Quadro Intersects 20.37 g/t Au over 0.5 m and 3.89 g/t Au over 2.5 m in Undercut Drill Holes at Staghorn Gold Project in the Central Newfoundland Gold Belt
Quadro Intersects 20.37 g/t Au over 0.5 m and
3.89 g/t Au over 2.5 m in Undercut Drill Holes
at Staghorn Gold Project in the Central
Newfoundland Gold Belt
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2021) -
Quadro Resources Ltd.
(TSXV:
QRO) (OTCQB: QDROF) (FSE: G4O2)
("Quadro" or the "Company")
is pleased to report it has
completed the winter drill program on the Staghorn Gold Property located in southwestern
Newfoundland. The Staghorn property consists of 160 claim units covering 4000 hectares (40 sq. km). A
total of 1403 meters was completed in ten holes, all targeted on the Marks Pond 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 5.0m,
within a wider intersection of 1.98 g/t Au over 12.0m (see Quadro press release dated January 5, 2021).
From T. Barry Coughlan, CEO:
"Newfoundland is experiencing a modern gold rush and Quadro is well
positioned for discovery. The Company has a strategic land package in the region located among
established and up and coming gold projects. Drilling has been ongoing since 2020 and continues
into 2021 and we are excited for what 2021 will bring. The recent exploration at Staghorn has
continued to define gold mineralization associated with the Cape Ray Fault zone. The program
helped outline the Marks Pond zone over 300 meters and succeeded in vectoring on areas of
potential higher grade below the existing holes. We look forward to resuming the target testing early
summer."
The drilling was successful in extending the Marks Pond Zone 300 meters to the northeast. All holes
intersected a 20 to 30 meter wide zone of strongly altered diorite (albitized, silicified) with appreciable
amounts of quartz veining and sulphide mineralization with variable gold results (Table 1 below). The
most noteworthy gold values were obtained from undercut drill holes on either end of the zone. On the
northeast portion of the zone hole MP21-18 intersected 20.37 g/t Au over 0.5m within a wider zone of
0.53 g/t Au over 23.8m. To the southwest hole MP21-20 undercut the discovery hole drilled in 2020
(MP20-02 which intersected 3.22 g/t Au over 5.0m). This undercut intersected 3.89 g/t Au over 2.5m
within a wider interval of 1.23 g/t Au over 15.0m.
DDH
Azim/Dip
FROM
TO
INTERVAL (m)
Au g/t
Comments
MP21-11
330/-45
59.5
62.0
1.5
1.50
MP22-12
330/-60
48.0
51.0
3.0
2.42
MP21-13
330/-45
65.0
73.0
8.0
0.54
MP21-14
330/-45
80.0
81.5
1.5
1.15
MP21-15
330/-45
93.0
94.55
1.55
2.32
MP21-16
330/-45
6.0
8.0
2.0
2.41
Collared in zone
MP21-17
327/-44
59.47
66.0
6.53
1.13
incl
59.47
61.0
1.53
4.57
MP20-18
230/-60
79.65
103.3
23.85
0.53
Undercut below
MP20-16 and 17
incl
82.0
82.5
0.5
20.37
MP21-19
330/-45
77.0
80.0
3.0
1.46
MP21-20
330/-55
109.0
124.0
15.0
1.23
Undercut below
MP20-02
incl
114.0
116.5
2.5
3.89
Table 1 - Assay results 2021 drilling Staghorn Project (Note - All widths quoted are drill
intervals and not true widths).
The winter 2020-2021 program was designed to access drill sites, as described above, in an area
where wet and boggy ground may make summer access difficult, although additional drilling at Staghorn
is planned for this summer and will focus on drilling below the intersections in holes MP21-18 and 20 at
Marks Pond and follow-up drilling in the Ryan's Hammer area.
The Staghorn claims are located within the auriferous "Cape Ray Fault Corridor", 30 km southwest of
Marathon Gold's Valentine Lake deposits. (Total Measured Mineral Resources (inclusive of the Mineral
Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the
Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz
(16.77 Mt at 1.78 g/t Au). (N.I. 43-101 Technical Report & Pre-Feasibility Study on the Valentine Gold
Project Newfoundland and Labrador, Canada Report date: April 21, 2020 Effective date: April 18, 2020
Prepared for: Marathon Gold Corporation 10 King St. East, Suite 501, Toronto, ON, M5C 1C3 Prepared
by: Ausenco Engineering Canada). Other hot spots along this corridor include Matador Mining's Cape
Ray deposits and Sokoman Minerals' Moosehead project where an on-going drill program has
produced intersections up to 44.96 g/t Au over 11.9m (Sokoman Minerals' news release dated Oct 1,
2018).
(Mineralization hosted on these established operations is not necessarily indicative or
representative of the mineralization that may be hosted on the Company's property.)
In addition to drilling at Staghorn, Quadro's two other additional strategically located properties that will
see drilling and exploration in 2021. At Long Lake (272 claim units covering 6800 hectares (68 sq. km)),
the East Tulks gold target consists of a 700 m long east-west gold-in-soil anomaly with proximal high
grade gold in angular "float". Additional soils are required to cut off the anomaly and a magnetic survey
will be completed to better understand the underlying geology. Drilling is scheduled for June, when water
levels allow easy access via fording Tulks Brook. At Careless Cove (40 claim units), gold showings and
soil anomalies have been partially outlined on these two claim blocks which need additional work to get
to the drill stage. On April 28, 2021, the Company announced that a soil sampling and prospecting
survey has been initiated on the Careless Cove property located southwest of Glenwood in east-central
Newfoundland.
Quadro Resources Inc. acknowledges the financial support of the JEA Program, administered by
Department of Natural Resources, Government of Newfoundland and Labrador.
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.
QA/QC
- Quadro has implemented a quality control program on its drill programs at the Staghorn Project
to ensure best practice in sampling and analysis. Quadro maintains strict quality assurance/quality
control protocols including the systematic insertion of certified standard reference and blank materials
into each sample batch. Analyses in this release were performed by Eastern Analytical of Springdale,
NL with ISO 17025 accreditation. Samples were transported in sealed bags to Eastern and all samples
were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30
gram fire assay with an AA finish.
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.
The Company's shares trade on the TSX Venture Exchange under the symbol "QRO". Quadro owns a
100% interest in the Staghorn property and has an option to earn a 100% interest in the Long Lake
property and the Careless Cove property in Newfoundland and Labrador.
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
.
Figure 1: Quadro's Victoria Lake Projects - Staghorn and Long Lake.
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Figure 2: Mark's Pond, Staghorn.
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Figure 3: Staghorn, cross section.
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To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/84998