(TheNewswire)
Vancouver, British Columbia - TheNewswire - July 6 th , 2021- Exploits Discovery Corp. (“Exploits” or the“Company”) (CSE:NFLD) (OTC: NFLDF )(FSE:634-FF) (CNSX:NFLD.CN) is pleased to announce the Company has completed itsfirst phase of airborne VTEM geophysics across the Dog Bay,Jonathan’s Pond, Mt. Peyton, True Grit, and Middle Ridge properties,comprising 12,420 line kilometres flown - one of the largest highresolution surveys on Newfoundland to date. Early results from thedata have proven the necessity for high resolution geophysics, and asecond phase has been approved to cover the remaining ground at theGreat Bend Project, scheduled to begin mid-July.
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- Preliminary results were acquired during the survey and used inconjunction with GoldSpotDiscoveries Corp. (TSX.V: SPOT) A.I. data analysis techniquesto delineate target areas in preparation for drilling.
- Final results are currently being processed for further targetrefinement and highlight new target areas to explore on the ground.
- Geologists & prospectors in the field will follow up on newlygenerated targets through VTEM with mapping, rock and soil sampling,and detailed ground magnetic geophysics, building these new targets upto drill ready status.
- 12,420 line kilometres were flown over five projects, with anadditional 6,839km budgeted for the Great Bend Project, scheduled tocommence mid-July, which is underlain by the Dog Bay Line, Appleton,Joe Batts Pond (JBP) Fault Zones.
William M. Sheriff, Interim President & Chief Executive Officer ofExploits, comments “VTEM survey data allows us and our technicalteam led by GoldSpot Discoveries to pinpoint targets in a way that isimpossible with traditional prospecting techniques. The speed at whichwe can analyze vast areas is unprecedented and gives our geology teamdiscrete areas to visit for exploration and sampling. This is ourcompetitive advantage in advancing new targets and moving Exploitsquickly towards discovery.”
Results Summary
Preliminary data was provided as the survey was being flown andinterpreted in real time by Exploits and the Company’s partner,GoldSpot Discoveries Corp. This resulted in an acceleration of targetdevelopment through highlighting areas of interest in the data,followed by dedicating on the ground exploration efforts to thesespecific target locations. This has increased time spent on highpriority targets and filtering lower priority areas. To date, theresults of the VTEM survey have delineated targets at the SchoonerFault Zone, Quinlan Veins, Jonathan’s Pond, and True Grit prospects.These targets received follow up, on the ground field exploration andare now in the process of being drill tested.
Figure 1: Regional map of Exploits’ projects with the completed Phase1 airborne VTEM area in orange and the planned Phase 2 survey overGreat Bend, including the southern portion of the Dog Bay Line,Appleton, and Joe Batts Pond (JBP) Fault Zones.
Ongoing data analysis is being conducted as the final data is receivedwith potential to increase Exploits’ targets for building into newdrill ready targets. With the success of the first phase of the VTEMsurvey, the Company has planned and approved a second phase. Thesecond phase will cover the Great Bend Project which includesapproximately 30-kilometers of the Dog Bay Line, 18-kilometers of theAppleton, and 18-kilometres of the Joe Batts Pond Fault Zones, withNew Found Gold’s till anomalies southwest of Eastern Pond trendingtowards the project along the Appleton Fault Zone.
About the VTEM GeophysicalSurvey
Prior to the Company undertaking the district scale, 12,420 linekilometre airborne VTEM geophysical survey, the Exploits Subzone wasonly covered by a patchwork of widely spaced/lower resolutiongeophysical data. To understand the geological and structural controlsover this large area, greater coverage at tightly spaced lines forincreased data resolution was imperative. Versatile Time DomainElectromagnetic (VTEM) surveys provide electromagnetic and magneticdata which help delineate these geological and structural controls,highlighting favourable areas for deposition of epizonal styleorogenic gold. The equipment is fixed to a helicopter flying at 100metre line spaces at a low mean altitude of 85 metres, which allow forlarge areas to be surveyed quickly, with high quality data resolution.
National Instrument 43-101 disclosure
Ian Herbranson, P.Geo, is Vice-President of Exploration for theCompany and qualified person as defined by National Instrument 43-101.Mr. Herbranson supervised the preparation of the technical informationin this news release.
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 PB Hill project syndicate covers an additionalarea of almost 2,000 square kilometres.
With five permitted drill targets, ample cash reserves, a drillworking and committed through the 2021 season, 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
Tel: (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 andthe Company does not assume any obligation to update or revise them toreflect new events or circumstances save as required by applicablelaw.
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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