Quadro's First Phase Drilling on the Woods Lake Zone Intersects Altered Prophyry Carrying Highly Anomalous Gold Staghorn Property, Southwestern Newfoundland
Vancouver, B.C. January 31, 2018. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV:QRO) is pleased to report results from its first phase of diamond drilling on the Staghorn Gold Property located in southwestern Newfoundland. The nine-hole drill program totaling 1466 meters was limited to testing the Woods Lake Zone area located in the centre of the property. The final results listed in Table 1 below, confirmed that Wood Lake Zone consists of strongly altered felsic porphyry with variable quartz veining and pyrite/arsenopyrite mineralization. The assay results confirm that the altered porphyry is highly anomalous in gold with values ranging between 0.325 g/t Au over 32.5 m to 0.942 g/t Au over 4.4 m. from the more intense alteration and mineralization. This round of drilling did not extend the higher grade sections intersected in previous drilling. Table 1 details the drill results from this program.
Table 1 – Drill results from Nov, Dec, 2017 drilling – Staghorn Project
|ST17-01||hole lost at 31.5 m|
|ST17-02||124.5||125.5||1.00||0.422||Woods Lake Zone|
|ST17-03||111.5||144||32.50||0.325||Woods Lake Zone|
|ST17-04||109||116.5||7.50||0.663||Woods Lake Zone|
|incl.||112.5||116.5||4.00||0.942||Woods Lake Zone|
|ST17-05||112||139.72||27.72||0.433||Woods Lake Zone|
|incl.||118||122.4||4.40||0.868||Woods Lake Zone|
|ST17-06||142||155||13.00||0.249||Woods Lake Zone|
|incl.||142||144||2.00||0.853||Woods Lake Zone|
|ST17-07||100||111||11.00||0.152||Woods Lake Zone|
|ST17-08||Mink Lake fence, SW of Woods Lake|
|ST17-09||Mink Lake fence, SW of Woods Lake|
All widths quoted are drill intervals and not true widths.
The 100% owned Staghorn 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 Corp.’s (MOZ-T) Valentine Lake deposit
(indicated and measured resources of 1,847,000 oz Au and inferred resources of 1,012,000 oz Au), located 30 kilometers to the northeast of the Staghorn Property.
A second phase of drilling is expected to start this spring and will target the Cape Ray Fault Zone to the northeast of the Woods Lake Zone closer to the Marathon’s Valentine Lake deposit. This section of the property hosts a number of high grade showings and mineralized float material including Ryan's Hammer (mineralized float up to 27.8 g/t Au) and the Rich House Zone (grab samples up to 189.0 g/t Au) (see Quadro news release August 21/17). A field program of geochemistry and rock sampling is planned for February to better define these targets prior to drilling.
Quadro has implemented a quality control program on its drill programs at the Staghorn Project to ensure best practice in sampling and analysis. Quadro maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Eastern Analytical of Springdale, NL with ISO 17025 accreditation. Samples were transported in sealed bags to the Eastern laboratory and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.
Wayne Reid, P. Geo., VP Exploration for Quadro and a Qualified Person as defined by National Instrument 43-101 guidelines, was involved in the planning, execution and monitoring of Quadro’s exploration program at Staghorn and is responsible for the contents of this release.
Quadro acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador.
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 27.4 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
“T. Barry Coughlan”
President and CEO
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