Vancouver, Jan 5, 2021 -
Quadro Resources Ltd. (TSXV: QRO) (OTCQB: QDROF) (FSE: G4O2) ("Quadro" or the "Company") is pleased to report results from its fall drill program, completed in November, on the Staghorn Gold Property located in southwestern Newfoundland. A total of 1696 meters was completed in thirteen holes. The drilling tested two of four soil anomalies in the Marks Pond area and attempted to expand on the Ryan's Hammer mineralization previously tested in 2018. There has been no previous drilling carried out on the Marks Pond targets. The highlight of the program was the discovery of a new gold zone at Mark's Pond where hole MP20-02 intersected 10.1 g/t over 1.0m within a wider interval of 3.22 g/t Au over 5.0 m.
These results define a new discovery of gold mineralization along the Cape Ray fault system. The initial intersections exhibit good width and grade potential and the target remains completely open in all directions. The geological setting and mineralization at Marks Pond is similar to that which hosts Marathon Gold's Valentine Lake Deposits. Marathon's mineralization is described as a series of Quartz Tourmaline Pyrite veins occurring within the Valentine Lake intrusive, proximal to the Valentine Lake Shear Zone which juxtaposes the Intrusive Complex against the Silurian Rogerson Lake conglomerate. (Marathon Gold's website). The gold intersections at Marks Pond are characterized as a series of quartz veins and pyrite mineralization within a strongly altered intrusive, within the Cape ray structure. Fine tourmaline has also been recognized in some of the veining.
The initial three holes in the program (MP20-01, 02 and 03) were targeted on soil anomaly "B" (see the Quadro news release dated October 20, 2020) with the first hole collaring in the zone at 5.5 meters. Three later holes (MP20-08, 09 and 10 were drilled to the southwest of the Marks Pond zone in an area of low soil values. Four holes (MP20-04, 05, 06 and 07 were drilled to test soil anomaly "D" located 800 meters to the northeast of the Marks Pond zone. Hole MP20-04 intersected 5.05g/t over 1.0m however the core was extremely broken resulting in significant core loss in the mineralized zone. It is anticipated that the use of controlled drilling using a split core tube could significantly improve the core recovery and future drilling will incorporate these technologies. Another three holes (RH20-01, 02 and 03) were drilled in the Ryan's Hammer area, where the source of high-grade gold-in-float found in the area remains unsolved. Two of these never reached bedrock and were lost after penetrating over 60 meters of overburden.
Results of the drilling are summarized in the table below:
| DDH | Azim/Dip | FROM | TO | INTERVAL (m) | Au g/t | Comments |
| MP20--01 | 330/-45 | 5.5 | 29.0 | 23.50 | 0.48 | Marks Pd soil anomaly "B" |
| incl | | 12.0 | 16.0 | 4.00 | 1.19 | Collared in mineralization |
| and | | 26.0 | 29.0 | 3.00 | 1.02 | |
| MP20-02 | 330/-45 | 73.2 | 96.0 | 22.80 | 1.09 | 65m behind MP20-01 |
| incl | | 76.0 | 88.0 | 12.00 | 1.98 | |
| incl | | 83.0 | 88.0 | 5.00 | 3.22 | |
| incl | | 87.0 | 88.0 | 1.0 | 10.10 | |
| MP20-03 | 330/-45 | 68.0 | 84.0 | 16.00 | 0.85 | 40 m NE of MP20-01 |
| incl | | 69.0 | 72.0 | 3.00 | 2.38 | |
| MP20-04 | 330/-45 | 94.85 | 95.85 | 1.0 | 5.05 | Marks Pd soil anomaly "D"
Significant lost core |
| MP20-05 | 327/-45 | 24.0 | 63.0 | 39.0 | anomalous | Marks Pd soil anomaly "D" |
| MP20-06 | 330/-45 | | | | NSV | Marks Pd soil anomaly "D" |
| MP20-07 | 330/-45 | | | | NSV | Marks Pd soil anomaly "D" |
| MP20-08 | 275/-45 | | | | NSV | West part of diorite unit |
| MP20-09 | 320/-45 | | | | NSV | South of A zone |
| MP20-10 | 320/-45 | 99.9 | 100.35 | 0.45 | 3.63 | 140 m southwest of A Zone, significant lost core |
| RH20-01 | 340/-45 | | | | | Ryan's Hammer
Lost hole in overburden |
| RH20-02 | 340/-50 | | | | | Ryan's Hammer
Lost hole in overburden |
| RH20-03 | 332/-55 | | | | NSV | 700 m W of Ryan's Hammer |
Table 1 - Initial results 2020 drilling Staghorn Project (Note - All widths quoted are drill intervals and not true widths. NSV - No Significant Values).
Follow-up drilling is planned for a February, 2021 start and will concentrate on the Marks Pond area. Winter conditions will allow for easier access to do step out drilling on the new zone and allow for testing of the other soil anomalies in the area.
T. Barry Coughlan (CEO & President) commented: "We are very pleased with these early results from the Marks Pond zone at our Staghorn gold property and we plan to continue drilling at Marks Pond in early-2021. In addition, we will continue surface exploration work at our Long Lake property, with drilling planned there in Q2 2021. Both properties are proximal to Marathon Gold Corp.'s Valentine Lake gold project. The Company will also prepare an exploration program including drilling at our Seagull platinum palladium project in Ontario in Q1 2021. We are extremely excited with our recent drilling results and we look forward to a promising 2021 exploration year."
The Staghorn claims are located within the auriferous "Cape Ray Fault Corridor", 30 km southwest of Marathon Gold's Valentine Lake deposits. (Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). (N.I. 43-101 TECHNICAL REPORT & PRE-FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT Newfoundland and Labrador, Canada Report date: April 21, 2020 Effective date: April 18, 2020 Prepared for: Marathon Gold Corporation 10 King St. East, Suite 501, Toronto, ON, M5C 1C3 Prepared by: Ausenco Engineering Canada). Other hot spots along this corridor include Matador Mining's Cape Ray deposits and Sokoman Minerals' Moosehead project where an on-going drill program has produced intersections up to 44.96 g/t Au over 11.9m (Sokoman Minerals' news release dated Oct 1, 2018).
(Mineralization hosted on these established operations is not necessarily indicative or representative of the mineralization that may be hosted on the Company's property).
Quadro Resources Ltd. acknowledges the financial support of the JEA Program, administered by Department of Natural Resources, Government of Newfoundland and Labrador.
Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.
QA/QC - Quadro has implemented a quality control program on its drill programs at the Staghorn Project to ensure best practice in sampling and analysis. Quadro maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Eastern Analytical of Springdale, NL with ISO 17025 accreditation. Samples were transported in sealed bags to Eastern and all samples were assayed using industry-standard assay techniques for gold. 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. The Company's shares trade on the TSX Venture Exchange under the symbol "QRO". Quadro owns a 100% interest in the Staghorn property and has an option to earn a 100% interest in the Long Lake and Yellow Fox/Careless Cove properties in Newfoundland, and has 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
Tel (778) 373-6734
Tel (604) 644-9561
info@quadroresources.com
"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.
