Vancouver, British Columbia - TheNewswire - November 27th, 2020 - Exploits Discovery Corp. ("Exploits" or the "Company") (CSE:NFLD) (CNSX:NFLD.CN) (OTC:RNRRF) (FSE:634-FF) announces that it has secured title to the 26 square kilometre Katie Project which lies within the Company's Great Bend Project in the Exploits Subzone Gold Belt, Newfoundland.
The Katie Project has significant gold and Volcanogenic Massive Sulfide (VMS) targets hosted in the Huxter Pond Volcanic Belt which terminates both the Appleton Fault and the Dog Bay Line. The structural discontinuity that these intersections create present exploration targets that have not been previously considered in the Exploits Subzone Gold Belt.
- Epithermal gold targets include Mystery Lake, MacDonald, and Bruce Pond zones with historic grab samples up to 16.7 g/t Au and drill results of 2.52 and 1.85 g/t Au over 0.5 and 1.0 metres respectively.
- VMS targets includes the Black Bart Zone with channel samples up to 10.7% Zn, 0.38% Pb, 0.196% Cu, 33.4ppm Ag, 1.13ppm Au over 1.26m and drill results up to >10% Zn, 1.7% Pb, 61ppm Cu, 74.7ppm Ag and 150ppb Au over 0.05 metres (BHP, 1993. Altius, 2016).
- The Katie Project overlies an integral part of the southern Dog Bay Line, Appleton, and Joe Batts Pond (JBP) Fault Zones, providing a new structural thesis for the deposition of gold in this area.
- The Company intends to use it's understanding of structural mapping, SGH soil sampling, and Versatile Time Domain Electromagnetics (VTEM) geophysical surveys, combined with Goldspot's artificial intelligence targeting algorithms to explore the Katie Project, and the encompassing Great Bend Project for gold and VMS deposits.
CEO and President Michael Collins comments, "We are pleased to have been able to secure the Katie Project in a competitive staking environment. The Katie Project holds some great gold targets but also is a critical piece in understanding mineralizing systems in the Great Bend Project and adds more strength to our extensive claim package in the Exploits Subzone."
Since the acquisition of the Project, Exploits' geologists and prospectors spent 2 days conducting an initial site visit to review and take initial samples to confirm the grade and tenor of these mineral showings. Several historic trenches were located and sampled along with newly prospected showings. Samples that were collected have been sent to Eastern Analytical Ltd. for assay and results are expected in mid-December.
Figure 1: Geology map of Exploits'100% owned Great Bend Gold Project with the newly staked Katie Project, highlighted by red cross hatches.
Katie Project Geology
The Katie Project is situated in the Exploits Subzone, within the Dunnage Zone. The Dunnage Zone is a Paleozoic mobile belt consisting of ophiolitic and island arc volcanic and associated sedimentary rocks and hosts the majority of the most important mineral deposits in Newfoundland, including the Buchans and Duck Pond/Tally Pond VMS deposits.
The Project is underlain by two units of the North Steady Pond Formation, Baie d'Espoir Group of Middle Ordovician age. Inter-bedded felsic to intermediate flows and weakly laminated crystal tuff underlie most of the property and host the mineral prospects. Sediment consisting of sandstone, siltstone and minor conglomerate are mapped to the north of the Project and along the southeast margin. The Cambro-Ordovician Coy Pond ophiolitic rocks consist of mafic flows and gabbro and are in fault contact with the Baie d'Espoir Group along the west margin of the project area and are intruded by the Partridgeberry Hills Granite further west (Coleman-Sadd, 1985).
In the area of the Main Katie Showing a large area of strong quartz sericite alteration occurs in the felsic volcanics, sediments and leucogranite. Within this alteration zone four styles of mineralization were observed. Sphalerite-rich veins were seen in most strongly altered lithologies, namely strongly silicified and sericitized tuffs, sediments and silicified chloritized leucogranite (Figures 2 and 3). These assayed up to up to 23.9% Zn, 3.26% Pb, 0.27% Cu, 279ppm Ag, and 2.45ppm Au. In silicified and sericitized siltstone parallel sets of 1-10mm quartz-pyrrhotite-galena-sphalerite veins assay up to 3.78% Zn, 7.63% Pb, 0.109% Cu 159ppm Ag, 0.386ppm Au. Gold mineralization in silica flooded quartz sericite altered quartz eye tuff reaches grades of 1.12ppm Au. Veins and disseminations of pyrrhotite and pyrite were seen in all sericite-quartz altered felsic volcanics (Altius, 2016). Epithermal style quartz veining has been observed at the project as well, with typical chalcedonic quartz and vuggy textures. These quartz veins have been found to exist within and outside of the main VMS target zones.
Structurally, the Katie Project overlies the interpreted southern end of the highly prospective, NNE-SSW trending Appleton and Dog Bay Line Fault Zones, where they are truncated by the NW-SE trending Huxter Pond Volcanics of the Baie d'Espoir Group. Known mineralization falls within the area of structural complexity and further understanding of the structural model is ongoing, which will drive exploration on the Project.
Figure 2: Massive sulfide containing sphalerite (Sp), galena (Gn), chalcopyrite (Cp), and pyrite (Py) from historical trenching at the Black Bart prospect.
Figure 3: Remobilized massive sulfide in deformed felsic volcanic rocks from historical trenching at the Black Bart prospect.
National Instrument 43-101 disclosure
Ian Herbranson, PGeo, is Vice-President of Exploration for the Company and a qualified person as defined by National Instrument 43-101. Mr. Herbranson reviewed and approved 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 2,100 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.
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