Exploits Discovery drilling gold projects, Newfoundland
Exploits Discovery Corp. [CSE-NFLD; OTCQB-NFLDF; FSE-634] provided an update for its exploration programs on its properties in central Newfoundland. Exploits is exploring at its key Bullseye and Gazeebow South sites, both located along the Appleton fault zone (AFZ), adjacent to New Found Gold Corp. [TSXV-NFG; NYSE –NFGC] and Labrador Gold Corp. [TSXV-LAB; OTCQX-NKOSF; FSE-2N6].
Highlights: Exploits commenced NQ core drilling on the Bullseye claims earlier this week. The initial drill holes of this program are focusing around 2023s exploration hole No. BE-23-028, where several clusters of mineralized quartz veining were intersected over approximately 18 metres.
As previously reported in a news release dated Aug. 14, 2023, detailed core-logging and thorough sampling of these vein-sets generated several encouraging gold assays, including 4.08 g/t gold over 1.60 metres core length (located at a vertical depth of approximately 75 metres below surface); and 14.59 g/t gold over one m core length (at a vertical depth of approximately 186 metres below surface).
Downhole televiewer surveying is continuing at Bullseye. These accurate 3-D orientations are already assisting with the design of follow-up holes targeting this structurally complex area that hosts multiple generations and orientations of mineralized veining.
An additional 150 till samples will be collected from the west-central block of the Gazeebow South claims to further refine and follow up on the elevated gold grain counts reported in late 2023.
Prospecting efforts and localized mapping will continue throughout the summer at the company’s Dog Bay claims and Mt. Peyton property, focusing in areas proximal to previously identified anomalous gold rock and soil samples.
Jeff Swinoga, president and CEO, commented: “We are excited with all the work planned on our properties this summer. These programs are fully financed, as we have over $6 million in cash and no debt. With the drill now turning at Bullseye, additional till sampling at Gazeebow South and prospecting efforts on our other claims, our all-local team in Gander is busy as we move these projects forward. Results on both gold assays and till samples will be reported after receipt and interpretation.”
Bullseye Gold Property: The Bullseye claims were staked by Exploits in September 2022 and are contiguous to the several hi-grade gold targets adjacent to NFG and LAB. The claims are considered by the company’s geologists to be highly prospective because they directly overlay a 1,200 by 800-metre segment of the AFZ and its related splay structures. Over a dozen exploration drill rigs have been employed by the three companies operating within this structural-stratigraphic setting over the past three years.
Gazeebow South: The till samples will be collected by Exploits’ well-experienced field technicians. The program is designed to follow up on elevated gold mineralization that potentially reflects the location and trend of the AFZ as it passes through the claim-group on its track to the northeast. Other surveys conducted in 2022-2023, such as LiDAR and airborne MAG, suggest the underlying bedrock has been structurally impacted/deformed by a braided, complex series of breaks that may align with the placement of the AFZ.
The Gazeebow property consists of several contiguous claim groups that were assembled between 2020 and February 2023. This extensive property is located approximately 20 km north from the town of Gander within central Newfoundland and sits approximately 17 km northeast of NFG’s recent Keats and Iceberg high-grade gold discoveries.
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.