Vancouver, British Columbia – June 3, 2021 – Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634-FF) is pleased to announce that the Company has entered into a 50/50 per-cent staking syndicate agreement with Crest Resources Inc. (“Crest”) (CSE: CRES) and acquired through staking the 100% owned PB Hill Property (the ”Property”) located in prospective siliciclastic sediments of the Exploits Subzone Gold Belt, Newfoundland.
Highlights
- The PB Hill Property is a large contiguous land package that encompasses a land area of ~1,986 km² (198,600Ha).
- Previous exploration of the Property focused mainly on the highly magnetic mafic/ultramafic rim that hosts numerous significant gold and base metals occurrences, including a historical inferred resource at the Mosquito Hill Prospect of 4.47MT of 0.526g/t Au indicated, 32.9MT of 0.461g/t Au inferred located 3 km east of the property boundary.
- New proven model in the Exploits Subzone Gold Belt suggests that gold is transported in primary structures (ie. Dog Bay Line, Appleton Fault) associated with magnetic lows and deposited in secondary and tertiary structures within the siliciclastic sediments of the Davidsville Group.
- The geophysical signature of the Property highlights multiple untested distinct en-echelon geophysical structures near an extreme low as indicated by the NL Government residual magnetic survey. These are deemed to be high priority targets
- With most terrain that strays from major highways and bush trails virtually unexplored, we believe there is reason to continue to leverage our increased geological understanding in the area and create increased shareholder value.
Following recent discoveries in the Exploits Subzone Gold Belt of Newfoundland, early indications of success across the region show the potential for a district size gold camp that’s being compared to Ontario and Quebec’s Abitibi Greenstone Belt. Although the Exploits Subzone Gold Belt is different in age; similar rheological processes involving gold mobilization in deep seated structures, emplacing gold in later stage secondary, tertiary and quaternary structures indicate the opportunity for thousands of square kilometers of underexplored gold potential.
The Crest technical team have leveraged their diverse knowledge of the geology of central Newfoundland and this switch in exploration mindsight early on, to help build Exploits Discovery Corp. With the largest foothold in the Exploits Subzone, the Crest and Exploits staking syndicate delivers increased shareholder value to both companies on the jointly owned PB Hill Property.
Area Map of The PB Hill Property
About The PB Hill Property
The PB Hill Property is situated in the siliciclastic sediments of the Davidsville Group, in the Exploits Subzone Gold Belt, Newfoundland. The Project encompasses a total land area of approximately 1,986 km² (198,600 Ha). The project has had very little work completed due to the majority of focus revolving around base metal exploration; Exploits sees this as an opportunity for discovery. The perimeter of the project has undergone multiple exploration programs over the past 75 years with the following government documented results:
- Great Rattling Brook (MODS 002D/12/Au 001) – 21 samples over strike of 75m give 0.1 to 2.3 g/t Au in melange of pyritic, graphitic shale bounded by ultramafics and chlorite schist.
- Lizard Pond South (MODS 002D/11/Au 002) – Channel samples upto 12.58 g/t Au over 0.4m. DDH – 2.6 g/t Au over 1.0m, 2.3 g/t Au/1.0m, 1.54 g/t Au/0.7m.
- Lizard Pond North (MODS 002D/11/Au 003) – Grab sample of 1.47g/t Au, trench channel sample of 0.96 g/t Au /1.0m, 0.91 g/t Au /1.0m.
- Breccia Pond (MODS 002D/11/Au 004) – trench channel of 3.24 g/t Au/1.0m, DDH of 0.84 g/t Au/0.7m.
- Swan Lake (MODS 002D/11/Au 005) – Trench channel sample of 3.1 g/t Au /2.0m
- Chiouk Brook (MODS 002D/11/Au 001)– DDH 1986 – 14.5 g/t Au/0.25m US Borax , DDH 2003 – 2.04 g/t Au/5.9m, 3.6 g/t Au /1.7m, 2.7 g/t Au/0.84m
- Mosquito Hill (MODS 002D/05/Au 008) – 4.47MT of 0.526 g/t Au indicated, 32.9MT of 0.461g/t Au inferred. Has DDH such as 0.67g/t Au/103.35m including 7.56 g/t Au/1.0m, 2.61 g/t Au/2.0.
- Brady/Reid Porphyry Zone (MODS 002D/05/Au 006) – 1.1g/t Au/21.5, 1.6 g/t Au/20.0, 2.2 g/t Au/10.6, 0.96 g/t Au/36.1, 1.1 g/t Au/41.4. Best grab sample of 6.9 g/t Au in ultra mafics with high Pyrite and Arsenopyrite.
Exploits and Crest believe that there is major upside potential for additional discoveries in the Exploits Subzone with the application of the new epizonal geological model. With most areas that stray from major highways virtually unexplored, we believe there is reason to continue to leverage our increased geological understanding in the area and create shareholder value.
References:
All Mineral Occurrence Data System codes (MODS) listed above can be found at the following Newfoundland and Labrador Department of Natural Resources Link: https://gis.geosurv.gov.nl.ca/mods/mods.asp
About Crest/Exploits Staking Syndicate
The Crest/Exploits staking syndicate is a 50/50 per-cent Syndicate agreement where Crest has provided the Geological Intellectual Property for the staking thesis, and Exploits has funded the staking expenses. Exploits will receive the first 1.2 times cost return on investment and further benefit will be divided on a 50/50 per-cent basis.
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, Gazeebow covering over 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, plus 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 venture, 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/ “Michael Collins ”
President and CEO
For further information, please contact:
Michael Collins, CEO
Tel: (778) 819-2708
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.
Acknowledgments
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.