With all that flow thru cash to burn (say thank you to Uncle Eric, guys), New Found Gold (NFG) has plenty of money it needs to put into the ground at its Queensway project this year (and part of next) and as from the start of 2022, the program was upped to a cool 400,000m worth of core. With the latest drill results out today, it’s time to check on how it’s going and here’s a table full of data:
You get the dates of drill assay NRs, then the percentage of metres to the programmed 400,000, the total aggregate metres drilled (totals include 2021 metres when the program was only funded to 200km), the metres left to be reported and finally, the reported number of drill rigs on site and turning. With today’s NR, the program is now 62% complete and that’s not bad, however there’s a clear issue with delayed assay results as the pending total has moved up sharply since June. Also, by crunching a few numbers we can see how the drill rigs are doing according to the available public data and on that…
…NFG now has its 14 rigs running at an average of 56m per rig per day. The company came in for some flak earlier in the year for the low rate of drilling, but since the Northern winter abated the rhythm has picked up and nobody can complain about the current cadence; running 14 rigs per day at over 50m is plain good, no matter where you are or what the ground conditions might be.