(TheNewswire)
Vancouver, British Columbia - TheNewswire - January 20 th , 2022- Exploits Discovery Corp. (“Exploits” or the“Company”) (CSE:NFLD) (CNSX:NFLD.CN) (OTC: NFLDF ) (FSE:634-FF) is pleased to announce the completionof the initial drilling program at its Little Joanna target. Six drillholes for a total of 921 metres were completed to test downdipextensions of surface veins containing visible gold and structuralintersections identified by Goldspot Discoveries’ initialgeophysical interpretation. The final core is being logged and sampledand will be delivered to the lab for assaying. Drilling is expectedto resume after a detailed analysis of the all the assay results fromthe 13,500 metre 2021 drilling program.
Highlights of the 2021 ExplorationProgram include:
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20,093 line-kilometres of airborne VTEM
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2,277 prospecting and soil geochemical samples
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363 line-kilometres of ground mag and VLF EM
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13,500 metres of diamond drilling summarized asfollows:
Target | Number of Holes | Total Metres |
Schooner North | 10 | 3,775 |
Quinlan Veins | 13 | 2,235 |
Jonathans Pond | 21 | 4,471 |
Schooner South | 8 | 2,098 |
Little Joanna | 6 | 921 |
TOTAL | 58 | 13,500 |
To date the Company has only reported assays on 6 holes drilled at theQuinlan Vein target representing approximately 10% of the total numberof samples delivered to the lab for analysis. The Company eagerlyawaits complete assay results from each target and will report resultsonce they have been received.
President and CEO Jeff Swinoga states, “We are pleased to completethe drilling of our Little Joanna target and look forward toreporting, early this year, the results from the remaining 52 holesdrilled as part of our 2021 program. Our experienced local team, alongwith the support of Goldspot Discoveries and our technical advisorycommittee now led by Dr. David Groves, will be fully engaged in theassessment of our data and assay results and, particularly, how thisdata influences our future exploration targeting. We expect anexciting 2022 with the reporting of our 2021 assay results andannouncements of new drill targets as we continue our journey tobecome the next major exploration success in the Exploits Subzone,Central Newfoundland.”
The Company’s exploration programfor 2022 will include:
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Reporting the assays results from the remaining 52 holes drilled in2021 (Schooner North & South, Jonathan's Pond, Little Joanna, andthe remaining holes at Quinlan Veins).
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Process and interpreting all results of 2021 program along withhistorical results and information from recent discoveries in theExploits sub-zone. This work will be completed in collaboration withthe Company’s key technical advisor, Dr. David Groves, aworld-renowned orogenic gold expert and Goldspot Discoveries , a leading technology companyleveraging artificial intelligence and data science, with the objectives of e nhancing our understanding ofexisting targets and identifying new areas of prospective orogenicgold mineralization.
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Continuing to aggressively drill identified targets following thefinal interpretation of the Company’s multi-target 2021 explorationprogram as well as new targets generated in 2022.
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Executing field programs including infill geophysics, as well as soil and till sampling, inunder explored areas along known regional deep-seated structures suchas the Appleton Fault, GRUB Line, and Dog Bay Line.
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Geophysical interpretation with Goldspot Discoveries ofExploits’ 20,093 line -km geophysical survey,covering approximately 1,767 km , of the True Gritt, Dog Bay, Mt. Peyton, Middle Ridge,Johnathan’s Pond, Great Bend, and Gazeebow projects. Interpretation of the geophysical data will includecleaning/processing of data as well as structural/lithologicalinterpretation allowing us to see the faultstructures which control mineralization .
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Working with our industry partners to find solutions toresolve unacceptably long laboratory turnaround times for assayresults.
With over $14 million in cash and zero debt, the Company is fullyfunded for its 2022 exploration program. Drilling is expected toresume this year after all the Company’s assay results from our 2021drilling and exploration programs have been reported and integratedinto the expanding database of information.
Little Joanna Target
The Phase 1 drill program, which included 6 drill holes totaling 921metres, was designed to test the downdip extension ofNE trending surface veins which co ntained visible gold as wellas the intersection of these veins with interpreted anomalousstructures.
The Little Joanna target is situated on an interpretedsecondary fault, identified from geophysics by Goldspot Discoveries.The target area is interpreted to be a splay off the Dog Bay Line.Surface samples collected for Exploits in this area returned gradesranging from up to 194 g/t Au (with visible gold) to trace. Quartzveins averaging 30 centimeters in thickness were uncovered along astrike length of 20 meters before becoming buried under thickoverburden. This target is being interpreted as open in alldirections. Five surface samples, collected for Exploits inthis area, had visible gold, with assays returning 194,133, 123, 119, and 118 g/t Au.
National Instrument 43-101 disclosure
Peter McIntyre, P.Geo., Senior Geologist at GoldSpot DiscoveriesCorp., and a consultant to the company, is a qualified person asdefined by NI 43-101. Mr. McIntyre has reviewed and approved thetechnical information presented herein.
About Exploits Discovery Corp.
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 50% owned PB Hill projects syndicate covers anadditional area of almost 2,000 square kilometres.
Exploits believes that the Exploits Subzone Gold Belt, which runs200 kilometres from Dog Bay southwest to Bay d'Espoir, has beenneglected since the last major exploration campaigns in the 1980s. Thelast 40 years have seen incremental advancements in the understandingof gold mineralization in the camp. The sum of this knowledge is nowcoming together in discrete and effective exploration models that havedelivered results including New FoundGold's 2019 discovery hole. The Exploits Subzone has been the focus ofmajor staking and financing since late 2019 with high grade golddiscoveries by Newfound Gold and Labrador Gold as well as advancedresource development by Sokoman Minerals.
The team at Exploits, with significant local experience and knowledge,have studied the entirety of the Exploits Subzone and surroundingregions, and having picked individual land claims for staking,purchase or joint ventures, have developed a land package where thereare opportunities for world class discoveries and mine development. Exploits intends to leverage itslocal team and the larger shift in geologic understanding and becomeone of the most extensive explorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Jeff Swinoga"
President and CEO
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 the financial support ofthe Junior Exploration Assistance Program from the Department ofNatural Resources, Government of Newfoundland and Labrador.
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