Quadro Initiates Second Phase Drill Program On Its Staghorn Property In Southwestern Newfoundland
Vancouver, B.C. November 6, 2018. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO) is pleased to report it has commenced a second diamond drill program on the Staghorn Gold Property located in southwestern Newfoundland. The property covers a thirty kilometer strike length of the gold rich Cape Ray Fault Zone. A total of 1000 meters of drilling is anticipated in this program and results will be released as they become available.
This current drill program will target the Ryan’s Hammer area where previous sampling has defined a cluster of high grade gold values up to 32.15 gpt Au in brecciated and foliated diorite. This target is located on the northeast extension of the Quadro claims and 30 km southwest and on strike from Marathon`s Valentine lake deposits. Previous drilling to the east of Ryan’s Hammer intersected widespread anomalous gold in diorite and this new drilling will both fill in the gap between the high grade and the previous drilling and also test below the high grade samples. Additional targets include the Mark’s Pond area where a strong soil anomaly (up to 7,000 ppb Au) is coincident with the northern edge of a diorite plug and the Sand Pit area, located 2 km northeast of the Woods Lake deposit.
The Cape Ray structure is a regionally extensive ‘break’ and hosts a number of recently discovered gold deposits and prospects. The most advanced of these is Marathon Gold’s Valentine Lake deposit with latest published resources of 2,691,400 oz Au indicated and measured and 1,531,600 oz Au inferred (Marathon Gold`s website). Other hot spots along the fault includes Matador Mining’s Cape Ray deposits and Sokomon Iron’s Moosehead Project where recent drilling intersected 44.96 gpt Au over 11.9m (Sokoman Iron news release dated Oct 1, 2018).
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 approximately 28 million 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
"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.