Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) lost ground yesterday on news of another bonanza-grade find at its Queensway project in north-central Newfoundland, so it took another tack today, keeping it unchanged at $3.10 on 369,000 shares. The company is cheering results from metallurgical testing of about 1.4 tonnes of drill core from the Iceberg and Iceberg East areas, which showed a combined gold recovery rate of nearly 97 per cent. Earlier testing of core from the Keats and Lotto areas yielded recoveries topping 95 per cent, while the rate at Golden Joint areas yielded a recovery rate topping 90 per cent.
As usual, Mr. Kettell, chairman and chief executive officer, and Mr. Laviolette, president, left the cheerleading to a subordinate. This time, Ron Hampton, chief development officer, twirled the baton. The Iceberg and Iceberg East zones have similar geology and mineralization style to the Keats Main zone, he said, explaining the similar recovery rates. Further, he said, "this test work confirms that the mineralization from Iceberg and Iceberg East can be processed using conventional gravity separation and carbon-in-leach technology."