Loading ...New Found Gold
I was wondering if anyone in the community has any insights into what happened with New Found Golds core samples.
I am aware that they got varying results from different labs and they are now going to use a LAB in Australia that will provide more accurate results using a more advanced technology. This is the OFFICIAL story.
I am just wondering if anyone had access to more discrete resources/insider info of what is going on.
I ask because I own some Labrador Gold, the neighbour to NFG.
Price is really cheap to but more but on the other hand one should never catch a falling knife.
Or as Warren Buffet said about cost averaging down on stocks, ‘you don’t cut the flowers to water the weed” LOL.
I was around when BreX went awry … is this rhyming?
Appreciate any insights.
Cheers
Rob
No news yet from standard sources. LAB and NFG have gone “Silent Service.”
https://www.youtube.com/watch?v=XHcicudhMPE
Novo res. using the new lab as well since 2017, will this cause a lot of confusion ahead as to what are the real assays for other companies going forward. Suppose to speed up assays but so quiet…
https://finance.yahoo.com/news/novo-secures-access-photonassay-services-124100318.html
Highroller — I believe NOVO started using Chrysos technology in May 2021 –> https://www.novoresources.com/news-media/news/display/index.php?content_id=458
Rob — it’s a good thing that it’s Eric Sprott that is financially backing NFG (as well as LAB, SIC etc etc) and not Warren Buffet. ES has been putting his money where his mouth is and NFG is funded through 2023 with a 400,000 meter drill program. You hit the nail on the head though that the issue throughout Newfoundland and ALL of Canada is lack of assay results. The labs have been overwhelmed with workload and it has become very difficult to obtain drill results. This is a HUGE problem for the entire industry and NFG is attempting to bypass the bottleneck by installing one of two Chrysos machines in Canada in 2022. In the interim — they sent a test batch to Australia for use on the unit that NOVO has locked in (Quentin is on BoD of NFG) and are supposed to start using one in Quebec in early 2022 while building lab facilities in Newfoundland for their own machine.
Exploration companies live and die by the drill bit. NFG was releasing weekly results in early 2021 and SP was driven higher to $13.50 zone. Than they deliberately slowed in order to do a massive fund raise (100K to 200K meters drilling) — then they received US Stock Market listing — then another funding raise (200K to 400K meters drilling. In interim. they have had 9 – 11 drill rigs running full out and have +35,000 meters of drill core in for assay results that the labs cannot handle (along with all other miners in Canada).
SO very aggressive and hard working management team — superb bonanza grade results in 1H 2021 and then basically silence since then due to admin blackout and bottleneck. SP up 10X to $13.50 on weekly bonanza grade assays has now dropped to $7.50ish on no news. When they get the assay issue resolved (Chrysos hopefully) and start to release weekly updates again — I believe it will go back to where it started. They have 4 jewelery boxes identified already — if/as they find more I expect price to go significantly higher.
This is very unique exploration company — & not a normal ownership structure either — 60% shares in 2 groups — only 30% free float. Retail shareholders investment is strictly to ride the coattails of Eric Sprott and Collin Kettle. As long as they keep finding new mines along the NFG 70KM land package, I doubt that they will sell.
I am a buyer.
Will find out over next 24 months if this is truly a once in a lifetime opportunity…………
Sir Kewl2, Much appreciate you sharing your insights.
Puts things into perspective.
Cheers
Rob