Exploits Makes New Discovery with 67.55 g/t Au Over 3.30 m with Visible Gold Including 254.08 g/t Au Over 0.80 m at "Saddle Zone"

Rhea-AI Summary

Exploits Discovery Corp. (CSE: NFLD) (OTCQB: NFLDF) has announced significant gold discoveries at its Bullseye property in Newfoundland. The newly named 'Saddle Zone' yielded impressive results, including:

- 67.55 g/t Au over 3.30 m, including 254.08 g/t Au over 0.80 m in hole BE-24-015
- 53.37 g/t Au over 0.60 m in hole BE-23-014
- 35.82 g/t Au over 0.90 m in hole BE-24-013

These high-grade intercepts, featuring visible gold, were found at depths ranging from 80 to 164 meters below surface. The Saddle Zone appears open in all directions, suggesting potential for further expansion.

Positive

• High-grade gold intercepts discovered, with up to 254.08 g/t Au over 0.80 m
• New 'Saddle Zone' mineralization open in all directions, indicating expansion potential
• Visible gold observed in multiple drill holes
• Strategic location along the Appleton Fault Zone in Central Newfoundland
• Well-funded with support from large shareholders like Eric Sprott and New Found Gold

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - July 15, 2024) - Exploits Discovery Corp. (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce initial results from recent diamond drilling operations at the Company's Bullseye property, located along the Appleton Fault Zone ("AFZ") in Central Newfoundland. Results from the initial three drill holes have been received with assay values of up to 254.08 g/t Au over 0.80 m. This newly discovered mineralized zone has been named the "Saddle Zone."

The Saddle Zone is located in the vicinity of the Company's hole # BE-23-028, where several clusters of quartz veining were intersected over approximately 18 m of core (see news release dated August 14, 2023). Visible gold was observed within a network of quartz veins in drill hole BE-24-015 (see Photo A) with best reported assay value of 67.55 g/t Au over 3.30 m, which was drilled northwestwards across the previous path of hole BE-23-028.

Highlights Include:

• BE-24-015:
  • Intersected 67.55 g/t Au over 3.30 m core-length from a swarm of quartz veins where multiple flecks of visible gold were observed, located at a vertical depth of approximately 85 m below surface.
    • Including 254.08 g/t Au contribution from a 0.80 m sample.
  • Intersected 2.89 g/t Au over 3.55 m core-length, located at a vertical depth of approximately 80 m below surface.
    • Including 15.05 g/t Au contribution from a 0.45 m sample.
• BE-23-014:
  • Intersected 53.37 g/t Au over 0.60 m core-length, located at a vertical depth of approximately 141 m below surface.
  • Intersected 32.71 g/t Au over 0.40 m core-length, located at a vertical depth of approximately 164 m below surface.
• BE-24-013:
  • Intersected 35.82 g/t Au over 0.90 m core-length, located at a vertical depth of approximately 105 m below surface.
    • Including 78.99 g/t Au contribution from a 0.40 m sample.
• The Saddle Zone appears to remain open in all directions.

Jeff Swinoga, President and CEO, comments, "On our first three drill holes, we are very excited to hit high grade gold intercepts with visible gold readily observed. Our team first discovered the mineralization of this northeast interpreted splay branching off the Appleton Fault when our drill program last year reported gold intercepts in holes 28 and 30 that appeared to line up. After completing a deep dive analysis into all available geological and technical information, ranking numerous opportunities and using televiewer to assist in drill design orientation, we announced this focused drill program, and we are very encouraged by its early results.

With 10 kms of claims on the Appleton Fault Zone, a talented all local team based in historic Gander, Newfoundland (a 30-minute drive to our project), available infrastructure, well-funded and large supporting shareholders such as Eric Sprott and New Found Gold, our goal is to be the next large successful gold exploration company in the beautiful province of Newfoundland and Labrador."

Photo A: Photos of mineralization intersected in BE-24-015; Top: Drill core from 119.50 - 123.34 m downhole, RED box indicates sample that yielded 254.08 g/t Au from 121.15 - 121.95 m (0.80m); Bottom: Visible gold observed within sample listed above (note that these photos are not intended to be representative of gold mineralization in BE-24-015.).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6393/216466_7eeef24e44bf993e_002full.jpg

Figure 1: Plan map of Bullseye property; past released drill-collars in white; Phase 3 drill-collars in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6393/216466_7eeef24e44bf993e_003full.jpg

Figure 2: Cross section (looking north) of Phase 3 drilling at Bullseye; large discs indicate assay values (Au g/t) from current release; small discs indicate previously releases assay values in drill hole BE-23-028.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6393/216466_7eeef24e44bf993e_004full.jpg

Table 1: Select drill core assays.

2024 Bullseye Drilling - Selected Assays
Hole ID	From (m)	To (m)	Length (m)	Vertical Depth (m) Below Surface	Analysis Type	Au Assay (ppb)*	Au Assay (g/t)	Au - Weighted Average Grade (g/t )*	Comments
BE-24-013	114.25	115.00	0.75	~75	Screen-Met	1,020.41	1.02	0.85 g/t Au / 1.75m
	115.00	116.00	1.00			717.46	0.72
AND	166.75	167.25	0.50	~105m	Screen-Met	1,283.05	1.28	35.82 g/t Au / 0.90m
	167.25	167.65	0.40			78,987.35	78.99
AND	172.05	172.80	0.75	~108	Screen-Met	721.72	0.72	0.99 g/t Au / 1.55m
	172.80	173.60	0.80			1,253.49	1.25
BE-24-014	150.50	151.75	1.25	~122m	Fire-Assay	2,686.00	2.69
AND	176.00	176.60	0.60	~141m	Fire Assay	53,365.00	53.37		Pending Over-Limit Analysis
AND	187.00	187.90	0.90	~150m	Fire Assay	3,205.00	3.21
AND	204.60	205.00	0.40	~164m	Screen-Met	32,706.40	32.71
BE-24-015	98.10	98.60	0.50	~69m	Fire Assay	2,040.00	2.04
AND	112.05	112.50	0.45	~80m	Screen-Met	15,054.86	15.05	2.89 g/t Au / 3.55m
	112.50	113.25	0.75			695.84	0.70
	113.25	113.85	0.60			974.18	0.97
	113.85	114.25	0.40			874.83	0.87
	114.25	114.75	0.50			475.71	0.48
	114.75	115.60	0.85			2,115.13	2.12
AND	118.05	118.50	0.45	~83m	Screen-Met	2,145.63	2.15
AND	119.30	119.85	0.55	~85m	Screen-Met	11,927.85	11.93	67.55 g/t Au / 3.30m
	119.85	120.40	0.55			6,084.54	6.08
	120.40	121.15	0.75			1,928.47	1.93
	121.15	121.95	0.80			254,077.70	254.08		VG Noted
	121.95	122.60	0.65			12,746.45	12.75
AND	128.35	129.75	1.40	~90m	Screen-Met	1,136.22	1.14
AND	132.90	134.00	1.10	~93m	Fire Assay	1,607.00	1.61
*Assays reported direct from lab certificate. Screen-Met samples are 'Weighted Averaged ppb' as calculated from lab
Note: All intersections are core intervals and do not represent true thickness

 

Table 2: Drill collar data.

Bullseye - Collar Information for Reported Drill Holes
Hole ID	Easting	Northing	Elevation (m)	Azimuth	Dip	Length (m)
BE-24-013	659717	5430570	48	315	-45	256
BE-24-014	659738	5430593	47	310	-55	298
BE-24-015	659748	5430535	49	275	-50	253
Coordinates Reported in NAD-83

 

Bullseye Gold Property

The Bullseye claims were staked by Exploits in September 2022 and are contiguous to New Found Gold Corp.'s Queensway project. The claims are considered by the Company's geologists to be highly prospective because they directly overlay a 1,200 by 800 m segment of the AFZ and its related splay structures.

Quality Assurance - Quality Control ("QA/QC")

All prospective NQ core is logged and delineated for sampling by an Exploits' professional geologist. The core is subsequently halved by a diamond-bladed core saw by the Company's technicians with one half being placed in a bag with a unique sample identification. The remaining half core is retained within the Company's secure storage facility in Gander, NL. Sample bags are sealed and then shipped directly to Eastern Analytical Ltd. Certified standards and blanks are inserted at defined intervals following the Company's QA/QC documented procedures, representing approximately 5% of all samples sent for assaying. All core samples are currently analyzed at Eastern Analytical Ltd. of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits. Samples are analyzed using fire assay (30g) with AA finish (Au-FAA 30 ppb process) and/or a four-acid digestion followed by multi-element ICP-OES analysis. All samples with visible gold or assaying above 10.0 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Metallic screen assays are reported as 'Weighted Averaged ppb' directly calculated from the lab.

National Instrument 43-101 Disclosure

Ken Tylee, P.Geo., VP 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. Exploits is utilizing its experienced, talented local team and geologic understanding with the vision to become one of the most successful explorers in Canada.

On Behalf of the Board

/s/ "Jeff Swinoga"
President and CEO

For more information, please contact:

Shanda Kilborn
VP, Corporate Development & Investor Relations
+1 (778) 819-2708
shanda@exploits.gold
https://exploitsdiscovery.com

Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Acknowledgments

Exploits Discovery would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216466

FAQ

What are the key gold intercepts reported by Exploits Discovery Corp (NFLDF) in July 2024?

Exploits Discovery Corp reported key gold intercepts including 67.55 g/t Au over 3.30 m (including 254.08 g/t Au over 0.80 m) in hole BE-24-015, 53.37 g/t Au over 0.60 m in hole BE-23-014, and 35.82 g/t Au over 0.90 m in hole BE-24-013 at their Bullseye property.

Where is the newly discovered 'Saddle Zone' located for Exploits Discovery Corp (NFLDF)?

The 'Saddle Zone' is located at Exploits Discovery Corp's Bullseye property along the Appleton Fault Zone in Central Newfoundland. It was discovered in the vicinity of the company's previous hole BE-23-028.

What is the depth of the gold mineralization discovered by Exploits Discovery Corp (NFLDF) in July 2024?

The gold mineralization was discovered at various depths, with the highest grade intercept (67.55 g/t Au over 3.30 m) found at a vertical depth of approximately 85 meters below surface in hole BE-24-015.

How many kilometers of claims does Exploits Discovery Corp (NFLDF) have on the Appleton Fault Zone?

Exploits Discovery Corp has 10 kilometers of claims on the Appleton Fault Zone, as mentioned by CEO Jeff Swinoga in the press release.