Exploits Discovery (CSE: NFLD) is looking to begin drilling its properties. The company this morning announced that it has submitted drilling permit applications for both its Jonathan’s Pond and Schooner gold projects, located within the exploits subzone of Newfoundland.
Applications submitted outline a total drill program of 6,000 metres and consisting of a total of 24 drill holes, split equally between the Jonathan’s Pond project and the Schooner Prospect at the Mt. Peyton gold project. The two drill programs are slated to begin in spring 2021, pending government approval.
Targets to be drilled under the program will be based on preliminary analysis carried out by the firms technical team, as well as partner firm GoldSpot Discoveries. Placement of the drills is to follow the same targeting techniques utilized to discover New Found Gold’s Keats Zone at its Queensway project, also located within the exploits subzone.
“The past six months at Exploits has been about consolidation of our land package and historical information, and prioritizing targets. With these permit applications we are shifting to drill planning and testing these targets. These permits form the first of a minimum of 5 drill permits that we intend to have in place when the snow comes off in the spring of 2021.”
Michael Collins, CEO of Exploits Discovery
Drilling at the Schooner prospect is targeting secondary displacement faults coming from that of the Schooner Fault, which is lcoated 3.5 kilometres west and trends subparallel to the Keats Zone at New Found Gold’s property. The target, where twelve holes will be drilled, has been deemed analogous to the Keats Zone due to similarities in the structural control.
At the Jonathan’s Pond project, a total of twelve holes have been applied for that target the JP Vein, which contains visible gold and has assayed samples as high as 29 g/t gold. Targets are to be refined with additional fieldwork while the company awaits permitting.
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Exploits Discovery last traded at $0.43 on the CSE.
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