Exploits Announces New Exploration Programs and Drilling Permits Received for New Target Areas Along the Interpreted Appleton Fault
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Vancouver, British Columbia - TheNewswire - March 21, 2022 - Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE:NFLD) (CNSX:NFLD.CN) (OTC:NFLDF) (FSE:634-FF) is excited to announce its new, fully funded, 2022 Exploration Programs for its three new target areas strategically situated along the northern extent of Exploits’ 50 kms of claims across the Interpreted Appleton Fault. The Interpreted Appleton Fault hosts New Found Gold’s Keats high-grade discovery zone as well as the Lotto, Dome, and Golden Joint Zones.
HIGHLIGHTS:
Exploration Programs for New Targets: Extensive soil sampling, prospecting, and mapping programs at our three new target areas: Appleton North, Duder Lake, and Titan South (see Figure 2), which are all situated along the “Interpreted Appleton Fault” (as identified by GoldSpot Discoveries (“GoldSpot”) though analysis of airborne (VTEM) geophysics). Exploits’ work to date has demonstrated the potential for orogenic gold mineralization at these targets through historic data analysis, mapping, prospecting, and airborne/ground geophysics including:
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Appleton North: Multiple historic high-grade grab samples including 233.4 g/t Au, 25.1 g/t Au, 24.2 g/t Au, 19.7 g/t Au, and 16.3 g/t Au. Samples are coincident with the Interpreted Appleton Fault.
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Duder Lake: Multiple historic anomalous grab samples including 8.3 g/t Au, 7.6 g/t Au, 3.3 g/t Au, 2.8 g/t Au, and 2.5 g/t Au; historic anomalous soil samples up to 2.2 g/t Au. Samples are coincident with the Interpreted Appleton Fault.
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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 Interpreted Appleton Fault.
Drilling Permits Received: Permits have been received for Appleton North, Duder Lake, and Titan South targets (Figure 1). Drilling decisions will follow results from the announced extensive exploration programs.
President and CEO Jeff Swinoga commented, “With over $13 million of cash, we are very excited about our 2022 Exploration Programs that are focused mainly on our northern claims along the Interpreted Appleton Fault in the Dog Bay area. Since taking on the leadership of Exploits in September 2021, our team has worked toward a disciplined, systematic approach in evaluating one of the largest land packages in the largely unexplored Central Newfoundland Gold Belt. Our refocused exploration program has included enlisting the support of Dr. David Groves, a world expert in orogenic gold deposits, along with Goldspot Discoveries, to work with our team in Gander to reinterpret existing data and analyze new information including over 20,000+ km of new geophysics. While delays in receiving 2021 assay results have been disappointing, this year’s disciplined and refocused program is well underpinned, zoning in on new and exciting areas as our team continuously develops and prioritizes a pipeline of new targets to maximize our chances for successful gold discoveries.”
New Target Area Programs
The discoveries by Newfound Gold and Labrador Gold are situated within Marine Sediments that have been cut by the major NNE trending Appleton Fault, which in turn has been cut by a series of ENE trending faults. Gold appears to occur near the intersections of these faults in apparent dilatational zones.
Exploit’s Dog Bay claim group is situated in a similar geological environment to recent discoveries made by Newfound Gold and Labrador Gold further to the south and underlain by Mélange, Marine and non-Marine Sediments cut by the major NNE trending Interpreted Appleton Fault (see Figure 3).
In the Dog Bay claims group area, Exploits will be undertaking an extensive soil sampling, prospecting, and mapping programs at its Appleton North, Duder Lake, and Titan South targets which lie along the Interpreted Appleton Fault. This large-scale soil program will be conducted at 100 m line spacing and 50 m sample spacing designed to optimally test the prospective areas along the Interpreted Appleton Fault that historically have produced grab samples with up to 233.4 g/t Au. Follow-up trenching may be warranted in areas where prospecting and/or sampling confirm the presence of mineralization.
The Company has received drilling permits for its three high priority target areas on its northern extent of the Interpreted Appleton Fault: Appleton North, Duder Lake, and Titan South targets (Figure 1). Results from the recently announced soil program will play a vital role in the development of these drill targets.
Figure 1: Exploits new target areas permitted for drilling.
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Figure 3: 2022 Appleton North, Duder Lake, and Titan South soil sampling program with Newfoundland Geological Survey regional geology overlay.
National Instrument 43-101 disclosure
Peter McIntyre, P.Geo., Senior Geologist at GoldSpot Discoveries Corp., and a consultant to the company, is a qualified person as defined by NI 43-101. Mr. McIntyre has reviewed and approved the technical information presented herein.
About Exploits Discovery Corp.
Exploits Discovery is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company currently holds the Jonathan's Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend, and Gazeebow projects covering approximately 2,000 square kilometres of mineral tenements. The 50% owned PB Hill projects syndicate covers an additional area of almost 2,000 square kilometres.
Exploits believes that the Exploits Subzone Gold Belt, which runs 200 kilometres from Dog Bay southwest to Bay d'Espoir, has been neglected since the last major exploration campaigns in the 1980s. The last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp. The sum of this knowledge is now coming together in discrete and effective exploration models that have delivered results including New Found Gold's 2019 discovery hole. The Exploits Subzone has been the focus of major staking and financing since late 2019 with high grade gold discoveries by Newfound Gold and Labrador Gold as well as advanced resource development by Sokoman Minerals.
The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and surrounding regions, and having picked individual land claims for staking, purchase or joint ventures, have developed a land package where there are opportunities for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in geologic understanding and become one of the most extensive explorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Jeff Swinoga"
President and CEO
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Exploits Discovery would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.