Update on Quadro Resources Exploration Program at Its Staghorn Property, West Central Newfoundland
Vancouver, B.C. February 9, 2018. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV:QRO) is pleased to provide an update regarding its exploration plans on the Staghorn gold property in west-central Newfoundland. This property covers over 30 km of the auriferous Cape Ray Fault which hosts a number of deposits including Marathon’s Valentine Lake deposits, 30 km northeast of Quadro’s claims and Benton’s Cape Ray deposits, located 80 km to the southwest. Initial work by Quadro in late 2017 consisted of a 1466 m drill program, targeted on the Woods Lake Zone area in the central core of the claims. The results of this program (see QRO’s press release dated Jan 31, 2018) were encouraging and confirmed the gold zone to be a wide strongly altered felsic porphyry with variable quartz veining and pyrite/arsenopyrte mineralization.
The Woods Lake style of alteration and gold mineralization is typical of mineralized systems along the Cape Ray Fault however much of the faults strike length on Staghorn is overburden covered and requires a program of trenching/drilling to test the targets. Quadro’s phase two exploration program will focus on newly discovered gold mineralization with the overall goal of vectoring onto a new area of significant mineralization. A combination of field surveys, trenching and drilling is planned with an initial program of soil sampling in progress. The on-going exploration will concentrate on the northeast section of the property towards Marathon’s Valentine Lake deposits. Work is scheduled on a number of untested gold targets, many of them exhibiting high grade potential. (See QRO’s press release dated Aug 21, 2017 for brief descriptions of the quoted results). These targets include:
- Ryan’s Hammer – Consisting of a number of angular mineralized float up to 32.15 g/t Au. Limited drilling tested this area in 2016 however the drilling failed to penetrate a thick wedge of overburden cover. The 2018 drilling will focus on an 800 m long gold-in-soil/gold-in-grab sample anomaly which appears to have a thinner overburden cover.
- Richhouse Zone - grab samples up to 189 g/t Au. Additional mapping and sampling is planned to better define this zones’ potential prior to drilling
- Rose Option – a number of grab samples from both bedrock and float assayed up to 18.86 g/t Au and 1.5% Cu. There has been no work in this area as the ground was only recently optioned. A program of geochemistry, prospecting and trenching is planned prior to drilling. Tentatively, 2 holes are planned to test the Rose mineralization.
- Hilltop Zone – This showing is located 1.3 km northeast of the Woods Lake Zone drilling. Values up to 7.66 g/t Au were obtained from prospect samples and strong gold-in-soil anomalies define a northeast trend proximal to the showing. A total of 4 holes is planned in this area and further northeast along the interpreted Cape Ray trend.
These targets emphasize the gold potential of the Staghorn property, but it should be emphasized that there are a number of other gold targets which may be advanced during the
next 8 months. The 30 km of strike length of the Cape Ray gold system, covered by the Quadro claims have seen limited prospecting and geochemical sampling. The Woods Lake zone and gold targets outlined above are the results of this previous work. Definition of these and other targets is continuing and detailed geochemical sampling and geology compilation is in progress. These field programs will be completed by early spring and will be followed by a trenching and drilling program. A 1500 m drill program is scheduled subsequent to completing the trenching program.
Barry Coughlan, Quadro’s CEO stated, “we were encouraged by the first set of data from the earlier drilling at Staghorn and look forward to these next months as we test the high grade targets. Quadro is well financed to continue our exploration at the Staghorn property”.
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’s 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 Staghorn.
Wayne Reid, P. Geo., VP Exploration for Quadro and a Qualified person as defined in National Instrument 43-101, was involved in the planning, execution and monitoring of Quadro’s exploration program at Staghorn and is responsible for this release.
Quadro acknowledges the financial support of the 2017 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 M 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
"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.