(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 10th, 2021 - Exploits Discovery Corp. (“Exploits” or the “Company”) (CSE:NFLD) (OTC:NFLDF) (FSE:634-FF) (CNSX:NFLD.CN) provides a summary of drilling and exploration work in 2021 to date and reiterates its focus on the prospective Appleton Fault.
Exploits has completed 10,481 m of drilling since June 2021, 17,709 line km of VTEM airborne surveys covering 1,699 km2; conducted 8 discrete target reviews with Goldspot Discoveries Corp (“Goldspot”) on Exploits’ ground, and 10 discrete field prospecting programs. A review of tenure has reiterated the Company’s focus on its 37 km (strike length) of the Appleton Fault. With this in mind, the Company has applied for 3 new drill permits along the Appleton Fault located within the Dog Bay claim group.
Highlights
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- Exploits has completed 10,481 m of drilling across 3 of 5 currently permitted drill targets in the Exploits Subzone, Newfoundland. Building on our understanding from 2021, Exploits has initiated permitting for three additional targets along the interpreted Appleton fault on our Dog Bay claims.
- Phase II drilling at Schooner North/South has commenced and preparation is underway for drilling at our Little Joanna target.
- Exploits has completed 17,709 line km of VTEM survey including full coverage of the interpreted Appleton Fault on northern claims. Quality geophysical data has proven to be critical to discovery on the Appleton Fault targets.
- On Oct 28th Exploits held an internal symposium with the Company’s Advisory Board Leader Dr. David Groves regarding Orogenic gold exploration targeting, in addition to reviewing and refining targets in the Exploits Subzone.
- The Company has drilling planned into the spring of 2022 and with approximately $13 million in cash; and is well funded to aggressively pursue these targets.
President and CEO Jeff Swinoga comments, “2021 to date has been a very busy and successful year in progressing our Exploits Subzone Projects with drilling, surface exploration and airborne geophysics. It has also been frustrating, with a slow start to the drill program and long wait times for assays to be returned. As with any gold rush, the high volume of drilling activity has hit a logjam at the labs, and, like our shareholders, we are disappointed to not have a consistent stream of results to deliver following all the hard work by our team. That said, Exploits continues to make great progress on our projects in pursuit of discovery in 2021/22, with continued focus on the prospective Appleton Fault Zone.”
Project summaries:
Dog Bay Projects - Appleton Fault & Dog Bay Line
Drilled 13 drill holes totalling 2,235m at Quinlan Veins, full airborne VTEM coverage, conducted 70 line km ground magnetics, collected 938 grab samples, conducted technical reviews with Goldspot and applied artificial intelligence along with technical review to identify potential targets. Permitting three additional drill targets along the 18 km (strike length) of the interpreted Appleton Fault that cuts through the Dog Bay claims.
Great Bend - Appleton Fault & Joe Batts Pond Fault (JBP)
Partial VTEM coverage, which is expected to be complete in 2021. Focus on the 19 km southern extension of the interpreted Appleton Fault south of Eastern Pond where New Found Gold is having exploration success.
Jonathan’s Pond - GRUB Line Fault
Drilled 21 drill holes totalling 4,471 m of drilling at Jonathan’s Pond ‘Main Vein’, full airborne VTEM coverage, conducted 82 line km ground magnetics, collected 154 grab samples; 44 soil samples; 268 chip/channel samples and conducted 2 technical reviews along with artificial intelligence with Goldspot.
Schooner - Schooner Fault
Drilled 10 drill holes totalling 3,775 m of drilling at Schooner North, full VTEM airborne coverage, conducting 127 line km ground magnetics, collected 4 grab samples; 104 soil samples, conducted artificial intelligence and technical reviews with Goldspot. Currently drilling Phase II program at Schooner North/South.
Little Joanna - Dog Bay Line Fault & Valentine Lake Fault Intersection
Permitting 6 first-pass drill holes and 1,800 m of drilling. Full airborne VTEM coverage, conducted 84 line km ground magnetics and collected 62 grab samples.
Mt. Peyton - Dog Bay Line
First pass prospecting on volcanogenic massive sulphide target, full VTEM airborne coverage, new artificial intelligence and technical review with Goldspot and 26 grab samples. Identification of gold targets on the Dog Bay line trend.
True Grit - GRUB Line Fault
Permitted for 9 drill holes totalling 2,700 m of drilling on the True Grit deposit, full VTEM airborne coverage, completed ground prospecting and conducted artificial Intelligence and technical review with Goldspot to generate the new model and targets.
National Instrument 43-101 disclosure
Nick Ryan, P.Geo, is Senior Geologist for the company and qualified person as defined by National Instrument 43-101. Mr. Ryan 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 covering approximately 2,000 square kilometres of mineral tenements. The PB Hill projects syndicate covers an additional area of almost 2,000 square kilometres.
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. Our team has selected individual land packages for staking or joint ventures, where we feel there are opportunities for world class discoveries and mine development.
With a local team and an advanced geologic understanding of the area, Exploits is one of the most extensive explorers in Newfoundland and specifically, the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Jeff Swinoga"
President and CEO
For further information, please contact:
Christopher Huggins, Director
(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.
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