Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2023drilling result▲ Good
Thirty holes at Jackpot and the east-side grid expand Jackpot to 185m of mineralised strike and 205m depth, within a Jackpot Fault of 345m east-west strike. The best results were 51.93 g/t gold over 2.85m (NFGC-23-1447) and 31.50 g/t over 2.50m (NFGC-23-1574). The company defines a high-grade segment over 75m of strike from surface to 100m depth. This builds on the 22 June discovery hole and the 5 September follow-up (146.67 g/t over 2.70m and 118.73 g/t over 4.10m). The company says Jackpot is open in all directions and several assays are pending. The headline's '85m' is a truncation of the 185m strike. Many holes, including the east grid holes, had no significant values. About 32,000m of core is pending assay, up from about 30,200m on 4 October, and the company states there are no resources or economic evaluations.
Sixteen holes at Keats West and Keats North were reported. Hole NFGC-22-931 returned 17.09 g/t gold over 11.35m, 26m down-dip of the 42.6 g/t over 32m hole from November 2022, and 1.82 g/t over 40m a further 25m to the southwest. Keats North returned 6.17 g/t over 7.90m (NFGC-23-1465) and 1.19 g/t over 12.45m. The Keats West footprint is unchanged at 305m by 315m and all above 130m depth. The company says seismic data over the coming months should show what lies below the Keats-Iceberg-Keats West triangle. The headline's '1 g/t' is a truncation of 17.1 g/t. About 30,200m of core is pending assay, and the company states there are no resources or economic evaluations. The release also gives an ATM (share-sale facility) update: 4,052,453 shares issued from the August 2022 start to 30 September 2023 at an average of C$6.30. That compares with 1,991,218 shares to 30 June, so roughly 2.06 million shares were issued in the third quarter (my arithmetic, not stated in the visible text).
Eleven Keats West holes were reported, led by 3.29 g/t gold over 42.35m (NFGC-23-1129) and 2.19 g/t over 37.30m plus 1.73 g/t over 24.00m (NFGC-23-1091). All three are about 30m from surface and 80m along strike from the 42.6 g/t over 32.00m hole from November 2022, and they fill gaps in the main part of the zone. The footprint is unchanged at 305m by 315m, averaging 30m thick and all above 130m vertical depth, so this fills in rather than extends the zone. The headline's '29 g/t' is a truncation of 3.29 g/t. About 37,500m of core is pending assay. Cash and marketable securities are stated at about $39.5 million as of September 2023, down from about $47.5 million in August. The company again states there are no resources or economic evaluations.
Thirty-one holes followed up the 421 Zone, led by 17.83 g/t gold over 8.30m (NFGC-23-1130). It was drilled 65m up-plunge of the 11.5 g/t over 8.90m hole from 24 July and 88m along strike from the 101 g/t over 2.75m hole. The three intervals now span a high-grade area about 90m wide at 70-130m vertical depth, up from the 75m reported in July. The release also covers the first-ever drilling at the historic Grouse Zone, 2.7km south of Keats, where the best result was 3.56 g/t over 4.90m. The company says it spans 100m of strike from surface to 80m depth, and it extends the Appleton Fault Zone gold footprint 2.7km south of Keats. The headline's '8 g/t' is a truncation of 17.8 g/t. Many holes had no significant values or only low grades, and about 37,700m of core is pending assay.
Thirty-one holes at Iceberg and Iceberg East were reported, led by 46.81 g/t gold over 10.55m (NFGC-23-1541) and 114.52 g/t over 4.10m (NFGC-23-1570), both at Iceberg East. The company says these define a continuous near-surface high-grade segment of 570m, which with the 400m high-grade segment at Keats Main outlines a corridor of nearly 1km, within the 1.9km drill-defined Keats-Iceberg-Iceberg East corridor. A broad 1.34 g/t over 44.10m interval at Iceberg extends the broad domain down-dip to 105m, 55m below the 5 June 105 g/t hole. The headline's '55M' is a truncation of 10.55m. Many holes had no significant values. About 36,600m of core is pending assay, and there is no resource or economic evaluation.
Follow-up drilling at Jackpot, the single-hole discovery reported on 22 June 2023, returned 146.67 g/t gold over 2.70m (NFGC-23-1423) and 118.73 g/t over 4.10m (NFGC-23-1425), 15m along strike and 20m down-dip of the discovery hole, all at 20-40m vertical depth. This is the follow-up the earlier release said was pending, and it confirms the high grade beyond one hole. The company interprets Jackpot as an east-west, steeply north-dipping fault with coarse visible gold, open in all directions. The same release covers Everest grid holes (best 18.60 g/t over 2.75m) and a K2 interval of 3.23 g/t over 5.60m; many of the 30 holes had no significant values. About 36,400m of core is pending assay, and there is no resource.
Fifteen more Iceberg and Iceberg East holes were reported, led by 86.86 g/t gold over 5.30m (NFGC-23-1395, including 456 g/t over 1.00m) and 29.36 g/t over 7.75m (NFGC-23-1380). These were drilled to fill the 100m gap between Iceberg and Iceberg East, which the company says now links the two zones over the same 665m of drill-defined strike, so this fills in rather than lengthens the zone. The headline's '9 g/t' is a truncation of 86.9 g/t. Both zones are said to remain open, several intervals are pending, and about 41,500m of core is awaiting assay. Cash and marketable securities are stated as about $47.5 million as of August 2023, and there is still no resource or economic evaluation.
Sixteen more Keats West holes were reported, led by 5.81 g/t gold over 30.05m in hole NFGC-23-1149, about 60m below surface and 110m down-dip of the 18.9 g/t over 15.95m hole from November 2022. A further hole hit 7.01 g/t over 10.45m, 130m down-dip of that. The headline reads '81 g/t' on the filing but the text gives 5.81 g/t. The footprint is unchanged at 305m by 315m, averaging 30m thick and all above 130m vertical depth; several holes had no significant values. About 42,900m of core is pending assay and the company again states there is no resource or economic evaluation.
Sixteen more holes at Iceberg and Iceberg East included 40.86 g/t gold over 5.20m (NFGC-23-1154, 25m below surface, 50m along strike from the 5 June 105 g/t hole) and 12.51 g/t over 10.45m (NFGC-23-1402), which fills a 100m drilling gap between Iceberg and Iceberg East. The combined strike stays at 665m, so this fills in rather than lengthens the zone. Many of the 16 holes had no significant values or only low grades of about 1-3 g/t. The company says both zones remain open and several intervals are pending. About 42,900m of core is pending assay, down from about 50,495m on 19 July and 48,700m on 24 July, and the filing states there is no resource or economic evaluation.
Eight holes followed up the 421 Zone, a structure at the south end of Keats Main first discovered in April 2022, and returned 100.65 g/t gold over 2.75m (NFGC-23-1089, including 549.19 g/t over 0.50m) and 11.50 g/t over 8.90m (NFGC-23-1182). With the earlier 4.59 g/t over 14.90m hole (January 2023), the three intervals span a 75m-long area at 85-130m vertical depth. The company says 421 intersects the Keats-Baseline Fault. Several other holes returned only low grades of about 1-6 g/t. Cash and marketable securities are about $47 million as of July 2023, about 48,700m of core is pending assay, and the filing states there is no resource.
Seven more Keats West holes included 4.43 g/t gold over 43.40m (NFGC-22-1010) and 5.05 g/t over 11.70m at surface (NFGC-22-1027), which the company says adds 65m and lengthens Keats West to 315m of strike (from 250m). The release also describes the area as 305m by 315m, averaging 30m thick, still all above 130m vertical depth; two of the seven holes had no significant values. Drilling continues at Keats West, K2, Monte Carlo and a grid program west of the Appleton Fault Zone. Cash and marketable securities are stated as about $47 million as of July 2023 (about $52 million in June), and about 50,495m of core is pending assay. The company again states there is no resource or economic evaluation.
Five more Iceberg and Iceberg East holes were reported, led by 14.54 g/t gold over 27.80m (NFGC-23-1312, about 70m from surface, 50m along strike from the 5 June 105 g/t over 27.05m hole) and 34.59 g/t over 5.30m in the same hole. Hole NFGC-23-1306 returned 33.07 g/t over 4.80m, 39.23 g/t over 4.30m and 9.72 g/t over 20.25m, and Iceberg East hole 1293 returned 4.49 g/t over 6.00m, 50m along strike from the 31 May 21.7 g/t hole. The headline's "5 g/t over 27.8m" is a truncation; the text gives 14.5 g/t. Nothing is said to lengthen the zone beyond the earlier 665m. About 57,000m of core is pending assay, and the company again states there is no resource or economic evaluation. The filing also gives an ATM (share-sale facility) update: 1,991,218 shares issued since the Aug 2022 start at an average C$6.217, including 1,490,989 shares from 1 April to 30 June 2023 at about C$6.593 for gross proceeds of C$9,830,470.79 (net C$9,599,431.53; commission C$231,016.06).
Five more holes at Iceberg and Iceberg East included 30.79 g/t gold over 7.95m at Iceberg (NFGC-23-1279, about 60m from surface, 85m along strike from the 5 June 105 g/t hole) and 15.45 g/t over 7.55m at Iceberg East (NFGC-23-1274, a 55m step-out from the 21.7 g/t hole of 31 May). The Iceberg-Iceberg East strike length stays at 665m and the Keats corridor at 1.9km, so this fills in the zone rather than lengthening it. About 61,000m of core is pending assay, cash and marketable securities are about $52 million, and the company again states there is no resource or economic evaluation.
One hole (NFGC-23-1292) found a new zone called Jackpot, with 95.71 g/t gold over 3.25m (including 352.58 g/t over 0.85m) at about 20m vertical depth. It lies 2.5km north of Keats, 950m north of Lotto and 280m east of the Appleton Fault Zone. The company describes it as a brittle fault zone laced with coarse visible gold and the sixteenth near-surface zone along a 4.1km stretch of Appleton North. This rests on a single hole, and a follow-up program is under way with several intervals pending assay. About 61,300m of core is pending, and there is still no resource.
Twenty-three holes around Knob, about 2km south of Keats, found 49.45 g/t gold over 2.30m at the Rocket vein (hole NFGC-22-950) and 20.15 g/t over 3.35m at Quarry (NFGC-22-906). Rocket was first reported on 18 January 2023, and this hit is 48m along strike of that earlier 12.6 g/t over 4.45m, at about 20m vertical depth. Most other holes in the table returned nothing significant or only low grades of roughly 1-3 g/t. The company says it plans to drill west of the Appleton Fault Zone near Knob. About 61,300m of core is pending assay, and there is no resource.
Ten more holes at the Iceberg discovery included 40.55 g/t gold over 8.70m (NFGC-23-1286) and 33.28 g/t over 6.70m (NFGC-23-1264). Both are 50m along strike from the 105 g/t over 27.05m hole the company reported on 5 June 2023, which is not in this record. A step-out at Iceberg East (4.66 g/t over 2.70m) lengthens Iceberg plus Iceberg East to 665m, up from 550m on 31 May, and the company puts the Keats-Iceberg-Iceberg East corridor at 1.9km. Two of the ten holes had no significant values, about 59,250m of core is still awaiting assay, cash and marketable securities are about $52 million, and the company again says there is no resource or economic evaluation.
Nine further Keats West holes were reported, including 5.57 g/t gold over 16.30m (hole NFGC-23-1197) and 3.27 g/t over 15.05m plus 1.61 g/t over 17.50m (hole NFGC-23-1211); three of the nine holes had no significant values. The footprint is unchanged at 305m by 250m, averaging 30m thick, and the company says it is also drilling a grid west of the Appleton Fault and following up discoveries it calls K2 and Monte Carlo. This is the first mention of Monte Carlo in this record, earlier than the 2024 date in the running notes. Cash and marketable securities are stated as about $52 million as of June 2023 (about $60 million in May), about 59,250m of core is pending assay, and there is no resource.
Thirteen follow-up holes extended the Iceberg discovery to a drill-defined 550m of strike, which the company calls a ten-fold increase on the 4 April extent. A 375m step-out east-northeast, named Iceberg East, hit 21.7 g/t gold over 4.45m about 54m from surface, and a 110m step-out west-southwest hit 19.6 g/t over 5.25m at 137m vertical depth. The company says the Keats-Baseline Fault now has 1.8km of defined mineralised strike between Iceberg and Keats, open in all directions; several of the 13 holes had no significant values. About 60,800m of core is pending assay, and no economic evaluation or resource exists.
Nine more Keats West holes were reported, led by 5.16 g/t gold over 28.65m (hole NFGC-23-1171) and 4.02 g/t over 14.65m (hole NFGC-23-1189), mostly broad lower-grade intervals of 1-3 g/t. The company says all Keats West intercepts so far lie above 130m vertical depth, over an area 305m long by 250m wide averaging 30m thick, which is a firmer description of the same footprint as before rather than a new extension. Cash and marketable securities are stated as about $60 million as of May 2023 (about $64 million in the 25 April release), and about 64,400m of core is pending assay; there is still no resource.
Five more Keats West holes included 17.23 g/t gold over 22.90m and 12.00 g/t over 18.40m in hole NFGC-22-1040, which sits between two earlier Keats West holes (90m down-dip of the 42.6 g/t over 32m hole from Nov 2022, 45m up-dip of the 10.1 g/t over 22.5m hole from March 2023). The headline on the filing reads "2 g/t", but the text gives 17.2 g/t. Keats West is now 250m along strike and 305m down-dip, averaging 30m thick, with two of the five holes returning nothing significant. The company says there are still no resources or reserves, and about 62,300m of core is pending assay.
Results from 25 holes at Keats West and Keats North lengthened Keats West to 250m of strike (up from 200m), with 4.27 g/t gold over 31.55m in hole NFGC-22-911. Keats North, between Keats West and Iceberg, returned several 2-3m intercepts of 10-18 g/t, and many holes in this release had no significant values. About 60,600m of core is pending assay, up from about 55,772m on 4 April, and the filing states there is no resource.
Two more Iceberg holes stepped down 25m and 50m from the 13 March hole, with intercepts including 35.58 g/t gold over 10.65m and 13.09 g/t over 13.90m. Mineralisation at Iceberg is now traced over 80m down-dip from surface and is still open. The company says this shows the Keats-Baseline Fault extends at least 1.4km east-northeast of the Appleton Fault Zone. The filing gives cash and marketable securities of about $64 million as of April 2023 and about 55,772m of core pending assay; it states there are still no resources or reserves.
Eleven more holes at Keats West (the gently dipping zone west of the Appleton Fault first reported in Nov 2022 and Jan 2023) returned 10.05 g/t gold over 22.50m in hole NFGC-22-945, a 305m step down-dip from the earlier 18.9 g/t over 15.95m hole. Keats West now measures 200m wide by 305m down dip, with an 80m-wide lower-grade envelope (1.94 g/t) in hole NFGC-22-833. The company says late faulting uplifted this part of the zone and supports its reading of Iceberg as the fault-offset piece of Keats Main (company interpretation). About 54,900m of core is pending assay, and no resource exists.
A single follow-up hole at the Iceberg discovery (announced 1 March 2023) hit 49.65 g/t gold over 29.85m (hole NFGC-23-1120), starting about 35m from surface and 25m below the three holes reported on 1 March. The company says it resembles Keats Main and is likely its displaced eastern extension (company interpretation). About 53,000m of core is still awaiting assay, and the filing states Queensway has no economic evaluation.
The company announced the Iceberg discovery, a high-grade zone at surface 300m northeast of Keats Main, with 72.15 g/t gold over 9.65m in hole NFGC-23-1100 and 15.27 g/t over 10.75m in NFGC-22-1084. It spans 50m of strike, is open in all directions and at depth, and the company interprets it as the displaced eastern continuation of Keats Main (its interpretation). Additional drills were moved there. The filing says about 51,500m of core from the 500,000m drill program is awaiting assays, and notes no economic evaluation has been done and Queensway has no resources or reserves.
Results from 37 holes at Keats West and Keats North, headlined by 6.68 g/t gold over 24m at Keats West (hole NFGC-22-784). The company interprets Keats West as a gently dipping thrust fault west of the Appleton Fault Zone, with gold tested to only about 110m depth and open down-dip and west. A new vein between Golden Joint and Keats North returned 50.3 g/t over 2.45m. It follows up the earlier Keats West hits of 42.6 g/t over 32m and 18.6 g/t over 15.95m (reported Nov 2022).
Results from 51 holes between the south end of Keats Main and the Knob zone, announcing a new gold zone called TCH (79.62 g/t over 2.00m in hole NFGC-22-863) and a new 'Rocket' vein at Knob (12.63 g/t over 4.45m). The company says the high-grade corridor along the Appleton Fault Zone now runs over 4.1km from Lotto North/Zone 36 to Knob, with much of it underexplored. Keats Main South was also traced over 1.1km of strike and 400m depth. This widens the area drilled rather than adding a resource figure.
Results from 48 drill holes along the Appleton Fault Zone between Dome and Lotto North, led by 16.12 g/t gold over 5.30m at Lotto North (hole NFGC-22-788). The Lotto North structure, a discovery first reported on 2 November 2022, is now traced over 340m of strike and 180m depth and is open in all directions. Gold was also hit west of the fault at Zone 36 (3.63 g/t over 9.50m), which extends the high-grade Keats-Golden Joint-Lotto segment to 3.4km. This is more exploration drilling with no resource estimate yet; the filing states Queensway has no resources or reserves in the portion shown here.
30 Aug 2022capital raising announcement● NeutralMajor
Signed an at-the-market equity distribution agreement with BMO and Paradigm allowing the sale of up to US$100 million of shares into the market over time off a base shelf prospectus. This is issuance capacity, not money raised.
25 Oct 2021capital raising announcement▲ GoodMajor
Eric Sprott agreed to buy 5 million shares at C$9.60 for C$48 million in a non-brokered private placement, money earmarked for Queensway drilling. The company says this takes working capital to about C$150 million; Sprott had backed it since before the IPO.
What it means for a shareholder
5.0m new shares at C$9.60 to raise about C$48.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
