Vancouver, British Columbia – January 14th, 2020 – Exploits Discovery Corp., (“Exploits” or the “Company”) (CSE: NFLD) (FSE: 634-FF) is pleased to release its first high priority exploration target generated by GoldSpot Discoveries Corp. (“GoldSpot”) (TSXV: SPOT) A.I. technology. The newly identified “Schooner Fault” is a secondary fault structure that trends parallel to the mineralized Appleton fault which hosts New Found Gold Corp.’s (“NFGC”) discovery hole approximately 3.5 kilometres to the east.
- GoldSpot delivers first high priority target for Exploits
- The Schooner Fault is a secondary geological structure, striking parallel to the gold bearing Appleton Fault which hosts NFGC’s Keats Zone.
- 6.5 kilometres of strike length of the Schooner Fault is contained within Exploits’ Mount Peyton Gold Project area.
- The target lies within Davidsville Group of siliciclastic sediments with coincident historically sampled Au in tills (Torq Resources 2017) over intersecting faults, similar to the geology of the Keats Zone, which lies 3.5 kilometres to the east.
- Ground work, including geophysics, prospecting, and trenching is being planned for immediate follow up.
Michael Collins, President and Chief Executive Officer of Exploits, commented: “Exploits is very pleased to present these GoldSpot generated targets on the Schooner Fault. We have a very large land package with numerous existing high value gold targets. The Exploits team is working to build a comprehensive database with prospecting and geophysical data acquisition. GoldSpot’s technical team, Exploits Subzone knowledge base and A.I. process will continue to drive targeting and discovery faster and better than our exploration peers.”
Denis Laviolette, Executive Chairman and President of GoldSpot, said: “GoldSpot believes that Newfoundland is a highly prospective area for exploration. The Schooner Fault is potentially in the same geological environment, has the same trend, and is near GoldSpots and NFGC’s very prolific Appleton and JBP Fault zones. The GoldSpot method of identifying these potential mineralized structures is creating prospective areas for our clients we feel is prime areas for recommended follow up work. GoldSpot continues to be the premier geological and data partner in Newfoundland. We believe Exploits stands an excellent chance to make a significant discovery along the Schooner fault as well as on other project areas in its claim portfolio in the region.
Figure 1: Exploits Discovery Corp.’s Mt. Peyton Project with GoldSpot’s identified Schooner Fault and target area in black ellipses.
Through historical compilation work, re-interpretation, and GoldSpot’s data analysis techniques, the Schooner Fault (seen in Figure 1), a secondary parallel structure to the Appleton Fault approximately 3.5 kilometres west and hosting NFGC’s Keats discovery zone on the Appleton, was able to be identified. The new structure is northeast-southwest trending and lies coincident with Torq Resources 2017 till program in which they reported anomalous gold in till results in close proximity to the interpreted zone.
Previous Property Exploration
Prior to acquiring the exploration rights to the property, Torq Resource Inc. (“Torq”) held the land and explored it actively up until 2018. During that time Torq released grab and till samples in press releases to the market highlighting the grade strike and continuity in the exploration area over what would be discovered as the Schooner Fault. The Press Release is available in its entirety at:
The full till results reported for the area in the September 21st, 2017 press release by Torq has not yet been released publicly in its entirety. The accuracy and location of the reported till results are currently being vetted by GoldSpot or Exploits and as such the map contained in the historic linked Press Release should be used for informational purposes only.
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 Middle Ridge, True Grit, Great Bend, Mt. Peyton, Jonathan’s Pond, Gazeebow and Dog Bay 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 discovery such asNFGC’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.