Quadro’S 2023 Transformative Year IN Review and 2024 Outlook
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
QUADRO’S 2023 TRANSFORMATIVE YEAR IN REVIEW AND 2024 OUTLOOK
Vancouver, B.C., March 4, 2024. Quadro Resources Ltd. (“Quadro” or the “Company”)
(TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to provide a summary of events
and activities for 2023 as well as plans for 2024.
2023 SUMMARY
In late 2022, and continuing throughout 2023, the Company faced formidable setbacks that
disrupted its planned exploration programs and which were not resolved until the end of 2023.
These setbacks significantly impacted the Company’s ability to continue exploration on its Long
Lake project in Central Newfoundland.
The root cause of these disruptions was the cancellation of four of the Company’s Long Lake
claims in Central Newfoundland (see Quadro’s news release dated December 8, 2022). These
cancellations resulted in the Company being unable from exploring and developing these claims
while it argued its case before the Newfoundland Mineral Rights Adjudication Board to have the
claims reinstated.
The cancellations coincided with the Company’s announced $1,000,000 private placement which
collapsed as a result, helping to cause a fall in the Company’s stock price (see Quadro’s news
release dated November 29, 2022). On October 11, 2023, however, the Company was pleased to
report that the canceled claims had been reinstated and plans for Long Lake’s 2024 exploration
activities are being implemented (see Quadro’s news releases dated October 11, 2023). A synopsis
of the Company’s Long Lake project follows below.
Quadro is focused on the gold rich Cape Ray Fault system, described as one of the most prospective
but underexplored regions in Canada. Located in west -central Newfoundland, the Staghorn
property as well as the Long Lake property cover portions of the auriferous Cape Ray Fault system
which hosts a number of active gold exploration programs.
STAGHORN
The Company’s other key exploration project, the Staghorn project in Central Newfoundland, is
also located on the Cape Ray Valentine Lake Shear Zone, which hosts Calibre Mining Corp.’s
Valentine Gold Mine (formerly Marathon Gold Corp.’s Valentine Gold project). Mineralization
hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted
on the Company’s property.
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
STAGHORN - QUADRO’S EXPLORATION AND DRILLING WORK
The Company is pleased to report that Staghorn did not experience any disruptions in 2023 as it is
optioned by TRU Precious Metals Corp. (“TRU”) under an option agreement with TRU. Quadro
signed an option agreement in 2022 with TRU, pursuant to which TRU has been granted the option
to acquire up to an aggregate 65% ownership in Quadro’s Staghorn project. The Staghorn project
is comprised of two distinct groups of licenses which are immediately within and/or adjacent to
TRU’s flagship Golden Rose Project (“Golden Rose”). Golden Rose is a regional -scale land
package covering approximately 236 km2 in the Central Newfoundland Gold Belt, including
approximately 45 km of strike length along the gold deposit-bearing Cape Ray - Valentine Lake
Shear Zone (the “CR-VL Shear Zone”).
The Marks Pond Gold Horizon, within Staghorn’s claim grouping, has been extended to over 600
m in strike length and has proven continuity down dip. This zone was first identified in 2018 by
Quadro technical staff during the execution of a short trenching program. Follow -up work
including diamond drilling was then able to confirm the presence of a broad, extensive shear zone
with multiple parallel high strain gold bearing structures which remains open to the North and
along strike to the Northeast and the Southwest. The most significant aspect of exploration by
Quadro in 2021 was the discovery of a lower zone of high-grade mineralization with visible gold
below the main zone. Additional drilling is needed to follow up on the high-grade lower zone and
wide step out drilling on the Marks Pond Horizon where a number of gold-in-soil anomalies remain
to be tested.
Quadro drilling to date:
• Jul-Oct 2021 – 891 meters in four holes. A high of 29.1 g/t Au over 0.35 m within a 57.0 m
wide zone grading 0.33 g/t Au and 1st definitive visible gold, below the main zone; 1.95g/t Au
over 6 m; 1.1 g/t Au over 5.0 m including 1.8 g/t Au over 3.0 m, thus extending the Marks
Pond Horizon 200 m to the southwest for a total of 626 m strike length.
• Feb-Apr 2021 – 1403 meters in ten holes, all targeted on the Marks P ond gold zone. The
drilling consisted of a series of 50-meter spaced step-out and undercut holes to the northeast
of the discovery hole MP20-02. Drilled in late 2020, this hole intersected a gold zone assaying
3.22 g/t Au over 5.0 m, within a wider intersection of 1.98 g/t Au over 12.0 m. Another hole
intersected 20.37 g/t Au over 0.5 m and 3.89 g/t Au over 2.5 m in undercut drill holes. These
holes were revisited for under drilling in Jul-Oct 2021.
• Sep-Dec 2020 – 1696 meters in thirteen holes. The drilling tested two of four soil anomalies
in the Marks Pond area and attempted to expand on the Ryan’s Hammer mineralization
previously tested in 2018 at Staghorn. The highlight of the program was the discovery of a new
gold zone at Mark’s Pond where hole MP20-02 intersected 10.1 g/t over 1.0m within a wider
interval of 3.22 g/t Au over 5.0 m.
• Nov-Dec 2018 – 887 meters in five holes focused on completing a fence of holes across the
Cape Ray structure at Ryan’s Hammer, Staghorn. This drilling combined with previous drilling
to the east partially outlined two wide gold trends with only one drill cut in each trend.
• Nov-Dec 2017 – 1466 meters in nine holes focused on the Woods Lake Zone, Staghorn. This
program confirmed the widespread extent of an auriferous altered granodiorite within a flexure
of the Cape Ray fault and required additional drilling to better define higher grade zones within
the package.
STAGHORN - TRU’S 2022-2023 EXPLORATION WORK
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
Quadro’s previous exploration activities at Staghorn resulted in the discovery of the Mark’s Pond
Gold Zone and increased the geological interest in the surrounding area, which ultimately led to
TRU’s identification of the Northcott Gold Zone (see TRU’s news release dated September 19,
2023).
The Company has been pleased with the work to date carried out by TRU on the Mark’s Pond
target, which is part of the Company’s optioned Staghorn property (see Quadro’s news releases
dated August 18, 2022, and January 16, 2023). Prior to optioning the Staghorn property to TRU,
in 2021-2022 Quadro drilled 10 holes (1403 m) and 13 holes (1696 m) at Staghorn. The drilling
programs advanced the Mark’s Pond prospect.
TRU’s 2023 trenching and channel sampling program was a continuation of the trenching program
that commenced in fall 2022 at Mark’s Pond and led to the discovery of the Northcott Gold Zone.
TRU reported additional high-grade gold channel sampling assay results from its summer 2023
trenching program at Golden Rose, at the Mark’s Pond target, and its technical summary of its
summer 2023 program allowed TRU to file an updated National Instrument 43-101 technical
report for Golden Rose in Central Newfoundland on October 11, 2023 (see TRU’s news releases
dated June 7, 2023, September 19, 2023, October 3, 2023, and October 11, 2023).
LONG LAKE
The 100% owned Long Lake project is located proximal to Calibre Mining Corp.’s Valentine Gold
Mine (formerly Marathon Gold Corp.’s Valentine Gold project). Mineralization hosted on adjacent
and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s
property. The property is located within an under -explored belt of mineralized volcano -
sedimentary and intrusive rocks. Highlights from the property includes two areas of strong gold in
soil and tills. The property provides an opportunity for new gold discoveries in the emerging Cape
Ray Gold district and is complimentary to Quadro’s Staghorn claims located 35 km southeast.
Previous work on the property dates back to 2005 when soil sampling outlined a number of gold
anomalies. The historic geochemical survey was part of an on -going volcanogenic massive
sulphide (base metal) program which kept the ground tied up until recently. No follow -up was
carried out during that time and the area came open for staking in early 2019. The claims were
staked by the underlying vendors who took two till samples in the area of the higher gold-in soil
anomaly.
Further to Quadro’s October 11, 2023 news release, the Long Lake claims were reinstated and the
Company plans to resume exploration in 2024 at Long Lake.
Quadro drilling to date:
• Jul-Oct 2021 – Discovery of a new gold zone intersected from the inaugural exploration drill
program at its Long Lake property, located in Central Newfoundland. The drill program
consisted of five holes (757 meters) designed to test the Ricky Gold Target. Intersections
included 3.68 g/t Au over 5.4 m from hole R-021-01 on the eastern end of the target and 31.7
g/t Au over 0.5 m from hole R-021-04 located 500m to the west.
TULKS SOUTH
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
Quadro has an option with Canterra Minerals Corporation (previously with Buchans Minerals
Resources Ltd.) to earn an initial 51% interest in the Tulks South Property in Newfoundland.
Previous work in 2020 by Quadro on the Long Lake project included soil sampling and prospecting
which defined a 700 m long gold target (Ricky Target) highlighted by a strong Au-in-soil anomaly
and a number of float samples with values up to 33.65 g/t Au (see Quadro press releases dated
January 5, 2021, and November 30, 2020). Geophysics, prospecting and geochemistry carried out
in 2021 and was expanded to cover the Tulks South claims. Detailed ground magnetics and induced
polarization have been completed on the Ricky target.
2024 EXPLORATION PLANS
The Company has proposed a 2024 exploration program at Long Lake which would include
prospecting additional targets, line-cutting, trenching, geophysics and soil sampling, and drilling.
From T. Barry Coughlan (CEO & President): “2024’s primary objective is to continue drilling the
discovery area from the 2021 inaugural drill program. The secondary objective is to follow up on
anomalous Au, Cu, Pb, Zn, and Ag plus other results from the 2021, 2022 and 2023 prospecting
and soil survey work with the intent to define new target areas and potentially drill targets. With
this in mind, work will be focused on geological mapping and prospecting around the discovery
drill holes and nearby areas. Prospecting along strike and in areas of significant gold in soils and
grabs, and continued regional work around areas of interest from 2021, 2022 and 2023 will be
ongoing. Previous follow up work by Quadro has generated renewed interest in several known
prospects while adding some new prospects. In conclusion, Quadro is planning an aggressive,
data driven program this season with a strong intent to drill two campaigns starting mid-season.
Ongoing prospecting, sampling and mapping will most certainly continue to generate confidence
in some know prospects as well as revealing new areas of interest in 2024.”
OPTIONS
The Company is pleased to announce that, subject to regulatory approval, it has issued 2,175,000
stock options to directors, officers, and consultants of the Company. The stock options are issued
with an exercise price of $0.10 and will expire March 4, 2027 and March 4, 2029.
Qualified Person
Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National
Instrument 43-101, is responsible for this release and supervised the preparation of the information
forming the basis for this release.
About Quadro Resources – Quadro is a publicly traded mineral exploration company with
approximately 28.5 million shares issued and outstanding, of which management and advisors hold
approximately 25%. It is focused on exploring for gold in North America. The Company’s shares
trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in
the Staghorn property, which it has optioned to TRU Precious Metals Corp.; owns a 100% interest
in the Long Lake property; and has an option to earn an initial 51% interest in the Tulks South
Property, in Newfoundland.
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
Tel (604) 644-9561
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release." The information contained herein contains "forward-looking statements" within
the meaning of applicable securities legislation. Forward-looking statements relate to information
that is based on assumptions of management, forecasts of future results, and estimates of amounts
not yet determinable. Any statements that express predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance are not sta tements of
historical fact and may be "forward-looking statements." Forward-looking statements are subject
to a variety of risks and uncertainties that could cause actual events or results to differ from those
reflected in the forward-looking statements. Investors are cautioned against attributing undue
certainty to forward-looking statements. 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. Actual events or results could differ materially from the Company's
expectations or projections.” For more information on the Company, interested parties should
review the Company's filings that are available at www.sedarplus.ca.
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
Figure 1: Companies along Newfoundland’s Cape Ray Fault System.
(Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.)
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
Figure 2: Quadro’s Staghorn (optioned to TRU for up to a 65% interest) and Long Lake/Tulks South projects.
(Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.)