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Yellow Fox/Careless Cove

Yellow Fox Map

Option to acquire a 100% interest in a 40 claims package. The Careless Cove and Yellow Fox properties (collectively the Glenwood project) are located to the northeast and are adjacent to New Found Gold Corp.’s Queensway project in the Glenwood area, where recent analysis of multiple high grade gold intersections have led to the decision to double New Found Gold Corp.’s current drill program to 200,000 meters. (see New Found Gold press release dated Jan 6, 2021). Previous results on Quadro’s claims include 59.413g/t Au from the main Yellow Fox showing and 11.8g/t Au in grab samples at Careless Cove. There has been no previous drilling on these claims.

The two properties form an exciting addition to Quadro's project portfolio in Newfoundland. Whereas the Victoria Lake projects are focused on the gold rich Cape Ray Fault system, described as one of the most prospective but underexplored regions in Canada, the Careless Cove and Yellow Fox properties are located to the northeast, and are adjacent to New Found Gold Corp.’s claims, which have seen promising early results. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.

In a news release dated July 30, 2020, Metals Creek Resources Corp. (MEK) reported results from recent prospecting activities on its Careless Cove property in Central Newfoundland:

The results include 11.8 grams per tonne (g/t) gold (Au) in grab samples. The Careless Cove claim block is one of two 100% owned claim blocks comprising the Careless Cove/Yellow Fox Property. The claims are located approximately 12 kilometers southwest of New Found Gold Corp. as illustrated on the attached map. (“New Found Gold”) announced excellent results from recent drilling on their Queensway Gold Project. Drill Hole NFGC-19-01 results included an intersection of 92.86 g/t Au over 19.0 meters (see Mexican Gold Corp. press release dated January 26, 2020). Gold values on adjacent properties in similar rocks are not representative of the mineralization on the property, have not been verified, and should not be relied upon. (see MEK press release dated July 30, 2020).

Note: Gold values on adjacent properties in similar rocks are not representative of the mineralization on the property, have not been verified, and should not be relied upon.

Careless Cove Claims

The recent prospecting carried out at Careless Cove uncovered mineralization 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
236102 7.39
236103 0.47
236104 4.15

In addition, follow up prospecting has located rubble approximately 50 meters away from the above mentioned outcrop samples with assays of:

Sample Number g/t Au
323763 7.37
323764 11.83

Yellow Fox Claims

No new sampling was carried out at Yellow Fox however a description of previous MEK sampling carried out in 2011 follows: (see Newfoundland Geoscience Resource Atlas Geofile Number: 002D/0779).

Initial prospecting carried by Metals Creek in 2011, resulted 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 soil sampling and trenching. B-horizon soils were collected 25 meters apart over two, 100m spaced, east-west trending recce lines over the higher-grade gold sample in an attempt to trace the direction of mineralization. Follow-up trenching was completed across the mineralization. Initial sampling consisted of 13 selective grab samples taken throughout the trenches with assay values ranging from 214 ppb to 1877 ppb Gold 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 within 29 continuous samples and 4.57% Sb over 1 meter. These results were very encouraging and indicated the potential for a more widespread gold system on the Yellow Fox claim group.

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 are selective by nature and are unlikely to represent average grades of the property."

The above descriptions and technical information were taken from a press release issued by MEK dated July 30, 2020, and approved under the supervision of MEK’s qualified person under NI-43-101, Wayne Reid, P.Geo. Quadro has not verified the data and have relied on the information provided in that press release.