The results are in for New Found Gold’s (TSXV: NFG) review of its quality assurance and quality control procedures as they relate to the handling of core samples from the property. The review follows an independent review conducted in early November wherein it was found that there were inconsistences in grades between core sent to the lab and the matched core held by the company.
In short, the summary of the results is that “independent consultants have concluded that there is no evidence of systematic bias in the Company’s assay results,” so investors can now stop holding their breath. It also means the firm can resume the reporting of its assay results from its ongoing exploration program.
The review conducted for the company saw a number half-core screen fire assays conducted, with a total of 475 half-core duplicates conducted. That data was then analyzed to determine whether there was a statistical difference between the cores assayed and the cores held back for QA purposes.
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“A statistical comparison of all duplicate and original sample pairs, including the most variable, supports the view that the assays are accurate; the sampling procedures at site, and the preparation and analysis procedures at the lab, have not imparted any systematic bias to the reported gold grades,” commented one of the consultants on the results of the review.
The consultants did however identify that there was a “high natural variability” in the mineralized zone that resulted in significant changes to gold grades over a short distance, with adjacent samples having different grades and even two halves of the same core having significantly different grades at times.
New Found Gold last traded at $7.75 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
