Exploits Discovery Corp. [CSE-NFLD; OTC-NFLDF; FSE-634] has identified four new exploration target areas proximal to the Appleton fault structure which transects its Bullseye gold property in central Newfoundland. The company is also releasing its drilling results from an initial 12-hole program testing the potential strike extension of New Found Gold Corp.’s [TSXV-NFG; NYSE –NFGC] Jackpot gold zone announced in 2023.
Highlights: Four new target areas have been identified on the Bullseye gold property. All four are located within a kilometre of NFG’s recent exploration success at Everest, Honeypot, K2 and now Vegas gold zones located along of Appleton Fault Zone.
Target Area A: This area covers the interpreted extension of the east-trending structure crossing onto the company’s Bullseye claim from NFG’s Honeypot gold zone (with intercepts such as 26.0 g/t gold over 7.65 metres core-length.
Target Area B: Covers an area where the interpreted eastward-trending extension of NFG’s Everest gold zone (with intercepts such as 36.7 g/t gold over 3.7 metres core length – see NFG news release May 10, 2023) crosses onto the Bullseye property. Exploits’ drill hole BE-23-028 intersected a cluster of quartz veins, hosting gold mineralization (which has been interpreted by Exploits) that cuts a portion of Everest’s eastern strike extension of its mineralized system.
Target Area C: Approximately 250 metres north of NFG’s K2 gold zone on the western flank, or ‘side’, of the Appleton Fault Zone remains untested by drilling. Exploits’ high-resolution geophysical surveys (VLF-EM and Magnetics) coupled with 2023’s LiDAR airborne mapping suggest the presence of east-west trending lineaments. NFG’s K2 gold zone discovery was most recently updated with intercepts such as 27.5 g/t gold over seven metres.
Target Area D: Located approximately 650 metres northeast of NFG’s Lotto gold zone, LiDAR indicates structural complexity which also highlights a potential for gold traps.
The company’s initial 2024 drilling campaign was completed in February, totaling 2,509 metres over 12 drill holes. This program successfully intersected a structural zone, displaying similar characteristics to NFG’s Jackpot gold zone, with associated local quartz veining and sections of elevated arsenic and antimony values. The grade intersected in drill hole BE-24-006 correlates with Exploits interpreted extension of NFG’s Honeypot gold zone indicating the potential for additional mineralization along this trend.
Jeff Swinoga, President and CEO, commented, “Within the past 12 months, NFG has announced five new gold discoveries (Everest, K2, Jackpot, Honeypot and Vegas) occurring along the Appleton Fault Zone; two of these are located within 100 metres of our Bullseye property border. This highlights how this area around the Appleton Fault Zone has been heating up with gold discoveries and we intend to continue advancing and pursuing our own gold targets in this same area. Our initial 2024 phase one drill program validated our structural interpretation, and our core loggers observed similar complex structural patterns and vein-developments as NFG’s Jackpot, however without similar gold assay results. We now believe that hole 6 hit the extension of NFG’s Honeypot gold zone. We are very encouraged by these new targets and will continue to execute on this year’s exploration plans, which are focused on our Bullseye and our much larger Gazeebow South property.”
Jackpot Extension Drilling Results: The initial 2024 drilling campaign was completed in early February, totaling 2,509 metres over 12 drill holes. This program successfully intersected a structural zone, displaying similar characteristics to NFG’s Jackpot gold zone, with associated local quartz veining and sections of elevated arsenic and antimony values. The grade intersected in drill hole BE-24-006 correlates with Exploits interpreted extension of NFG’s Honeypot gold zone indicating the potential for additional mineralization along this trend. Drill hole BE-24-006 returned 1.00 metre of 0.57 g/t gold and 0.40 metres of 1.11 g/t gold. BE-24-001 to BE-24-005 and BE-24-007 to BE-24-012 yielded no significant gold values.
The Bullseye claims were staked by Exploits in September 2022, and are contiguous to the several high-grade gold targets actively being drilled by both NFG and Labrador Gold. The claims are considered by the Company’s geologists to be highly prospective because they directly overlay a 1,200 by 800-metre segment of the Appleton Fault Zone and its related splay structures. Over a dozen exploration drill rigs have been employed by the three companies operating within this structural-stratigraphic setting over the past four years.
Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. The Company is focused on discovering high-grade structurally hosted epizonal gold similar to NFG’s success along the Appleton Fault Zone and parallel structures within the Exploits Subzone.
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