Toronto, Ontario–(Newsfile Corp. – April 24, 2023) – Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) (“Exploits” or the “Company”) is pleased to announce the initiation of a multi-stage summer fieldwork program within the Gazeebow claim group in early May. These programs have been designed to locate and identify new gold targets within the recently staked southern sector as well as advance several mineralized zones indicated in 2022 to a drill-ready stage. The Gazeebow claims are considered highly prospective due to their geological setting within the Appleton Fault Zone approximately 15 kilometres north of the Bullseye property where Exploits is currently conducting drilling operations. Approximately 50% of the Gazeebow claims remained essentially untouched by modern scientific tools or survey procedures.
- Prospecting and geological mapping of recently staked and strategically located Gazeebow South claims straddling the interpreted Appleton Fault Zone approximately 15 kms northeast of the Bullseye property where Exploits’ diamond drilling operations are currently underway.
- Expansion and continuation of 2022 exploration programs on existing Gazeebow claims focusing on the highly prospective areas of Mega Vein and Angie’s Vein.
- Expand scope of the late-2022 prospecting at Bullseye. Initiate a detailed geological/structural evaluation of all bedrock exposures available within the 1.2 kms segment of the key Appleton Fault Zone.
- Exploration drilling continues at Bullseye with over 6,000 metres and 20 holes completed to date. The next set of assay results is expected in May.
Nick Ryan, Exploration Manager, commented: “I am excited that our local and experienced team is starting its boots-on-the-ground efforts at Gazeebow South. This area consists of several large mineral claims encompassing approximately 20 kilometres of the interpreted extension of the prospective Appleton Fault Zone. Field work over the coming months will assist with the identification, prioritization, and confidence to advance targets within this key exploration zone to a drill-ready stage.”
Figure 1: Plan map showing Exploits mineral claims situated along the prospective Appleton Fault Zone; 2023 field program area outlined in black with dark-grey hashed lines.
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The 2023 field exploration program will consist of an extensive surface exploration program including prospecting, geological mapping, and rock sampling starting on the southern portion of the Gazeebow property focusing on areas strategically located along the interpreted Appleton Fault Zone. Coverage will continue to the north to expand on field-work completed in 2022 around the areas of Mega Vein and Angie’s Vein. Additionally, traverses will be conducted at the Bullseye property covering areas that were inaccessible during the 2022 field season due to snow-cover.
The Company continues to retain several local prospectors working under the guidance of Exploits’ experienced geologists. We anticipate that this ‘ground-truthing’ and subsequent evaluation will continue at a steady pace until snowfall in early December.
The Company has expanded the scope of its initial 6,000 metre program at Bullseye. Exploits plans to announce the next set of assay results in May.
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 extensive explorers in the Exploits Subzone.
On Behalf of the Board
/s/ “Jeff Swinoga”
President and CEO
For more information, please contact:
VP, Investor Relations
+1 (778) 819-2708
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.
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