New Found Gold Corp V.NFG

Alternate Symbol(s): NFGC

Metals & Mining Gold

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.

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New Found Gold Corp > Updated Alternative Estimates of IceB/ K2/ KW

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Post by nozzpackon Sep 18, 2023 9:30am

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Post# 35641092

Updated Alternative Estimates of IceB/ K2/ KW

Earlier I provided an estimate of 4.8 m ounces calibrated to Marathons F Study of density of Measured and Indicated gold ounces below a square meter of measured surface resource area of 3 recent discoveries at QWN.
I have reviewed the data in the January 23/23 technical report which is mostly pre 2023 drill results .
I was looking for the waste percentage ( non economic grades ) of drilled volumes .

I found 3 estimates, all from Keats zone .......96.1 % ( KMain ) 97.6 % ( Knorth ) and 94.6 % KWest

The average waste % was 96.1 % of all intercepts which means that 3.9 % were of economic grade .
As just posted from 2023 drill results , high grade gold in 2023 has been found to at least 260 m ( 400 m **65 % ).

In the Table below..reposted from an earlier post..the auriferous surface area has been measured to be 391,000 sq m .

Using SG of 2.75 tons / sq m , we can now calculate the volume of potential drilled resource as ..

391,000 sqm ** 260 m depth ** 2.75 tons/sq m = 280 m tons of driled rock.

Of this amount , just 3.9 % , based on the 2023 TR , contains economic grade gold in those 3 discoveries .

Which is 280 m tons **0.039 = 10.9 million tons of economic gold .

Earlier, I estimated an average intersect grade of 16.5 grms per ton for Iceberg at depths to 200 m ( TVD = 130 m ) .

So, applying this grade to 10.9 m tons , we have 5.8 m ounces of gold ( 10.8 m **16.5 grams/31 ) in these three new discoveres at shallow depths sufficient for open pit mining .

This compares to 4.8 m ounces based on the surface calibration to Marathons V Lake FS ( economic) ccontained gold ( see table below ) .

From these two estimates, it can now be asserted with increasing confidence that open pit mining of shallow gold resources in these three zones will have about 10 million tons of economic ore containing about 5 m ounces
.

2019 Marathon assays

https://www.globenewswire.com/news-release/2019/11/18/1948594/0/en/Marathon-Gold-Reports-Final-2019-Infill-Drilling-Results-for-the-Marathon-Deposit-Valentine-Gold-


MOZ	Dimensions ( M )	SQ Surface Area	Mean Grade ( Gms /ton )	Contained ounces ( M )	Gold density beneath 200 m

Marathon	1500 x 125	188,000 sq m	1.76	1.70
Leprachon	900 x 75	68000 sq m	2.15	1.08
Berry	1500 X 40	60000 sq m	1.97	1.09

MOX Total		316,000 sq m	1.90	3.9	12.3 gms / sq m

NFG

K2	410 x 395	162000 sq m
Iceberg	665 x 200	133000 sq m		(4.5 )	34 gms / sq m )
Keats W	305 x 315	96000 sq m

NFG Total		391,000 sq m	(1.90)	(4.8)	(12.3 gms / sq m )