Quadro Initiates Drill Program on its Staghorn Property in Southwestern Newfoundland
Vancouver, B.C. November 20, 2017. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO.V) is pleased to report it has initiated a diamond drill program on its recently acquired Staghorn Gold Property located in southwestern Newfoundland. The 100% owned property consists of 405 claim units (101 sq km) covering a thirty kilometer strike length of the gold rich Cape Ray Fault. This structure hosts a number of significant gold deposits including Marathon Gold’s Valentine Lake deposit (indicated and measured resources of 1,388,200 oz Au and inferred resources of 766,500 oz Au), located 30 kilometers to the northeast.
Initial drill holes will target the Woods Lake Zone where previous work has identified a plus 30 meter wide zone of strongly altered and mineralized felsic intrusive rocks, highlighted by previous drill intercepts of 2.14 g/t Au over 16.11 meters, including 6.18 g/t over 5.11 meters.(See Metals Creek Resources news release dated 3 Dec 2009) A second significant area of mineralization includes the Ryan's Hammer (mineralized float up to 27.8 g/t Au) and Rich House zone (grab samples up to 189 g/t Au) (see the Company’s August 21, 2017 news release). Grab samples and float samples are selective in nature and are not representative.
A total of 2000 meters of drilling is anticipated in this stage 1 program and results will be released as they become available. Quadro is well funded to complete this and subsequent programs after completing a recent financing of $1.4 million.
Quadro acknowledges the financial support of the JEA Program, 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. Quadro has 27,427,094 shares outstanding. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn property in Newfoundland.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
For further information please contact the Company at: 604.683.3331
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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.”
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