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Newfoundland Discovery Corp. (CSE: NEWD) (OTC PINK: NEWDF) (FSE: M4K) ("Newfoundland Discovery" or the "Company") is pleased to announce that a 1,000-line kilometre airborne Triaxial Gradient Magnetometer ("MAG") survey has commenced on the Maxwell gold property ("Maxwell") in the Chapais-Chibougamau area of Quebec (see location map below). The MAG survey will cover the entire 9,400-hectare property.
Maxwell is a project that the Company entered into an option agreement with Gitennes Exploration Inc. (TSXV: GIT) to acquire up to an 85% interest in on November 3rd, 2022. The project is situated between two of Iamgold Corporation's properties with the Monster Lake high grade gold property six km to the east (see Figure 1). Maxwell has several occurrences of gold in both the fine and heavy fraction of glacial tills and the gold in tills is associated with mapped structures. The structures are northeast trending, similar to Iamgold's Nelligan property. Maxwell has seen very little exploration and several EM geophysical anomalies remain untested.
Figure 1: The Maxwell Property
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The Company has optioned from Gitennes Exploration Inc. the Maxwell and their JMW property in which Newfoundland Discovery can initially earn a 70% interest in each property with the right to earn an additional 15% interest. Newfoundland Discovery is planning to spend approximately $800,000 between the two properties with diamond drilling at JMW anticipated to commence shortly.
Figure 2: Maxwell and JMW properties in the Chapais-Chibougamau area of Quebec
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About Newfoundland Discovery Corp.
Newfoundland Discovery is a Canadian junior mining exploration company focused on exploration and development along the Detour Gold trend in Quebec and the Central Gold Belt in Newfoundland and Labrador. The Company is one of the largest mineral claim holders in the Detour trend and retains significant landholdings in Newfoundland.
On Behalf of the Board of Directors,
Newfoundland Discovery Corp.
"Jeremy Prinsen"
President, CEO & Director
Investor Relations
Email: info@newfoundlanddiscovery.com
Website: www.newfoundlanddiscovery.ca
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
This news release may contain certain "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146411
