Quadro Acquires “Long Lake GOLD Option” Adjacent to Marathon Gold’S Valentine Lake Deposits IN Central Newfoundland Untested GOLD-IN-Till Targets up to 355 GOLD Grains (4.53 Gpt)
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 683 -3331 Fax (604) 685 -8677
QUADRO ACQUIRES “LONG LAKE GOLD OPTION” ADJACENT TO MARATHON
GOLD’S VALENTINE LAKE DEPOSITS IN CENTRAL NEWFOUNDLAND
UNTESTED GOLD-IN-TILL TARGETS UP TO 355 GOLD GRAINS (4.53 gpt)
Vancouver, B.C. November 28, 2019. Quadro Resources Ltd. (“Quadro” or the “Company”)
(TSXV:QRO) is pleased to announce it has optioned the 192 claim unit Long Lake Gold property.
The property is located along the northwest boundary of the Marathon Gold project 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 which have never been followed up. 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 of the newly acquire
claims. (See attached compilation/claim sketch on page 3).
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. The samples were processed by Overburden Drilling Management Limited (ODM) with
results as follows:
Sample
Number
Visible Gold Grains
Total Number
Pristine Gold Grains
Total Number
Calculated Gold Grade
In Heavy Mineral Conc.
LL-01 355 263 4.53 g/t
LL-02 121 62 0.83 g/t
The recovered gold grains consist of mostly silt-sized pristine and modified grains which suggest
that the samples were collected in close proximity to the source mineralization. An exploration
program consisting of prospecting, geochemistry and excavator trenching is planned once field
conditions allow and permitting is approved.
The Company has not verified the above results as the soil results are historic in nature and the till
sampling was completed prior to Quadro’s involvement. The till sample an alytical results and
comments were provided by Overburden Drilling Management Limited reports dated Nov. 4, 2019
and Nov. 6, 2019.
Pursuant to the terms of the option agreement, Quadro can earn a 100% interest in the Long Lake
property by making staged cash payments totaling $100,000 over three years ($10,000 on signing)
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 683 -3331 Fax (604) 685 -8677
and share issuances totaling 5,000,000 common shares over three years (500,000 shares on
signing). The vendors will retain a 2% Net Smelter Royalty, half of which can be purchased for
$1,500,000. This agreement remains subject to regulatory approval.
Cape Ray Fault Description and Potential
The northeast trending Cape Ray Fault (CRF) gold structure extends across the island of
Newfoundland and hosts a number of development stage and exploration stage programs. The
most advanced of these is Marathon Gold’s Valentine Lake deposit located 30 km northeast of the
Staghorn property, with total Mineral Resources currently comprised of Measured Mineral
Resources of 16.6 million tonnes at a grade of 2.18 g/t containing 1,166,500 oz. of gold, Indicated
Mineral Resources of 28.5 million tonnes at a grade of 1.66 g/t containing 1,524,900 oz. of gold
and Inferred Mineral Resources of 26.9 million tonnes at a grade of 1.77 g/t containing 1,531,600
oz. of gold (Marathon Gold`s website). Other hot spots along the fault includes Matador Mining
Ltd`s Cape Ray deposits, located 100 km southeast of the Staghorn property, with recently
published Indicated Resources of 7.69 million tonnes @ 2.7 gpt (660,000 oz) and Inferred
Resources of 6.56 million tonnes @ 1.7 gpt (360,000 oz) (Matador’s website) and Sokomon
Minerals’ Moosehead Project, located 180 km northeast of Staghorn, where recent drilling
intersected 44.96 gpt Au over 11.9m (Sokoman Minerals news release dated Oct 1, 2018).
Mineralization hosted on adjacent and nearby properties is not necessarily indicative of
mineralization hosted on the Company’s property.
Quadro’s main focus since 2017 has been the Staghorn project which is located 30 km to the
southwest of Marathon, along the Cape Ray structure. Drilling is planned for this property in 2020,
following up on a number of high priority targets including Ryan’s Hammer (grabs to 27.8 gpt
Au) (see Company news release dated Aug 21, 2017) and Mark’s Pond (7000 ppb Au -in-soil
anomaly) (see Company news release dated Nov. 6, 2018). The Long Pond Option is
complimentary to the Staghorn program and adds high quality targets to the company’s Cape Ray
portfolio. Both offer good potential for new gold discoveries.
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 683 -3331 Fax (604) 685 -8677
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 led
by an experienced and successful management team and is focused on exploring for gold in North
America. Quadro has approximately 28 million shares outstanding. The Company’s shares trade
on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the
Staghorn and Conche properties in Newfoundland.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
"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
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (604) 683 -3331 Fax (604) 685 -8677
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.