(TheNewswire)
Vancouver, British Columbia - TheNewswire – August 26, 202 1 - Exploits Discovery Corp.(“Exploits” or the “Company”) (CSE:NFLD) (OTC: NFLD F) (FSE:634-FF) (CNSX:NFLD.CN) is pleased toannounce that drilling has commenced at the Jonathan’s Pond project.In addition, its regional exploration program across the Mount Peyton,Dog Bay and True Grit Projects has been expanded and accelerated.
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- Jonathan’s Pond drillinghas commenced to test the large vein system with historic 700 g/t Augrab samples containing visible gold. GoldSpot Discoveries (TSXV:SPOT) and our geologic team are taking advantage of the newhigh-resolution geophysics, and existing geochemical data to pinpointadditional targets and areas of interest for the continuing drillprogram at Jonathan’s Pond.
- Multiple field crews have been mobilized and are engaged inprospecting and soil & rock sampling at the Mount Peyton , Dog Bay , and True Grit projects . The current soil sampling programwill exceed 1800 samples.
- Schooner North drillingintersected numerous areas of interest with quartz carbonate veiningand sulphide mineralization encountered within the fine grainedsiltstone. Following completion of first round drilling atJonathan’s Pond, drilling is scheduled to move to Schooner South forfollow up drilling.
- Completed first phase drilling at Quinlan Veins has encountered sporadic quartz veins. A totalof 2,235m was drilled across 13 holes with depths ranging from 49mto 310m.
William M. Sheriff , Interim President & ChiefExecutive Officer of Exploits, commented “The initial roundof drilling at our first two projects is complete and we await assayresults from the veined intercepts encountered in a number of theholes. These results are anticipated by early October. With thedrilling completed to date on our first two projects, plus currentdrilling at Jonathan’s Pond, we are well positioned to completethe initial testing of our five priority targets this year –including follow up drilling at Schooner.”
Figure 1: Drill set up at Jonathan’s Pond
Jonathan’s Pond is a 100% Exploits owned gold Project located alongHighway 330, 17 kilometres north of Gander, Newfoundland. Situatedalong the Gander River Ultramafic Belt (GRUB) Line Fault Zone, theProject hosts gold in heavy mineral concentrate (HMC) till anomalieswith 24 samples ranging from 720 to 410,000 ppb Au, float bouldersamples up to 700 g/t Au, and outcrop samples up to 28.0 g/t Au inquartz veins. In December 2020, Exploits acquired an additional 11.25square kilometres of land from New Found Gold Corp. This consolidatedthe Project area allowing uninhibited exploration on the identifiedtargets.
Trenching and outcrop mapping efforts undertaken by Exploits in thefall of 2020 at the JP Vein helped move the Project along in theunderstanding of geology, structure, and gold mineralization. Outcropgrab and channel sampling has suggested that the high-grade goldmineralization is localized to late-stage quartz veining, associatedwith a third phase of structural deformation. Trenching highlightedthe presence of lower grade gold mineralization in host rock thatreturned 0.44 g/t Au over 5 meters, including 1 meter at 0.80 g/t Au,in altered gabbro. This indicates the high-grade gold in quartz veinsmay be contained within a lower grade envelope in the host rock. SGH(Actlabs’ Spatiotemporal Geochemical Hydrocarbon) soil sampling hasidentified a highly prospective 300 m extension of the high grade goldin quartz zone that occurs in outcrop. This 300m probable extension iscovered by a thin layer of till and will be tested during the currentprogram.
In addition, geophysical analysis of historic, high resolutionairborne magnetic data culminated in the identification of a2-kilometre-long demagnetization zone. This zone bears remarkablesimilarity to what is observed at Kirkland Lake’s Fosterville Mine,Australia where earlier stage ductile folding occurs along with laterstage brittle thrust faulting. For thrusting to occur at steep angles,fluids are required to lubricate and facilitate the movement of therocks. These fluids are potentially gold bearing and gold can bedeposited along these high angle thrusts as seen in the Swan Zone atFosterville.
IanHerbranson has resigned from Exploits due to personal reasons, and wewish him all the best. The Company currently has 8 geologists and iswell staffed to complete and enlarge its objectives, as well as directthe continuing assessment and target generation of its very large landholdings.
QualityAssurance – Quality Control (“QA/QC”)
All HQ core is sampled, cut by core saw, and split by companypersonnel and put into bags with unique sample tags foridentification. The bags are sealed with a security tag and are thentransported directly to the lab by Exploits staff.
All soil samples are collected by company personnel and bagged in thefield with a sample tag for identification. The bags are sealed withzip ties and kept secure at a company facility until they aretransported directly via a commercial shipping company. Samples areshipped in rice bags with security tags which are verified upondelivery to the lab.
All rock samples are collected by company personnel and bagged in thefield with a sample tag for identification. The bags are sealed withtape and kept secure at a company facility until they are transporteddirectly to the lab by Exploits staff.
All rock samples are analyzed at Eastern Analytical of 403 Little BayRoad, Springdale, NL, a commercial laboratory that is ISO/IEC 17025accredited and completely independent of Exploits Discovery Corp.Eastern Analytical pulverized 1000 grams of each sample to 95% < 89?m. Samples are analyzed using fire assay (30g) with AA finish and anICP-34, four acid digestion followed by ICP-OES analysis. All sampleswith visible gold or assaying above 8.00 g/t Au are further assayedusing metallic screen to mitigate the presence of the nugget effect ofcoarse gold. Samples in this report were run for Ore Grade Assay whenwith multi-acid digestion with AA finish for samples above detectionlimit for silver.
NationalInstrument 43-101 disclosure
Nick Ryan, P.Geo, is Senior Geologist for the company and qualifiedperson as defined by National Instrument 43-101. Mr. Ryan supervisedthe preparation of the technical information in this news release.
Exploits Discovery is a Canadian mineral exploration company focusedon the acquisition and development of mineral projects inNewfoundland, Canada. The Company currently holds the Jonathan'sPond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend, andGazeebow projects covering approximately 2,000 square kilometres ofmineral tenements. The PB Hill projects syndicate covers an additionalarea of almost 2,000 square kilometres.
With five permitted drill targets, ample cash reserves, and a drillworking and committed through the summer 2021, Exploits is positionedfor discovery.
Exploits believes that the Exploits Subzone Gold Belt, which runs200 km from Dog Bay southwest to Bay d'Espoir, has been neglectedsince the last major exploration campaigns in the 1980s. The last 40years have seen incremental advancements in the understanding of goldmineralization in the camp. The sum of this knowledge is now comingtogether in discrete and effective exploration models that havedelivered results including New Found Gold's 2019 discovery hole. TheExploits Subzone and GRUB regions have been the focus of major stakingand financing since late 2019.
The team at Exploits, with significant local experience and knowledge,have studied the entirety of the Exploits Subzone and surroundingregions, and have picked individual land packages for staking or jointventures, where there are opportunities for world class discoveriesand mine development. Exploits intends to leverage its local team andthe larger shift in geologic understanding and become one of the mostextensive explorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "William M. Sheriff "
Interim President and CEO
For further information, pleasecontact:
Christopher Huggins, Director
(778) 819-2708
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
Forward-Looking Statements
This news release contains certain forward-lookingstatements, which relate to future events or future performance andreflect management's current expectations and assumptions. Suchforward-looking statements reflect management's current beliefs andare based on assumptions made by and information currently availableto the Company. Readers are cautioned that these forward-lookingstatements are neither promises nor guarantees, and are subject torisks and uncertainties that may cause future results to differmaterially from those expected including, but not limited to, marketconditions, availability of financing, actual results of the Company'sexploration and other activities, environmental risks, future metalprices, operating risks, accidents, labor issues, delays in obtaininggovernmental approvals and permits, and other risks in the miningindustry. All the forward-looking statements made in this news releaseare qualified by these cautionary statements and those in ourcontinuous disclosure filings available on SEDAR at www.sedar.com . These forward-lookingstatements are made as of the date hereof and the Company does notassume any obligation to update or revise them to reflect new eventsor circumstances save as required by applicable law.
Exploits Discovery would like to acknowledge thefinancial support of the Junior Exploration Assistance Program fromthe Department of Natural Resources, Government of Newfoundland andLabrador.
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