Toronto, July 10, 2023 - Newfoundland Discovery Corp. (CSE: NEWD) (OTC Pink: NEWDF) (FSE: M4K) ("Newfoundland Discovery" or "the Company") is pleased to announce that it has successfully earned-in a 100% interest in the promising Rodger's Cove Project (the "Project") in Newfoundland. This development underscores the Company's commitment to unlocking the full potential of the Project.
Since the commencement of the Rodger's Cove Project, Newfoundland Discovery has been diligent in the execution of its exploration programs. From Phase One exploration, which entailed the collection of 4,576 Horizon B soil samples, to the discovery of three major gold anomalies indicating significant potential for high-grade gold mineralization, the Company has consistently demonstrated its strategic exploration capabilities.
The Rodger's Cove Project, located within the Central Newfoundland Gold Belt, straddles both the JBP Fault and the Appleton Fault. These fault systems are associated with high-grade gold discoveries in the region. The Project shares its neighbourhood with other notable high-grade gold discoveries, including New Found Gold's Queensway Project, Marathon Gold's Valentine Project, and Sokoman Mineral's Moosehead Project.
Newfoundland Discovery's CEO, Jeremy Prinsen, states: "We are proud to announce this milestone in our company's growth. The 100% earn-in of the Rodger's Cove Project exemplifies our determination. Our early findings at the Project indicate a significant potential for high-grade gold mineralization. We are thrilled about our future and the prospects of further uncovering the full extent of the gold-bearing polymetallic vein system within the property."
Following the success of the first exploration phase and the subsequent advancements of Phase Two, which includes further sampling, trenching, channel sampling, the Company is now poised to plan its comprehensive exploration strategy at the Project. This will involve advanced exploration of the high-confidence multi-anomaly targets generated during Phase One to delineate and quantify mineralized zones and their structural features.
Earn-In Agreement Details
The Company earned a 100% interest in the Project by paying a total of $35,000, issuing an aggregate 849,915 common shares, and incurring $250,000 in exploration expenditure on the Project, over a two-year term.
About Newfoundland Discovery Corp.
Newfoundland Discovery Corp. (CSE: NEWD) (OTC Pink: NEWDF) is a dynamic Canadian junior mining exploration Company, with a primary focus on the exploration and development of mineral assets in active Canadian mining districts. Our portfolio of projects includes exciting lithium prospects in the Hearst, Ontario district, a robust portfolio of precious and base metal projects in Newfoundland, and a strategic early-mover foothold on projects in the Detour Lake Gold Mine district of Ontario.
On Behalf of the Board of Directors,
Newfoundland Discovery Corp.
"Jeremy Prinsen"
President, CEO & Director
Corporate Communications
Phone: +1 (236) 513-4653
Email: info@newfoundlanddiscovery.com
Website: www.newfoundlanddiscovery.ca
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
This news release may contain certain "forward-looking statements" within the meaning of applicable securities laws. Such statements include, but are not limited to, statements regarding the Company's exploration plans, results, and objectives. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, exploration risks, commodity prices, market demand, and other factors beyond the Company's control. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172994
