Exploits Discovery Corp (CSE: NFLD) has identified its first high priority target as part of its collaboration with GoldSpot Discoveries (TSXV: SPOT). The target, located at the firms Mt Peyton Project, is referred to as Schooner Fault, and is said to contain similar geology to New Found Gold’s Keats Zone which is located 3.5 kilometres to the east.
The Schooner Fault is a secondary geological structure that runs parallel to the Appleton Fault, the fault that hosts the Keats Zone. 6.5 kilometres worth of strike is contained on Exploits’ property, with the target lying within Davidsville Group siliciclastic sediments, which have historically sampled gold in tills.
The fault structure was successfully identified as a result of historical compilation work, re-interpretation and data analysis techniques. The prior claim owner, Torq Resources, in 2017 conducted a till program wherein they reported gold in till results within close proximity to the targeted zone. Ground work, which includes geophysics, prospecting, and trenching is now being planned for immediate follow-up by the company.
“GoldSpot believes that Newfoundland is a highly prospective area for exploration. The Schooner Fault is potentially in the same geological environment, has the same trend, and is near GoldSpots and NFGC’s very prolific Appleton and JBP Fault zones.”
Denis Laviolette, President of GoldSpot
Exploits Discovery last traded at $0.50 on the CSE.
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