Exploits Starts 13,500 Line Kilometre Airborne Magnetic and VTEM Geophysical Survey Over Great Bend, True Grit, and Middle Ridge Gold Projects, Newfoundland
Vancouver - TheNewswire - January 12th, 2020 - Exploits Discovery Corp., (“Exploits” or the “Company”) (CSE:NFLD) (CNSX:NFLD.CN) (FSE:634-FF) is pleased to announce the commencement of a large scale 13,500 line kilometre Airborne Magnetic and VTEM survey, covering 1,155 km² over the Great Bend, True Grit, and Middle Ridge Gold Projects. In the Exploits Subzone, high resolution magnetics and EM surveys have been demonstrated to highlight geologic structures which are critical in exploration for structurally hosted orogenic gold.
- Lines will be flown at 100 metre spacing to provide high resolution magnetic and electromagnetic (EM) data, which are imperative for identifying the deep-seated structures which host orogenic gold.
- Survey data will be uploaded daily for GoldSpot Discovery’s A.I. team, enabling them to generate targets in real time.
- This survey will target know gold bearing structures including 19km of the Appleton Fault, 19km of the Dog Bay Line, 21km JBP Line, and 80km of the GRUB Line including the advanced True Grit Gold Showing.
Michael Collins, President and Chief Executive Officer of Exploits, commented: " Our partners at GoldSpot were instrumental in generating the targets that led to New Found Gold’s discovery through use of high-resolution airborne geophysics. We are excited to use this newly acquired data with their knowledge to generate quality targets on our properties in the Exploits Subzone, and advance us further towards drilling.
Exploits is committed to developing strong drill targets for the Spring 2021 season.”
The Great Bend, True Grit, and Middle Ridge projects have widely spaced geophysical coverage to date, and are represented by a patchwork of surveys with variable resolutions. This large-scale high-resolution survey will provide a detailed, uniform data set over the project areas to give structural context to the known mineralization such as historic drill and trench results at True Grit (0.60 g/t Au over 117m in drilling, 15.6 g/t Au over 1.0m in trench) and grab sampling at the Katie prospect in Great Bend (samples returning 1.2 - 2.7 g/t Au, 11.5 - 66.3 g/t Ag, and 7.24 - 24.0% Zn).
The Company will integrate this data on the True Grit and the Katie Project with historic drilling, new soils and prospecting surveys to target new drilling in areas of known gold mineralization, which is the pathway that was followed for success at the Keat’s Zone and Lotto Zone discoveries.
The survey will also supply coverage over important structural features with coincident till anomalies, such as the Dog Bay, Appleton, Joe Batts Pond, and Gander River Ultramafic Belt (GRUB) fault zones, highlighted by New Found Gold Corp.’s till and geophysical surveys and extrapolated onto Exploits’ land (south west of the Eastern Pond Anomaly, Queensway Project). The data, with the help of GoldSpot Discovery’s knowledge, will provide the Company with high priority targets and drive the next phases of exploration.
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 Middle Ridge, True Grit, Great Bend, Mt. Peyton, Jonathan's Pond, Gazeebow and Dog Bay projects which cumulatively cover an area of approximately 2,111 square kilometres.
All projects within Exploits’ portfolio lie within the Exploits Subzone.
Exploits believes that the Exploits Subzone, 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 discovery such as New Found Gold's 2019 discovery of 92.86 g/t Au over 19.0 metres near surface. The Exploits Subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021.
The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and picked individual land packages for staking or joint venture where there is an opportunity for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in 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: (604) 681-3170
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.
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.