Quadro Announces Withdrawal From the Seagull Option; Will Focus on Drilling Its Newfoundland Gold Prospects
Vancouver, B.C., January 11, 2021. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) announces that it has notified White Metal Resources Corp. (“WHM”) that it is withdrawing from the Seagull option agreement signed February 18, 2020. The Company has decided to focus its exploration and drilling efforts on its properties in Newfoundland. In 2021, Quadro has planned drilling and exploration at all three of its properties in Newfoundland: Staghorn, Long Lake and Yellow Fox/Careless Cove.
Recent drill results at the Staghorn project included 3.22g/t Au over 5.0m from the newly discovered Marks Pond Zone. At the Long Lake project 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 (see Quadro press releases dated Jan 5, 2021 and Nov 30, 2020 for more details). Both properties are 100% owned 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.)
The Careless Cove and Yellow Fox properties (collectively the Glenwood project) are located to the northeast, and are adjacent to New Found Gold Corp.’s Queensway project in the Glenwood area, where recent analysis of multiple high grade gold intersections have led to the decision to double New Found’s current drill program to 200,000 meters. (see New Found Gold press release dated Jan 6, 2021). Previous results on Quadro’s claims include 59.413g/t Au from the main Yellow Fox showing and 11.8g/t Au in grab samples at Careless Cove. There has been no previous drilling on these claims.
(Note: 1- Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company’s property; 2- The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the 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 and PGE 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 and has an option to earn a 100% interest in the Long Lake and Yellow Fox/Careless Cove properties in Newfoundland.
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.