VANCOUVER, BC, Nov. 1, 2024
/CNW/ - New Found Gold Corp. ("New Found" or the
"Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to report
results from the 2024 Phase II Metallurgical Testing Program
conducted on drill core samples collected from the Iceberg and
Iceberg East zones as part of the exploration program at its 100%
owned Queensway Project ("Queensway"), located on the
Trans-Canada Highway 15km west of Gander,
Newfoundland.
Highlights:
- Phase II metallurgical testing commenced in 2024, focused on
Iceberg and Iceberg East. A total of 46 Variability Composites were
generated from approximately 340 metres of drill core with a
combined weight of 1,400 kilograms, from which one Master Composite
was assembled.
- Weighted average gold extraction from all 46 Variability
Composite samples broken out by the 10 cross section lines, shown
below on the plan map in Figure 1, averaged 96.9%. Gold extractions
were achieved using both gravity separation and conventional
carbon-in-leach (CIL) on the gravity tails.
- These results compare well with the Phase I metallurgical test
results which showed the weighted average gold extraction ranging
from 90.1% to 96.7% for Keats Main, Golden
Joint and Lotto (released April 3,
2024).
- The Company is currently undertaking additional metallurgical
testing focused on Keats West with composites having been selected
and shipped to Base Metallurgical Laboratory Ltd and results
anticipated in Q2 2025.
Ron Hampton, Chief Development
Officer of New Found, stated: "The Iceberg and Iceberg East
zones have similar geology and mineralization style to the Keats
Main zone that was previously reported earlier this year. Results
from the Iceberg and Iceberg East zones also indicate excellent
gold recoveries from the high-grade materials observed at the
Queensway Project. In addition, this test work confirms that the
mineralization from Iceberg and Iceberg East can be processed using
conventional gravity separation and carbon-in-leach (CIL)
technology."
Additional Details:
The second phase of the metallurgical test work at the Queensway
property has been completed. The testing targeted the Iceberg and
Iceberg East zones. Due to similarities in the mineralization
styles found in both the Iceberg and Iceberg East zones, the
sampled drill core material was combined to ensure sufficient
material for metallurgical testing. A typical cross section from
this phase of metallurgical testing identifies drill core intervals
that were selected for sampling is shown in Figure 2, with the
location of the 10 sections that extend across Iceberg and Iceberg
East being shown in Figure 1.
Approximately 340 metres of drill core with a combined weight of
1,400 kilograms was selected for this phase of test work,
comprising 46 Variability Composites, from which one Master
Composite was assembled, all of which were tested for gold
extraction.
The scope of work consisted of chemical and mineralogical
analyses, environmental characterization, establishment of
comminution parameters, gold extraction methods, reagent
consumption, cyanide detoxification, and solid-liquid separation
properties for process and tailings streams. The results of the
chemical and mineralogical analyses were very similar to the
previous test work completed for Keats Main, Lotto and Golden Joint.
Results indicate that Iceberg and Iceberg East are similar to
the other mineralized zones tested in the area, which are generally
high-grade, and contain significant free-milling gold which is
amenable to both gravity and leach extraction. Free gold grains
greater than 150 microns in size were observed predominantly in the
quartz veins located throughout these zones. The average gold
weighted extraction percentage for Iceberg and Iceberg East was
96.9%. The average gold weighted extraction percentage for adjacent
tested mineralized zones, Keats Main, Lotto and Golden Joint, ranged from 90.1% to 96.9%, when
reduced to a product size of 75 microns (Table 1). These gold
extraction percentages were achieved using gravity separation and
conventional carbon-in-leach (CIL) technologies. Lower gold
extraction values were realized for individual Variability
Composite samples that had gold head assay values of less than 2
grams per tonne.
Lower gold extraction trends were observed in samples containing
organic carbon, as well as arsenopyrite and pyrite. Despite the
Total Organic Carbon (TOC) of each tested mineralized zone being
less than 0.1%, it was confirmed that some of the sampled material
was mildly preg-robbing, although easily managed by using
CIL for gold extraction on the higher-grade materials. A
correlation between tailings gold grade and arsenic content was
also observed; with the tail grade increasing as a function of
increasing arsenic content.
Comminution test work indicated that the tested material had an
average SMC Axb index of approximately 64 and an average Bond Work
Index (BWI) of approximately 18.3 kWh/t, which would be considered
a medium hard ore for SAG milling and medium hard ore for ball
milling.
The Company retained metallurgist Gary
Simmons as an independent consultant to design and oversee
the metallurgical test work program at Queensway. Mr.
Simmons is an internationally recognized metallurgist who
previously served as Director of Metallurgy and Technology of
Newmont Mining Corporation, where he managed the corporate
metallurgical laboratory and R&D staff responsible for global
Newmont process development and engineering design projects.
Laboratory test work was carried out by Base Metallurgical
Laboratory Ltd. in Kamloops, British
Columbia.
Qualified Person
The scientific and technical information disclosed in this press
release was reviewed and approved by Greg
Matheson, P. Geo., Chief Operating Officer, and a Qualified
Person as defined under National Instrument 43-101. Mr. Matheson
consents to the publication of this press release dated
November 1, 2024, by New Found. Mr.
Matheson certifies that this press release fairly and accurately
represents the scientific and technical information that forms the
basis for this press release.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander,
Newfoundland and Labrador,
and just 18km from Gander
International Airport. The project is intersected by the
Trans-Canada Highway and has logging roads crosscutting the
project, high voltage electric power lines running through the
project area, and easy access to a highly skilled workforce. The
Company is currently undertaking a 650,000m drill program at Queensway and is well
funded for this program with cash and marketable securities of
approximately $35 million as of
November 2024.
Please see the Company's website at www.newfoundgold.ca and the
Company's SEDAR+ profile at www.sedarplus.ca.
Acknowledgements
New Found acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Natural Resources,
Government of Newfoundland and
Labrador.
Contact
To contact the Company, please visit the Company's website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
New Found Gold Corp.
Per: "Collin Kettell"
Collin Kettell, Chief Executive
Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation, relating to
exploration, drilling and mineralization on the Company's Queensway
gold project in Newfoundland and
Labrador; the results of the 2024
Phase II metallurgical testing program, the interpretation of such
results and management's expectations based on such results; the
current Phase III metallurgical testing program and timing related
thereto; assay results; the interpretation of drilling and assay
results, the potential and extent of mineralization and the
discovery of zones of high-grade gold mineralization; plans for
future exploration and drilling, including the timing and benefits
of same; the merits of the Queensway project; the Company's
sampling and Quality Assurance/Quality Control procedures; and
funding of the Company, including the drilling program. Although
the Company believes that such statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "interpreted",
"intends", "estimates", "projects", "aims", "suggests", "indicate",
"often", "target", "future", "likely", "pending", "potential",
"goal", "objective", "prospective", "possibly", "preliminary", and
similar expressions, or that events or conditions "will", "would",
"may", "can", "could" or "should" occur, or are those statements,
which, by their nature, refer to future events. The Company
cautions that forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made, and they involve a number of risks and
uncertainties. Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Except to the extent required by applicable securities
laws and the policies of the TSX Venture Exchange, the Company
undertakes no obligation to update these forward-looking statements
if management's beliefs, estimates or opinions, or other factors,
should change. Factors that could cause future results to differ
materially from those anticipated in these forward-looking
statements include risks associated with possible accidents and
other risks associated with mineral exploration operations, the
risk that the Company will encounter unanticipated geological
factors, risks associated with the interpretation of exploration,
drilling and assay results, the possibility that the Company may
not be able to secure permitting and other governmental clearances
necessary to carry out the Company's exploration plans, the risk
that the Company will not be able to raise sufficient funds to
carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management's
discussion and Analysis, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis
and Retrieval (SEDAR+) at www.sedarplus.ca for a more
complete discussion of such risk factors and their potential
effects.
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SOURCE New Found Gold Corp.
