Maritime Resources Corp V.MAE

News.. NFG To Define Resource Levels for first Production

[nozzpack]

Including PEA which completes the process needed for first production by Q2 of 2025.

Timing is very consistent with planned expansion of the Pine Cove Mill in H2 of 2025..

 

New Found Gold begins PEA work for Queensway

 

2024-11-06 16:50 ET - News Release

 

Mr. Ron Hampton reports

NEW FOUND ANNOUNCES INITIATION OF MAIDEN RESOURCE AND PRELIMINARY ECONOMIC ASSESSMENT FOR THE QUEENSWAY PROJECT

New Found Gold Corp. has begun work toward a maiden resource estimate and preliminary economic assessment (PEA) for the Queensway project, which comprises a 1,756-square-kilometre area, accessible through the Trans-Canada Highway, 15 kilometres (km) west of Gander, Nfld.

Highlights:

 

• The company has engaged SLR Consulting to deliver a maiden resource estimate and PEA, with an anticipated completion date of Q2 2025.
•  
• The appointment of SLR to deliver a maiden resource and PEA is an important milestone for the project as it will provide the first assessment of mineral inventory and project economics, including cash flows, NPV (net present value), IRR (internal rate of return) and payback period. 
• SLR, including its mining advisory group (formerly Roscoe Postle Associates Inc.), is a leader in mineral resource estimation and mining project advisory with extensive experience in estimating gold mineralized systems with recent involvement with projects on the island of Newfoundland, including producing mineral resource estimates, mining studies and National Instrument 43-101 technical reports. SLR's mining advisory services include geological, mining, metallurgical, tailings and environmental consulting.
• The goals of the resource estimate and PEA are to identify possible project development scenarios and demonstrate the financial potential for the project. In addition, the PEA will define work programs that will allow the company to advance the project.

 

Ron Hampton, chief development officer of New Found, stated: "We are excited to initiate this study work that will be invaluable to defining our strategic development pathway. We believe the resource estimate and PEA is an important step in understanding the value potential of the project and will provide the company with a clear path forward to continue advancing Queensway."

[nozzpack]

Ron has done a great job since being hired in 2022 as mine development CEO for NFG. Lots of red tape and administrative loop holes to jump through but the NL Govt has been very accomodative in accelerating all approvals. Its goal is at least 5 new mines by 2030, so they are motivated as well. Lemme see....V Lake, HD, NFG, Ming Copper and Hope Brook looks almost certain . We May be involved with

[nozzpack]

With an MRE and PEA and with all permits, NFG would almost certainly be moving into a substantial bootstrap production mode by H2 of 2025 coincident with Maritime's ramp up of HD. Hence the need for stated expansion of the Pine Cove mill at that time. My analytics of the Keats Trench suggests annual production could be sustained at 75,000 ounces per year for 5 years or more . Along with 75

[shiftyone]

Does NFG have all the required permits?  If not, have they applied for what is required?  And if not, will they possibly apply for such permits after the MRE and PEA if it looks feasible to toll mine with MAE?

[nozzpack]

Hardly any permits are required for toll milling , as the milling is offsite at Point Rousse which has all of the permits. They have permits for blasting and excavation as part of the exploration program. Ron has stated that permits for any such boot strap mining milled offsite can be quickly acquired. FWIW