New Found Gold Corp. announced successful results from its Phase III Metallurgical Testing Program on the Queensway Gold Project in Newfoundland and Labrador, Canada, confirming high gold recovery rates that validate the company's preliminary economic assessment projections.
The testing program, which commenced in late 2024, focused primarily on newly collected samples from the Keats West zone, achieving an average 89.2% overall gold recovery from master composite sulphide samples. This result confirms the recovery rate used in the company's preliminary economic assessment and demonstrates the production of a saleable gold concentrate.
Keats West Zone Performance
The Phase III program tested approximately 660 meters of drill core weighing 2,700 kilograms, comprising 68 variability composites from the Keats West zone. Three master composites were created based on total organic carbon content: Keats West Weak, Keats West Moderate, and Keats West Strong.
Gold recoveries ranged from 85.6% to 95.9% across the three composites, with the Keats West Strong sample achieving the highest recovery rate. The average gold content in the concentrate reached 37.9 g/t Au with 3.1% arsenic content, meeting saleable concentrate specifications.
Keith Boyle, Chief Executive Officer, stated: "We are pleased with the results of the most recent phase of metallurgical test work at Queensway, which confirms high gold recovery to a saleable gold concentrate from Keats West and the flowsheet outlined in the recently released Queensway PEA."
Technical Validation and Methodology
All metallurgical laboratory work was conducted by Base Metallurgical Laboratory Ltd., part of the Intertek Group, in Kamloops, British Columbia. The Advanced Mineral Technology Laboratory completed a mineralogical gold deportment study supporting the program.
The testing confirmed that the appropriate treatment flowsheet involves gravity gold recovery followed by flotation of gravity tails to produce a saleable gold concentrate. Comminution tests, including semi-autogenous grinding mill tests, validated the current preliminary economic assessment crushing and SAG/Ball mill flowsheet.
The mineralogical study revealed that sulphide mineralogy was dominated by pyrite and arsenopyrite across all mineralized materials tested. Submicroscopic gold represented a minor contributor to gold grade in most samples, except in the Keats West Weak sample where it accounted for 49% of the gold content.
Additional Zone Testing
The program also re-evaluated select low-grade samples from the Keats, Golden Joint, Lotto, and Iceberg zones previously tested in Phases I and II. These samples, containing approximately less than 3 g/t Au with elevated sulphide concentrations, achieved average recoveries of 87% from rougher stage flotation using a gravity-flotation flowsheet.
The results improved overall gold recoveries compared to previous gravity-CIL tests, supporting the gravity-flotation flowsheet approach outlined in the Queensway preliminary economic assessment.
Future Development Plans
New Found Gold is planning additional feasibility study-level metallurgical test work to commence in Q4 2025, with results expected in H2 2026. The comprehensive program will include establishment of geometallurgical models, complete variability test work across main mineralized zones, and environmental testing including acid-base-accounting and humidity cell tests.
The scope encompasses sensor-based sorting, comminution, mineralogy, gravity, cyanidation leaching, flotation, and equipment sizing tests to support the Queensway Feasibility Study.
Technical Report Filing
The company filed a technical report for the preliminary economic assessment titled "NI 43-101 Technical Report for the Queensway Gold Project, Newfoundland and Labrador, Canada" dated September 2, 2025. The report was prepared by SLR Consulting (Canada) Ltd. in accordance with 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and Canadian National Instrument 43-101.
New Found Gold holds 100% interest in the 175,450-hectare Queensway project, which covers a 110 km strike extent along two prospective fault zones. The company maintains a solid shareholder base including approximately 23.1% holding by Eric Sprott and continues to focus on growth and value creation at Queensway.
