Quadro Defines Four New Distinct Au-in-soil Anomalies at Its Staghorn Property and Provides Update on Its Drill Program
Vancouver, B.C., October 20, 2020. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) is pleased to report results from an expanded soil sampling survey at its Staghorn property (together with the Long Lake project, the Victoria Lake Project) in Central Newfoundland. The property is located within the auriferous “Cape Ray Fault Corridor” and is 30 km southwest of Marathon Gold’s Valentine Lake deposits. Other hot spots along this corridor include Matador Mining’s Cape Ray deposits and Sokoman Minerals’ Moosehead project. Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company’s property. The Company’s Victoria Lake projects comprise the Staghorn and Long Lake projects, totaling 432 claims units for 10,800 hectares.
Soil sampling, prospecting and geological mapping/compilation were completed on the Ryan’s Hammer-Marks Pond area of the Staghorn property. A total of 279 soils were taken as part of an infill and grid expansion program in the Marks Pond area. These results outlined four Au-in-soil anomalies associated with the Mark’s Pond diorite intrusive.
- Anomaly A - Marks Pond extension: The main soil anomaly at Mark’s Pond was previously highlighted by a 7,233 ppb Au soil and this target has been extended 100 m to the northeast (two soils 25 m apart of 221 ppb and 192 ppb Au.
- Anomaly B - North contact of the Marks Pond diorite: 400 m long soil anomaly up to 278 ppb Au.
- Anomaly C - Northeast trending 300m long Au plus Arsenic (As) anomaly near the eastern end of the diorite. Values were up to101 ppb Au and 388 ppm As.
- Anomaly D - 250 m long east-west trending anomaly up to 298 ppb Au. Located 700 m northeast of the Marks Pond anomaly (A).
A diamond drill was mobilized to this area on September 8, 2020 (see news release dated October 15, 2020), and drilling is in progress testing the Marks Pond anomalies and the Ryan’s Hammer targets, located 1 km east of the Marks Pond anomalies. An estimated 2000 m of drilling is planned and results will be released as they become available.
Quadro acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Qualified Person – Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Wayne Reid, P. Geo., VP Exploration for Quadro, and a qualified person under National Instrument (“NI”) 43-101.
QA/QC – Analyses in this release were performed by Eastern Analytical of Springdale, NL, with ISO 17025 accreditation. Samples were transported by Company personnel to Eastern and all samples were assayed using industry-standard assay techniques for gold and ICP-34 for other trace elements. Gold was analyzed by a standard 30 gram fire assay with an AA finish.
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 and PGE in North America. Quadro has approximately 51 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 and has an option to earn a 100% interest in the Long Lake and Yellow Fox/Careless Cove properties in Newfoundland, and has an option to earn a 70% interest in the Seagull Lake property in Ontario.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
Tel (778) 373-6734
Tel (604) 644-9561
"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.