(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 17, 2022 - Exploits Discovery Corp. (“Exploits” or the“Company”) (CSE:NFLD) (OTC:NFLDF) (FSE:634-FF) is pleased toprovide an update on its fully-funded 2022 exploration programsfocused along the interpreted Appleton Fault (“Appleton Fault”)where recent significant high-grade gold discoveries have beenannounced, and the remaining final assay results from our 2021drilling program at the Schooner, Little Joanna, and Jonathan’s Pondtargets.
HIGHLIGHTS:
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Exploits’ crews areactive ly in the field on a full-time basis,focused on results-driven prospecting, geological mapping-sampling ona prioritized list of prospective targets.
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Expanded our local Gander exploration team ina nticipation of our extensive and aggressive field campaignthis year.
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Commenced hig h-de finition Soils Geochemistry survey on an extensive portion ofour northern properties.
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Engaged a ground “Alpha” InducedPolarization geophysical survey at a new target area southwest of theoriginal Titan prospect to identify the potential for deep andextensive gold mineralization.
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An airborne Electromagnetic VTEM survey has beencommissioned for late-summer to expand our coverage from our over20,000+ line-km VTEM survey conducted in 2021.
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Final assay results from our 2021 drilling program atthe Schooner, Little Joanna, and Jonathan’s Pond targets have been received and these new values have not replicatedthe Company’s 2021 assessment of their historic mineralizationexposures.
President and CEO Jeff Swinoga commented, “We are excited to haveour exploration programs kicked off for this year’s summer sessionfocused on our three key targets along the Appleton Fault: Dog BayNorth, Dog Bay Central, and Titan claim groups. Early this year, ourlocal team and astute advisors worked diligently to create our newExploration 2.0 founding methodology. This methodology is adisciplined, systematic approach in evaluating one of the largest landpackages in the largely unexplored Central Newfoundland Gold Belt. Our new Exploration 2.0 methodology includes guidance and researchfrom Dr. David Groves, an international expert in orogenic golddeposits, experienced modelling insights and geophysical analysis fromGoldSpot Discoveries, on-the-ground expertise and knowledge from ourall-local team in Gander and information from our 20,000+ km of newgeophysics. While the results of the Company’s 2021 drilling programresults did not meet expectations, we are excited about theimplementation of our new methodology as our team continuouslydevelops and prioritizes a pipeline of new targets to maximize ourchances for successful gold discoveries. We are also eager to learnthe results of our extensive soil sampling program that will becompleted in the next two months as these sampling results will beincorporated into our Exploration 2.0 methodology which will be usedto guide our drilling program decisions this year.”
Exploits’ 2022 ExplorationPrograms:
Field Work Commenced:
Our aggressive 2022 field work is focusing on areas along the AppletonFault corridor, as well as additional prospective areas of interestidentified by the team through comprehensive historical datacompilation. Our local field team has commenced prospecting,mapping, and sampling at various prospective areas on the Company’sDog Bay North, Dog Bay Central, and Titan claim groups. Inanticipation of our extensive and aggressive field campaign, we havehired additional staff and obtained the necessary resources.
Initiated High-Density Geochemical Soil Survey:
Exploits has commenced an initial high-density soils sampling program(~11,000 samples) at the Dog Bay Central claims group encompassing ournew Titan South, Duder Lake, and Appleton North targets (Figure 1).This program is designed to cover approximately 18 kilometres of ournorthern extents of the prospective Appleton Fault corridor (asidentified by GoldSpot Discoveries) though analysis of airborne VTEMgeophysics. Sampling is conducted at 100-metre line spacing and50-metrer sample point spacing, sample density has been increased to25-metre spacing over localized higher-priority areas of interest.
Our local exploration team has confirmed the potential for orogenicgold mineralization at these targets through historic data analysis,prospecting, modern mapping and sampling, and the 2021 airborne VTEMgeophysics. Prospective areas are highlighted below. Gold assaysreported grams/tonne (g/t Au), and include:
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Appleton North: Multiple historic high-grade grab samples including 233.4 g/tAu, 25.1 g/t Au, 24.2 g/t Au, 19.7 g/t Au, and 16.3 g/t Au. These sample sites are coincident with theInterpreted Appleton Fault corridor.
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Duder Lake: Multiple historic anomalous grab samples including 8.3 g/t Au, 7.6 g/tAu, 3.3 g/t Au, 2.8 g/t Au, and 2.5 g/t Au; Historic anomalous soilsamples up to 2.2 g/t Au. Samples are coincidentwith the Interpreted Appleton Fault corridor. Historic drilling in the area, completed by other companiesin the 1980-1990s, produced significant mineralized intersectionsincluding: 7.29 g/t Au over 2.55 m and 6.09 g/t Au over 3.1 m (drillhole DL96-3); 5.4 g/t Au over 5.2 m (drill hole DL96-5); 4.42 g/t Auover 3.4 m, 4.5 g/t Au over 7.8 m, and 7.01 g/t Au over 2.8 m (drillhole DL90-1); 3.46 g/t Au over 7.25 m, 4.27 g/t Au over 4.75 m, and5.68 g/t Au over 3.35 m (drill hole DL90-6).
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Titan South: Historic Heavy Metal Concentrate (HMC) samples including 44.7 g/t Au,5.7 g/t Au, and 3.5 g/t Au located proximal to the AppletonFault.
Since late April 2022, 778 samples have been collected. Our geologistsremain in close contact with the sample crews to timely follow up iffavourable alteration/mineralization is noted within the targeted soilhorizons or bedrock indicators.
To expedite turnaround times for assaying our samples, Exploits willsend soil and rock samples to the SGS Canada’s Mobile SamplePreparation Unit (“MSPU”). The MSPU is being established inGrand Falls (Newfoundland) for processing and shipped to SGS’sanalytical laboratory in Burnaby (British Columbia) for multi-metalanalysis.
Figure 1: Overview map of Exploits’2022 soil sampling program covering ~18 kilometers of the AppletonFault corridor on the Dog Bay Central claims group.
Alpha IP Survey to be completed atTitan:
Exploits plans to complete a high-definition Alpha IP survey at Titanin early summer. The IP survey will cover a prospective area ofapproximately 1 kilometre x 1 kilometre identified from historicsurface sampling and drilling (Figure 2).
Titan is underlain by siliclastic marine sediments of the IndianIsland Group. Historic surface sampling and drilling at Titanindicates a northeast trending mineralized corridor extending overapproximately 550 metres of strike length. Historic drilling andtrenching indicate that mineralization is associated with alteredgabbroic intrusions and localized irregular quartz veining.
Significant historic drilling intersections at Titan completed byCrosshair Exploration and Mining in 2004 – 2005 include: 6.77 g/t Au over 5 m from 18.45 – 23.70 m downhole,including 10.22 g/t Au over 3.35 m from 20.35 – 23.70 m downhole(drill hole WP-01); 3.65 g/t Au over 2.32 m from 20.91 – 23.23 mdown hole, including 10.30 g/t Au over 0.53 m from 21.70 – 22.23 mdownhole (WP-05); 4.45 g/t Au over 2.50 m from 18.50 – 21.00 mdownhole (WP-06); 1.68 g/t Au over 11.82 m from 17.20 – 29.02 mdownhole, including 6.26 g/t Au over 1.55m from 21.75 – 23.30 mdownhole, including 13.76 g/t Au over 0.40 m from 22.40 – 22.80 mdownhole (drill hole WP-12); 5.22 g/t Au over 1.55 m from 54.14 –55.35 m downhole, including 10.9 g/t Au over 0.50 m from 54.15 –54.65 m downhole (WP-18); 4.18 g/t Au over 2.00 m from 36.10 – 38.10m downhole, including 7.06 g/t Au over 0.85 m from 36.75 – 37.60mdownhole (WP-19).
Historic drilling has tested the mineralized trend at Titan over astrike length of approximately 250 metres and to a vertical depth of65 metres. Exploits is excited to identify the potential for deeperand more extensive mineralization from the results of the 2022high-definition Alpha IP survey.
Figure 2: Overview of Exploits’ 2022Alpha IP survey area at the Titan Prospect.
VTEM Survey:
On May 9, 2022, Exploits commissioned Geotech Ltd. (“Geotech”) tofly proprietary VTEM surveys over additional areas that were notcovered during the 2021 campaign. Survey areas include a gap betweenDog Bay Central and Dog Bay South, the Titan prospect, and the easternextent of the Dog Bay Central claim group. This new electromagneticdata will be processed and stitched into the contiguous data-setgenerated by Geotech in 2021.
Figure 3: Overview of Exploits’ 2022VTEM survey areas. 2021 VTEM data show as background
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2021 Drilling:
All assay results have been received from the core sampling generatedfrom diamond drilling completed in 2021 and January 2022 at theSchooner (North & South), Quinlan Veins, Jonathan’s Pond, andLittle Joanna exploration targets. These new values allowed thecompany to gain valuable technical insights which will be used infurther target refinement and follow-up field investigation for thissummer and beyond.
Exploits remains strongly committed to advancing their appraisal ofthe Appleton Fault structural corridor within its over-lying claims asit tracks northwards from the recently publicized high-grade golddiscoveries by New Found Gold and Labrador Gold Corp.
Quality Assurance – Quality Control(“QA/QC”)
Drill Core
All HQ core is sampled, cut by core saw, and split by companypersonnel then put into bags with unique sample tags foridentification. The bags are sealed with a security tag and thenshipped directly to Eastern Analytical Ltd. Standards and blanks areinserted at defined intervals for QA/QC purposes by the Company,representing approximately 10% of all samples sent for assay. All coresamples are analyzed at Eastern Analytical Ltd. of 403 Little BayRoad, Springdale, NL, a commercial laboratory that is ISO/IEC 17025accredited and completely independent of Exploits Discovery Corp.Samples are analyzed using fire assay (30g) with AA finish and anICP-34, four acid digestion followed by ICP-OES analysis.
National Instrument 43-101disclosure
Nick Ryan, P.Geo., Project Geologist with Exploits Discovery Corp., isa qualified person as defined by NI 43-101. Mr. Ryan has reviewed andapproved the technical 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's Pond,Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend, and Gazeebowprojects covering approximately 2,000 square kilometres of mineraltenements. 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 runs 200kilometres 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 has been the focus of major staking and financingsince late 2019 with high grade gold discoveries by Newfound Gold andLabrador Gold as well as advanced resource development by SokomanMinerals.
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 its local team and the larger shift ingeologic understanding and become one of the most extensive explorersin 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-looking statements 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 thefinancial support of the Junior Exploration Assistance Program fromthe Department of Natural Resources, Government of Newfoundland andLabrador.
2. SC, LJ, JP Drill HoleSummary
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