Exploits Discovery planning to drill Bullseye project, Newfoundland

Exploits Discovery Corp. [CSE: NFLD; OTCQB: NFLDF; FSE: 634] is planning for the inaugural drilling campaign of the western flank of the Appleton fault zone (AFZ) at the Bullseye gold property. This program will also include a follow-up drill campaign at the Saddle zone. Bullseye is strategically located immediately north of New Found Gold Corp.’s [TSXV: NFG; NYSE American: NFGC] Queensway claims and encompasses a 1.2-km segment of the AFZ. Within this segment, Exploits has successfully identified localized clusters of mineralized and VG-bearing (visible gold) quartz veins at the Horseshoe and Saddle targets, both situated on the property. Bullseye is 100%-owned and fully permitted for drilling throughout 2024.

Highlights: This results-driven program focuses on the western section of the Bullseye property, located north of NFG’s K2 gold zone; along the west section of the AFZ on Bullseye; high-priority drilling at the Saddle zone, following up on assay results from drill holes BE-24-015 (254.00 g/t over a core length of 0.80 metre) and BE-24-21 (20.92 g/t over a core length of 0.60 m). The drill program will consist of approximately 2,500 m of drilling.

Jeff Swinoga, president and CEO, commented: “We are excited to commence our latest drilling program on the Bullseye property. This initiative will explore the previously untested west side of the Apple fault zone, as well as potentially extend our recent Saddle zone gold discovery, where we had an amazing gold intercept of 67.55 g/t over 3.30 metres. These areas hold significant potential, and we are eager to uncover new opportunities for growth and value creation for our stakeholders.”

Exploits’ interpretation of Bullseye’s potential to host local high-grade gold mineralization

Mineralization at Bullseye is hosted within a fold-thrust sequence of northeast-striking, steeply dipping sediments. These rocks were deposited and deformed during the closure of the Iapetus Ocean and subsequent continent-continent collision. The AFZ is a regional-scale deformation zone that developed during this period. The AFZ likely serves as the primary conduit for the late-stage fluids that appear to have contributed to the numerous gold showings discovered in the vicinity. Numerous secondary brittle faults surrounding the AFZ form a structurally complex network hosting local gold-enriched quartz veins.

The Bullseye claims were staked by Exploits in September 2022 and are contiguous to NFG’s Queensway project. The company believes these claims are highly prospective because they directly overlay a 1,200 by 800 m segment of the AFZ and its related splay structures.