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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 nozzpackon Jul 02, 2024 12:31pm
137 Views
Post# 36114634

Found an excellent ExtraPolation Example for NFG

Found an excellent ExtraPolation Example for NFGMontage ( MAU ) Kone  open pit .

102,000 meters of drilling defines an open pit containing 380 m tons of drill defined ore.

90% is Indicated on a 50 m by 50 m spacing and 10% Inferred on a 100 by 100 m spacing .

These spacings should be similar to NFG , an exploration company yet to proceed with high density definition drilling.

The tripartite proxy model  comprised of  average tons per meter drilled ...1600 tons per meter... would predict about 165 million tons of ore ( 102,000 meters X 1600 ) .

This is less than 50% of the actual value  due to the much lower 25 m by 25 m spacing of the definition drilling conducted by the three FS used as proxy .

In fact , the actual number of tons per meter drilled for Kone is about 3700 tons per meter ( 380 m tons divided by 102,000 m ) .

This confirms the level of my injected bias contained in my estimate of over 7 million open pittable ounces in my post of Yesterday .

The Kone clone of similar drill spacing , suggests that the actual number of ounces for NFG  shallow prospects could be closer to 15 million ounces 

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