Quadro Announces Completion Of Drilling At Long Lake And Mobilization Of Drill To Its Staghorn Project, Newfoundland Gold Belt
Vancouver, B.C., September 21, 2021. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) is pleased to announce that it has completed its 2021 drilling at its Long Lake Project in Newfoundland. The drill is now being mobilized to its Staghorn property, located 50 km southwest of Long Lake. The total program is presently set for a minimum of 2500 m of drilling.
At Long Lake, the main target is the Ricky occurrence, where soil sampling and prospecting has defined a 700 m long gold target highlighted by a strong Au-in-soil anomaly and a number of float samples with values up to 33.65 g/t Au. Detailed ground magnetics was completed on the target and an IP survey was completed prior to drilling. The Company will release the results of these programs when received.
At Long Lake, the Company drilled 5 holes, intersecting pyrite mineralization with strong alteration including silicification, sericitization and variable quartz veining. Minor visible gold was recognized in hole 4 within the altered zone. Assays are pending, however due to the extremely busy exploration environment in Newfoundland assay are experiencing extended delays, in many cases longer than usual, with delays of up to a month or more.
Drilling is now mobilizing to Staghorn, where the Company plans to drill under last year's drilling-identified mineralized targets. The Company has identified 3 holes for immediate drilling.
Drilling at Staghorn will continue to test the Marks Pond Zone and the Ryan’s Hammer area. Drilling last winter at Marks Pond extended the wide gold alteration zone 400 m to the northeast with good indications the gold grade and thickness were increasing with depth.
Previous intersections included 3.22 g/t Au over 5.0m in MP20-02. The Ryan’s Hammer area is highlighted by numerous angular float with grab samples up to 33 g/t Au. (Note: The grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property).
Both properties are 100% owned by Quadro and are located within the auriferous “Cape Ray Fault Corridor”, proximal to Marathon Gold’s Valentine Lake deposits. (Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). (N.I. 43-101 TECHNICAL REPORT & PRE-FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT Newfoundland and Labrador, Canada Report date: April 21, 2020. Effective date: April 18, 2020 Prepared for: Marathon Gold Corporation 10 King St. East, Suite 501, Toronto, ON, M5C 1C3 Prepared by: Ausenco Engineering Canada). Other hot spots along this corridor include Matador Mining’s Cape Ray deposits and Sokoman Minerals’ Moosehead project where an on-going drill program has produced intersections up to 44.96 g/t Au over 11.9m (Sokoman Minerals’ news release dated Oct 1, 2018).
(Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company’s property.)
Quadro Resources Ltd. acknowledges the financial support of the JEA Program, administered by 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. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn property, has an option to earn a 100% interest in the Long Lake and Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
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.
Figure 1: Long Lake, Tulks South, and Staghorn properties.