Try this:
for /f "delims=" %%A in ('dir test.txt /b /s') do echo copy "%%A" "%new_Loc%"
The command will loop through the output of 'dir test.txt /b /s' line by line, (with no breaks in the line). With each line it will temporarily store it in the variable %%A and execute all the commands after "do". In this case, it will loop through the list that 'dir test.txt /b /s' creates copying each file location to %new_Loc% (your destination). Be careful though, it might over ride files if there are multiple copies of test.txt in your drive.