Exploits Discovery cuts visible gold at Bullseye project in Newfoundland

Drill hole BE-23-005 cut 3.5 metres grading 12.6 grams gold per tonne from 20 metres depth including 0.5 metre grading 68.4 grams gold, Exploits said in a news release on Wednesday. The assay showed five occurrences of visible gold within veining at 27.5 metres to 28.2 metres downhole, it said.  

“It’s impressive to see visible gold again in our fifth hole, 45 metres away from the 14.2-gram intercept reported in our first hole drilled at Bullseye,” Ken Tylee, vice-president of exploration, said in the release. “We are excited to find these locally high-grade vein sets at such an early exploration stage coming from a property with no previous drilling history.” 

The Bullseye property tellingly lies near the centre of a Newfoundland gold exploration surge just west of Gander. The property abuts the Queensway project held by New Found Gold (TSXV: NFG), which owns about 11% of Exploits. Also next door is Labrador Gold (CVE: LAB) with its Golden Glove and Big Vein sites. The region’s most advanced project is Marathon Gold’s (TSX: MOZ) $500-million Valentine open pit operation under construction.  

Exploits has drilled 15 holes so far, amounting to 5,128 metres along the company’s 1.2 km of the Appleton fault. It’s one of several in the area — the Valentine, Dog Bay, and the Gander River Ultramafic Belt or GRUB — that line up with gold deposits on the other side of the Atlantic Ocean in Europe.  

Other recent highlights include hole BE-23-004, which cut 0.6 metre grading 2.5 grams gold from 52 metres depth, and 0.6 metre grading 2 grams gold from 117 metres below the surface. Hole BE-23-006 returned 1.2 metres grading 2.3 grams gold from a vertical depth of 40 metres, Exploits said. 

Shares in Exploits Discovery fell 2.3% to 22¢ apiece on Wednesday in Toronto, within a range of 13¢ to 44¢, valuing the company at $28.8 million.