Quadro Intersects 20.37 g/t Au over 0.5 m and 3.89 g/t Au over 2.5 m in Undercut Drill Holes at Staghorn Gold Project in the Central Newfoundland Gold Belt
Vancouver, B.C., May 25, 2021. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) is pleased to report it has completed the winter drill program on the Staghorn Gold Property located in southwestern Newfoundland. The Staghorn property consists of 160 claim units covering 4000 hectares (40 sq. km). A total of 1403 meters was completed in ten holes, all targeted on the Marks Pond gold zone. The drilling consisted of a series of 50-meter spaced step-out and undercut holes to the northeast of the discovery hole MP20-02. Drilled in late 2020, this hole intersected a gold zone assaying 3.22 g/t Au over 5.0m, within a wider intersection of 1.98 g/t Au over 12.0m (see Quadro press release dated January 5, 2021).
From T. Barry Coughlan, CEO: “Newfoundland is experiencing a modern gold rush and Quadro is well positioned for discovery. The Company has a strategic land package in the region located among established and up and coming gold projects. Drilling has been ongoing since 2020 and continues into 2021 and we are excited for what 2021 will bring. The recent exploration at Staghorn has continued to define gold mineralization associated with the Cape Ray Fault zone. The program helped outline the Marks Pond zone over 300 meters and succeeded in vectoring on areas of potential higher grade below the existing holes. We look forward to resuming the target testing early summer.”
The drilling was successful in extending the Marks Pond Zone 300 meters to the northeast. All holes intersected a 20 to 30 meter wide zone of strongly altered diorite (albitized, silicified) with appreciable amounts of quartz veining and sulphide mineralization with variable gold results (Table 1 below). The most noteworthy gold values were obtained from undercut drill holes on either end of the zone. On the northeast portion of the zone hole MP21-18 intersected 20.37 g/t Au over 0.5m within a wider zone of 0.53 g/t Au over 23.8m. To the southwest hole MP21-20 undercut the discovery hole drilled in 2020 (MP20-02 which intersected 3.22 g/t Au over 5.0m). This undercut intersected 3.89 g/t Au over 2.5m within a wider interval of 1.23 g/t Au over 15.0m.
|MP21-16||330/-45||6.0||8.0||2.0||2.41||Collared in zone|
|MP20-18||230/-60||79.65||103.3||23.85||0.53||Undercut below MP20-16 and 17|
|MP21-20||330/-55||109.0||124.0||15.0||1.23||Undercut below MP20-02|
Table 1 - Assay results 2021 drilling Staghorn Project (Note - All widths quoted are drill intervals and not true widths).
The winter 2020-2021 program was designed to access drill sites, as described above, in an area where wet and boggy ground may make summer access difficult, although additional drilling at Staghorn is planned for this summer and will focus on drilling below the intersections in holes MP21-18 and 20 at Marks Pond and follow-up drilling in the Ryan’s Hammer area.
The Staghorn claims are located within the auriferous “Cape Ray Fault Corridor”, 30 km southwest of 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.)
In addition to drilling at Staghorn, Quadro’s two other additional strategically located properties that will see drilling and exploration in 2021. At Long Lake (272 claim units covering 6800 hectares (68 sq. km)), the East Tulks gold target consists of a 700 m long east-west gold-in-soil anomaly with proximal high grade gold in angular “float”. Additional soils are required to cut off the anomaly and a magnetic survey will be completed to better understand the underlying geology. Drilling is scheduled for June, when water levels allow easy access via fording Tulks Brook. At Careless Cove (40 claim units), gold showings and soil anomalies have been partially outlined on these two claim blocks which need additional work to get to the drill stage. On April 28, 2021, the Company announced that a soil sampling and prospecting survey has been initiated on the Careless Cove property located southwest of Glenwood in east-central Newfoundland.
Quadro Resources Inc. 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.
QA/QC – 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. Analyses in this release were performed by Eastern Analytical of Springdale, NL with ISO 17025 accreditation. Samples were transported in sealed bags to Eastern and all samples were assayed using industry-standard assay techniques for gold. 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 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 property and the Careless Cove property in Newfoundland and Labrador.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
Tel (604) 644-9561
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Figure 1: Quadro’s Victoria Lake Projects – Staghorn and Long Lake.
Figure 2: Mark’s Pond, Staghorn.
Figure 3: Staghorn, cross section