Breaking News: Exploits Awards Diamond Drilling Contract for Five Gold Targets in the Exploits Subzone Gold Belt | Breaking News: Exploits Awards Diamond Drilling Contract for Five Gold Targets in the Exploits Subzone Gold BeltFinancial Buzz

Breaking News: Exploits Awards Diamond Drilling Contract for Five Gold Targets in the Exploits Subzone Gold Belt

Exploits Discovery Corp. (OTCQB: NFLDF) (CSE: NFLD) (FSE:634-FF) is pleased to announce that it has awarded its phase one 2021 diamond drilling program to Majors Contracting Ltd. of Deer Lake, Newfoundland.

Highlights

  • – Exploits has signed a 7,500 metre drilling contract with the option to expand it to 13,500 metres.

    – The company has been granted three of five drill permit applications including; Schooner, Little Joanna, and True Grit, and expects to receive the Quinlan Vein and Jonathan’s Pond permits shortly. (see map and summaries on the following page)

    – Three of the five drilling targets host visible gold at surface with high grade assays up to 194 g/t Au.

    – True Grit has grades of up to 16 g/t Au in outcrop and 30 g/t Au in float boulders with widespread low grade mineralization.

    – The Schooner target was developed by Gold Spot’s machine learning program which has  a proven track record for discovery at the Keats Zone, located only 3.5 km to the east.

 

Michael Collins, President & Chief Executive Officer of Exploits, commented: “The Exploits Team is very excited to begin our drill program in Newfoundland. In six short months we have developed five high priority drill targets, and continue to generate a pipeline of additional high quality drill targets. The targets are based on Goldspot’s machine learning process, field prospecting and geophysical testing of the large scale deep seated geophysical structures that are extremely important for the development of orogenic gold discovery in the Exploits Subzone.”

Overview of Exploits First Five 2021 Drilling Targets

Schooner

3.5 km west of New Found Gold’s Keats Zone is the Exploits’ Schooner prospect. This was the first high priority target identified by GoldSpot Discoveries. The Schooner Fault is parallel to the gold bearing Appleton Fault which hosts NFG’s Keats Zone.  Drill targeting here is focused on a Schooner Fault splay, (where the fault splits in two), and two secondary fault intersections.

Details about GoldSpot Discoveries targets at Schooner can be found: https://exploitsdiscovery.com/exploits-receives-first-goldspot-discoveries-corp-exploration-target/

Map of Drilling Permits and Application Locations

Figure 1: Map of the Exploits Discovery claim boundaries with the locations of the approved Little Joanna Veins, Schooner, and True Grit drill permits, as well as the pending Jonathan’s Pond and Quinlan Veins drill applications.

Little Joanna

The Little Joanna prospect returned our highest grade visible gold in outcrop from quartz veins averaging 30cm in width, uncovered up to 20m in strike before becoming buried under overburden.

  • – 16 samples from outcrop and subcrop at the Little Joanna Veins were taken with values ranging from 0.1 to 194 g/t Au. Five samples with visible gold returned assays of 194, 133, 123, 119, and 118 g/t Au.

For more information about the Little Joanna prospect, visit: https://exploitsdiscovery.com/exploits-visible-gold-samples-assay-194-g-t-gold-at-little-joanna-dog-bay-project-newfoundland/

Quinlan Vein

The Quinlan Vein prospect is located on a secondary structure splaying off the Appleton Fault. There are multiple 50-70 centimetre-wide quartz veins over a 25m wide zone, currently exposed 5-20 metres in strike before diving under overburden. Visible gold was discovered as fine grains in crack seal fractures and as fine to coarse grains in the quartz veins. Trace sulphide mineralization is also present in the quartz veins as pyrite, chalcopyrite, galena, and sphalerite. The veins are milky white with sections of vuggy and crack seal textures, which are typical of epizonal, orogenic gold deposits. Structurally, the veins are situated within secondary fault structures, associated with the Appleton Fault zone, that were highlighted by GoldSpot Discoveries’ geophysical analysis.

  • – 57 samples from outcrop and subcrop at the Quinlan Veins were taken. Five samples, one with visible gold (VG), returned assays of 61.3, 59.0, 14.4, 14.2, and 12.6 g/t Au, with 26 total samples assaying over 0.1 g/t Au with an average grade of 7.3 g/t Au.

For more detail on the Quinlan Vein prospect, visit: https://exploitsdiscovery.com/exploits-visible-gold-outcrop-samples-assay-61-3-g-t-gold-and-189-g-t-silver-at-the-quinlan-veins-within-the-dog-bay-gold-project-newfoundland/

True Grit

Near the southern end of our properties lies True Grit, it is adjacent to the GRUB line fault and has seen some historical drilling (including 0.60 g/t Au over 117m from surface) plus new VTEM geophysics and an SGH soil survey completed within the past five months . The soil and geophysical results indicate that the historical drilling was in the wrong orientation and missed the best targets.

Information about our work at True Grit can be found here: https://exploitsdiscovery.com/exploits-reports-sgh-soil-grid-and-outcrop-sampling-results-at-the-true-grit-gold-project/

Jonathan’s Pond

Approximately 30km southwest from Little Joanna is Jonathan’s Pond. Exploits consolidated our property here in late 2020 with land acquisition from New Found Gold, in exchange for 6.5M shares (9.9% of the company at the time). This project has received the most historical work of any property in our portfolio, with historic rock grab samples returning up to 29 g/t Au and 700 g/t Au. The property features a large, distinctive quartz vein exposed for over 200m, and is bound by the JBP and GRUB line faults. The Company has also identified the JP Demagnetized Zone which stretches over 2 km, parallel to the structures known to host visible gold at the JP Veins.

More information about Jonathan’s Pond can be found here: https://exploitsdiscovery.com/exploits-consolidates-the-johnathans-pond-project-with-acquisition-from-new-found-gold/

National Instrument 43-101 disclosure

Ian Herbranson, P.Geo, is Vice-President of Exploration for the company and qualified person as defined by National Instrument 43-101. Mr. Herbranson supervised the preparation of the technical information in this news release.

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 which cumulatively cover an area of approximately 2,111 square kilometres.

All projects within Exploits’ portfolio lie within the Exploits Subzone. 

Exploits believes that the Exploits Subzone, 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 discoveries such as New Found Gold’s 2019 discovery of 92.86 g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021. Exploits is financed and with four of five drill permits in place for an extensive drill program in the Spring of 2021.

The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and picked individual land packages for staking or joint venture where there is an opportunity for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in understanding and become one of the most extensive explorers in the Exploits Subzone. 

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