Exploits Discovery Corp (CSE: NFLD) has expanded its landholdings yet again, this time acquiring certain properties from that of New Found Gold Corp’s (TSXV: NFG) Queensway Project. The latest acquisition is for a portion of property that surrounds the core of Exploits Jonathan’s Pond gold project.
In total, Exploits has added 11.25 square kilometres of mineral claims to its Jonathan Pond project. The land acquired hosts what is referred to as being the “highest documented concentrated cluster of heavy mineral concentrate samples on the island.” A total of 24 samples have been taken on the project previously, with values ranging from 0.72 to 410 g/t gold being found within a 500 metre radius.
Historic float grab samples were also conducted on the property, which had returned values of up to 50.6 g/t gold for Rubicon Mineral Corp in the early 2000’s. The company currently plans to expand the current exploration program to follow up on the historic heavy mineral concentrate samples and float grab samples.
“Consolidating the Johnathan’s Pond area into a contiguous claim package will facilitate efficient exploration in this area. While New Found Gold is primarily focused on high-grade gold targets along the Appleton and JPB fault structures to the west of this project and in a different geological setting, Jonathan’s Pond does exhibit high-grade gold at surface.”
Collin Kettel, Executive Chairman of New Found Gold
The property has been acquired by Exploits Discovery from that of New Found Gold in exchange for 6.6 million common shares of the issuer, which will be subject to a 12 month hold period. The company will also retain a 2% net smelter royalty.
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Exploits Discovery last traded at $0.62 on the CSE.
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