New Found Gold Corp V.NFG

Using Simple Gram Meters Drilled Model For QWN

[nozzpack]

This is an update of an earlier estimate, except that more detailed review of the 2024 TR and Marathons Valentine Lake has modified some of the input data.
First, just minor change in the Dimensions of these 10 prospects as defined in TR 2024.

Average Depth of the 514,978 meters drilled up to April 18/24 was 235 meters .There were not many holes deeper than 300 meters, so I chose that as the depth instead of 400 meters originally..

This reduces the tonnage drilled  to 1.38 billion tons and the tonnage drilled per meter to 4100 tons compared to about 5500 tons per meter previously .
Otherwise the computations are the same .

As a check on this critical estimate, I examined the V Lake data  as a reference .
The tonnage within the three optimized pits  was 609 m tons which with 359,000 meters drilled.

The RF was 0.72 which boosted the total pit tonnage to 845,000 tons  .

From this information, V Lake drilling within the pits averaged 2350 tons per meter .

However, V Lake used NQ cores with 47 mm internal diameter whereas QWN used HQ cores with an internal diameter of 63 mm.

Using Pi, the area of the HQ core was 3150 sq mm versus 1750 sq mm for the NQ core ..a ratio of 1.8 times larger sampling area for the QWN drills.

That is to say, if the HQ drill core had been used for V lake, the tonnage drilled per meter would have been 2350 x 1.8 =4230 tons per meter.

As this is statistically indifferent to the estimated tonnage drilled per meter at QWN ( 4100 tons per meter ), thtis gives me conviction that the volume of ore within which NFG drilled these 10 prospects is decently estimated.

The mean grades used in the Table below are raw and uncut ..ie including all blanks for all cores assayed which were 93 % of the meters drilled..ie very high sampling rate .

As theses do not include and definiton drilling ( fewer blanks ) , they would be under somewhat  estimated.

Also, they are not trancated for grade outliers which in a former post I found to be way outside the norm in other FS as to be of little concern.

V lake has 5.1 m ounces in the M +I + If categories at an average grade with a 0.3 gm cutoff of 1.8 gms per ton.

Based on tonnage drilled in these QWN prospects at the same grade ( 1.8 gms per ton )..1.8 times greater than V Lake ...about 9 million ounces would be the prorata estimate at 1.8 gms per ton

Of note also, the highest grade intercept among the V lake drilling was 25.6 grams per ton.
Compare that witl those  in these 10 Prospects.......

AIMHO

GLTA

Prospect	Drilled Meters	Volume Conversion factor	Volume Sampled  mil tons	Uncut grade ( gms/ton )	Contained  Gold   m. ounces
	A	B	C ( A x B )	D	E ( C X D / 31  )
Keats Main	85574	4100 tons / meter	350	0.67	7.6
Keats North	26920	4100 tons / meter	110	0.22	0.8
Keats South	30494	4100 tons / meter	125	0.14	0.6
Keats West	30774	4100 tons / meter	126	0.53	2.2
K2	27741	4100 tons / meter	114	0.36	1.3
Lotto	24238	4100 tons / meter	98	0.36	1.1
Lotto North	26252	4100 tons / meter	108	0.12	0.4
Iceberg	33642	4100 tons / meter	138	0.69	3.1
Iceberg East	21251	4100 tons / meter	88	0.23	0.7
golden Joint	29429	4100 tons / meter	121	0.34	1.3
Total  10 Prospects	336315	4100 tons / meter	1380	0.47	19.1
10  prospects	4100 X 400 X 300 x 2.8		1380

[unclebobby]

19.1 million oz and plenty more to come. Imo

[nozzpack]

This Gram-meter simple model is the same used by Eric Sprott who has many geological advisors. You might recall his 100 m ounces forecast for QW. The uncut grades ( raw )  used in my estimate of over 19 m ounces above 300 meters is based on huge sampling but includes a very high proportion of blank meters that were drilled. Using a 1 gram cutoff, the average grade rises to 11 grams per ton.