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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

Comment by Gangstermeon Dec 07, 2024 10:29am
94 Views
Post# 36350904

RE:Retiredgeo..........................

RE:Retiredgeo..........................Barrick Gold's Hemlo mine started as an open pit before going underground. Dome mine also started as an open pit. I worked at an  open pit asbestos mine in Quebec that went 600 or so feet deep and then went underground. It is all about economics. The deeper you go the stripping ratio rapidly increases. Try an visualize being in a pit 10feet deep and you want to go 10 feet deeper. You have to remove all the side rock all around the existing pit to permit you doing this safely. Notttoo much, however if you are 300 feet deep, now look at how much rock needs be removed in order to excavate, and the gold in those last 10 feet needs to pay for all the extra rock removed. You can see that the stripping ratio at that depth is huge, thus although mining UG is more expensive per tonne the stripping ratio makes it more economical.
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