Quadro Comments on Its End of 2021 Drill Program at Long Lake and Staghorn, Newfoundland Gold Belt
Vancouver, November 10, 2021 - Quadro Resources Ltd. (TSXV: QRO) (OTCQB: QDROF) (FSE: G4O2) ("Quadro" or the "Company") is pleased to announce that it has completed its inaugural drill program at Long Lake and the second drill program of 2021 at its Staghorn project in Newfoundland (see Quadro's news release dated May 25, 2021, for the early-2021 drill program at Staghorn). This latest drill program began at Long Lake in July before finishing at Staghorn in October. A total of nine holes were completed (five at Long Lake and four at Staghorn) and the Company is currently awaiting assay results.
Figure 1: Quadro's gold projects, Newfoundland.
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The Company is pleased with this year's drilling and exploration programs, which were challenging to organize due to a previously unseen increased level of mineral exploration in the province which continues to put pressure on drill rig and personnel availability. Due to this increased activity, the assay labs have been backed up to as much as two months, however the Company expects complete assay results in the coming weeks.
From T. Barry Coughlan (CEO): "Initial indications from the recent drill program at Long Lake and Staghorn are very positive and all holes hit the targeted mineralization, with visible gold in some cases. We look forward to releasing the assay results when received and compiled. Quadro is currently working on producing new data maps. These new maps will incorporate this year's IP and mag and drill work allowing for a clearer overview of what we are looking at, which we believe could be a possible new discovery of an east-west trend through Long Lake and an extension to the Marks Pond zone at Staghorn. We look forward to releasing these results and planning next year's field programs." (See Figure 2 for detail.)
Long Lake
Quadro has a 100% interest in this property, located proximal to Marathon Gold's Valentine Lake deposits, totaling 272 claim units covering 6800 hectares. The property is located along the northwest boundary of the Marathon Gold's Valentine Lake project within an under-explored belt of mineralized volcano-sedimentary and intrusive rocks. At Long Lake, the main target has been the Ricky occurrence, where soil sampling and prospecting had defined a 700 m long gold target highlighted by a strong Au-in-soil anomaly and a number of float samples with values up to 33.65 g/t Au (see Quadro's news release dated July 5, 2021).
The 2021 field program at Long Lake included geophysics, prospecting and geochemistry and this program was expanded to cover the recently optioned Tulks South claims. Detailed ground magnetics and induced polarization was completed on the Ricky target and five holes were drilled, intersecting pyrite mineralization with strong alteration including silicification, sericitization and variable quartz veining. Minor visible gold was recognized within the altered zone.
In July 2021, Quadro optioned the Tulks South property which consists of 212 claim units covering a portion of the Tulks volcanic belt (see Quadro's news release dated July 26, 2021). These claims are tied onto Quadro's Long Lake property and the entire package now consists of 482 units (120.5 sq km) covering a broad Monzonite intrusive unit which trends northeast across the properties. This unit is parallel to the Valentine Lake Monzonite which hosts Marathon Gold's Valentine Lake deposits located 7 km to the southeast of the Quadro claims.
Staghorn
At Staghorn, the Company drilled four holes on the southwest end of the Marks Pond Zone, under last year's identified mineralized targets. Previous drilling last winter at Marks Pond extended the wide gold alteration zone 400 m to the northeast with good indications that the gold grade and thickness were increasing with depth. Previous drilling in this area included intersections of 20.37 g/t Au over 0.5 m and 3.22 g/t Au over 5.0m (see Quadro's news release dated May 25, 2021). Results from the four recently completed holes are pending.
Staghorn, Long Lake, and Tulks South are located within the auriferous "Cape Ray Fault Corridor," proximal to Marathon Gold's Valentine Lake deposits (Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). (N.I. 43-101 Technical Report & Pre-Feasibility Study on the Valentine Gold Project Newfoundland and Labrador, Canada Report date: April 21, 2020. Effective date: April 18, 2020 Prepared for: Marathon Gold Corporation 10 King St. East, Suite 501, Toronto, ON, M5C 1C3 Prepared by: Ausenco Engineering Canada). Other hot spots along this corridor include Matador Mining Ltd.'s Cape Ray deposits with a resource of 837,000oz Au at 2 g/t (see Matador's May Scoping Study 2020 Mineral Resource Estimate, Cape Ray Gold Project, JORC 2012 Classified Resource Summary - Gold Resource Only) and Sokoman Minerals Corp.'s Moosehead project where an on-going drill program has produced intersections with 11.90 m @ 44.96 g/t Au including 1.35 m @ 385.85 g/t Au (see Sokoman's June 2021 corporate presentation). (Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company's property.)
Careless Cove
Quadro has an option to earn a 100% interest in the Careless Cove/Yellow Fox claim groups, totaling 40 claim units. The two claim groups form an exciting addition to Quadro's project portfolio in Newfoundland. Whereas the Long Lake, Tulks South, and Staghorn projects are focused on the gold rich Cape Ray Fault system in southwestern Newfoundland, the Careless Cove properties are located to the northeast and are adjacent to New Found Gold Corp.'s claims, which have seen promising early results. Prospecting and soil geochemistry was carried out in mid-2021 (see Quadro's news release dated May 27, 2021) with exploration and drilling planned for winter 2022. (See Figure 3 for detail.)
Drilling Summary on the Staghorn and Long Lake Properties
- Nov-Dec 2018 887 meters in five holes focused on completing a fence of holes across the Cape Ray structure at Ryan's Hammer, Staghorn. This drilling combined with previous drilling to the east partially outlined two wide gold trends with only one drill cut in each trend.
- Sep-Dec 2020 1696 meters in thirteen holes. The drilling tested two of four soil anomalies in the Marks Pond area and attempted to expand on the Ryan's Hammer mineralization previously tested in 2018 at Staghorn. The highlight of the program was the discovery of a new gold zone at Mark's Pond where hole MP20-02 intersected 10.1 g/t over 1.0m within a wider interval of 3.22 g/t Au over 5.0 m.
- Feb-May 2021 Ten holes at the Marks Pond Zone, Staghorn project. Intersected 20.37 g/t Au over 0.5 m and 3.89 g/t Au over 2.5 m. This program was initiated to take advantage of winter conditions to access certain drill sites with wet and boggy terrain.
- July-Oct 2021 (present program) 1648 meters in nine holes at Long Lake and Staghorn. Assay results are pending; delays due to backed up assay labs. A strongly altered monzonite intrusive was intersected in the Long Lake drilling with minor visible gold identified in one hole. At Staghorn, the Marks Pond Zone was intersected at an average depth of 170 meters in three holes with visible gold identified in one hole.
Follow up drilling is planned on these two newly discovered zones and first pass drilling is planned on the Careless Cove/Yellow Fox property in north-eastern Newfoundland, adjacent to New Found Gold Corp.'s Queensway project.
Quadro Resources Ltd. acknowledges the financial support of the JEA Program, administered by Department of Natural Resources, Government of Newfoundland and Labrador.
Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.
About Quadro Resources - Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in North America. The Company's shares trade on the TSX Venture Exchange under the symbol "QRO." Quadro owns a 100% interest in the Staghorn property, has an option to earn a 100% interest in the Long Lake and Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.
On behalf of the board of directors,
"T. Barry Coughlan"
President and CEO
Tel (604) 644-9561
info@quadroresources.com
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. 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. Actual events or results could differ materially from the Company's expectations or projections." For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
Figure 2: Long Lake, Tulks South, and Staghorn, Newfoundland.
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Figure 3: Careless Cove/Yellow Fox, Newfoundland
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102750