New Found Gold Corp V.NFG

Proxy Based Reserve Estimates for QWN Top 7

[nozzpack]

 Three orgenic gold deposit   Feasability Study Estimates of gold Reserves contained within their optimized pits  along with the meters drilled to arrive at those estimates and Reserve grades were used to estimate Gold Reserves of the top 7 QWN discovered prospects, based on combined meters drilled and average grade as extracted from the 2024 Technical Report.

The scalar parameter was FS Reserve Ounces per 1 million meters drilled,  as stated in the specific FS TR.

This parameter for each orogenic FS was then applied to the number of meters drilled for the top 1 prospects, and then adjusted for the grade ratio between the proxy grades and QWN 7 average grade above 1 gram.

That grade is based on about 500,000 1 meter assays.


Al quite simple and straight forward.

There is good consistency in the three Rerserve estimates for the QWN 7 combined prospects , with the average being over 15 million ounces .

Average depths drilled for QWN 7 would be less then 300 meters .

To be conservative, divide by 2 which would result in over 7 million ounces of gold reserves shallower than 300 meters for a portion of the near 20 prospects drill discovered todate.

This would be sufficient to sustain  300,000 ounces of production per year for 20 years or so.

Leverage is the QWN average grade, which is the key point of discussion.
I look forward to those comments.
GLTA

Mine	FS Meters Drilled	FSGold Reserves M ounces	FSAverage Grade gms /ton	FS ounces per meter drilled	QWN7  Reserves Unadjusted for Grade	QWN7 Reserves Adjusted for Grade
	A	B	C	D = B / A
Valentine Lake	428,000	2.7	1.6	6.3 oz/ m	2.1	14.5
Goldboro	122,000	1.2	2.3	9.8 oz / m	3.3	15.7
Lynne	319440	2.5	1.7	7.8 oz / m	2.6	16.8
QWN 7 Prospects	336,000	NA	11	NA	2.7	15.7

[explogeo]

So you're saying that Goldboro (15.7) has more adjusted reserves than Valentine Lake (14.5)....? Goldboro is a great little project but shouldn't be compared to Valentine or QWN. Could you clarify column C; you have gms/ton, GMS is grams per square meter. I'm assuming you simply mean grams/ton? Average grade for QWN 7 is 11g/t for all 336,000m.....? Could you show the data to support

[nozzpack]

You seem to have comprehension problems . Goldboro as clearly shown has 1.2 m ounces of Reserves which is much less than V LAKE. 15.7 million ounces is Goldboro's extrapolated estimate of the QWN 7 prospects Reserve ounces, 14.5 m ounces being that extrapolated from V LAKE drilling statistics . The average grade of QWN is that at or above a 1 gram cutoff as provided in the 2024 TR.

[explogeo]

Thank you for clarifying. I appreciate it. I truly hope you're right because the maritimes need a big profitable mine. I unfortunately was not able to run a resource while I had my leapfrog license. I had a video conference call with an experienced modeller and they're first reaction was "Holy, that's high grade!" but they found the data that the company provided insufficient

[nozzpack]

These are estimated ounces of 1 gram per ton or greater. The average depth drilled is about 275 meters , so those ounces would be  relatively shallow and not within undrrground depths. I have looked at potential biasses in the average QWN grade used as leverage . It could be argued that , at a cutoff grade of 1 gram, the QWN grade is biassed upwards relative to the average cutoff grade of