Quadro’S Cancelled Long Lake Claims to Be Reinstated
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
QUADRO’S CANCELLED LONG LAKE CLAIMS TO BE REINSTATED
Vancouver, B.C., October 11, 2023. Quadro Resources Ltd. (“Quadro” or the “Company”)
(TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce that four of its nine
claim blocks comprising its Long Lake property (“Long Lake”) that were cancelled on September
22, 2022, and for which Quadro filed a grievance on October 13, 2022, with the Newfoundland
Mineral Rights Adjudication Board (the “Board”), shall be reinstated as of their original issuance
dates, as per the Order of the Board dated October 10, 2023 (the “Order”).
Within two weeks of the date of the Order, Quadro is required to pay $40,540.56 to cover
deficiencies for two of the four licenses to bring them back into good standing. The remaining two
licenses have no deficiencies. In addition, Quadro has paid costs to the Mineral Claims Recorder.
Barry Coughlan (CEO & President) commented: “We are extremely pleased with the Board’s
decision, subject to the conditions above, to reinstate these claims. This puts to rest a year-long
halt to our operations in Newfoundland and we are now reviewing the previous exploration
program and planning future programs for Long Lake, because we continue to strongly believe in
the mineral potential of Long Lake. We thank the Board, the Solicitor for the Minister of Industry,
Energy and Technology, and the Mineral Rights Recorder for their time and consideration, and we
look forward to continuing our work in Newfoundland.”
In a subsequent event note in the Company’s financial statements for the year ended July 31, 2022,
an impairment charge of $865,707 was recorded against Long Lake due to the cancelled claims.
The impairment charge resulted in a $1 nominal value on Long Lake. As the cancelled claims will
be reinstated this impairment will be written back up.
About the Long Lake property
Quadro owns a 100% interest in Long Lake, located proximal to Marathon Gold’s Valentine Lake
deposits. The property is located within an under -explored belt of mineralized volcano -
sedimentary and intrusive rocks. Highlights from the property include 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
1400 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 644-9561
staked by the underlying vendors who took two till samples in the area of the higher gold-in soil
anomaly.
Drilling to date includes the discovery of a new gold zone intersecte d from the inaugural
exploration drill program. 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-021-01on 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.
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. 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.
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 statements 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.sedar.com.