Quadro Resources Corp. Announces Option Agreement
#1108 – 1030 West Georgia Street Vancouver, BC V6C 1H2
QUADRO RESOURCES CORP. ANNOUNCES OPTION AGREEMENT
VANCOUVER, BC March 1, 2013 – Quadro Resources Corp. (TSX-V: QRO) (“Quadro” or the “Corporation”) is pleased to announce that it has entered into a mineral property option agreement dated February 19, 2013 (the “Option Agreement”) with Vatic Ventures Corp. (“Vatic”) whereby Quadro can acquired a 51% interest in and to certain mineral claims known as the Brookmere Property (the “Property”) located in the Spences bridge Gold Belt District, British Columbia, Canada (the “Transaction”). The Transaction is subject to approval by the TSX Venture Exchange (the “Exchange”).
Pursuant to the terms of the transaction, Quadro may acquire a 51% interest in the Property by completing the following exploration expenditures (“Expenditures”) on the Property:
1) $250,000 of Expenditures by January 30, 2014
2) a further $500,000 of Expenditures by January 30, 2015; and
3) a further $1 million of Expenditures by January 30,m 2015.
Brookmere Property Highlights
The Property consists of 14 claims totaling 7,176 hectares and is located near the southern end of the Spences Bridge Gold Belt (SBGB), approximately 30 km south of Merritt, British Columbia. The Property is accessible by the Coquihalla Highway (BC Provincial Highway #5) at the Coldwater exit. The mining claims that comprise the Property cover prospective stratigraphy in the south SBGB, a 110 km northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge group. These relatively underexplored volcanic rocks are highly prospective for epithermal style gold mineralization.
Vatic Ventures Corp. recently completed a two phase exploration program on the Property. Phase I consisted of road soil sampling, rock sampling and silt or stream sediment sampling. A total of 35 rock samples and 2,636 soil samples were taken over a 2,600 m by 2,700 m grid with 100 m lines sampled at every 25 m in the northern part of the 7,000 ha large property. Two target areas were identified for follow up: Target 1 in the east central portion of the Property and Target 2 (North Target Area) in the northern end of the Property. Phase II consisted of a 2600 metre by 2500 metre follow up soil grid on Target 1 at 100 metre lines by 25 metre sample intervals. Additional rock sampling was also completed as part of the Phase II program, following up on the Phase I soil anomalies.
The Phase I program was successful in locating continuous to semi-continuous areas of anomalous soil values from roads cutting through the two target areas. However, soil grid was established over Target Area 1 because of wider spread road soil mineralization, anomalous stream sediment geochemistry from the creek draining the area and the presence of an 11,260 ppb Au float sample in the area.
Sampling on the 2011 soil grid was successful in locating a 900 metre to 2000 metre long by 25 metre to 50 metre wide multi-element anomaly on the east central portion of the grid. A sample of rounded rhyolite quartz breccia float in the area returned 97.3 ppb Au.
The 2013 work program will continue the exploration of the Brookmere Property to further evaluate its potential by completing prospecting, mapping and soil grid in the Target 2 area which will result in the collection of approximately 1,200 soil samples and based on results to commence trenching and diamond drilling.
On Behalf of the Board of Directors T.B. Coughlan CEO (604) 683-3331
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the ‘safe harbor’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador