(TheNewswire)
Vancouver, British Columbia - TheNewswire – July 13, 202 1 - Exploits Discovery Corp.(“Exploits” or the “Company”) (CSE:NFLD) (OTC: NFLD F) (FSE:634-FF) (CNSX:NFLD.CN) is pleased toannounce the assay results at the Duder Lake Prospect from the late2020 prospect sampling campaign, and discuss upside potential on highpriority targets at its 100% owned Titan Prospect (5km east of DuderLake Prospect), that hosts one of Exploits highest grade historicaldiamond drill holes within the Dog Bay Property (the “Property”).
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- The gold mineralization at the Duder Lake Prospect is situated ~500metres from the interpreted Appleton Fault and represents anothertarget along the 30 kilometres ofAppleton Fault strike length that lies within the Dog Bay GoldProject.
- A large-scale northeast-southwest trending fault that stretches fromthe Appleton Fault to the Dog Bay Fault has been identified 500m southof historic drill hole WP-01 at the Titan Prospect. This fault hasbeen identified through Exploits’ partner GoldSpot Discoveries(TSX.V: SPOT) A.I. targeting strategies. (See map below).
- 36 samples from outcrop and subcrop, as well as 21, 1-metre channelsamples, at the Duder Lake Prospect were taken. Assay values rangedfrom null to 3.3 g/t Au in grab sample, with 12 grab samples returning assay valuesbetween 1.0 to 3.3 g/t Au and up to 0.8 g/t Au over1-metre in channel sampling.
- The Titan Prospect hosts historical diamond drill hole WP-01, whichreturned 10.22g/t Au over 3.35 metres and trench results of 15.25g/t Au over 3.00 metres (Crosshair Exploration, 2004).
- This new data suggests a new model for gold mineralization in thehistoric Titan Prospect drilling and trenching area, with a second airborne VTEM geophysical survey,in addition to Exploits’ southern projects, being planned to coverthe Dog Bay Gold Project. The data will be processed byGoldSpot’s proven A.I. and data analysis technology which was thebasis for New Found Gold’s Keat Zone discovery along the AppletonFault Zone.
William M. Sheriff , Interim President & ChiefExecutive Officer of Exploits, commented: “The results fromthe Duder Lake Prospect continue to demonstrate the scale ofmineralization along the 30 kilometres of Appleton Fault situated onExploits’ Dog Bay Gold Project. We see potential for both focusedhigh grade mineralization, such as the Quinlan Veins, as well as lowergrade peripheral systems along this structural corridor. Our technicalteam at Exploits also continues to identify value in historicallyexplored targets within the company’s projects, such as at the TitanProspect, 5km to the east. Reinterpreting the results with new ideasand data analysis techniques allows us to revisit these areas andexpand on the first pass drilling that was only scratching thesurface. These are the initial type of results seen by New Found Gold;it shows gold in the system and may represent larger scale lower gradedeposits that lie peripheral or above the higher grade structures.”
Map ofthe Dog Bay Gold Project
Figure 1: Geology map of the Dog Bay Gold Project displaying thegrowing number of targets within the Dog Bay Line and Appleton Faultcorridor. This includes the location of newly released Duder Lakeassays, as well as the identified northeast-southwest trending,regionally cross cutting fault and location of the Titan prospect’shistoric diamond drill collars in addition to the previously releasedLittle Joanna Veins, Quinlan Veins, and historic outcrop sampling fromthe property vendors.
The Duder Lake Prospect was identified and sampled during Exploits’late 2020 outcrop prospecting campaign in the Dog Bay Gold Project. 57total samples from outcrop and subcrop were taken, including 36 grabsamples and 21 channel samples, each cut over 1-metre intervals. Thearea consists of shale and gabbro with variable quartz veins fromthin, stockwork veinlets and breccias, to competent veins up to 15cmin width. Gold mineralization is associated with samples displayingquartz breccia veins and shearing fabrics, indicating a strongcorrelation with faulting. 12 of the 36 grab samples returned assayvalues between 1.0 to 3.3 g/t Au, with the best channel samplereturning 0.8 g/t Au over 1 metre. The sample areas were all takenwithin 2 kilometres of the Appleton Fault Zone, which representsanother target along the 30 kilometres of Appleton Fault strike lengththat lies within the Dog Bay Gold Project.
The Titan Prospect represents an additional targetdeveloping within the Dog Bay Gold Project. The prospect ishighlighted by historic drill and trench intercepts up to 3.35 metresat 10.22 g/t Au in core (historic drill hole WP-01) and 3.00 metres at15.25 g/t Au in trench (Crosshair Exploration, 2004). Exploitstechnical team, along with their partner GoldSpot Discoveries, haveidentified a coincident northeast-southwest trending regional faultstructure which could be the conduit and trap mechanism for goldmineralization at Titan. This fault structure adds an additional layer of information which theCompany has used to re-interpret the structural influence of goldmineralization seen at surface and in drill core. Exploits believesthat the past drilling, which totalled 1,559 metres over 20holes, was insufficient to successfully explore the Titan Prospect anddeems that additional follow up exploration and drilling is warranted.This increases the named targets situated in the Dog Bay Gold Projectto four, including the Little Joanna Veins, Quinlan Veins, and DuderLake Prospects.
The Titan and a portion of the Duder Lake Prospect are located withone of a series of claims optioned from from Eddie and Roland Quinlan,(the “Quinlan Option”), on August 20, 2020 where Exploits can earna 100% interest by paying or issuing property by paying an aggregateof $220,000 cash and issuing a further 2.5 million common shares and$560,000 in either cash or common shares.
QualityAssurance – 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.
NationalInstrument 43-101 disclosure
Nick Ryan, P.Geo, is Senior Geologist for the company and qualifiedperson as defined by National Instrument 43-101. Mr. Ryan supervisedthe preparation of the technical information in this news release.
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 projects syndicate covers an additionalarea of almost 2,000 square kilometres.
With five permitted drill targets, ample cash reserves, and a drillworking and committed through the summer 2021, 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
(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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