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Highlights
- High Gold Extraction Rates: The Phase II program achieved an average gold extraction rate of 96.9% across 46 Variability Composite samples, utilizing gravity separation and carbon-in-leach (CIL) processes.
- Consistent Performance: Results are in line with Phase I testing, which reported gold extraction rates of 90.1% to 96.7% from other key zones, including Keats Main, Golden Joint, and Lotto.
- Ongoing Testing for Further Analysis: Additional testing on the Keats West zone is underway, with results expected by Q2 2025.
New Found Gold Corp. (TSX-V:NFG, NYSE-A:NFGC) has announced promising results from its 2024 Phase II Metallurgical Testing Program at the Iceberg and Iceberg East zones of the Queensway Project. The testing, which focused on maximizing gold recovery, has delivered impressive outcomes that continue to validate the project’s potential.
Detailed Report
New Found Gold Corp. has reported robust metallurgical test results from its ongoing exploration at the Queensway Project, located 15 kilometers west of Gander, Newfoundland. The Phase II program focused on analyzing gold recovery rates from the Iceberg and Iceberg East zones, areas of strategic interest for the company.
Metallurgical Testing Overview
In the 2024 Phase II program, a comprehensive analysis was conducted using 46 Variability Composites derived from 340 meters of drill core, totaling a combined weight of 1,400 kilograms. A Master Composite was assembled for broader testing. The weighted average gold extraction from these samples reached 96.9%, achieved through a combination of gravity separation and subsequent carbon-in-leach (CIL) processing of the gravity tails.
The high extraction rates reflect the efficiency of recovery processes and reaffirm the encouraging findings from the earlier Phase I program. The prior tests had demonstrated gold extraction ranging between 90.1% and 96.7% in other critical zones of the Queensway Project, namely Keats Main, Golden Joint, and Lotto.
Future Testing and Exploration
New Found Gold has begun additional metallurgical testing on the Keats West zone. Composite samples have already been sent to Base Metallurgical Laboratory Ltd., with results expected in the second quarter of 2025. This ongoing analysis aims to further optimize gold recovery methods and guide future exploration and development strategies.
Commentary and Implications
These metallurgical results are significant, showcasing the project’s potential for high gold recovery and reinforcing the value of New Found Gold’s extensive exploration efforts at Queensway. As the company continues to gather data and refine extraction techniques, the consistent performance across different zones enhances the project's economic prospects.
