Exploits Reports Results at Duder Lake Prospect and Outlines Potential at Its' Titan Prospect
Vancouver, British Columbia - TheNewswire – July 13, 2021 - Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE:NFLD) (OTC:NFLDF) (FSE:634-FF) (CNSX:NFLD.CN) is pleased to announce the assay results at the Duder Lake Prospect from the late 2020 prospect sampling campaign, and discuss upside potential on high priority targets at its 100% owned Titan Prospect (5km east of Duder Lake Prospect), that hosts one of Exploits highest grade historical diamond drill holes within the Dog Bay Property (the “Property”).
- The gold mineralization at the Duder Lake Prospect is situated ~500 metres from the interpreted Appleton Fault and represents another target along the 30 kilometres of Appleton Fault strike length that lies within the Dog Bay Gold Project.
- A large-scale northeast-southwest trending fault that stretches from the Appleton Fault to the Dog Bay Fault has been identified 500m south of historic drill hole WP-01 at the Titan Prospect. This fault has been 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 channel samples, at the Duder Lake Prospect were taken. Assay values ranged from null to 3.3 g/t Au in grab sample, with 12 grab samples returning assay values between 1.0 to 3.3 g/t Au and up to 0.8 g/t Au over 1-metre in channel sampling.
- The Titan Prospect hosts historical diamond drill hole WP-01, which returned 10.22g/t Au over 3.35 metres and trench results of 15.25 g/t Au over 3.00 metres (Crosshair Exploration, 2004).
- This new data suggests a new model for gold mineralization in the historic Titan Prospect drilling and trenching area, with a second airborne VTEM geophysical survey, in addition to Exploits’ southern projects, being planned to cover the Dog Bay Gold Project. The data will be processed by GoldSpot’s proven A.I. and data analysis technology which was the basis for New Found Gold’s Keat Zone discovery along the Appleton Fault Zone.
William M. Sheriff, Interim President & Chief Executive Officer of Exploits, commented: “The results from the Duder Lake Prospect continue to demonstrate the scale of mineralization along the 30 kilometres of Appleton Fault situated on Exploits’ Dog Bay Gold Project. We see potential for both focused high grade mineralization, such as the Quinlan Veins, as well as lower grade peripheral systems along this structural corridor. Our technical team at Exploits also continues to identify value in historically explored targets within the company’s projects, such as at the Titan Prospect, 5km to the east. Reinterpreting the results with new ideas and data analysis techniques allows us to revisit these areas and expand on the first pass drilling that was only scratching the surface. These are the initial type of results seen by New Found Gold; it shows gold in the system and may represent larger scale lower grade deposits that lie peripheral or above the higher grade structures.”
Figure 1: Geology map of the Dog Bay Gold Project displaying the growing number of targets within the Dog Bay Line and Appleton Fault corridor. This includes the location of newly released Duder Lake assays, as well as the identified northeast-southwest trending, regionally cross cutting fault and location of the Titan prospect’s historic diamond drill collars in addition to the previously released Little Joanna Veins, Quinlan Veins, and historic outcrop sampling from the property vendors.
The Duder Lake Prospect was identified and sampled during Exploits’ late 2020 outcrop prospecting campaign in the Dog Bay Gold Project. 57 total samples from outcrop and subcrop were taken, including 36 grab samples and 21 channel samples, each cut over 1-metre intervals. The area consists of shale and gabbro with variable quartz veins from thin, stockwork veinlets and breccias, to competent veins up to 15cm in width. Gold mineralization is associated with samples displaying quartz breccia veins and shearing fabrics, indicating a strong correlation with faulting. 12 of the 36 grab samples returned assay values between 1.0 to 3.3 g/t Au, with the best channel sample returning 0.8 g/t Au over 1 metre. The sample areas were all taken within 2 kilometres of the Appleton Fault Zone, which represents another target along the 30 kilometres of Appleton Fault strike length that lies within the Dog Bay Gold Project.
The Titan Prospect represents an additional target developing within the Dog Bay Gold Project. The prospect is highlighted by historic drill and trench intercepts up to 3.35 metres at 10.22 g/t Au in core (historic drill hole WP-01) and 3.00 metres at 15.25 g/t Au in trench (Crosshair Exploration, 2004). Exploits technical team, along with their partner GoldSpot Discoveries, have identified a coincident northeast-southwest trending regional fault structure which could be the conduit and trap mechanism for gold mineralization at Titan. This fault structure adds an additional layer of information which the Company has used to re-interpret the structural influence of gold mineralization seen at surface and in drill core. Exploits believes that the past drilling, which totalled 1,559 metres over 20 holes, was insufficient to successfully explore the Titan Prospect and deems that additional follow up exploration and drilling is warranted. This increases the named targets situated in the Dog Bay Gold Project to four, including the Little Joanna Veins, Quinlan Veins, and Duder Lake Prospects.
The Titan and a portion of the Duder Lake Prospect are located with one of a series of claims optioned from from Eddie and Roland Quinlan, (the “Quinlan Option”), on August 20, 2020 where Exploits can earn a 100% interest by paying or issuing property by paying an aggregate of $220,000 cash and issuing a further 2.5 million common shares and $560,000 in either cash or common shares.
All rock samples are collected by company personnel and bagged in the field with a sample tag for identification. The bags are sealed with tape and kept secure at a company facility until they are transported directly to the lab by Exploits staff.
All rock samples are analyzed at Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits Discovery Corp. Eastern Analytical pulverized 1000 grams of each sample to 95% < 89 μm. Samples are analyzed using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis. All samples with visible gold or assaying above 8.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Samples in this report were run for Ore Grade Assay when with multi-acid digestion with AA finish for samples above detection limit for silver.
Nick Ryan, P.Geo, is Senior Geologist for the company and qualified person as defined by National Instrument 43-101. Mr. Ryan supervised the preparation of the technical information in this news release.
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 PB Hill projects syndicate covers an additional area of almost 2,000 square kilometres.
With five permitted drill targets, ample cash reserves, and a drill working and committed through the summer 2021, Exploits is positioned for discovery.
Exploits believes that the Exploits Subzone Gold Belt, which runs 200 km 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 and GRUB regions have been the focus of major staking and financing since late 2019.
The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and surrounding regions, and have picked individual land packages for staking or joint ventures, 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/ "William M. Sheriff "
Interim President and CEO
For further information, please contact:
Christopher Huggins, Director
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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.