Quadro Amends Yellow Fox/Careless Fox Agreement
Vancouver, B.C., September 1, 2022. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROF, FRA: G4O2) is pleased to announce that it has signed an agreement amending the terms of the August 11, 2020 Yellow Fox/Careless Cove letter of intent with Metals Creek Resources Corp. (“Metals Creek”) (see October 8, 2020 news release for details of the original agreement).
Under the terms of the amending agreement, and subject to TSXV Venture Exchange approval, in lieu of the second anniversary cash payment of $20,000, Quadro will issue to Metals Creek 500,000 additional common shares of the Company for a total of 900,000 common shares at a deemed price of $0.04 per share.
CARELESS COVE/YELLOW FOX
The Careless Cove and Yellow Fox properties are 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 properties resulted in the discovery of gold mineralization up to 11.38g/t Au and 59.413 g/t Au as described in Quadro’s May 27, 2021 press release.
Quadro has an option to earn a 100% interest in the Careless Cove/Yellow Fox claim groups, totaling 40 claim units. The two claim groups form an exciting addition to Quadro's project portfolio in Newfoundland. Whereas the Long Lake, Tulks South, and Staghorn projects are focused on the gold rich Cape Ray Fault system in southwestern Newfoundland, the Careless Cove properties are located to the northeast and are adjacent to New Found Gold Corp.’s claims, which have seen promising early results. Prospecting and soil geochemistry was carried out in mid-2021 (see Quadro’s news release dated May 27, 2021) with exploration and drilling planned for winter 2022. (See Figure 3 for detail.)
From T. Barry Coughlan (CEO & President): “In late-2021, the initial soil sampling and prospecting survey was started as a first step to defining high priority targets for drilling. More recently, May-June 2022 fieldwork included additional prospecting and soil sampling under a more expansive program, results which are pending.”
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, which it has optioned to TRU Precious Metals Corp., 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.