A company I worked for sold these PM thick film pastes - commonly, gold for the conductors (traces) and bonding pads for mounting chips, platinum for conductors, and ruthenium (as an oxide, I seem to remember) for resistors. They were applied to the thin alumina substrate by silk-screening (actually, stainless steel screen was used) technology and then were fired in a conveyorized furnace, at high temp, to bond the PM to the substrate and to drive off the solvents and binders in the paste. Both the pastes and the alumina contained about 5% (I think), by weight, glass powder (called a glass frit). When fired, the glass melted and bonded the gold to the alumina. They were used to form hybrid circuits, which were then usually mounted, wired, and sealed in hybrid packages.
Since we sold these pastes for another manufacturer, I never knew exactly what was in them but, in the case of gold pastes, I think it was only gold powder, a glass frit, and a blend of solvents and organic binders. I didn't process much of the paste, itself, but I think we just incinerated it at a fairly high temperature and then went through an aqua regia process. I don't know what the solvents, etc., are, but the incineration products could very well be toxic and I would use great caution.
Another approach might be to first leach out the solvents and binders with another solvent, such as zylol, acetone, etc., and then put the dry residue into aqua regia. However, the use of these solvents poses dangers. Also, unless you find the perfect solvent or blend of solvents, the leaching could very well be incomplete.
I seem to remember experimenting with putting the paste directly into aqua regia, with no pre-treatment. I think I ended up with a gunky mess, which created big problems in trying to recover the gold.
Whatever you do, first experiment with small quantities - say, only a gram or two.
Some of these thick film pastes contain no precious metals. An example is the moly-manganese paste used on side-braze packages, for the leg mounting pads, the internal traces, and the wire bonding fingers.
If anyone finds ruthenium paste, I would not try to process it unless you really know what you're doing and have experience in working with ruthenium. Too many inherent dangers.
Maybe someone else will chime in on this subject.