Toronto, Ontario--(Newsfile Corp. - June 14, 2024) - Exploits Discovery Corp. (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to provide an update for its exploration programs on its properties in Central Newfoundland. Exploits is aggressively exploring at its key Bullseye and Gazeebow South sites, both located along the Appleton Fault Zone ("AFZ"), adjacent to New Found Gold Corp. ("NFG") and Labrador Gold Corp. ("LAB").
Highlights:
Exploits commenced NQ core drilling on the Bullseye claims earlier this week.
The initial drill holes of this program are focusing around 2023's exploration hole # BE-23-028, where several clusters of mineralized quartz veining were intersected over approximately 18 m.
As previously reported in a news release dated August 14, 2023; detailed core-logging and thorough sampling of these vein-sets generated several encouraging gold assays including:
4.08 g/t Au over 1.60 m core-length (located at a vertical depth of approximately 75 m below surface) and
14.59 g/t Au over 1.00 m core-length (at a vertical depth of approximately 186 m below surface).
Down-hole televiewer surveying is ongoing at Bullseye. These accurate 3D 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 (see news release September 28, 2023 for further information).
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, comments, "We are excited with all the work planned on our properties this summer. These programs are fully funded 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."
Figure 1: Overview of Exploits' northern claims in Central NL; thick claim borders indicate areas of active exploration programs including drilling (Bullseye), till sampling (Gazeebow South), and prospecting (Mt. Peyton/Dog Bay Central & North).
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 to the northeast of NFG's recent Keats and Iceberg high-grade gold discoveries.
National Instrument 43-101 Disclosure
Ken Tylee, P.Geo., VP of Exploration with Exploits, is a qualified person within the Provinces of Ontario and Newfoundland and Labrador as defined by NI 43-101 standards. Mr. Tylee has reviewed and approved the technical information presented herein.
About Exploits Discovery Corp.
Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. Exploits is utilizing its experienced, talented local team and geologic understanding with the vision to become one of the most successful explorers in Canada.
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.sedarplus.ca. 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.
