Staghorn Gold Project
Quadro Resources is focused on the gold rich Cape Ray Fault system, described as one of the most prospective but underexplored regions in Canada. Its main asset is a 100% interest in the Staghorn Gold project. 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 (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). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
160 claim units covering 4000 hectares (40 sq. km). Work by Quadro on the northeast extension of its claims has identified three gold rich systems that require follow-up drill testing.
Quadro has completed two drill programs to date:
- Nov-Dec 2017 – 1466 m in 9 holes focused on the Woods Lake Zone. This program confirmed the widespread extent of an auriferous altered granodiorite within a flexure of the Cape Ray fault and will require additional drilling to better define higher grade zones within the package.
- Nov-Dec 2018 – 887 m in 5 holes focused on completing a fence of holes across the Cape Ray structure at Ryan’s Hammer. This drilling combined with previous drilling to the east has partially outlined two wide gold trends with only one drill cut in each trend.
Marathon Gold’s Valentine Lake deposits and Quadro’s Staghorn and Long Lake properties are on strike from each other and are traversed by the auriferous Cape Ray Fault and associated Rogerson Lake Conglomerate unit. The properties are separated by a 30 km expanse of water (Victoria Lake).
The Marathon property hosts the multi-million oz Valentine Lake gold trend which terminates to the southwest at the shore of Victoria Lake. The northeast part of Quadro’s Staghorn property extends to the opposite shore of Victoria Lake (Ryan’s Hammer area), where similar gold mineralization has been located in float and drill holes.
Marathon’s gold system consists of a series of stacked Quartz-Tourmaline-Pyrite-Gold veins hosted in a granodiorite unit, proximal to the overthrust Rogerson Lake Conglomerate. Mineralization at Staghorn is generally hosted in Arsenopyrite-Pyrite-Quartz veins within a diorite/granodiorite unit proximal to the Rogerson Lake Conglomerate. Gold is also found in strongly sheared sediments associated with the Cape Ray structure.
Previous drilling at the Ryan’s Hammer, Ryan’s Hammer East and Mark’s Pond soil anomaly amounts to approximately 1000 meters. Two new wide auriferous zones have been discovered from this drilling and now require step out drilling.
Drill targets include the Ryan’s Hammer prospect, located in the northeast end of the property, where prospecting has uncovered numerous angular float of altered diorite containing high grade gold up to 32.15 g/t. Limited drilling has defined two gold rich horizons. The eastern zone was discovered by Benton Resources Inc. in 2015 (drill hole RH-15-01, azim/dip 340/-45) when they intersected 0.22 g/t Au over 42.6 m in altered diorite (see National Instrument-43-101 Technical Report on the Staghorn Gold Property, NL for Quadro Resources Ltd dated June 12, 2017, by Timothy Froude, P Geo). The eastern horizon located 600 meters across strike to the west was drilled by Quadro in 2018 (drill hole ST-18-01, azim/dip 278/-50) resulting in an intersection of 0.145 g/t Au over 50 m in a graphitic horizon. True widths of either zone are not known as there has been no follow-up drilling done on these zones.
A second target in this area is also slated for drill testing. The Marks Pond Au-in-Soil anomaly is defined as a strong 800 meter by 300 meter soil anomaly (up to 7,000 ppb Au) which is coincident with the northern edge of a diorite plug and the regionally significant Rogerson Lake conglomerate.
A diamond drill was mobilized on September 8, 2020, and drilling has started on the Marks Pond anomalies and will continue on to the Ryan’s Hammer targets, located 1 km east of the Marks Pond anomalies. An estimated 2000 meters of drilling is planned, and results will be released as they become available.
QA/QC – Quadro implemented a quality control program on its drill programs at the Staghorn Project to ensure best practice in sampling and analysis. Quadro maintained 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.