Quadro Resources Ltd. (TSXV: QRO) (OTCQB: QDROF) (FSE: G4O2) ("Quadro" or the "Company") is pleased to announce the remaining assay results from its 2021 Staghorn gold project, Newfoundland. Further to its November 18, 2021, news release, in which the Company announced the discovery of a new gold zone intersected from the inaugural exploration drill program at its Long Lake property, in Central Newfoundland, Quadro's assays results from four drill holes at Staghorn remained overdue due to assay lab-related delays. After completing the Long Lake drilling, the drill was mobilized to Quadro's Staghorn property where an additional 891 meters were completed in four holes at the southwest end of the Marks Pond zone.
Figure 1: Quadro's Staghorn and Long Lake/Tulks South projects, Newfoundland.
To view an enhanced version of Figure 1, please visit:
These assay results are reported below. Highlights include:
- MP21-021: A high of 29.1 g/t Au over 0.35m within a 57.0 m wide zone grading 0.33 g/t Au. and 1st definitive visible gold, below the main zone.
- MP21-023: 1.95g/t Au over 6m.
- MP21-024: An intercept of 1.1 g/t Au over 5.0m including 1.8 g/t Au over 3.0m, thus extending the Marks Pond Horizon 200 m to the southwest for a total of 626m strike length.
Table 1 - Drill Results from 2021 Staghorn Drilling - Mark's Pond Gold Target
|Survey||Azimuth/Dip||From (m)||To (m)||Intercept (m)||Grade in g/t||Comments|
|MP21-021||330/-55||168||255||57||0.33||Undercut of Discovery Hole|
|MP21-022||330/-55||156||163||7||0.61||Undercut of MP21-11|
|MP21-023||320/-62||156||158||2||1||Undercut of MP20-09|
|MP21-024||320/-65||121.3||131||9.7||0.62||200m step-out from previous drilling|
* Reported drill intercepts are not true widths. At this time there is insufficient data to calculate true orientations.
Figure 2: Mark's Pond, Staghorn, Newfoundland.
To view an enhanced version of Figure 2, please visit:
Marathon Gold's Valentine Lake deposits are located proximate to the Quadro claims. (Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). (N.I. 43-101 Technical Report & Pre-Feasibility Study on the Valentine Gold Project Newfoundland and Labrador, Canada Report date: April 21, 2020 Effective date: April 18, 2020 Prepared for: Marathon Gold Corporation 10 King St. East, Suite 501, Toronto, ON, M5C 1C3 Prepared by: Ausenco Engineering Canada).
(Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company's property).
From T. Barry Coughlan (CEO): "With these latest assays following on 2021's earlier drilling at Staghorn [see Quadro's news release dated May 25, 2021], the Marks Pond Gold Horizon has been extended to over 600m in strike length and has proven continuity down dip, however the grades of the plus 20 m wide zone have not shown any improvement over the earlier drilling. The most significant aspect of the program was the discovery of a lower zone of high-grade mineralization with visible gold below the main zone. Additional drilling is planned to follow up on the high-grade lower zone and wide step out drilling on the Marks Pond Horizon where a number of gold-in-soil anomalies remain to be tested. We look forward to developing the Staghorn targets, in conjunction with the new gold discovery at the Long Lake project, further in 2022."
Quadro has implemented a quality control program on its drill programs at the Staghorn Project to ensure best practice in sampling and analysis. Quadro maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Actlabs of Ancaster, ON, with ISO 17025 accreditation. All samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.
Quadro acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Qualified Person - Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.
About Quadro Resources - Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in North America. The Company's shares trade on the TSX Venture Exchange under the symbol "QRO". Quadro owns a 100% interest in the Staghorn property, has an option to earn a 100% interest in the Long Lake and Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.
On behalf of the board of directors,
Quadro Resources Ltd.
"T. Barry Coughlan"
President and CEO
Tel (604) 644-9561
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections." For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
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