Quadro Provides Corporate and Operational Update on Its Victoria Lake Gold Projects in Newfoundland
Vancouver, B.C. February 13, 2020. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV:QRO) is pleased to provide an update on its planned exploration and drilling program for its two gold projects in Newfoundland. Following its recent private placement (see the news release dated January 30, 2020) Quadro is preparing to aggressively explore and develop its highly prospective Staghorn and Long Lake gold projects in Newfoundland (together, the Victoria Lake Projects) in Q2 2020. The two Company assets are located along the highly prospective Cape Ray Fault system which contains some of Newfoundland’s most prospective properties in the region with excellent geology, multiple new gold zones and large land holdings(see Figures 1-3) . While developing its current projects the Company is actively engaged to increase its asset portfolio of precious metals in Canada and the United States.
GOLD-RICH CAPE RAY FAULT IN NEWFOUNDLAND
In this very active mining area, other explorers such as Marathon Gold Corp. (measured and indicated 2.69 Moz Au and inferred 1.77 Moz Au), Matador Canada Ltd. (indicated 0.66 Moz Au and inferred 0.36 Moz Au), Sokoman Minerals Corp. (44.96g/t Au over 11.90m), Antler Gold Inc. (49.3g/t Au over 4.6m), and New Found Gold Corp. (92.86 g/t Au over 19.0m including 285.2 g/t Au over 6.0m) have completed extensive exploration with tremendous early success (Marathon Gold, Matador Canada, Sokoman Minerals, Antler Gold and New Found Gold websites). Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization hosted on the Company’s properties.
The Geological Survey of Canada has compared structural gold controls of the Abitibi greenstone belt and central Newfoundland Appalachians, and the implications for Newfoundland gold potential (Bleeker, W. and Honsberger, I., 2018). Both Long Lake and Staghorn projects are situated along the Cape Ray Fault and related splays (see Figure 1). In particular the Staghorn property occurrences are intrinsically related to the Cape Ray Fault which is interpreted to be analogous to Abitibi-type fault-hosted gold quartz vein deposits (Wilton, D. Terra Rosetta Incorporated. May 1, 2017).
Figure 1: Newfoundland Gold Projects.
Newfoundland is geologically diverse with a wide spectrum of minerals, including base and precious metals. It enjoys a stable political and regulatory environment, predictability and security, with superb infrastructure and accessibility. Newfoundland is regularly ranked among the top mining jurisdictions in the world, with historical mining jurisdictions, including drill data and defined resources, and offers various investor and tax benefits.
2020 WORK PROGRAM
Quadro’s main focus since 2018 has been its Staghorn project which is located 30 km on strike along the Cape Ray structure. Exploration and drilling at Staghorn has identified two gold rich systems that require follow-up drill testing, planned for Q2/Q3 2020, following up on a number of high priority targets including Ryan’s Hammer (see the news release dated August 21, 2017) and Mark’s Pond (see the news release dated November 6, 2018).
Long Lake project (see the news release dated November 28, 2019) is complimentary to the Staghorn program and adds high quality targets to the Company’s Cape Ray Fault portfolio, hosting an excellent untested gold geochemistry target (see Figure 4). At Long Lake, the Company plans to carry out systematic mapping, geochemical sampling and trenching for Q2 2020 followed by reconnaissance drilling. Both offer excellent potential for new gold discoveries (see Figures 2 and 3).
Figure 2: Quadro’s Victoria Lake projects.
Figure 3: Quadro’s Victoria Lake projects, detail.
Figure 4: Gold grains from till sample 01. Note: largest gold grain approximately 200 microns long.
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, supported by a distinguished Board of Directors and is focused on exploring for gold in North America. Quadro has approximately 39.8 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, and an option to earn a 100% interest in the 192 claim unit Long Lake Gold property.
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.