Vancouver, British Columbia — January 11, 2023 – Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) (“Exploits” or the “Company”) is pleased to announce that it has recently received all analytical results from its extensive regional 2022 soil sampling program. This includes 8,089 samples, covering approximately 14 kilometres of strike length along the Dog Bay Line fault, approximately 30 kilometres north of its Bullseye property in Central Newfoundland. This program demonstrated the gold mineralization potential of Exploits’ claims along the Dog Bay Line fault, in addition to its targets along the Appleton Fault Corridor. This soil program identified new prospective mineralized areas and further confirmed, and more importantly expanded, our existing gold targets.
- Identified new prospective gold zone at Second Pond extending over approximately 2 km of strike-length that returned gold-in-soil values up to 1.0 g/t Au.
- Confirmed and extended significant gold signatures surrounding historic showings (Clutha, Clutha North and Duder Lake).
- Gold-in-soils results as high as 5.4 g/t Au (Duder Lake), 3.6 g/t Au (Clutha North), and 1.8 g/t Au (Clutha).
- Most significant gold-in-soil clusters overlying coincident structures outlined from VTEM interpretation, which are expected to be followed up.
Nick Ryan, Exploration Manager, commented, “It’s exciting to see multiple clusters of anomalous gold-in-soil values from our 2022 soil sampling program coincident with our structural interpretation of the Dog Bay Line fault. We have identified a new gold-in-soils trend (Second Pond) extending over approximately 2 kilometres of strike length. Additionally, the results from this program have also confirmed and expanded the footprints of historic gold mineralization observed at Clutha North, Clutha, and Duder Lake target areas that were originally identified by Noranda in the 1990s. The confirmation, extension, and identification of new gold-in-soils anomalies along the Dog Bay Line fault is a promising indication that this major regional structure may be the source of significant undiscovered gold mineralization within the Exploits Subzone.”
Jeff Swinoga, CEO & President, added, “We are very pleased that, in addition to our immediate opportunity at our Bullseye gold target which we will be drilling in February, we are growing and advancing our future pipeline of gold targets along both the Appleton Fault Corridor as well as the Dog Bay Line Corridor.”
2022 Soil Sampling Program Methodology:
Exploits 2022 soils sampling program was planned to cover the greater extent of the Dog Bay Central Claims group focusing along the interpreted north-northeast trending Dog Bay Line fault that transects the property.
A total of 8,089 soil samples were collected at 100-metre line-spacing and 50-metre sample spacing, targeting the B-horizon soil layer. Sampling density was increased to 25-metre sample spacing locally over higher-priority areas of interest identified by historic data compilation and structural interpretation completed by Exploits’ in-house team.
|Area||# of Samples||Maximum Au Value (ppb)||Anomalous Element Association||Comments|
|Clutha North||174||3,640||Au, As, Cu||As maximum >1%|
|Clutha||431||1,810||Au, As, Sb, Cu||As maximum 5,723 ppm|
|Second Pond||133||1,030||Au, As, Fe||As maximum 4,490 ppm|
|Duder Lake||506||5,420||Au, As, Sb||As maximum >1%; Sb maximum 263 ppm|
Table: Summary table for soils data by area.
Soils Data Analysis:
Exploits 2022 soils data was independently examined and analyzed by Dr. Stephen D. Amor (P.Geo). To reduce the inherently “noisy” nature of surficial geochemical data and extract anomalous and elevated geochemical “signals” (in this case, significant geochemical patterns) from the “noise” (local deviations from the pattern caused by natural inhomogeneity, as well as analytical imprecision) a smoothing algorithm has been applied to the data whereby the value of a particular element, assigned to a particular sample, is the median value of all samples whose locations fall within 250 metres of that sample’s location.
The smoothing process represents a compromise between anomaly strength and anomaly homogeneity. This can result in the generation of an anomaly in smoothed data that is not apparent in the raw values; alternately, isolated anomalous unsmoothed values may disappear as a result of the smoothing process due to the influence of their more numerous non-anomalous neighbors.
Exploits Discovery Corp. contracted the services of Planet X Exploration Services Ltd., based in Gander – Newfoundland, to conduct the 2022 soil sampling program. The targeted soil horizon for sampling was the B-horizon; however, common interpretation of glaciation and till deposition studies show that there is variability throughout Newfoundland of surficial cover and this variation has a direct impact on the “local” depth of the B-horizon.
Planet X crews utilized a ‘Dutch-auger’ for soil sample collection. The soil samples were collected at pre-determined sample locations and placed in soil sample bags. Once sorted the samples were shipped to SGS Canada Inc. (SGS) Mobile Sample Preparation Unit (MSPU) located in Grand Falls – Newfoundland for sample preparation and then sent to SGS’s analytical laboratory in Burnaby – British Columbia for analysis. At SGS’s analytical lab, 30-gram splits are digested by multi-acid (4-Acid) digestion and analyzed for gold by fire assay (method GE_FAI31V5) plus 33 elements by ICP-AES (method GE_ICP40Q12).
A rigorous QA program was implemented, and a few analyses of questionable quality (less than 1% of the total) were omitted from the interpretation.
SGS is an ISO/IEC 17025 certified laboratory and independent of Exploits Discovery Corp.
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 actively exploring its gold projects in the Exploits Subzone, covering approximately 2,000 square kilometres of mineral tenements. The Company’s Exploration 2.0 methodology is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold’s success at the Keats and Lotto Zones in the Appleton zone. Exploits is leveraging its local team and geologic understanding to become one of the most active 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.
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 Corp. would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.