 43-101 a resource that is orogenic in nature,
being sectioned up all kinds of ways, narrow high grade with strips of low or no grade inbetween,
and who know how the geology looks. It sounds like a very difficult thing to do, and perhaps why
Fosteville never put out a resource estimate of more then 2 million ounces at a time.
To say there is X number of ounces is a tough call, I think, but I am no goe. This has to be a new experience for someone, or let's say for all of them involved.
Cheers
The GreekGoldGuy is very astute but I have to make a minor correction and I'm just going by memory here so forgive me if I'm off by a little bit. I do believe shortly after the discovery of the Eagle and Swan Zones in the Lower Phoenix Gold System at Fosterville that the total reserves did hit 2.7 million ounces at the peak in perhaps 2016 or 2017. There are many zones at Fosterville just like there will be many zones at Queensway however the largest high grade gold reserves came from the ultra high grade Swan Zone and that was a game changer for the legendary mine that is still one of the richest gold mines in the world. Believe it or not Queensway will be better someday for whoever gets the privilege of putting it into production. Just sayin.
The reserves fluctuate every year at every mine in the world. Although, the Fosterville mine is unique because like TheGreekGoldGuy so astutely points out the total reserves rarely gets above 2 million ounces but yet it produces over 5 or 600k ounces a year like clockwork for like 6 or 7 years now and it just keeps delivering. Actually I think it has produced over 600k ounces the last few years. They just keep finding more and more high grade gold as they go deeper. Sound familiar.
The Lower Phoenix Gold System at Fosterville is very similar to the Keats Zone of course the story at Queensway is just getting started and they are only down to a vertical depth of 400 meters and already it's longer than the high grade gold at Fosterville. Can you say WOW!!! The Phoenix Goid System at Fosterville didn't even begin to hit the good stuff until the 800 meter mark. Queensway might have two Fosterville's in hand by the time they get that deep and probably another two Fosterville's after that once it gets down to the 1500 meter depth at Fosterville where they are currently mining. Oh yeah and Queensway has the Golden Joint and Lotto Zones but forget them for now because that is just the icing on the cake for now, although it's going to be a very thick rich layer of icing by the looks of it.
The exact same pattern of mineralization that occurred at Fosterville is already emerging at Queensway and that is why Quinton Hennigh is so excited about NFG. The similarities with Fosterville are absolutely astounding in every way. Except Queensway will be bigger and better. Eric Sprott and Quinton Hennigh have known for a long time now what is happening at Queensway and it is why Quinton is getting so frustrated with the market's inept ability to understand this discovery at Queensway. His brain doesn't compute why the market doesn't see what he sees. It's difficult for a guy like Quinton to lower himself to the average guy on the street but I have to say he does a good job of it with his burrito analogy. He will soon be calling the Keats Zone a Mega Burrito or a Godzilla Burrito. Stay tuned.
Oh well the market will eventually figure it out but when that day will come is anyone's guess. I have done a tremendous amount of research on Fosterville reading over technical reports for hours and hours over the last 18 months so I can save you guys the misery of reading them. Queensway is Fosterville on steroids but there are very few people that recognize it and hence the reason for the stock's lacklustre performance over the past 6 months along with this so called assay bias. What a joke that turned out to be and I have my own theory on that mess. Anyways that is behind us now so it's time to get down to business. The next few months should be very exciting for NFG and its neighbours. Buckle in and get ready for some fun because the best is yet to come. Go NFG!!!