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Quadro Provides Update on Its Exploration Plans for the Staghorn Gold Project in Newfoundland and Labrador
Vancouver, B.C. August 20, 2019. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO) is pleased to provide an update on its exploration plans for the Staghorn gold property in western Newfoundland. The project covers over 30 km of the auriferous Cape Ray Fault (CRF) system which hosts a number of active gold exploration programs including Marathon Gold’s Valentine Lake deposits where an on-going drill programs is expanding on proven gold resources in excess of 4 million ounces. Quadro is planning a 2,400m drill program for fall, 2019 or winter, 2020. This program has qualified for inclusion in the government of NL junior company rebate program (JEA) and could see substantial cost reductions upon completion of the drilling.
Quadro owns a 100% interest in Staghorn where previous work has outlined a number of gold zones including the Woods Lake zone, the Ryan’s Hammer prospect and the Marks Pond soil anomaly. This proposed drill program will focus on the Ryan’s Hammer and Marks Pond where high grade gold mineralization has been identified in a geological environment with similar characteristics to the Valentine Lake zones but with minimal to no drill testing.
Ryan’s Hammer Prospect – Located 30km southwest of Marathon’s Valentine Lake deposits, this area hosts numerous angular float of altered diorite containing high grade gold up to 32.15 g/t. Limited drilling has defined two gold rich horizons including 0.184 g/t Au over 71.2 m in altered diorite and 0.145 g/t Au over 50 m in a graphitic horizon. These intersections show consistent gold mineralization and alteration and are characteristic of proximity to a strong mineralized system within the Cape Ray structure. Six step-out holes are planned for this area.
Marks Pond Soil Anomaly - Mark’s Pond area hosts a strong 800 metre by 300 metre soil anomaly (up to 7,000 ppb Au) which is coincident with the northern edge of a diorite plug and the regionally significant Rogerson Lake conglomerate. Four holes are scheduled to test this anomaly.
The Cape Ray Fault structure is a regionally extensive `break` and hosts a number of recently discovered gold deposits and prospects along strike from the Staghorn 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 Ltd`s Cape Ray deposits with recently published resources of 1.02 million oz Au (Matador’s website) and Sokomon Minerals’ Moosehead Project where recent drilling intersected 44.96 gpt Au over 11.9m (Sokoman Minerals news release dated Oct 1, 2018).
Quadro’s Staghorn claims cover a portion of the Cape Ray Fault, directly on strike from the Marathon Gold deposits and is separated by a 30 km long expanse of water. Marathon’s deposits are on the
northeast end of Victoria Lake and Ryan’s Hammer is on the southwest end. The limited work carried out to date at Ryan’s Hammer has defined similar geology, mineralizaton, alteration and gold prospects to those described on Marathon Gold’s property. This proposed drill program is focused on discovery and development of similar gold deposits.
QRO 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 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 and Conche properties 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.