AGÕæÈ˹ٷ½

STOCK TITAN

New Found Gold Announces Results of Phase III Metallurgical Test Work: Confirms Keats West Zone Gold Recovery; Files Technical Report for the Queensway Gold Project

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)

New Found Gold (NYSE-A: NFGC) has announced successful Phase III Metallurgical Testing Program results for its 100% owned Queensway Gold Project in Newfoundland and Labrador. The program confirmed 89.2% average gold recovery from Keats West zone master composite sulphide samples, validating the recovery rates used in their preliminary economic assessment (PEA).

Key findings include the production of a saleable gold concentrate with average grades of 37.9 g/t Au and 3.1% As. Additional testing on low-grade samples from Keats, Golden Joint, Lotto, and Iceberg zones achieved 87% average recoveries from rougher stage flotation. The company plans to commence Feasibility Study level metallurgical test work in Q4 2025, with results expected in H2/26.

New Found Gold (NYSE-A: NFGC) ha comunicato risultati positivi del programma di test metallurgici di Fase III sul suo progetto aurifero Queensway interamente di proprietà a Terranova e Labrador. Il programma ha confermato una recupero medio dell'oro del 89,2% su campioni master compositi solfurei della zona Keats West, convalidando i tassi di recupero utilizzati nella loro valutazione economica preliminare (PEA).

I risultati principali includono la produzione di un concentrato aurifero commerciabile con titoli medi di 37,9 g/t Au e 3,1% As. Ulteriori test su campioni a basso tenore provenienti dalle zone Keats, Golden Joint, Lotto e Iceberg hanno ottenuto recuperi medi dell'87% nelle fasi di flottazione rougher. La società prevede di avviare test metallurgici a livello di studio di fattibilità nel IV trimestre 2025, con risultati attesi nella seconda metà del 2026.

New Found Gold (NYSE-A: NFGC) ha anunciado resultados exitosos del Programa de Ensayos Metalúrgicos Fase III para su proyecto aurífero Queensway 100% de su propiedad en Terranova y Labrador. El programa confirmó una recuperación media de oro del 89,2% en muestras compuestas maestras de sulfuros de la zona Keats West, validando las tasas de recuperación usadas en su evaluación económica preliminar (PEA).

Los hallazgos clave incluyen la producción de un concentrado de oro comercializable con leyes promedio de 37,9 g/t Au y 3,1% As. Pruebas adicionales en muestras de baja ley de las zonas Keats, Golden Joint, Lotto e Iceberg alcanzaron recuperaciones medias del 87% en la etapa de flotación rougher. La compañía planea iniciar trabajos metalúrgicos al nivel de estudio de factibilidad en el cuarto trimestre de 2025, con resultados previstos en la segunda mitad de 2026.

New Found Gold (NYSE-A: NFGC)ëŠ� 뉴펀들랜ë“� 앤드 래브ë¼ë„ì—� 있는 100% 소유 Queensway ê¸� 프로ì íЏì—� 대í•� 3단계(Phase III) 금ì†í•™ì  시험 프로그램ì� 성공ì ì¸ ê²°ê³¼ë¥� 발표했습니다. ì� í”„ë¡œê·¸ëž¨ì€ Keats West 구역ì� 황화ë¬� 마스í„� 복합 시료ì—서 í‰ê·  ê¸� 회수ìœ� 89.2%ë¥� 확ì¸í•˜ì—¬ 예비 경제ì„� í‰ê°€(PEA)ì—� 사용ë� íšŒìˆ˜ìœ¨ì„ ê²€ì¦í–ˆìŠµë‹ˆë‹�.

주요 결과로는 íŒë§¤ 가능한 ê¸� ì •ê´‘(concentrate)ì� ìƒì‚°í–ˆìœ¼ë©�, í‰ê·  품위ëŠ� 37.9 g/t Au ë°� 3.1% As였습니ë‹�. Keats, Golden Joint, Lotto, Iceberg 구역ì� 저품위 시료ì—� 대í•� 추가 테스트ì—서는 러í¼(rougher) 플로테ì´ì…� 단계ì—서 í‰ê·  87% 회수ìœ�ì� 달성했습니다. 회사ëŠ� 2025ë…� 4분기ì—� 타당성 조사 수준ì� 금ì†í•™ì  시험ì� 시작í•� 계íšì´ë©°, ê²°ê³¼ëŠ� 2026ë…� í•˜ë°˜ê¸°ì— ì˜ˆìƒë©ë‹ˆë‹�.

New Found Gold (NYSE-A: NFGC) a annoncé des résultats positifs du programme d'essais métallurgiques de phase III pour son projet aurifère Queensway, détenu à 100%, à Terre-Neuve-et-Labrador. Le programme a confirmé un taux de récupération moyen de l'or de 89,2% à partir d'échantillons composites maîtres sulfures de la zone Keats West, validant les taux de récupération utilisés dans leur étude économique préliminaire (PEA).

Les conclusions principales incluent la production d'un concentré d'or commercialisable affichant des teneurs moyennes de 37,9 g/t Au et 3,1% As. Des essais supplémentaires sur des échantillons de faible teneur provenant des zones Keats, Golden Joint, Lotto et Iceberg ont atteint 87% de récupération moyenne lors de la flottation rougher. La société prévoit de lancer des essais métallurgiques au niveau de l'étude de faisabilité au T4 2025, avec des résultats attendus au S2 2026.

New Found Gold (NYSE-A: NFGC) hat erfolgreiche Ergebnisse des Phase-III-metallurgischen Testprogramms für sein zu 100% im Besitz befindliches Queensway-Goldprojekt in Neufundland und Labrador bekannt gegeben. Das Programm bestätigte eine durchschnittliche Goldgewinnung von 89,2% aus master-kompositen Sulfidproben der Keats-West-Zone und validierte damit die in der vorläufigen Wirtschaftlichkeitsstudie (PEA) verwendeten Rückgewinnungsraten.

Wesentliche Erkenntnisse beinhalten die Produktion eines vermarktungsfähigen Goldkonzentrats mit durchschnittlichen Gehalten von 37,9 g/t Au und 3,1% As. Zusätzliche Tests an niedriggradigen Proben aus den Zonen Keats, Golden Joint, Lotto und Iceberg erzielten durchschnittliche Rückgewinnungen von 87% in der Rougher-Flotation. Das Unternehmen plant, im Q4 2025 metallurgische Tests auf Machbarkeitsstudiumniveau zu beginnen; die Ergebnisse werden für H2/26 erwartet.

Positive
  • 89.2% average gold recovery from Keats West zone, confirming PEA assumptions
  • Production of saleable gold concentrate with 37.9 g/t Au grade
  • 87% average recoveries achieved from low-grade samples across multiple zones
  • Successful validation of gravity-flotation flowsheet for mineral processing
Negative
  • Higher Bond Ball Mill Test values (18.4-18.7 kWh/t) compared to other zones, indicating potentially higher grinding energy requirements
  • Presence of submicroscopic gold in Keats West Weak sample (49% of gold content) may affect processing complexity

Insights

Positive metallurgical results confirm high gold recovery rates at Queensway, validating PEA assumptions and advancing project feasibility.

The Phase III metallurgical test results from New Found Gold's Queensway Project represent a significant technical milestone. The confirmed 89.2% average gold recovery from Keats West zone samples provides strong validation of the 88% recovery rate previously used in their Preliminary Economic Assessment (PEA).

What's particularly encouraging is the successful demonstration of a viable processing flowsheet combining gravity recovery with flotation, producing a saleable gold concentrate with grades averaging 37.9 g/t Au and 3.1% arsenic content. These metallurgical characteristics are critical for project economics - higher recovery rates directly improve gold production and revenue potential, while the confirmed concentrate saleability reduces market risk.

The test work also examined material from other zones (Keats, Golden Joint, Lotto, Iceberg), achieving promising 87% recovery through rougher flotation, though this remains to be optimized. The Company wisely plans to conduct Feasibility-level metallurgical work in Q4 2025, which will incorporate additional critical elements like sensor-based sorting, comminution testing, and equipment sizing - all essential for refining capital and operating cost estimates.

From a processing standpoint, the comminution test results (Bond Work indices of 18.4-18.7 kWh/t) indicate moderately hard ore that will require robust grinding circuits, but the company has already factored this into their flowsheet design. The identification of submicroscopic gold in some samples provides valuable insight for recovery optimization.

These results significantly de-risk the project's metallurgical aspects, which often represent a major uncertainty for gold developments. By confirming processing viability before proceeding to Feasibility, New Found Gold is following a methodical, risk-mitigating development approach - a positive signal for project advancement.

VANCOUVER, BC, Sept. 2, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce the results of a Phase III Metallurgical Testing Program (the "Program") on the Company's 100% owned Queensway Gold Project ("Queensway" or the "Project"), located in Newfoundland and Labrador, Canada. The Program included test work on newly collected samples from the Keats West zone ("Keats West"), and previously tested samples from Keats, Golden Joint, Lotto and Iceberg zones, with a primary focus on Keats West.

Highlights:

  • Keats West master composite sulphide samples produced a gold concentrate with an average 89.2% overall recovery, confirming the recovery used in the preliminary economic assessment ("PEA")1.
  • The Program has confirmed production of a saleable gold concentrate and flowsheet presented in the PEA.
  • Average recoveries of 87% were achieved from rougher stage flotation on select low grade samples from the Keats, Golden Joint, Lotto and Iceberg zones initially tested in Phases I and II of the Queensway metallurgical testing program2, with further work planned.
  • Additional Feasibility Study level metallurgical test work is planned, including sensor-based sorting, comminution, mineralogy, gravity, cyanidation leaching, flotation, equipment sizing tests, with results expected in H2/26.

Keith Boyle, Chief Executive Officer, commented: "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. The next round of metallurgical test work, which is planned to commence Q4 2025 will support the Queensway Feasibility Study."

Program Overview

The Program commenced in late 2024 and focused on master composites from Keats West, with the re-evaluation of select low grade samples from the Keats, Golden Joint, Lotto and Iceberg zones (Figures 1-3).

All metallurgical laboratory test work was carried out by Base Metallurgical Laboratory Ltd. ("Base Metallurgical"), a part of the Intertek Group plc ("Intertek"), in Kamloops, British Columbia. A mineralogical gold deportment study in support of the Program was completed by the Advanced Mineral Technology Laboratory ("AMTEL"). A summary of this work and key findings are outlined below. Base Metallurgical, Intertek and AMTEL are independent of the Company.


_______________________________


1 See the New Found Gold news release dated July 21, 2025.


2 See the New Found Gold news releases dated April 3, 2024, and November 1, 2024.



Keats West

The primary focus of the Program was to test mineralized sulphide samples from Keats West. Figures 1 to 3 show the type sections for the diamond drill core intervals that were selected for testing to obtain an unbiased representative variability of gold grades across this zone.

Approximately 660 meters of drill core with a combined weight of 2,700 kilograms and comprising 68 variability composites was selected for the Keats West test work. Three master composites, namely Keats West Weak, Keats West Moderate and Keats West Strong, were assembled according to the visibly determined carbon content in the variability composite samples. Visible indications of total organic carbon ("TOC") include the colour of the core, the amount of sooty carbon transferred when handling the core and the competency of the core.

The appropriate treatment flowsheet is via gravity gold recovery and flotation of gravity tails to produce a saleable gold concentrate, confirming the flowsheet presented in the Queensway PEA (Figure 4).

Mineralogical Gold Deportment Study

A mineralogical gold deportment study in support of the Program was conducted on the Keats West Weak master composite, and on a blend of the Keats West Moderate and Keats West Strong (the "Keats West Mod/Strong") master composites. The key findings from this portion of the Program are:

  • The rock mineral assemblage was essentially the same in all tested Queensway master composites from the Keats, Lotto, and Iceberg zones, with mineralogy dominated by quartz, illite, chlorite, albite, with minor carbonate and rutile. Visually, the Keats West Weak and Keats West Mod/Strong samples contained notably lower feldspar contents.
  • The TOC assay for the Keats West Mod/Strong material had a higher carbonaceous matter content (0.33% TOC); flotation was added to the flowsheet to improve recovery.
  • The sulphide mineralogy was dominated by pyrite and arsenopyrite in all mineralized materials tested. The total sulphide contents were similar in all study samples, with the Keats West Weak sample containing the highest arsenopyrite content (1.25 weight percent arsenopyrite).
  • Submicroscopic gold is a minor contributor to gold grade in the samples, except in the Keats West Weak sample where it accounted for 49% of the gold. The importance of submicroscopic gold in the Keats West Weak sample was partly due to the lower overall gold content of this material, and the relatively high arsenopyrite content, where arsenopyrite is enriched in solid solution gold.

Metallurgical Test Results

Comminution tests were completed on the three master composites. The tests included the semi-autogenous grinding ("SAG") mill comminution ("SMC") breakage test to determine A x b values, Bond Ball Mill Test ("BWi"), Bond Rod Mill Test ("RWi"), and Bond Abrasion ("Ai"). The Keats West Weak SMC index was 70.5 and the Keats West Moderate SMC index was 52.8. BWi values were 18.4 to 18.7 kWh/t and were above the range of the values from the Keats, Lotto and Iceberg zones, which ranged from 16.9 kWh/t to 18.3 kWh/t. The comminution tests confirm the current PEA crushing and SAG/Ball mill flowsheet (Figure 4).

The three master composites were subjected to a series of tests to evaluate a flowsheet consisting of gravity recovery followed by sulphide flotation of gravity tails with rougher concentrate regrind and two stages of cleaners. Overall gold recoveries were 86% to 96% with an average of 89.2%, confirming the slightly more conservative 88% flotation stage recovery used for Keats West in the PEA. The average gold and arsenic content in concentrate was 37.9 g/t Au and 3.1% As respectively and is therefore considered saleable. Results from the Program are summarized in Table 1.

Table 1. Keats West Master Composites - Flotation Results (Lock Cycle Tests).

Sample

Calculated
Head Grade

Overall Gold
Recovery

Concentrate
Grade

Concentrate
Grade


(Au g/t)

(Au %)

(Au g/t)

(As %)

Keats West Weak

4.33

85.6

40.6

4.2

Keats West Moderate

3.63

86.2

47.1

4.2

Keats West Strong

10.2

95.9

26.0

0.9

Average

6.1

89.2

37.9

3.1

Keats, Golden Joint, Lotto, and Iceberg zones

Samples from the Keats, Golden Joint, Lotto and Iceberg zones tested in Phases I and II of the Queensway metallurgical testing program received additional test work in the Program, with a focus on further optimization to increase recoveries.

Select lower grade variability composites (approximately less than 3 grams of gold per tonne "g/t Au") with elevated concentrations of sulphides (1-2% S; greater than 2,000 ppm As) from the Keats, Golden Joint, Lotto, and Iceberg zones tested as part of the Phase 1 metallurgical test work program were retested using a gravity-flotation flowsheet. Samples were subjected to gravity, rougher flotation of gravity tails and leaching of rougher concentrate. In most cases this improved overall gold recoveries compared to previous gravity-CIL tests.

Average recoveries of 87% were achieved from rougher stage flotation. It is noted that cleaner flotation and optimization work was not completed and will be tested in the next stage of metallurgical test work.

The results of this work support a gravity-flotation flowsheet to treat this material as outlined in the Queensway PEA.

Next Steps

The Company is currently planning additional metallurgical test work, consisting of a Feasibility Study level metallurgical program, with results expected in H2/26. This work is being conducted by Base Metallurgical.

The overall scope of the next phase of work includes:

  • Establishment of geometallurgical models,
  • Complete variability test work across main mineralized zones,
  • Continue to establish a gravity/CIL flowsheet and leaching conditions for plant design,
  • Continue to establish a gravity/gold flotation flowsheet for sulphide-associated mineralization that does not respond well to cyanidation gold extraction,
  • Comminution variability test work, including bond ball and rod work indices, SMC tests and abrasion tests,
  • Environmental related tests, including acid-base-accounting and humidity cell.

Technical Report

The Company has filed the technical report for the PEA for Queensway titled "NI 43-101 Technical Report for the Queensway Gold Project, Newfoundland and Labrador, Canada" dated September 2, 2025 (the "Technical Report").

The Technical Report was prepared by SLR Consulting (Canada) Ltd. ("SLR") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and Canadian National Instrument 43-101 ("NI 43-101"), as announced in the Company's news release dated July 21, 2025.

The Technical Report has been filed under the Company's profile on SEDAR+ at  and can also be found on New Found Gold's website at

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Neil Lincoln, P.Eng., Consulting Metallurgist at Lincoln Metallurgical Inc, and a Qualified Person as defined under National Instrument 43-101. Mr. Lincoln is independent of the Company and consents to the publication of this press release, by New Found Gold. Mr. Lincoln 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 Gold is a well-financed advanced-stage exploration company that holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

The Company has completed an initial mineral resource estimate and PEA at Queensway (see New Found Gold news releases dated March 24, 2025 and July 21, 2025 ).

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,450 ha project that covers a 110 km strike extent along two prospective fault zones.

New Found Gold has a new management team in place, a solid shareholder base, which includes an approximately 23.1% holding by Eric Sprott, and is focused on growth and value creation at Queensway.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Follow us on social media at

Acknowledgements

New Found Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

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.

Cautionary Statement

The PEA is preliminary in nature, it included inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized.

Forward-Looking Statement Cautions

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the results of the Program and the interpretation of such results; further metallurgical test work and the scope and timing thereof; the PEA; exploration, drilling and mineralization on Queensway; the initial mineral resource estimate; a potential Feasibility Study; the interpretation of drilling and assay results, the extent of mineralization and the discovery of zones of high-grade gold mineralization; future exploration and the focus and timing of same; the merits of the Queensway Project; and future press releases by the Company. 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", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "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 the Company's ability to complete its planned studies and programs and the results and timing thereof, 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 for a more complete discussion of such risk factors and their potential effects.

Cision View original content to download multimedia:

SOURCE New Found Gold Corp.

FAQ

What were the key metallurgical test results for NFGC's Queensway Project in 2025?

The Phase III testing achieved 89.2% average gold recovery from Keats West zone, producing a saleable concentrate averaging 37.9 g/t Au and 3.1% As

How do the latest metallurgical results impact NFGC's Queensway Project development?

The results validate the PEA's recovery assumptions and flowsheet design, confirming the project's technical viability and supporting advancement toward the Feasibility Study

What is the timeline for NFGC's next phase of metallurgical testing?

New Found Gold plans to commence Feasibility Study level metallurgical test work in Q4 2025, with results expected in H2/26

What recovery rates did NFGC achieve from low-grade samples at Queensway?

The company achieved 87% average recoveries from rougher stage flotation on low-grade samples from the Keats, Golden Joint, Lotto, and Iceberg zones

What are the main challenges identified in NFGC's metallurgical testing?

The testing revealed higher grinding energy requirements (18.4-18.7 kWh/t) and the presence of submicroscopic gold in some samples, which may affect processing complexity
New Found Gold Corp

NYSE:NFGC

NFGC Rankings

NFGC Latest News

NFGC Latest SEC Filings

NFGC Stock Data

449.94M
130.73M
38.03%
7.03%
2.2%
Gold
Basic Materials
Canada
Vancouver