(TheNewswire)
Vancouver, British Columbia – TheNewswire - June 29 th , 2 02 1 - Exploits Discovery Corp.(“Exploits” or the “Company”) (CSE: NFLD) (OTCQB: NFLD F) (FSE: 634-FF) is pleased toannounce that Phase I drilling has been completed at the SchoonerProspect, (“Schooner”) and that Phase I drilling is to startimmediately at the Quinlan Veins Prospect (the “QV Prospect”),located at Exploits’ Dog Bay Project (the”Project”) in theExploits Subzone Gold Belt, Newfoundland.
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-Phase I drilling at Schooner has been successfully completed for atotal of 2,400m in 7 drill holes.
-Schooner drilling successfully intersected the primary and secondarystructures defined through geophysical targeting by GoldSpotDiscoveries.
- logging and sampling of the Schooner drilling is underway andexpected to be complete shortly, with initial assay results expectedin six to eight weeks.
-Phase I diamond drilling has commenced at the QV Prospect for aplanned total of 2,400m over nine holes, with a Phase II programplanned on receipt and analysis of Phase I program results.
-The QV Prospect drilling program’s initial focus is to test avisible gold (up to 61 g/t Au) bearing secondary fault associated with the Appleton Fault and Dog BayLine. The fault is a known gold bearing, deep seated fault that isclosely associated with the secondary faults that host New FoundGold’s Keats, Lotto and Knob Zone gold discoveries.
-Preparation work on the QV Prospect has exposed the veins across 200mof strike length to the south, with mapping and sampling stillongoing.
William M. Sheriff, Interim President & Chief Executive Officer ofExploits, commented: “We are really pleased with the drill core weare seeing at Schooner and are looking forward to getting assayresults, and returning for a Phase II program there later this summer.Quinlan Veins is one of our highest priority targets, with high gradevisible gold outcropping at surface. We look forward to testingmultiple intersecting structures at Quinlan, a number of which havevisible gold in outcrop. This is only the second of five permittedtargets we have slated for drilling along prominent structures inNewfoundland during the current campaign.”
About the Quinlan VeinsProspect
The Quinlan Veins Prospect islocated on a secondary structure splaying off the Appleton Fault Zone.There are multiple 50-70 centimetre-wide quartz veins over a 25m widezone, currently exposed 5-20 metres in strike before diving underoverburden. Visible gold was discovered as fine grains in crack sealfractures and as fine to coarse grains in the quartz veins. Tracesulphide mineralization is also present in the quartz veins as pyrite,chalcopyrite, galena, and sphalerite. The veins are milky white withsections of vuggy and crack seal textures, which are typical ofepizonal, orogenic gold deposits. Structurally, the veins are situatedwithin secondary fault structures, associated with the Appleton Faultzone, that were highlighted by GoldSpot Discoveries ’ (TSX.V: SPOT) geophysical analysis.57 samples from outcrop and subcrop at the Quinlan Veins were taken.Five samples, one with visible gold (VG), returned assays of 61.3,59.0, 14.4, 14.2, and 12.6 g/t Au, with 26 total samples assaying over0.1 g/t Au with an average grade of 7.3 g/t Au.
Map of Drilling Locations at theQuinlan Veins Prospect
The Quinlan Veins are located with one of a series of claims optionedfrom from Eddie and Roland Quinlan, (the “Quinlan Option”), onAugust 20, 2020 where Exploits can earn a 100% interest by paying orissuing property by paying an aggregate of $220,000 cash and issuinga further 2.5 million common shares and $560,000 in either cash orcommon shares. There is a 2% royalty on the Quinlan claims, 1% can berepurchased for $4,000,000.
Drilling Quality Assurance –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 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 1.00 g/t Au are further assayedusing metallic screen to mitigate the presence of the nugget effect ofcoarse gold. Standards and blanks are inserted at defined intervalsfor QA/QC purposes by the company as well as the lab. The Exploitsexploration program design is consistent with industry best practicesand the program is carried out by qualified persons employing aquality assurance/quality control program consistent with NationalInstrument 43-101.
National Instrument 43-101disclosure
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 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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