(TheNewswire)
Vancouver, British Columbia - TheNewswire – May 27 th , 202 1 - Exploits Discovery Corp.(“Exploits” or the “Company”) (CSE:NFLD) (OTC: NFLD F) (FSE:634-FF) (CNSX:NFLD.CN) is pleased to announce that it has mobilized a diamond drilling rig, andwill commence Phase One drilling today at Exploits’ 100% ownedSchooner Prospect (the “Prospect”), located within Exploits’ Mt.Peyton Project (the “project”) in the Exploits Subzone Gold Belt,Newfoundland.
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- A diamond drill has been mobilized, and will begindrilling today at the Schooner Prospect, south of the town ofGlenwood, in the Mt. Peyton Project.
- The drilling program will test the Schooner FaultZone identified by GoldSpot Discoveries Corp. (TSX.V: SPOT), asub-parallel trending fault system located 3.5 km west of the knowngold bearing Appleton Fault that hosts New Found Gold’s Keats,Lotto, and Knob Zone gold discoveries.
- Exploits is currently permitted to drill twelve HQdiamond drill holes for an approximate meterage of 3,000m.
- Following phase one drilling at Schooner, Exploitsplans to immediately relocate the drill to the Quinlan Vein Prospectat the Dog Bay Project.
Michael Collins, President & Chief ExecutiveOfficer of Exploits, commented: “Getting adrill turning marks a significant milestone for the team at Exploits.The Schooner Prospect was selected as the first of our five drilltargets due to ground magnetics and airborne VTEM geophysicalanomalies highlighting a fault system analogous to New Found Gold’sgrowing Keats and Lotto deposits along the Appleton Fault. Drillingwill allow us to develop our understanding of these structural systemswhich produce gold mineralization in this gold belt.”
The SchoonerFault Zone was identified in early 2021 throughhistorical compilation work of historic till samples,re-interpretation of regional magnetic geophysics, and Exploits’partner GoldSpot Discoveries Corp.’s (TSXV: SPOT) data analysistechniques. The results delineated a fault structure with coincidentgold in till samples trending parallel to the Appleton Fault,approximately 3.5 kilometres to the east, that hosts New FoundGold’s Keats, Lotto, and Knob gold discoveries. During winter andspring of 2021, the Company commenced a tightly spaced, highresolution, airborne VTEM geophysical survey as well as two groundmagnetic surveys over the Schooner Fault Zone. The geophysical datahas been paramount in delineating the primary and secondary faults andhighlighting the high priority targets in preparation for drillplacement.
Figure 1: Exploits Discovery Corp.’s Schooner Prospect drill targets.Note: Drill collars in the map are not final and subject to changebased on the drill results .
DrillingQuality Assurance – Quality Control (“QA/QC”)
All rock samples are collected by company personnel andbagged in the field with a sample tag for identification. The bags aresealed with tape and kept secure at a company facility until they aretransported directly to the lab by Exploits staff.
Rock samples are analyzed at Eastern Analytical of 403Little Bay Road, Springdale, NL, a commercial laboratory that isISO/IEC 17025 accredited and completely independent of ExploitsDiscovery Corp. Eastern Analytical pulverized 1000 grams of eachsample to 95% < 89 ?m. Samples are analyzed using fire assay (30g)with AA finish and an ICP-34, four acid digestion followed by ICP-OESanalysis. All samples with visible gold or assaying above 1.00 g/t Auare further assayed using metallic screen to mitigate the presence ofthe nugget effect of coarse gold. Standards andblanks are inserted at defined intervals for QA/QC purposed by theCompany as well as the lab.
Katie / Duder Lake / Gazeebow WestClaim Arbitration
The Company also announces that it has been notified bythe Department of Industry, Energy and Technology of the Government ofNewfoundland and Labrador that three mineral license applications(31452M, 31453M and 31454M) forming part of its Katie Duder Lake andGazeebow West projects have been rejected. The applications wererejected due to the process under which they were submitted. TheCompany intends to seek adjudication of the decision with the MineralRights Adjudication Board to ensure that its rights to the licensesare protected and will provide further information as it becomesavailable. These three claims are non core to the company's currentexploration focus and account for a small percentage of thecompany’s mineral tenure in the Exploits Subzone.
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, 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 suchas New Found Gold's 2019 discovery. 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. Exploits is financ ed and withfive drill permits in place for an extensive drill program in theSpring 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: 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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