Exploits Reports Initial Jonathan's Pond and Remaining Quinlan Assay Results



Vancouver, British Columbia - TheNewswire - March 18, 2022 - Exploits Discovery Corp. ("Exploits" or the "Company") (CNSX:NFLD.CN) NFLDF (FSE:634-FF) is pleased to announce that it has received initial assay results from its Jonathan's Pond Target and the remaining assays from its Quinlan Veins Target.  

President and CEO Jeff Swinoga comments, "These assay results are an encouraging start to understanding the potential of these targets as well as similar targets on our large land package. For Jonathan's Pond, the western extension of the near-surface gold mineralization intersection is coincident with gold samples collected from trenching performed in 2020. These initial drilling results will inform our follow-up exploration plans for the areas that are open to the west of Jonathan's Pond and to the north of Quinlan Veins."

HIGHLIGHTS:

  • Exploits have received fire assay results for 16 of the 21 drill holes at Jonathan's Pond. Drill hole JP-21-019 intersected 4.5 m* of near surface mineralization averaging 1.57 g/t Au from 16 to 20.5 m downhole; Identified potential mineralized trend which is open to the west. 

  • All Quinlan Veins assay results have been received. While these recent assay results did not add significant intersections to the previously reported 8.69 g/t Au over 0.45 m* the mineralized possible mineralized trend remains open and untested to the north. 

President and CEO Jeff Swinoga further commented, "Once all ICP data has been received and additional detailed geochemical interpretation is reconciled with these drilling results we will prioritize additional targeting signatures at Jonathan's Pond. We are pleased to see our assays results coming in at a faster pace and are hopeful that we will be able to report results from our Schooner North, Schooner South, Little Joanna and remaining Jonathan's Pond targets soon.  In the near term, we will be updating investors on our extensive exploration plans this year, including several new targets. We have been gearing up our exploration program and team to match the tremendous potential we see at our properties."

Jonathan's Pond:

The 2021 drilling program at the Jonathan's Pond Project tested the down dip extension of the known mineralized quartz vein system identified by prospecting, and subsequently uncovered during its 2020 trenching program. Drilling also tested anomalous signatures identified from the Company's 2020 SGH soil programs.

Exploits has received gold fire assay results for 16 of 21 holes and ICP-34 results for 15 of 21 holes from the 2021 Jonathan's Pond drill program. Fire assay results for holes JP-21-013, JP-21-014, JP-21-015, JP-21-018, and JP-21-020 are pending.

Highlights of recently received drill core assays for the Jonathan's Pond Project are summarized in Table 1 below and depicted spatially in Figure 1.

Drill hole JP-21-019, was collared to specifically test the down dip extension of 5 m ~east-west trending quartz veins with anomalous gold and visible pyrite and arsenopyrite. A 4.5 m* section of core from 16 to 20.5 m averaged 1.57 g/t Au. Mineralization in the drill core occurs within a series of subparallel quartz veins, up to 7 cm wide hosted within gabbro and containing associated pyrite and arsenopyrite. This intersection is interpreted as being coincident with the anomalous gold samples collected from the 2020 surface trenching program. Based on the 2020 trenching and these results, this potential mineralized trend remains open to the west and is largely untested.

Drill holes JP-21-001 to JP-21-017 were designed to test the down dip extension of lower order east-west trending quartz veining, located adjacent to the northeast-southwest trending main vein (the "Main Vein"), which produced grab samples containing visible gold and returned fire assays of up to 28 g/t Au. It was noted in these drill holes that sulphide mineralization, including arsenopyrite + pyrite ± chalcopyrite, was concentrated along the lower contact of the Main Vein. XRF analysis confirmed the presence of elevated arsenic ± antimony, which are typical pathfinder elements for targeting gold mineralization, along this lower contact, which influenced drilling following along the northeast trending section of the Main Vein. Near-surface mineralization intersected in drill holes JP-21-016A and JP-21-017 indicates a potential mineralized trend which is open to the east.  

Drill holes JP-21-013, JP-21-014, JP-21-018, and JP-21-020 were designed to test significant SGH Au anomalies to the southwest and north of the Main Vein identified from SGH soil sampling performed by Exploits in 2020. JP-21-013 and JP-21-014 also undercut previous drilling to provide additional geometric controls of the quartz vein system. Assays remain outstanding for these noted holes.

Additional detailed geochemical interpretation will be performed once all ICP data has been received to further define any additional targeting signatures.

All notable assays received to date for Jonathan's Pond are summarized in the Table 1 below. All remaining returned assays not listed below are considered to be of non-significant values:

Jonathan's Pond

Hole_ID

From (m)

To (m)

Interval (m)*

Au (g/t)

JP-21-001

12.3

12.7

0.4

1.36

 

JP-21-005

135.0

136.0

1.0

1.55

 

JP-21-012

64.0

65.5

1.5

1.44

 

JP-21-016A

24.7

25.3

0.5

0.81

 

JP-21-017

22.3

22.9

0.6

0.51

 

JP-21-019

16.0

20.5

4.5

1.57

Including

16.0

17.0

1.0

3.08

Including

17.0

18.0

1.0

2.07

Including

19.0

20.0

1.0

1.14

Including

20.0

20.5

0.5

1.36

 

*All intersections are core intervals and do not represent true thickness

Table 1: Jonathan's Pond drilling highlights.


Click Image To View Full Size

Figure 1: Notable assay results from the 2021 Jonathan's Pond drill program.

Quinlan Veins:

All assays for the 2021 drill program at the Quinlan Veins have now been received.

As previously discussed in the Company's December 15th, 2021 news release, there is a correlation between the mineralization noted in drill holes QV-21-009 and QV-21-013, indicating a possible mineralized trend open to the north (Figure 2); however, detailed geochemical interpretation will be necessary to determine any additional signatures and targets.

All notable assays received to date for the Quinlan Veins are summarized in Table 2 below. All remaining returned assays not listed below are considered to be of non-significant values:

(Note: 21-QV-009 previously released)

Quinlan Veins

Hole_ID

From (m)

To (m)

Interval (m)*

Au (g/t)

QV-21-009

12.55

13.0

0.45

8.69

 

QV-21-012

46.6

47.7

1.1

1.06

AND

68.6

69.8

1.2

0.53

 

QV-21-013

85

85.5

0.5

0.54

 

* All intersections are core intervals and do not represent true thickness

Table 2: Quinlan Veins drilling highlights.


Click Image To View Full SizeInserting image...

Figure 2: Notable assay results from the 2021 Quinlan Veins drill program.

Details for all holes reported in the release are listed in Table 3 below:

Hole_ID

Target Area

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

JP-21-001

Jonathan's Pond

340

-45

156

677406

5439805

JP-21-002

Jonathan's Pond

340

-45

199

677434

5439798

JP-21-003

Jonathan's Pond

340

-45

184

677394

5439791

JP-21-004

Jonathan's Pond

340

-45

289

677415

5439777

JP-21-005

Jonathan's Pond

340

-45

274

677384

5439759

JP-21-006

Jonathan's Pond

340

-65

148

677384

5439759

JP-21-007

Jonathan's Pond

0

-45

160

677384

5439759

JP-21-008

Jonathan's Pond

340

-45

304

677368

5439745

JP-21-009

Jonathan's Pond

340

-45

229

677348

5439731

JP-21-010

Jonathan's Pond

340

-45

220

677466

5439813

JP-21-011

Jonathan's Pond

340

-45

103

677483

5439819

JP-21-012

Jonathan's Pond

270

-45

259

677483

5439819

JP-21-016

Jonathan's Pond

340

-45

19.5

677520

5439841

JP-21-016A

Jonathan's Pond

340

-45

220

677519

5439841

JP-21-017

Jonathan's Pond

315

-45

247

677520

5439841

JP-21-019

Jonathan's Pond

135

-45

236

677309

5439832

 

QV-21-001

Quinlan Veins

270

-45

250

680875

5489920

QV-21-002

Quinlan Veins

270

-45

310

680923

5489925

QV-21-003

Quinlan Veins

270

-45

247

680897

5489875

QV-21-004

Quinlan Veins

270

-45

52

680876

5489903

QV-21-005

Quinlan Veins

270

-65

73

680877

5489903

QV-21-006

Quinlan Veins

270

-45

49

680879

5489925

QV-21-007

Quinlan Veins

270

-65

67

680880

5489925

QV-21-008

Quinlan Veins

90

-45

21

680860

5489924

QV-21-009

Quinlan Veins

285

-45

216

680885

5489965

QV-21-010

Quinlan Veins

290

-45

223

680855

5489867

QV-21-011

Quinlan Veins

90

-45

238

680849

5489901

QV-21-012

Quinlan Veins

90

-45

191

680824

5489901

QV-21-013

Quinlan Veins

285

-45

298

680920

5490010

Table 3: Details of drill holes reported in this release. Coordinates are NAD83-Z21N.

Quality Assurance – Quality Control ("QA/QC")

All HQ core is sampled, cut by core saw, and split by company personnel then put into bags with unique sample tags for identification. The bags are sealed with a security tag and then shipped directly to Eastern Analytical Ltd. Standards and blanks are inserted at defined intervals for QA/QC purposes by the Company, representing approximately 10% of all samples sent for assay. All core samples are analyzed at Eastern Analytical Ltd. of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits Discovery Corp. Samples are analyzed using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis. All samples with visible gold or assaying above 1.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold.  

National Instrument 43-101 disclosure

Peter McIntyre, P.Geo., Senior Geologist at GoldSpot Discoveries Corp., and a consultant to the company, is a qualified person as defined by NI 43-101. Mr. McIntyre has reviewed and approved the technical information presented herein.

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 50% owned 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 kilometres 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 has been the focus of major staking and financing since late 2019 with high grade gold discoveries by Newfound Gold and Labrador Gold as well as advanced resource development by Sokoman Minerals.

The team at Exploits, with significant local experience and knowledge, have studied the entirety of the Exploits Subzone and surrounding regions, and having picked individual land claims for staking, purchase or joint ventures, have developed a land package where there are opportunities for world class discoveries and mine development. Exploits intends to leverage its local team and the larger shift in geologic understanding and become one of the most extensive explorers in the Exploits Subzone.

ON BEHALF OF THE BOARD 
/s/ "Jeff Swinoga" 
President and CEO 

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.

Copyright (c) 2022 TheNewswire - All rights reserved.

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