Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
New Found Gold (TSXV: NFG) has reported recoveries of 90% and 96% of the gold from drill core samples from its 100%-owned Queensway gold project, located 15 km west of Gander, Newfoundland.
Testing focused on the Keats Main, Golden Joint, and Lotto zones. A total of 116 variability composites were created from 1,000 metres of drill core and having a combined weight of 3,400 kg, and from them three master composites were assembled.
Recovery from the three zones demonstrated similar metallurgical characteristics when tested with gravity separation and carbon-in-leach (CIL) techniques.
“The program further demonstrates that conventional gravity separation and CIL are well-suited recovery methods for gold mineralization at Queensway. Additional flowsheet development work is ongoing to determine if marginal improvements in gold extraction can be achieved,” noted Gary Simmons, an independent consultant who was previously director of metallurgy and technology at Newmont.
New Found Gold will move into the second phase of metallurgical tests in the second quarter of the year. Composites from the Iceberg and Iceberg East zones will be tested.
The company continues its 650,000-metre drill program at Queensway. No estimate of resources or reserves has yet been made available.
