Acquires Gold And VMS Project Through Land Release
Exploits Discovery Corp. (CSE:NFLD) 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 of Newfoundland.
CEO and President, Michael Collins, said the Katie Project has significant gold and Volcanogenic Massive Sulphide (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.
CEO and President Michael Collins comments, “We are pleased to have been able to secure the Katie Project in a competitive staking environment,” Mr Collins said.
“The Katie Project holds some great gold targets but also is a critical piece in understanding mineralising 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 two 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.
Project Highlights
- 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 its 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
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.
