(TheNewswire)
Vancouver, British Columbia - TheNewswire – May 6, 2021 - ExploitsDiscovery Corp. (“Exploits” or the “Company”) (CSE:NFLD)(OTC:NFLDF) (FSE:634-FF) is pleased to announce that the Company hasreceived full permitting from the Newfoundland and Labrador Governmentfor drilling at the Jonathan's Pond project, Newfoundland (the“Project”).
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- Exploits has received diamond drilling permits for twelve holes totaling ~3,000metres at the Project.
- The drill program will focus on testing twotargets:
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- JP Vein: Located within the Gander River Ultramafic Belt (GRUB) Line FaultZone. Fall 2020 mapping delineated the structural controls for goldmineralization, with surface sampling returning outcrop grab samplesof up to 28.0 g/t Au and channel sampling values of 0.44 g/t Au overfive meters.
- Demagnetized FaultZone: Located ~1.5km northeast of the JP Veinand consists of a distinct two kilometre long demagnetized fault zonein geophysics that coincides with historical high grade Heavy MineralConcentrates (HMC) of up to 410,000 ppb and float boulders up to 700 g/t Au found on the property. This target was delineated combiningstructural field mapping and Goldspot Ltd.’s geophysical dataanalysis techniques.
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- The Exploits team is now in Newfoundland finalizingits plans for the fully funded 12,000m spring and summer drillprograms and has received drill permits for all five of its maidentargets.
Michael Collins, President and Chief Executive Officerof Exploits, commented: “It is fantastic to now have all five of ourdrilling permits in place. In eight months the Company has definedhigh grade gold drill targets, permitted them and will be turning adrill in May. With a resurgent gold market and other companiesproducing excellent results in Newfoundland, Exploits is wellpositioned to build value for our shareholders through discovery in2021.“
Figure 1: Preliminary drill plan for Jonathan’s Pond following up on fieldwork at the JP Vein and the newly identified demagnetized fault zonehighlighted by geophysical analysis work.
Exploits has identified two discrete targets within theCompany's 100% wholly owned Jonathan’s Pond Project that weredeveloped over the course of the 2020 field season. Combininggeological field mapping and Goldspot Discoveries Ltd. geophysicaldata analysis techniques, the Company is confident in the generatedtargets at the JP Vein and the Demagnetized Fault Zone. Twelve holes(~3,000m) have been permitted in total to test these two main targetsat the Project.
The JP Vein was the main focus of Exploits’sexploration efforts in the 2020 field season. The results of the 2020exploitation program was successful in both delineating high grademineralization on the JP Vein but also resulted in the Company havinga clear structural model of the structuraldeformation of host rocks and to be able to identify which vein sets(and orientation) are likely to be mineralized. This understandingdrove the acquisition of additional ground at Jonathan’s Pond fromNew Found Gold Corp. in December 2020, which included the southernhalf of the Demagnetized Fault Zone, (the “Demag Zone”).
The Demag Zone is located 1.5km northeast of the JPVein and consists of a demagnetized fault structure that was observedin geophysics, with coincident overlaying gold in till samples. Floatboulders of up to 700 g/t Au have also been found on the property.This target is well supported by the structural analysis at the JPVein.
NationalInstrument 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 approximately2,111 square kilometres.
All projects within Exploits’ portfolio lie withinthe Exploits Subzone.
Exploits believes that the Exploits Subzone, 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 discoveries 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, please contact:
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.
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