New Found Gold Achieves Major Gold Extraction Milestone
New Found Gold Corp. Reports Impressive Phase II Results
New Found Gold Corp. (TSXV: NFG, NYSE-A: NFGC) has recently unveiled promising results from its latest Phase II Metallurgical Testing Program focused on the Iceberg and Iceberg East zones. These tests, conducted on drill core samples from its 100% owned Queensway Project, reveal a remarkable weighted average gold extraction of 96.9%.
Overview of the Testing Program
The Phase II metallurgical testing aimed to further analyze the potential of the Iceberg and Iceberg East zones. It involved creating 46 Variability Composites derived from approximately 340 meters of drill core, amassing a total weight of about 1,400 kilograms. This initiative aimed to ensure comprehensive testing of the high-grade materials found within these areas.
Highlights from the Testing Results
Results from the metallurgical test revealed incredible efficiencies in gold extraction methods. Both gravity separation and conventional carbon-in-leach (CIL) methods were utilized, with variances indicating that the extraction levels performed considerably well compared to previous Phase I tests.
In Phase I, results showed gold extraction rates between 90.1% to 96.7%, which illustrates an improvement during the Phase II studies, further solidifying the viability of the Queensway Project.
Expert Insights on the Results
Ron Hampton, Chief Development Officer of New Found, expressed excitement over the outcomes, stating, “The similarities in geology and mineralization between Iceberg, Iceberg East, and the previously tested Keats Main zone provide us with confidence. This confirmation that high-grade materials can achieve excellent recoveries validates our methodologies.”
Future Steps and Additional Testing
Building on these promising results, New Found Gold is progressing with further metallurgical testing, focusing specifically on the Keats West zone. This phase is expected to yield results in the second quarter of the following year, enhancing understanding of the site’s capabilities.
The Queensway Project's Strategic Position
Located along the Trans-Canada Highway and just a short distance from Gander International Airport, the Queensway Project remains a strategic mining opportunity. With essential infrastructures such as logging roads and power supplies readily available, the project is well-positioned for operational efficiency.
The company’s current drilling program spans 650,000 meters, reflecting its commitment to exploring the Queensway Project. Financially, New Found Gold remains robust, boasting around $35 million in cash and marketable securities, which supports ongoing initiatives and exploration activities.
Recognized Leadership in Metallurgical Practices
To ensure top-tier execution of the metallurgical test work, New Found Gold enlisted Gary Simmons, a noted metallurgist with extensive experience in mineral extraction and processing technologies. His expertise is expected to further enhance the quality and reliability of future metallurgical findings.
Conclusion: A Bright Future Ahead
With continued advancements in metallurgical processing and promising extraction results, New Found Gold Corp. is poised for significant developments within the mining sector. The company remains confident in its operational strategies and resources, paving the way for a successful 2025.
Frequently Asked Questions
What were the main findings of the metallurgical tests at Iceberg?
The Phase II metallurgical tests at the Iceberg zone achieved a weighted average gold extraction of 96.9%, utilizing gravity separation and CIL methods.
How does the Phase II results compare to Phase I?
Phase II results indicate improved gold extraction rates compared to Phase I, where results ranged from 90.1% to 96.7%, highlighting enhanced processing efficiency.
What is the future focus for New Found Gold?
New Found Gold is focusing on further metallurgical testing at the Keats West zone, with results expected in the second quarter of the next year.
Who is overseeing the metallurgical testing program?
Gary Simmons, an experienced metallurgist, is retained as an independent consultant to oversee and design the metallurgical test work program at Queensway.
What is the financial status of New Found Gold?
As of late 2024, New Found Gold holds approximately $35 million in cash and marketable securities, supporting ongoing exploration activities.
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