Exploits: Visible Gold at Saddle Zone Extends Strike and Lateral Continuity

Rhea-AI Summary

Exploits Discovery Corp. (NFLDF) reports assay results from three diamond drill holes at the Saddle Zone within its Bullseye property in Central Newfoundland. Highlights include:

- BE-24-022: 1.60 g/t Au over 2.05m at ~73m depth, and 3.92 g/t Au over 0.45m at ~84m depth
- BE-24-024: 1.48 g/t Au over 0.65m and 3.68 g/t Au over 0.50m (with visible gold) at ~165-166m depth

The Saddle Zone remains open in all directions. CEO Jeff Swinoga states these results confirm the gold mineralization system extends beyond the previously reported high-grade intersection of 67.55 g/t gold over 3.3 metres. The company is now designing follow-up drill plans and completing a till-sampling program at its Gazeebow property.

Positive

• Discovery of a new gold zone called Saddle
• Gold mineralization system extends beyond previously reported high-grade intersection
• Saddle Zone remains open in all directions, indicating potential for further expansion
• Company is well-funded with large supporting shareholders like Eric Sprott and New Found Gold

Negative

• Drill hole BE-24-023 reported no significant values (NSV)

Toronto, Ontario--(Newsfile Corp. - August 27, 2024) - Exploits Discovery Corp. (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to report assay results from the remaining three diamond drill holes recently completed at the Saddle Zone situated within the Company's Bullseye property.

The Saddle Zone is in the vicinity of the Company's drill hole # BE-23-028, near the Appleton Fault Zone (AFZ) in Central Newfoundland. In 2023, Exploits' drilling program intersected several clusters of quartz veining within an 18 metre interval of core (refer to hole # BE-23-028 assays within a news release dated August 14, 2023). In June 2024, follow-up drilling encountered coarse visible gold in hole BE-24-015 which generated a 254.08 g/t Au intercept over a 0.8 m core sample (see Press Release dated July 15, 2024).
Drill holes BE-24-022 and 023 were designed to extend the mineralization intersected in hole BE-24-015 along strike and provide additional lateral continuity to the mineralized zone. BE-24-024 was designed to test the potential connection of the mineralization intersected in drill holes BE-24-013 and 014 with BE-24-015.

Highlights Include:

• BE-24-022:
  • Intersected 1.60 g/t Au over 2.05 m core-length, located at a vertical depth of approximately 73 m below surface.
    • Including 1.26 g/t Au contribution from a 0.65 m sample
    • Including 1.76 g/t Au contribution from a 1.40 m sample
  • Intersected 3.92 g/t Au over 0.45 m core-length, located at a vertical depth of approximately 84 m below surface.
    
    
• BE-24-024:
  • Intersected 1.48 g/t Au over 0.65 m core-length, located at a vertical depth of approximately 165 m below surface.
  • Intersected 3.68 g/t Au over 0.50 m core-length, located at a vertical depth of approximately 166 m below surface. Fine-grained visible gold noted.

• Drill holes within the Saddle Zone are currently being surveyed by DGI Geoscience with their proprietary downhole Televiewer tool to assist with the final structural-orientation interpretation of this zone.
  
  
• Current interpretation of 2023-2024 logging observations and these assay results suggest that the Saddle Zone remains open in all directions.

Jeff Swinoga, President and CEO, comments, "We are pleased that our Phase 3 drill program discovered a new gold zone which we have called Saddle. These remaining drill results confirm the gold mineralization system extends beyond the previously reported central high grade gold mineralization that reported initial results of 67.55 g/t gold over 3.3 metres.

Our all-local talented team are now focused on designing follow-up drill plans utilizing their logging insights coupled with downhole Televiewer data. Meanwhile, to the north, our till-sampling program at our large Gazeebow property is 80% complete. Results from this program are expected in the coming months. With 10 kms of claims on the Appleton Fault Zone, we remain well-funded with 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."

Figure 1: Plan map of Bullseye property; recent collars from drilling at the Saddle Zone are shown in red; previously released drill-collars shown in white.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6393/221214_809d9f5ed49c2a7a_002full.jpg

Figure 2: Simplified cross section (looking north) of drilling at the Saddle Zone. The plotted large discs with corresponding yellow text indicate assay values (Au g/t) from current release; white text are results from past 2024 releases. The smaller discs indicate previously released assay values encountered in drill hole BE-23-028.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6393/221214_809d9f5ed49c2a7a_003full.jpg

Table 1: Select drill core assays. Additional samples are being collected.

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-24-022	94.00	94.65	0.65	~73m	Fire Assay	1,260.00	1.26	1.60 g/t Au / 2.05m
	94.65	96.05	1.40			1,757.00	1.76
AND	111.85	112.30	0.45	~84m	Fire Assay	3,918.00	3.92
BE-24-023									NSV
BE-24-024	242.60	243.25	0.65	~165m	Screen-Met	1,475.00	1.48
AND	244.20	244.70	0.50	~166m	Screen-Met	3,684.00	3.68		VG NOTED
*Assays reported direct from lab certificate. Screen-Met samples are 'Weighted Averaged ppb' as calculated from lab
**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-24-022	659744	5430542	48	285	-50	243
BE-24-023	659753	5430542	49	255	-45	250
BE-24-024	659761	5430561	48	295	-50	314
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/221214

FAQ

What were the key gold intersections reported by Exploits Discovery Corp. (NFLDF) at the Saddle Zone?

The key intersections reported were 1.60 g/t Au over 2.05m and 3.92 g/t Au over 0.45m in hole BE-24-022, and 1.48 g/t Au over 0.65m and 3.68 g/t Au over 0.50m (with visible gold) in hole BE-24-024.

Where is the Saddle Zone located within Exploits Discovery Corp.'s (NFLDF) property?

The Saddle Zone is located within the Bullseye property, near the Appleton Fault Zone in Central Newfoundland.

What is the current status of the Saddle Zone mineralization according to Exploits Discovery Corp. (NFLDF)?

According to the company, the Saddle Zone mineralization remains open in all directions, suggesting potential for further expansion of the gold system.

What other exploration activities is Exploits Discovery Corp. (NFLDF) currently conducting?

The company is completing a till-sampling program at its Gazeebow property, which is 80% complete, with results expected in the coming months.