Vancouver, British Columbia–(Newsfile Corp. – September 2, 2020) – Quadro Resources Ltd. (TSXV: QRO) (OTCQB: QDROF) (FSE: G4O2) (“Quadro” or the “Company”) is pleased to report results from recent exploration activities on its Long Lake and Costigan Lake properties in Central Newfoundland. The results include an assay of 33.65 grams per tonne (g/t) Au from angular quartz float on the Long Lake claims and 8.66 g/t Au from the Costigan Lake area. The Long Lake property is located immediately north of Marathon Gold’s Valentine Lake deposits.
Quadro’s Long Lake property is located along a possible splay of the auriferous Cape Ray Fault, described as one of the most prospective but underexplored regions in Canada, with excellent geology, multiple new gold zones and (68 sq. km) large land holdings (see Quadro’s news release dated April 28, 2020). Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company’s property.
A total of 117 rock samples were collected during the initial Long Lake program and was focused on areas with anomalous Au-in-soils and tills delineated from historic work as well as areas underlain by a diorite/monzonite geological unit, similar to the host rock at the Valentine Lake deposits. A field description of the two highly anomalous samples follows:
● Sample # 480450 – 33.65 g/t Au – 30 cm by 30 cm slab of angular quartz float with 12% disseminated pyrite. The underlying geology is mapped as diorite/monzonite.
● Sample # 480438 – 8.66 g/t Au – grab sample of a quartz veined sedimentary unit (outcrop). Underlying geology is mapped as part of the Tulks volcanic/sedimentary belt.
(Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property. The “float” sample is a non in situ sample and not necessarily from a proximal bedrock source).
Quadro acquired through staking an additional 30 units in two licenses to cover the strike extension of the geology underlying the quartz float. The follow-up sampling and prospecting program will be extended to these new claims.
Follow-up mapping and sampling is in progress, focused on the monzonite unit. A number of samples have been delivered for analysis and the sampling will also include an orientation soil sampling program. An excavator has been mobilized to the Tower Grid area and trenching is in progress. The focus in this program is to better understand the source of the highly anomalous Au-in-till anomaly which had up to 4.53 g/t Au in Heavy Mineral Concentrate and included numerous grains of pristine gold grains (see Quadro press release dated November 28, 2019). Results from this ongoing program will be released as they become available.
Qualified Person – Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Wayne Reid, P. Geo., VP Exploration for Quadro, and a qualified person under National Instrument (“NI”) 43-101.
QA/QC – Analyses in this release were performed by Eastern Analytical of Springdale, NL, with ISO 17025 accreditation. Samples were transported by company personnel to Eastern and all samples were assayed using industry-standard assay techniques for gold and ICP-34 for other trace elements. Gold was analyzed by a standard 30 gram fire assay with an AA finish.
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 and PGE in North America. Quadro has approximately 50 million shares outstanding. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn and Conche properties and has an option to earn a 100% interest in the Long Lake property in Newfoundland and an option to earn a 70% interest in the Seagull Lake property in Ontario.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
“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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63042
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