#Canada #Vancouver #New Found Gold #Queensway Gold #Keats West

New Found Gold Unveils Results from Phase III Metallurgical Testing

New Found Gold Corp. has recently disclosed the outcomes of its Phase III metallurgical testing program conducted at the Queensway Gold Project, situated in Newfoundland and Labrador, Canada. The results are promising, as they reaffirm the company's commitment to advancing gold recovery processes in their Keats West zone.

Highlights of the Phase III Testing

The Phase III testing program focuses predominantly on newly collected samples from the Keats West zone, but also includes previously tested samples from the Keats, Golden Joint, Lotto, and Iceberg zones. The Katis West master composite samples notably achieved an impressive average recovery rate of 89.2% overall, validating the recovery assumptions integral to their preliminary economic assessment (PEA).

The tests also confirmed the effectiveness of the flowsheet strategy outlined in the PEA, which supports the production of a saleable gold concentrate. Average recoveries of 87% were obtained from rougher flotation on select lower-grade samples from the aforementioned samples tested in earlier phases of the metallurgical program. Looking ahead, New Found Gold plans to undertake additional feasibility-level metallurgical testing, which will incorporate various methodologies such as sensor-based sorting and cyanidation leaching, with results anticipated in the latter half of 2026.

Executive Commentary

Keith Boyle, the Chief Executive Officer of New Found Gold, expressed satisfaction with the latest test outcomes, emphasizing that the results bolster the confidence in their processing strategy and overall project viability. “We are excited about the high recovery rates achieved, especially from our Keats West zone. The upcoming metallurgical test work is crucial as we gear up for the Feasibility Study,” remarked Boyle.

Overview of the Program

The Phase III testing program commenced in late 2024 and placed emphasis on master composites from the Keats West area, while also re-evaluating select lower-grade samples from other zones. All laboratory testing was carried out by Base Metallurgical Laboratory Ltd., a reputable entity within the Intertek Group, based in Kamloops, British Columbia. Additionally, a mineralogical gold deportment study was performed by the Advanced Mineral Technology Laboratory (AMTEL).

This comprehensive metallurgical testing involved a total of 660 meters of drilled core, weighing approximately 2,700 kilograms, which comprised 68 variability composites targeting a precise representation of gold grades across Keats West. The program established three master composites categorized as Weak, Moderate, and Strong based on visual carbon content, which guided the optimum treatment flowsheet, highlighting gravity recovery coupled with flotation methods.

Results and Observations

Preliminary findings from the mineralogical study indicated that samples from the Keats, Lotto, and Iceberg zones maintained consistent rock mineral assemblage. The study noted that the Keats West Weak sample showed a significant component of submicroscopic gold, suggesting that this type of gold could enhance recovery rates when properly extracted.

Comminution tests have also been conducted on master composites, revealing impressive values that affirm the current PEA crushing and milling methodology. The results from rougher stage flotation indicated a remarkable average recovery rate of 89.2%, with sample grades yielding sellable concentrate levels of gold and arsenic content.

Next Steps and Future Outlook

Moving forward, New Found Gold is set to enhance its metallurgical assessment with further extensive test work, aiming to refine the gravity/CIL and gravity-flotation flowsheets. Anticipated studies will delve deeper into geometallurgical modeling, variability tests, environmental assessments, and other critical elements necessary for advancing toward plant design and operational planning.

In conjunction with these efforts, the company has filed a detailed technical report on the Queensway project, adhering to the standards set forth in Canadian mining regulations. This report, generated by SLR Consulting, outlines the project's resource estimates and metallurgical testing protocols, providing transparency and aligning with industry best practices.

In summary, New Found Gold stands poised for further exploration and development at the Queensway site, buoyed by promising metallurgical test results and a strategic direction moving forward.