New Found Gold Provides Queensway and Pine Cove Update
New Found Gold received a permit amendment for the conversion of its Pine Cove mill to a gravity-CIL circuit and was referred for an Environmental Preview Report regarding its Queensway Phase 1 project. The company remains on track to send first material to the mill in Q4 2027 and achieve Phase 1 commercial production in H2 2028. The Phase 1 plan outlines an initial capital cost of $155M for average annual production of 69.3 thousand ounces of gold at an AISC of US$1,282 per ounce. The mill expansion will increase throughput from 700 tpd to 1,400 tpd and is expected to improve recoveries at the Hammerdown deposit to approximately 92%.
Key figures
- Mine grade g t
- 9.64
- Aisc usd per oz
- 1282
- Initial capital cost
- $155M
- Recovery design percent
- 87
- Avg annual production oz
- 69300
- Mill capacity future tpd
- 1400
- Mill capacity current tpd
- 700
- Recovery expected percent
- 92
AI analysis
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