Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2023drilling result▲ Good
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.
The company announced it would double the Queensway drill program from 200,000m to 400,000m and grow from nine rigs to 14 by Q1 2022, lifting core output from about 3,000m to 4,700m a week. About 102,000m was drilled to date, and the expansion is funded from roughly C$103 million of working capital, rising to about C$150 million after the Sprott financing.
Eleven holes at the Keats zone on the Appleton Fault pushed the high-grade core 65 metres further down-plunge, to 530 metres, on 61.50 g/t gold over 5.20 metres in hole NFGC-21-360; up-dip holes returned 63.92 g/t over 3.25m and 17.59 g/t over 6.50m. Keats now measures roughly 250m wide by 490m along strike by 307m deep and is open in every direction.
