NEW FOUND REPORTS POSITIVE PHASE II METALLURGICAL TEST RESULTS DEMONSTRATING 97% GOLD EXTRACTION AT ICEBERG AND ICEBERG EAST

CNW Group
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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."

Table 1. Weighted Average Gravity Leach Test Results (CNW Group/New Found Gold Corp.)
Table 1. Weighted Average Gravity Leach Test Results (CNW Group/New Found Gold Corp.)
Figure 1. Plan view map of metallurgical type-sections from the Phase II metallurgical testing program (CNW Group/New Found Gold Corp.)
Figure 1. Plan view map of metallurgical type-sections from the Phase II metallurgical testing program (CNW Group/New Found Gold Corp.)
Figure 2. Example cross section of Iceberg #3 illustrating a portion of drill holes selected for metallurgical testing. The black bars shown in the figure represent the metallurgical testing intervals. (CNW Group/New Found Gold Corp.)
Figure 2. Example cross section of Iceberg #3 illustrating a portion of drill holes selected for metallurgical testing. The black bars shown in the figure represent the metallurgical testing intervals. (CNW Group/New Found Gold Corp.)

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.

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