New Found Gold Corp. has provided an update regarding its quality assurance/quality control program at Queensway and plans to proceed with Chrysos whole-core PhotonAssay methods for the assaying of core samples from its 100-per-cent-owned Queensway project, located on the Trans-Canada Highway 15 kilometres west of Gander, Nfld.
As part of New Found's ongoing technical and QA/QC work, independent consultants RSC recently submitted 30 half-core samples to Eastern Analytical ("EA") for assay. The other half of these drill core intervals had previously been assayed by ALS Minerals ("ALS") and incorporated into the Company's reported drill results. A scatter plot comparing these results is provided in Figure 1.
RSC has concluded that the EA half-core samples consistently returned lower grade assays than ALS assay grades for the original half-core samples, and that these data suggest a strong bias in these results that particularly seems to be present in the higher-grade samples.
Results from a set of 10 similar half-core verification samples were received and reviewed in May 2021. Differences observed in these assay results when compared to the original half-core samples were determined by New Found's independent consultants to be not statistically significant.
The Company is now proceeding with a program to further assess the presence and source of the bias, and to implement steps based on its findings.
https://www.stockwatch.com/News/Item/Z-C!NFG-3162728/C/NFGUgly day for NFG. Thankfully I do not not own it, if I did i would probably sell given the market cap is still elevated IMO.
Edit: $ value on NFG trading volume today was only about $21 million in Toronto,not huge comparing that to the market cap of now 1.25 billion, and a intraday decline of near 20%, maybe this will bounce hard. Fun to watch anyhow.