Initial exploration results were released by Exploits Discovery Corp (CSE: NFLD) related to its wholly owned Jonathan’s Pond project located in Newfoundland. The company has extended a gold bearing quartz vein to a length of 250 metres, while remaining open in all directions. Initial data from both stripping and trenching were provided by the company this morning.
The project, located 25 kilometres northeast of New Found Gold’s (TSXV: NFG) Queensway discovery, has visible gold bearing quartz veins that have assayed as high as 27.96 g/t within trenches via grab sample. Today’s release was focused on the JP Vein, which has seen its strike length extended to 250 metres.
Nine preliminary grab samples taken from the vein returned values as high as 14.4 g/t gold, which were taken from host rock in contact with the vein. The significance of this is that it demonstrates that mineralization is not limited to just the primary quartz veins. Mineralization remains open along strike and within the wall rock.
Outside of this vein, the company has conducted trenching for a length of 350 metres at the project, while currently channel sampling the full length. Trenching was conducted via four separate trenches, with assays for all trenches expected to be received in early December. Despite sampling not being complete yet, the company identified that sub parallel veins and sulphide mineralization is currently present.
Initial results from 16 metres of trench sampling conducted on trench JP 4 has returned values of 0.44 ppm gold over 5 metres. This mineralization was found 60 metres northwest of the JP Vein. Assays are currently pending from outcrop chip sampling and trench channel sampling, which are said to be ongoing.
“These results clearly merit further work at the Jonathan’s Pond property. This work also validates the Company’s thesis that the gold potential of the Exploits Subzone extends out from the Appleton Fault Zone to other deep-seated regional structures including the GRUB Line and the Dog Bay Line. Exploits has built a significant portfolio of projects that target all three regional structures, and we look forward to demonstrating their value to the market.”Michael Collins, CEO
Enhanced technical data associated with this news release can be found here.
Exploits Discovery last traded at $0.57 on the CSE.
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