Exploits Announces Assay Results from Bullseye Drill Holes BE-23-018 & BE-23-020 to 029

August 14, 2023 6:00 AM EDT | Source: Exploits Discovery Corp.

Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce assay results from diamond drill holes BE-23-018 and BE-23-020 to 029 on its 100% owned Bullseye property located along the Appleton Fault Zone ("AFZ") located approximately 200 metres east of New Found Gold's recently reported high-grade intercepts at its Everest gold zone in central Newfoundland.

Highlights Include:

  • BE-23-028 encountered several clusters of quartz veining over approximately 18 metres in core-length as well as localized fault zones with associated sulfide enrichment.

  • Extensive sampling of these zones has generated gold assays up to 14.59 g/t Au.

  • The results and location of BE-23-028 suggest the potential extension of gold mineralization at Everest as reported by New Found Gold on May 10, 2023.

  • Select intercepts from BE-23-028 include:
    • 4.08 g/t Au over 1.60 m core-length, located at a vertical depth of approximately 75 m below surface.
      • Including 8.16 g/t Au contribution from a 0.70 m sample.
    • 4.85 g/t Au over 0.75 m core-length, located at a vertical depth of approximately 185 m below surface.
    • 14.59 g/t Au over 1.00 m core-length, located at a vertical depth of approximately 186 m below surface.
  • Mineralization remains open in all directions.

  • Assay results from 29 of the 30 drill holes have been received and publicly reported to date. The results from drill hole BE-23-030 are pending.

Ken Tylee, Vice President (Exploration), comments on Hole # 28: "We are excited to see several clusters of veining up to 18 metres in length hosting locally anomalous gold values reaching 14 g/t. These intercepts suggest that Hole 28 has encountered an extension of the Everest mineralized system announced by our neighbours on May 10, 2023, possibly tracking eastwards into our Bullseye claims. We will be looking to follow up these encouraging results as we plan for our second phase of drilling."

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Figure 1: Plan map displays Exploits' Bullseye property with locations of drill holes including BE-23-018 and BE-23-020 to 029 shown within yellow dashed box.

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Figure 2: Plan map showing Exploits' assay results from the 2023 diamond drilling program at Bullseye.

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Figure 3: Cross-section of the Horseshoe gold mineralized zone.

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Figure 4: Example of gold mineralization within clusters of quartz veins in drill hole BE-23-028.

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 Bullseye (Horseshoe) Interpretation:

Mineralization at the Bullseye property is hosted within a fold-thrust sequence of northeast-striking, steeply dipping, turbidite sequence. These rocks were deposited and deformed during the closure of the Iapetus Ocean and subsequent continent-continent collision. The Appleton Fault Zone is a regional scale deformation zone that developed during this period. The AFZ likely serves as a primary conduit for gold-bearing fluids. Brittle faults within the envelope surrounding the AFZ form a vast network of gold rich quartz veins.

Visible gold has been noted within 8 drill holes contributing to the locally high-grade intercepts. Several wide intervals of gold mineralization, in the 1.00 - 3.00 g/t range, are linked to quartz veining with elevated sulphide content. Notable sulphide minerals, such as pyrite, arsenopyrite, and boulangerite have been observed within the veins and in the surrounding host rocks. Within the Horseshoe zone, visible gold is found in brecciated and locally annealed vuggy quartz veins, features characteristic of epizonal gold deposits.

Bullseye Drilling - Tables of Selected Assays

Table 1: Selected drill assays

Bullseye Drilling 2023 - Selected Assays (Exceeding 1.00 g/t Au Value) from Sawn NQ Drill Core
Hole ID  From (m)   To (m)   Sample Length (m)  Vertical Depth (m) Below Surface Analysis Method  Au Assay (ppb)*   Au Assay (g/t)  Au - Weighted Average Grade (g/t )**
BE-23-018 439.00      439.55   0.55 ~330m FA-AA 1,307.00 1.31 1.31 g/t Au over 0.55m
BE-23-020 37.55        38.10       0.55 ~30m Screen-Met 4,837.41   4.84 4.84 g/t Au over 0.55m
AND 286.00      287.00  1.00 ~225 FA-AA 1,724.00 1.72 1.47 g/t Au over 2.00m
287.00      288.00               1.00 1,214.00 1.21
AND 377.75      378.60       0.85 ~295m FA-AA 1,088.00 1.09 1.09 g/t Au over 0.85m
BE-23-021 234.35      235.05       0.70 ~165m FA-AA 5,098.00    5.10 5.10 g/t Au over 0.70m
BE-23-022 243.35      243.70  0.35 ~180m FA-AA 6,402.00 6.40 6.40 g/t Au over 0.35m
BE-23-023    144.35      145.00                   0.65 ~105 Screen-Met 5,247.08    5.25 1.88 g/t Au over 4.55m
 145.00      145.35               0.35            1,804.71 1.80
      145.35      146.00              0.65               862.26                   0.86
   146.00      146.65                0.65         2,769.04              2.77
  146.65      147.45         0.80               479.63                 0.48
147.45      148.00               0.55            1,098.88              1.10
   148.00      148.90                   0.90        1,265.41                1.27
BE-23-024 175.50      176.00  0.50 ~110m FA-AA 1,027.00 1.03 1.03 g/t Au over 0.50m
AND 218.90      219.65      0.75 ~137m FA-AA 1,171.00 1.17 1.17 g/t Au over 0.75m
BE-23-025 75.05        75.55   0.50 ~55m FA-AA 1,105.00 1.11 0.90 g/t Au over 1.35m
75.55        76.00   0.45 321.00 0.32
76.00        76.40    0.40 1,284.00  1.28
BE-23-026 283.25      283.65 0.40 ~200m FA-AA 943.00 0.94 0.94 g/t Au over 0.40m***
BE-23-027 301.20      301.80       0.60 ~200m Screen-Met 960.50  0.96 1.61 g/t Au over 2.05m
301.80      302.75   0.95 2,381.89     2.38
302.75      303.25    0.50    936.92      0.94
BE-23-028 77.45        78.00     0.55 ~55m FA-AA 1,406.00   1.41 1.41 g/t Au over 0.55m
AND 102.10      102.45     0.35 ~75m Screen-Met          1,452.74  1.45 4.08 g/t Au over 1.60m
102.45      103.00         0.55 549.60 0.55
103.00      103.70      0.70 8,158.83 8.16
AND 253.70      254.45           0.75 ~185m Screen-Met 4,849.34 4.85 4.85 g/t Au over 0.75m
AND 255.30      256.30    1.00 ~186m Screen-Met 14,589.07 14.59 14.59 g/t Au over 1.00m
AND 302.05      302.40         0.35 ~225m Screen-Met 1,537.97 1.54 1.17 g/t Au over 1.95m
302.40      302.90     0.50 1,893.87 1.89
302.90      303.60 0.70 512.56 0.51
303.60      304.00         0.40 1,090.85    1.09
AND 307.40      308.35          0.95 ~228m Screen-Met 2,502.79   2.50 2.59 g/t Au over 3.45m
308.35      309.05            0.70 1,585.07  1.59
309.05      310.00    0.95 4,164.00 4.16
310.00      310.85  0.85 1,754.98  1.75
AND 340.60      341.45  0.85 ~250m FA 1,523.00 1.52 1.52 g/t Au over 0.85m
BE-23-029 302.45      303.00      0.55 ~215m FA 834.00 0.83 0.83 g/t Au over 0.55m***
*Assays reported direct from lab certificate. Screen-Met samples are 'Weighted Averaged ppb' as calculated from lab
**All intersections are core intervals and do not represent true thickness
***Highest assay value from drill hole


Table 2: Drill Collar Data

Bullseye - Collar Information for Reported Drill Holes 
Hole ID Easting Northing Elevation (m) Azimuth Dip Length (m)
BE-23-018 659597 5431025 38 45 -45 445
BE-23-020 659622 5430992 37 195 -50 418
BE-23-021 659621 5430756 43 328 -48 400
BE-23-022 659601 5430736 43 335 -50 293
BE-23-023 660056 5431254 36 300 -45 463
BE-23-024 660039 5431335 21 300 -45 388
BE-23-025 660040 5431186 21 300 -45 367
BE-23-026 659738 5430874 40 335 -45 394
BE-23-027 659672 5430723 44 275 -45 400
BE-23-028 659663 5430710 44 190 -45 403
BE-23-029 659779 5430743 43 300 -45 451
Coordinates Reported in NAD-83


Bullseye Gold Property

The Bullseye claims were staked by Exploits in September 2022, and are contiguous to the very active targets currently being drilled by both New Found Gold and Labrador Gold. The claims are considered by the Company's geologists to be highly prospective because they directly overlay a 1,200 by 400 metre segment of the Appleton Fault and its related splay structures. Over a dozen exploration drill rigs have been employed by the three companies operating within this structural-stratigraphic setting over the past two years.

Quality Assurance - Quality Control ("QA/QC")

All prospective NQ core is logged and delineated for sampling by an Exploits' professional geologist. The core is subsequently halved by a diamond-bladed core saw by the Company's technicians with one half being placed in a bag with a unique sample identification. The remaining half core is retained within the Company's secure storage facility in Gander, NL. Sample bags are sealed and then shipped directly to Eastern Analytical Ltd. Certified standards and blanks are inserted at defined intervals following the Company's QA/QC documented procedures, representing approximately 5% of all samples sent for assaying. All core samples are currently analyzed at Eastern Analytical Ltd. of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits. Samples are analyzed using fire assay (30g) with AA finish (Au-FAA 30 ppb process) and/or a four-acid digestion followed by multi-element ICP-OES analysis. All samples with visible gold or assaying above 10.0 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Metallic screen assays are reported as 'Weighted Averaged ppb' directly calculated from the lab.

National Instrument 43-101 Disclosure

Ken Tylee, P.Geo., VP of Exploration with Exploits, is a qualified person within the Provinces of Ontario and Newfoundland and Labrador as defined by NI 43-101. Mr. Tylee has reviewed and approved the technical information presented herein.

About Exploits Discovery Corp.

Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. The Company is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold's success along the Appleton Fault zone and parallel structures within the Exploits Subzone.

Exploits is utilizing its experienced, talented local team and geologic understanding with the vision to become one of the most successful explorers in Canada.

On Behalf of the Board

/s/ "Jeff Swinoga"
President and CEO

For more information, please contact:

Shanda Kilborn
VP, Investor Relations
+1 (778) 819-2708

Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. 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 save as required by applicable law.


Exploits Discovery would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.

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