Exploits Discovery Corp. Receives Drill Permits for the Little Joanna Vein Prospect, Dog Bay, Newfoundland
- Exploits has received diamond drilling permits for nine holes totaling ~2,250 metres at the Little Joanna Vein prospect at the Project.
- The drill program will focus on intersecting mineralization in the subsurface coinciding with high grade visible gold at surface (up to 194 g/t Au) in quartz veins and associated fault structures identified through analysis of geophysical data.
- The Company is fully funded for its 12,000m spring and summer drill programs and has received drill permits for three targets, True Grit, Schooner, and the Little Jonna prospect, with two applications pending for the Quinlan Vein prospect and Jonathan's Pond project.
Michael Collins, President and Chief Executive Officer of Exploits, commented: "Exploits continues to deliver drill permit approvals on high priority targets that we have developed in the Exploits Subzone Gold Belt. I am impressed with our team's ability to generate these gold targets so quickly and look forward to getting a drill turning quickly this spring."
About 2021 Diamond Drilling
Exploits has identified discrete drill targets at the Little Joanna Vein prospect within its Project and has received drill permits for nine holes (~2,250m). To date, the Company has now received three drill permits, including True Grit, Schooner, and Little Joanna (Figure 1), totaling 33 holes (8,000 metres). The drill holes at Little Joanna will target quartz veins with abundant fine and coarse visible gold that are situated structurally within a secondary fault highlighted by GoldSport Discoveries' geophysical analysis of regional airborne magnetic geophysics to be associated with, and sub-parallel to, the interpreted Dog Bay Line Fault Zone (Figure 2). The Little Joanna quartz veins have been exposed for up to 20 metres along strike before diving under thick overburden at both ends and are 20-50 cm wide massive quartz. These veins occur across a width of 20m perpendicular to the strike. 16 samples from outcrop and subcrop at the Little Joanna Veins were taken in late 2020, with five samples with visible gold returned assays of 194, 133, 123, 119, and 118 g/t Au.
2021 Diamond Drill Permit Locations
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Figure 1: Map of the Exploits Discovery claim boundaries with the locations of the approved Little Joanna Veins, Schooner, and True Grit drill permits, as well as the pending Jonathan's Pond and Quinlan Veins drill applications.
Analysis of the fault structures interpreted by GoldSpot geophysicists and the Exploits team both demonstrates the relationship of the Little Joanna fault within a kink in the regionally extensive Dog Bay Line fault and indicates there is a second, unexplored subparallel fault west of the Little Joanna fault that also has potential to host gold mineralization. These faults and intersecting structures are important in producing the open spaces required for the deposition of large gold deposits and provide another high priority drill target at the prospect. A high resolution airborne VTEM geophysical survey has commenced flying in the area and will cover the Little Joanna Vein prospect to enhance the definition of the fault structures in the target area and provide additional information for step-out drill targeting.
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Figure 2: Preliminary drill plan for the Little Joanna Vein prospect with locations of proposed drill holes and outcrop samples with structural intersection targets highlighted in blue circles. Inset photo shows an example of exposed quartz veining along a 20-metre strike length with adjacent bedrock covered by overburden.
The Little Joanna Veins are located with one of a series of claims optioned from Eddie and Roland Quinlan, (the "Quinlan Option"), on August 20, 2020 where Exploits can earn a 100% interest by paying or issuing property by paying an aggregate of $220,000 cash and issuing a further 2.5 million common shares and $560,000 in either cash or common shares.
Quality Assurance - Quality Control ("QA/QC")
All rock samples are collected by company personnel and bagged in the field with a sample tag for identification. The bags are sealed with tape and kept secure at a company facility until they are transported directly to the lab by Exploits staff.
All rock samples are analyzed at Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits Discovery Corp. Eastern Analytical pulverized 1000 grams of each sample to 95% < 89 ?m. 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 8.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Samples in this report were run for Ore Grade Assay when with multi-acid digestion with AA finish for samples above detection limit for silver.
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 Jonathan's Pond, Dog Bay, Mt. Peyton, Middle Ridge, True Grit, Great Bend and Gazeebow 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 discoveries 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.
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.