CSE:NEWD - Post Discussion
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knoxt on Feb 10, 2022 8:37am
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| Newfoundland Discovery Provides Update on Phase One Exploration of Bursey Property, Newfoundland | | | Vancouver, BC, February 10th, 2022 – NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD, OTC: NEWDF, FSE: M4K) (“Newfoundland Discovery” or the “Company”) today provided an update on the first phase of exploration on the Bursey Property (the “Property”) in Newfoundland. The Bursey Property consists of 183 claims covering 4,576 hectares in the Central Newfoundland Gold Belt. PROJECT UPDATE Newfoundland Discovery is currently undertaking its first phase exploratory program on the Property with prospecting, geological mapping, soil sampling, and ground geophysics. To date, 1,890 soil samples and eighty-nine (89) rock samples have been collected. Samples have been sent to Eastern Analytical Laboratories in Springdale, NL for assay. The Company eagerly awaits results. As the Property was previously unexplored, new discoveries include significant zones of mineralization and extensive alteration characteristics associated with gold-bearing quartz veining. Multiple heavy mineralized bedrock and float samples were noted to contain copper while several quartz-carbonate veins with copper and gold pathfinder minerals were located (see Figure 1). These features appear promising for the presence of an orogenic gold-copper mineralization. | | | Figure 1. Copper mineralization at Bursey Property. PROPERTY CLAIM BLOCKS | | | Figure 2: Map showing approximate location of Bursey Property within depiction of Central Newfoundland Gold Belt. Property enlarged for clarity. | | | Figure 3: Map showing approximate boundaries of Bursey Property with a depiction of its location relative to the GRUB Fault Line. LOCATION OPPORTUNITY The Bursey Project is located approximately 16km north-northeast of Gander, Newfoundland. As shown in Figure 4, the Property lies over and adjacent to the Gander River Ultramafic Belt (the “GRUB Fault” or “GRUB”), a significant structural corridor within the Central Newfoundland Gold Belt (the “CNGB”). The GRUB Fault is a crustal scale fault zone that extends over 200km in a southwest trend. Dividing the Gander Zone and the Exploits Subzone, the GRUB is likely a major fluid conduit linked to the CNGB. Its corridor and related splay faulting host the Appleton and Joe Batt’s Pond (JBP) faults, along which lies New Found Gold’s (TSX.V: NFG, NYSE-A: NFGC) Queensway Project. The Queensway Project contains two (2) gold discoveries and multiple instances of high-grade gold mineralization (New Found Gold Corp. (2021) [1]). The GRUB, which underlays the Bursey Property, is a carbonatized ultramafic unit with quartz-carbonate veining. The spatial relationship of gold mineralization to fault zones with carbonatized ultramafic rocks implies a comparison to California’s Mother Lode Belt. In this general deposit model, carbonatization of ultramafic rocks along with gold vein development above and within thrusts and faults governs gold exploration. Provincially, Newfoundland Discovery’s claims are staked proximally or along major crustal scale deformation and fault zones that are integral to the gold deposits of the CNGB. The Company is strategically positioned as a significant landholder in the Newfoundland Gold Rush with 416 claims covering 354 sq. kms (35,400 hectares) across eight (8) key breakthrough project areas. Since initial exploration in the 1980’s, there has been no investigation on the Bursey Property claim blocks. | | | Figure 4: Image of Bursey Property along the GRUB Fault with Appleton and JBP faults above sequentially, running parallel and through the Queensway Project. Other Company properties on faults shown. | | | |
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