Long Lake Property
Located in west-central Newfoundland, the project comprises the Staghorn property and the recently optioned Long Lake property. Both properties cover portions of the auriferous Cape Ray Fault system which hosts a number of active gold exploration programs including Marathon Gold’s Valentine Lake deposits where an ongoing drill program is expanding on proven multi-million ounce gold resources (Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au). Measured and Indicated Mineral Resources, which are inclusive of the Mineral Reserves, are 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au. Marathon Gold`s website). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
Quadro has an option to earn a 100% interest in the 192 claims unit property located proximal to Marathon Gold’s Valentine Lake deposits. The property is located along the northwest boundary of the Marathon Gold project within an under-explored belt of mineralized volcano-sedimentary and intrusive rocks. Highlights from the property includes two areas of strong gold in soil and tills which have never been followed up. The property provides an opportunity for new gold discoveries in the emerging Cape Ray Gold district and is complimentary to Quadro’s Staghorn claims located 35 km southeast of the newly acquire claims.
Previous work on the property dates back to 2005 when soil sampling outlined a number of gold anomalies. The historic geochemical survey was part of an on-going volcanogenic massive sulphide (base metal) program which kept the ground tied up until recently. No follow-up was carried out during that time and the area came open for staking in early 2019. The claims were staked by the underlying vendors, who took two till samples in the area of the higher gold-in soil anomaly. The samples were processed by Overburden Drilling Management Limited (ODM) with results as follows:
|Sample Number||Visible Gold
|Pristine Gold Grains
|Calculated Gold Grade
In Heavy Mineral Conc.
The recovered gold grains consist of mostly silt-sized pristine and modified grains which suggest that the samples were collected in close proximity to the source mineralization. An exploration program consisting of prospecting, geochemistry and excavator trenching is planned once field conditions allow and permitting is approved.
The Company has not verified the above results as the soil results are historic in nature and the till sampling was completed prior to Quadro’s involvement. The till sample analytical results and comments were provided by Overburden Drilling Management Limited reports dated Nov. 4, 2019 and Nov. 6, 2019.
Quadro anticipates a robust program of drilling on both the Victoria Lake prospects and Seagull Lake project. Approximately 4000 meters is allocated for the initial stage one program. (2000 meters on each project area). This along with associated target definition and results’ compilation is anticipated to take 6 to 8 months with a follow-up stage two drill program to be carried out as results dictate.