Mr. Jeff Swinoga reports
EXPLOITS ANNOUNCES STRATEGIC DRILLING PLANS ON ITS SOUTHERN BULLSEYE CLAIMS
Exploits Discovery Corp. plans to commence drilling at Bullseye's fully permitted, 100-per-cent-owned, southern claims located along the Appleton fault zone (AFZ) in central Newfoundland early in 2024.
Highlights include:
- Drilling plans are under way to test the eastern strike potential of the high-grade Jackpot gold zones recently reported by New Found Gold Corp. (NFG) on its claims bordering the southern segment of the Bullseye property.
- This results-driven program will initially consist of 2,500 metres of diamond drilling.
- The company's VLF (very-low-frequency) and magnetics ground geophysical surveys, coupled with 2023's high-resolution lidar mapping (airborne light diffraction and ranging), indicate a complex network of second-order splay structures exist within Bullseye; several appear to align on trend with NFG's gold mineralization reported at Jackpot and Everest.
- The Bullseye property has been fully permitted by the provincial government with the capacity to drill throughout 2024.
Jeff Swinoga, President and chief executive officer, comments: "This area of central Newfoundland is heating up. In the last seven months, four new gold zones have been reported in the vicinity of our Bullseye project, including our own Horseshoe discovery. We are thrilled to announce the launch of our second drill campaign at Bullseye will commence in early 2024. This campaign will primarily focus on appraising the eastern strike extension of NFG's high-grade Jackpot gold zone as it potentially tracks across the border and into our southern claims. Our compilation of historic exploration records and subsequent mapping efforts suggest that the southern area has never been drilled before, so our geologists are eager to verify the potential eastern extension of the Jackpot vein system. Our claims at Bullseye are wholly owned and have already been fully permitted by the provincial government, so we are aiming to construct a new series of safe, low-impact access trails into the proposed drill sites before year-end."
Exploits' interpretation of Bullseye's potential to host local high-grade gold mineralization
Mineralization at the Bullseye property is hosted within a fold-thrust sequence of northeast-striking, steeply dipping, fine sediments. These rocks were deposited and deformed during the closure of the Iapetus Ocean and subsequent continent-continent collision. The AFZ is a regional-scale deformation zone that developed during this period. The AFZ likely serves as a primary conduit for gold-bearing fluids. Numerous secondary brittle faults within the 1,200-metre-by-800-metre envelope surrounding the AFZ form a structurally complex network that could possibly host gold-enriched quartz veins.
Visible gold has been noted within eight of 30 relatively shallow exploration holes drilled at Bullseye during 2023, contributing to several locally high-grade intercepts (see six press releases issued between March 20 and Aug. 23, 2023). Several wide intervals of composited gold assay values, in the range of one to three grams per tonne, are linked to quartz veining with elevated sulphide content. Notable sulphide minerals, such as pyrite, arsenopyrite and boulangerite, have been observed within the veins and in the surrounding host rocks. Within the property's centrally located Horseshoe zone, visible gold is found in brecciated and locally annealed vuggy quartz veins, features typically characteristic of epizonal, orogenic gold systems.
Bullseye gold property
The Bullseye claims were staked by Exploits in September, 2022, and are contiguous to the several high-grade gold targets actively being drilled by both NFG and Labrador Gold. The claims are considered by the company's geologists to be highly prospective because they directly overlay a 1,200-metre-by-800-metre segment of the Appleton fault and its related splay structures. Over a dozen exploration drill rigs have been employed by the three companies operating within this structural-stratigraphic setting over the past three years.
National Instrument 43-101 disclosure
Ken Tylee, PGeo, vice-president of exploration with Exploits, is a qualified person within the provinces of Ontario and Newfoundland and Labrador as defined by NI 43-101 standards. Mr. Tylee has reviewed and approved the technical information presented herein.
About Exploits Discovery Corp.
Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. The company is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold's success along the Appleton fault zone and parallel structures within the Exploits subzone.
Exploits is utilizing its experienced, talented local team and geologic understanding with the vision to become one of the most successful explorers in Canada.
We seek Safe Harbor.
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