(TheNewswire)
Vancouver – TheNewswire- March 31, 2021 – Exploits Discovery Corp.,(“Exploits” or the “Company”) (CSE:NFLD)(OTCQB:NFLDF) (FSE:634-FF) is pleased toannounce that it has entered into an agreement to acquire 100%interest in the Hicks - Dog Bay properties (the “properties”) toconsolidate the Dog Bay Gold Project (the “project”) for 550,000Exploits shares. The claims are subject to a 2.0% Net Smelter Royaltyto one of the underlying vendors of which 1.0% may be bought out for$1 million at any time. This land acquisition contains severalsignificant historic gold showings and will increase the land packageby 4.5 km 2.
Acquisition Highlights
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- Exploits has consolidated the last adjacent mineralclaims at the Quinlan Vein where high grade gold can be seen atsurface up to 61.3 g/t Au.
- The project now contains five additional historicmineral occurrences with gold values up to 6.4 g/t Au in quartz veinsat surface.
- Structurally, the veins are situated within secondaryfault structures, associated with the Appleton Fault Zone, that werehighlighted by GoldSpot Discoveries’ geophysical analysis.
- Exploits’ drill permit applications are pending forthe Quinlan Veins for drilling nine holes totaling 2,250 Metres insummer 2021.
Michael Collins, Chief Executive Officer of Exploits,comments, “The acquisition of these claims solidifies theCompany’s land position on the northeastern end of the Port AlbertPeninsula, in particular around the Quinlan Veins which we intend todrill test this spring. Exploits is well funded, drill ready andpositioned for growth on drilling a discovery in the ExploitsSubzone.”
About the Project
The claims are situated on the eastern side of PortAlbert Peninsula and are interpreted to be found on secondary andtertiary structures that intersect the Appleton Fault on the westernside of the claims. There are several historic mineral occurrenceslocated on the properties as follows:
Horwood Bay Cu: A 30 - 45 cm quartz vein exposed for about 15 m, occurs on a smallheadland on the west shore of Dog Bay. The vein contains about 1%chalcopyrite along its entire length. Smaller quartz veins containingtraces of chalcopyrite occur within a few hundred feet of the largervein (Kalliokoski, 1953).
Gina Au Showing: The Gina showing occurs in a porphyritic felsic dyke that ismoderately silicified and contains spotty sericite alteration witharsenopyrite and pyrite mineralization. The showing has yielded gradesup to 3.6 g/t Au from grab samples and 3.6 g/t Au over 1.1 m fromchannel sampling.
The Beach Au Showing: The Beach occurrence has returned assays up to 6.4 g/t Aufrom grab samples. The occurrence occurs in approximately 20 cm widequartz vein which contains arsenopyrite (Dyke, 2006).
Powerline Au Showing: The Powerline occurrence occurs in an approximately 10 cmwide quartz vein containing arsenopyrite and returned grades up to 1.5g/t Au from grab samples. Also in the area, a felsic dyke containingarsenopyrite, pyrite, exposed in the Powerline trench, assayed up to3.0 g/t Au from grab samples (Dyke, 2006)
United Church Showing: This occurrence has yielded assay results up to 3.8 g/t Aufrom grab samples and 1.6 g/t Au over 1.0 m from channel sampling. Theoccurrence is composed of a felsic dyke containing arsenopyrite andpyrite (Dyke, 2005).
Two of the northern claim Cells are proximal toExploits’ Quinlan Vein showing where visible gold can be seen atsurface, returning assays of up to 61.3 g/t Au and 189 g/t Ag. TheQuinlan Veins consist of several 50 to 70 centimetre-wide quartz veinsover a 25m wide zone, currently running 5 to 20 metres in strikelength before diving under overburden. Visible gold was discovered asfine grains in crack seal fractures and as fine to coarse grainsdisseminated in the quartz veins. Structurally,the veins are situated within secondary fault structures, associatedwith the Appleton Fault zone, that were highlighted by GoldSpotDiscoveries’ (TSX.V: SPOT) (“Goldspot”) geophysical analysis.The Quinlan Vein targets are deemed analogous to New Found Gold’sKeats Zone due to the similarities in structural control andlithological host units.
Area Map of the ExploitsAquisition
Figure 1: Map illustratingExploits’ acquisition consolidating the Dog Bay Project.
The purchase agreement increases the Dog Bay Project to1,272 mineral claims, encompassing a total land area of 318 km²,straddling the northern extent of both the Appleton Fault Zone andbound to the west by the Dog Bay Line. The project can be accessedby travelling north on highway 340 from Notre Dame Junction, wherefurther access is gained by traveling inland on a network ofwell-maintained forest service roads. The project boundary is alsosituated 40 km northeast of the late 2019 NewFound Gold Corp. gold discovery, which returned a diamond drill holewith 92.86 g/t Au over 19.0 meters near surface (see New Found GoldCorp. news dated January 28, 2020), and is underlain by the same faultzones and similar packages of siliciclastic rocks as the discoveryhost, as mapped by the Newfoundland and Labrador GeologicalSurvey.
National Instrument 43-101 disclosure
Ian Herbranson, P.Geo, is Vice-President of Explorationfor the company and qualified person as defined by National Instrument43-101. Mr. Herbranson supervised the preparation of the technicalinformation in this news release.
Exploits Discovery is a Canadian mineral explorationcompany focused on the acquisition and development of mineral projectsin Newfoundland, Canada. The Company currently holds the Jonathan'sPond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend andGazeebow projects which cumulatively cover an area of approximately2,115 square kilometres.
All projects within Exploits’ portfolio lie withinthe Exploits Subzone.
Exploits believes that the Exploits Subzone, whichruns 200 km 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 discovery such as New Found Gold's 2019 discovery of 92.86g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUBregions have been the focus of major staking and financing throughout2020, with increased exploration activities forecasted in the areamoving into 2021.
The team at Exploits, with significant local experienceand knowledge, have studied the entirety of the Exploits Subzone andpicked individual land packages for staking or joint venture wherethere is an opportunity for world class discoveries and minedevelopment. Exploits intends to leverage its local team and thelarger shift in understanding and become one of the most extensiveexplorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Michael Collins"
President and CEO
For further information, pleasecontact:
Michael Collins, CEO
Tel: (604) 681-3170
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-looking statements are made as of the datehereof and the Company does not assume any obligation to update orrevise them to reflect new events or circumstances save as required byapplicable law.
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