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Investing.com -- New Found Gold Corp (TSXV:NFG) (NYSE-A:NFGC) stock rose 3% after announcing positive results from its Phase III Metallurgical Testing Program at the Queensway Gold Project in Newfoundland and Labrador, Canada.
The company reported that Keats West master composite sulphide samples achieved an average 89.2% overall gold recovery, confirming the recovery rate used in its preliminary economic assessment (PEA). The testing also validated the company’s ability to produce a saleable gold concentrate and confirmed the flowsheet presented in its recent PEA.
The program primarily focused on newly collected samples from the Keats West zone, while also re-evaluating select low-grade samples from the Keats, Golden Joint, Lotto, and Iceberg zones. Testing on these previously examined zones achieved average recoveries of 87% from rougher stage flotation.
"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," said Keith Boyle, Chief Executive Officer.
The company plans to commence additional Feasibility Study level metallurgical test work in Q4 2025, with results expected in the second half of 2026. This work will include sensor-based sorting, comminution, mineralogy, gravity, cyanidation leaching, flotation, and equipment sizing tests to support the Queensway Feasibility Study.
New Found Gold has already filed the technical report for the PEA, dated September 2, 2025, which was prepared by SLR Consulting in accordance with Canadian National Instrument 43-101 standards.
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