(TheNewswire)
Vancouver, British Columbia – March 24 , 2021 - Exploits Discovery Corp.(“Exploits” or the “Company”) (CSE:NFLD) (OTC:RNRRF)(FSE:634-FF) (CNSX:NFLD.CN) is pleased to outlineits drilling targets at the Jonathan’s Pond Project (the“Project”) located in the Exploits Subzone, Newfoundland. TheCompany also announces that it will hold an online special investorsmeeting March 25th, 2021 (See details below).
Highlights
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- Exploits defined two high priority targets at the Jonathan’s PondGold Project JP Vein, and a 2-kilometre long demagnetized fault zone.
- The JP Vein target contains highgrade gold in quartz veining up to 28 g/t Au , low grade gold inwall rock returning 0.44 g/t Au over 5 meters, including 1 meter at0.80 g/t Au in trenching, and a further 300 metres of anomalousunexplored strike length of gold indicated by Spatiotemporal GasHydrocarbon (SGH) soil samples.
- The 2-kilometre fault zone is a demagnetized geophysical target located 1.3 km northeast of thehighest documented cluster of heavy mineral concentrate (HMC) sampleson the island of Newfoundland and 1.6 km northeast of a float boulder that assayed 700 g/t Au (Keats, 2004).
- These targets are a high priorityfor the Spring 2021 drilling program.
Exploits identified two high priority target areas on the Jonathan’sPond Gold Project through late 2020 trenching, outcrop mapping, SGHsoil sampling, and geophysical analysis. The JP Vein received themajority of the 2020 field work that resulted in the identification ofthe gold bearing phase of quartz veining and its structuralorientation, with samples assaying up to 28 g/t Au. The SGH soilsampling results over this area coincided with this orientation andopened up a further 300 metres of additional unexplored strike lengthto be followed up on.
The structural information collected during outcrop mapping allowedfor a detailed geophysical analysis of historic high resolutionairborne magnetic data over the Project. A series of tight folds weredefined with an apparent 2-kilometre demagnetized secondary fault.This secondary fault displays the preferred orientation similar to thegold bearing phase of quartz veining as seen at the JP Vein.Demagnetized “destruction” fault zones are important in orogenicgold systems as it demonstrates fluids potentially carrying gold havepropagated through this structural conduit and replaced the magneticminerals with non-magnetic alteration minerals, such as sericite(mica). This target is located 1.3 km from the highly elevated,historic gold in till samples (New Found Gold Corp., 2017).
Michael Collins, President & Chief ExecutiveOfficer of Exploits, commented: “Jonathan’s Pond hasdelivered great targets for us that are backed by solid geology fieldwork with high grade assays and large scale structures to betargeted.”
“We also welcome you to join us tomorrow for a live discussion onthe history and outlook of the prolific Exploits Subzone, also knownas the “Newfoundland Gold Belt. We will also joined by Al and KevinKeats and Gary Lewis, who have played an instrumental part in theidentification of Jonathan’s Pond and other targets within theExploits Subzone Gold Belt.”
Map of Jonathan’s PondTargets
Figure 1: Geological map of Jonathan’s Pond displaying the structuralcontrols on the project as well as the high priority JP Vein and2-kilometre demagnetized fault zone targets. Outcrop grabs (circles)and pristine gold grains in till (squares) are displayed, with thetills situated 1.3km from the faultzone . Important structure sare highlighted by thicker black lines.
About Jonathan’s PondTargets
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 Exploits undertook in the fallof 2020 at the JP Vein helped move the Project along in theunderstanding of geology, structure, and gold mineralization style.Outcrop grab and channel sampling has highlighted that the high-gradegold mineralization is localized to late-stage quartz veining,associated with a third phase of structural deformation. Trenchinghighlighted the presence of lower grade gold mineralization in hostrock that returned 0.44 g/t Au over 5 meters, including 1 meter at0.80 g/t Au, in altered gabbro. This indicates the high-grade gold inquartz veins may be contained within a lower grade envelope in thehost rock. SGH soil sampling results were also consistent in theorientation of the anomalous gold in SGH signature to the high-gradegold in quartz vein orientation, outlining a further 300-metres ofunexplored strike length.
The outcrop mapping at the JP Vein helped define the structuralhistory of the Project and outlined the orientation of gold bearingquartz veins. This new structural information allowed for subsequentgeophysical analysis of historic, high resolution airborne magneticdata. This culminated in the identification of a 2-kilometre-longdemagnetization zone, similar to what is observed at Kirkland Lake’sFosterville Mine, Australia, that is in the preferential structuralorientation of high-grade gold mineralization in outcrop seen at theJP Vein. Earlier stage ductile folding, as seen at the JP Vein, wasobserved in the airborne magnetics along with later stage brittlefaulting. The later stage faulting has been interpreted as steeplydipping thrust faults, oblique to fold hinges. For thrusting to occurat steep angles, fluids need to be present to lubricate the rocks forthis movement to occur. These fluids are potentially gold bearing andgold can be deposited along these high angle thrusts, like at the SwanZone in Fosterville. Evidence that supports fluids interacting in theidentified fault is the presence of the demagnetized zone, wheremagnetic minerals in the host rock have been replaced by non-magneticalteration minerals such as sericite (mica). These zones are veryimportant in the exploration of orogenic gold deposits and the2-kilometre strike length provides a great opportunity for discovery.
About Exploits’ Special InvestorPresentation
Join Exploits Discovery for a special meeting todiscuss the growing potential at Jonathan's Pond and upcomingmilestones as the company drills and unveils new targets in theExploits Subzone Gold Belt - Thursday, March 25, 2021 at 1:00 pmPacific Standard time.
The update and discussion will offer investors theopportunity to hear from Al and Kevin Keats and Gary Lewis;prospectors who were involved from the start of the Newfoundland goldrush. It will also outline Exploits’ exploration plans and catalystsin spring/summer 2021. To move things along in an orderly fashion,Exploits’ encourages attendees to send any questions prior to thepresentation. A recording of the update and discussion will beuploaded to the Exploits website by Monday March 29 th , 2021.
Any questions may be emailed to the exploits investoremail address outlined below prior to the presentation. For all otherinquiries regarding the Exploits presentation please call the headoffice at 604-681-3170 or email at investors@exploits.gold.
Meeting information:
https://zoom.us/j/97970039930?pwd=RjR5RS9HbTZ5UkRvekw3THhRazI3UT09
Meeting ID: 979 7003 9930, Passcode: 270350
Dial by your location
+1 778 907 2071 CAN (Vancouver)
+1 647 558 0588 CAN (Toronto
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Meeting ID: 979 7003 9930, Passcode: 270350
Find your local number: https://zoom.us/u/acTkqLDIfS
The update and discussion will offer investors the opportunity tolearn more about the people who were involved from the start of thegold rush in the entirety of the NL Gold Belt. It will also outlineExploits’ exploration plans and catalysts in spring/summer 2021. To move things along in an orderly fashion, Exploits’ encouragesattendees to send any questions prior to the presentation. A recordingof the update and discussion will be uploaded to the Exploits websiteby Monday March 29 th ,2021.
Any questions may be emailed to the exploits investor email addressoutlined below prior to the presentation. For all other inquiriesregarding the Exploits presentation please call the head office at604-681-3170 or email at investors@exploits.gold
Quality Assurance – Quality Control(“QA/QC”)
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.
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.
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 approximately2,111 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 discoveries such as New Found Gold's2019 discovery of 92.86 g/t Au over 19.0 metres near surface. TheExploits Subzone and GRUB regions have been the focus of major stakingand financing throughout 2020, with increased exploration activitiesforecasted in the area moving into 2 021. Exploits is financedand with two of five drill permits in place for an extensive drillprogram in the Spring of 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-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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