Quadro Updates on Exploration at Its Careless Cove Property in the Central Newfoundland Gold Belt
Vancouver, B.C., May 27, 2021. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTCQB: QDROF, FRA: G4O2) is pleased to provide an exploration update on its recently announced soil sampling and prospecting survey on the Careless Cove property (the Property) located southwest of Glenwood in east-central Newfoundland (see Quadro press release dated April 28, 2021). Previous work on the two claim blocks which comprise the Property resulted in the discovery of gold mineralization up to 11.38g/t Au from the Eastern Block and 59.413 g/t Au from the Western Block as described below.
The Property is located within the Central Newfoundland Gold Belt, eleven km southwest of New Found Gold’s (“NFG”) Keats Zone where drilling is defining a very high grade mineralized zone which includes recent intersections up to 261.3 g/t Au over 7.2m (see NFG press release dated April 20, 2021) and 146.2 g/t Au over 25.6m (see NFG press release dated May 21, 2021). Quadro’s claim licenses are partially surrounded by NFG’s Queensway Project and are immediately west of the south-southwest striking Appleton Fault Zone corridor, which hosts the Keats Zone mineralization. (Note - Mineralization hosted on the Queensway Project is not necessarily indicative or representative of the mineralization that may be hosted on the Company’s property.)
Eastern Claim Block (Careless Cove) – Previous prospecting by Metals Creek Resources (“MEK”) in 2020 located two areas of gold mineralization (see MEK news release dated July 30, 2020). Occurrence #1 is comprised of quartz breccia with disseminated and vein hosted pyrite/arsenopyrite with minor stibnite. Three samples taken from outcrop assays are as follows:
|Sample Number||g/t Au|
Follow-up prospecting located rubble (occurrence #2) approximately 50 meters away from occurrence #1 Two samples of this material had the following results.
|Sample Number||g/t Au|
Western Claim Block (Yellow Fox) – Initial prospecting was carried out by Metals Creek in 2011, resulting in a concentration of highly anomalous gold values with one sample returning an assay of 59.413 g/t Au (main Yellow Fox showing) (see MEK press release dated June 22, 2011). This led to an enhanced work program which included limited soil sampling and trenching. Trenching was completed across the mineralization and initial sampling consisted of 13 selective grab samples taken throughout the trenches with assay values ranging from 214 ppb to 1877 ppb Au and up to 11.1 % Sb, 5.5% Pb, 7 % Zn and 72.9 g/t Ag. The trenches were then channel sampled along their length using a diamond bladed rock saw. The best result from the channels were from trench #1 which assayed 0.306 g/t Au over 26.82m (a composite from 29 continuous samples) and 4.57% Sb over 1.0m. (see Newfoundland Geoscience Resource Atlas Geofile Number: 002D/0779). These results were very encouraging and indicated the potential for a more widespread gold system on the Yellow Fox claim group. No additional work has been carried out since 2011.
Analyses 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.
(Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property).
From T. Barry Coughlan (CEO & President): “The soil sampling and prospecting survey has been initiated as a first stage to defining high priority targets for drill testing later in 2021.”
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 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
"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: Quadro’s Careless Cove Property – Careless Cove and Yellow Fox claims, Central NL Gold Belt.
Figure 2: Quadro’s Careless Cove Property – Central NL Gold Belt.