Toronto, Ontario--(Newsfile Corp. - March 14, 2024) - Exploits Discovery Corp. (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce it has identified four new exploration target areas proximal to the Appleton Fault structure which transects its Bullseye gold property, located in Central Newfoundland. The Company is also releasing its drilling results from an initial, 12-hole program, testing the potential strike extension of New Found Gold Corp.'s ("NFG") Jackpot gold zone announced in 2023.
Highlights:
Four new target areas have been identified on the Bullseye gold property. All four are located within a kilometre of NFG's recent exploration success at Everest, Honeypot, K2 and now Vegas gold zones located along of Appleton Fault Zone.
Target Area A: This area covers the interpreted extension of the east-trending structure crossing onto the Company's Bullseye claim from NFG's Honeypot gold zone (with intercepts such as 26.0 g/t Au over 7.65 metres core-length - see NFG news release January 10, 2024). See "A" in Figure 1.
Target Area B: Covers an area where the interpreted eastward-trending extension of NFG's Everest gold zone (with intercepts such as 36.7 g/t Au over 3.7 metres core length - see NFG news release May 10, 2023) crosses onto the Bullseye property. Exploits' drill hole BE-23-028 (August 14, 2023) intersected a cluster of quartz veins, hosting gold mineralization (which has been interpreted by Exploits) that cuts a portion of Everest's eastern strike extension of its mineralized system. See "B" in Figure 1.
Target Area C: Approximately 250 metres north of NFG's K2 gold zone on the western flank, or 'side', of the Appleton Fault Zone remains untested by drilling. Exploits' high-resolution geophysical surveys (VLF-EM and Magnetics) coupled with 2023's LiDAR airborne mapping suggest the presence of east-west trending lineaments. NFG's K2 gold zone discovery was most recently updated with intercepts such as 27.5 g/t Au over seven metres - see NFG news release January 31, 2024. See "C" in Figure 1.
Target Area D: Located approximately 650 metres northeast of NFG's Lotto gold zone, LiDAR indicates structural complexity which also highlights a potential for gold traps. See "D" in Figure 1.
The Company's initial 2024 drilling campaign was completed in February, totaling 2,509 metres over 12 drill holes. This program successfully intersected a structural zone, displaying similar characteristics to NFG's Jackpot gold zone, with associated local quartz veining and sections of elevated arsenic and antimony values. The grade intersected in drill hole BE-24-006 correlates with Exploits interpreted extension of NFG's Honeypot gold zone indicating the potential for additional mineralization along this trend. See Table 1 and 2 for results.
Jeff Swinoga, President and CEO, commented, "Within the past 12 months, NFG has announced five new gold discoveries (Everest, K2, Jackpot, Honeypot and Vegas) occurring along the Appleton Fault Zone; two of these are located within 100 metres of our Bullseye property border. This highlights how this area around the Appleton Fault Zone has been heating up with gold discoveries and we intend to continue advancing and pursuing our own gold targets in this same area. Our initial 2024 phase one drill program validated our structural interpretation, and our core loggers observed similar complex structural patterns and vein-developments as NFG's Jackpot, however without similar gold assay results. We now believe that hole 6 hit the extension of NFG's Honeypot gold zone. We are very encouraged by these new targets and will continue to execute on this year's exploration plans, which are focused on our Bullseye and our much larger Gazeebow South property."
Figure 1: Map displays new gold target areas on the Bullseye property.
The initial 2024 drilling campaign was completed in early February, totaling 2,509 metres over 12 drill holes. This program successfully intersected a structural zone, displaying similar characteristics to NFG's Jackpot gold zone, with associated local quartz veining and sections of elevated arsenic and antimony values. The grade intersected in drill hole BE-24-006 correlates with Exploits interpreted extension of NFG's Honeypot gold zone indicating the potential for additional mineralization along this trend. See Table 1 and 2 for results.
Photo 1 (Left): Example of multiphase vein development within deformed sediments. NQ sized core from hole BE-24-012 at approximately 67 metres depth down hole.
Photo 2 (Right): Example of local vein placement proximal to the targeted splay structure. NQ sized core from hole BE-24-011 at 172 metres depth down hole.
*Assays reported direct from the Lab certificate. Screen-Met. samples are 'Weighted Averaged ppb' as calculated from the Lab.
All intersections are core intervals and do not represent true thickness
BE-24-001 to BE-24-005 and BE-24-007 to BE-24-012 yielded no significant gold values.
Table 2: 2024 Bullseye collar information.
Bullseye - Collar Information for Reported Drill Holes
Hole ID
Easting
Northing
Elevation (m)
Azimuth
Dip
Length (m)
BE-24-001
659609
5429883
72
330
-45
150
BE-24-002
659615
5429928
71
330
-45
124
BE-24-003
659657
5429878
72
315
-45
202
BE-24-004
659613
5429883
72
0
-45
253
BE-24-005
659621
5429920
71
0
-45
256
BE-24-006
659609
5429985
70
0
-45
267
BE-24-007
659669
5429872
72
0
-45
214
BE-24-008
659766
5430036
73
300
-45
175
BE-24-009
659772
5430034
74
10
-45
202
BE-24-010
659812
5430027
78
300
-45
199
BE-24-011
659813
5430036
77
10
-45
250
BE-24-012
659772
5429986
76
300
-45
217
Coordinates Reported in NAD-83
Bullseye Gold Property
The Bullseye claims were staked by Exploits in September 2022, and are contiguous to the several high-grade gold targets actively being drilled by both NFG and Labrador Gold. 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 Appleton Fault Zone 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 four years.
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. 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. The Company is focused on discovering high-grade structurally hosted epizonal gold similar to NFG's success along the Appleton Fault Zone and parallel structures within the Exploits Subzone.
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.
