Toronto, NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD, OTC: NEWDF, FSE: M4K-FF) (“Newfoundland Discovery” or the “Company”) is pleased to announce that it has entered into a property option agreement with Prospector Metals Corp. (“Prospector”) in which the Company may earn up to a 100% interest in the Schefferville Gold Project, which consists of the Sable and Hamard Blocks (“Schefferville Project”).
Schefferville Gold Project Highlights:
- Project wide, approximately 53 gold occurrences grading from 1 g/t Au up to 171.5 g/t Au in mineralized iron formations have been documented historically (Figure 1). Only three of these 53 mineralized prospect areas have been historically drill-tested. And a total of 27 short diamond drill holes have been completed on these prospects yielded results including 23 g/t Au over 19.55 m, 10.21 g/t over 2.03 m and 1.05 g/t Au over 12.55 m.
- A Phase 1 exploration program was completed by Prospector in July 2022 from a newly built exploration camp. The exploration program was comprised of a detailed high-resolution helicopter aeromagnetic survey (“airborne geophysic survey”) over the central portion of the Sable claim block followed by mapping, stripping and channel sampling at its Arsene, Baleine Rouge, and Wolf target zones, as well as prospecting and ground truthing of additional high-priority targets. Assays from Prospector’s Phase 1 remain pending and together with the new airborne magnetic data will help delineate drill targets for Phase 2.
- Priority targets identified in the Phase 1 exploration program are to be drilled (up to 3,500m) during the Phase 2 program in the fall of 2022, with NEWD committing a minimum of $1.3M to this program.
- Prospector will be the operator and undertake all exploration and development programs on the Schefferville Gold Project and are entitled to a 5% management fee on all expenditures incurred on the property.
Jeremy Prinsen, President & CEO of Newfoundland Discovery, states: “We are excited to enter this earn-in agreement for the Schefferville Project in Quebec. Prospector’s Management and Technical Team is led by a strong and accomplished leadership team which have done an excellent job in moving this district-scale project forward into being drill ready. We are fortunate to have shared synergies between the companies and are looking forward to working together in moving this project forward.”
Source : Newfoundlanddiscovery