Quadro to Expand Drilling Program to 5000 Meters on Its Victoria Lake Project, Newfoundland
- COMPLETES INITIAL DRILLING ON STAGHORN TARGETS
- HIGH GRADE GOLD IN ROCK AND SOILS AT LONG LAKE
Vancouver, B.C., November 30, 2020. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) is pleased to announce that it has completed its initial drill program at the Staghorn property and defined a strong 700 meter long gold anomaly at the Long Lake property. These properties combine make up the “Victoria Lake Project”, which is adjacent to Marathon Gold Corp.’s Valentine Lake Deposits. The Company’s Staghorn and Long Lake projects total 432 claims units for 10,800 hectares.
The Staghorn claims are located within the auriferous “Cape Ray Fault Corridor” 30 km southwest of Marathon Gold’s Valentine Lake deposits. The Long Lake claims are located north of the Marathon property along a series of possible northeast trending splays related to the Cape Ray fault. 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.)
Staghorn – In September, a diamond drill was mobilized to the Staghorn property to begin testing the Marks Pond soil anomalies and the Ryan’s Hammer targets, located 1 km east of the Marks Pond anomalies. An estimated 1700 m of drilling in 13 holes have been completed to date, and assay results will be released as they become available.
Long Lake – Work completed at Long Lake between June and August, 2020, included regional prospecting, trenching and soil sampling. Highlights from this work was the definition of a strong gold in rock and soil anomaly over a 700 meter trend in an area with no previous history of exploration work. The gold anomaly is underlain by a diorite/monzonite geological unit, similar to the host rock at the Valentine Lake deposits. Further to Quadro’s September 2, 2020 news release, additional prospecting was carried out in the East Tulks area where recent results included 33.65 g/t Au from angular quartz float. New assay results include high grade gold from additional float samples collected both east and west of the initial discovery. Three samples up to 440 m west of the initial occurrence assayed 20.12, 15.05 and 7.06 g/t Au. Two other high grade samples, discovered 300 meters east of the initial discovery, assayed 35.28 g/t and 13.182 g/t gold. A soil sampling program was completed over the target area and results outlined a 700 meter long east-west trending Au-in-soil anomaly, coincident with the high grade rock samples. Highest value from the soils was 2320 ppb Au with a number of samples above 100 ppb. A detailed magnetometer survey is planned to cover the gold anomaly with drilling to follow once weather conditions allow.
Quadro acquired, through staking, an additional 30 units in two licenses to cover the strike extension of the geology underlying the quartz float. The prospecting program will be extended to these new claims.
Results were also received from a trenching program completed on the Tower Au-in-till anomaly which had up to 4.53 g/t Au in Heavy Mineral Concentrate and included numerous grains of pristine gold grains (see Quadro news release dated November 28, 2019) A total of 15 samples from four trenches were taken during the trenching program however best values from this sampling was 69 ppb Au. Additional survey work will be required to define additional “source” targets related to the Au-in-till anomaly.
(Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property. The “float” samples are non in situ samples and not necessarily from a proximal bedrock source).
Quadro acknowledges that the work at its Staghorn project has financial support from 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 of rock samples and soils 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 (30 gram fire assay with an AA finish) and ICP-34 for other trace elements.
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.
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 52 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.