- Metals of Interest: Gold
- Location: Abitibi Greenstone Belt, Quebec
- Surface Area: 21 mineral claims totaling 1,162.04 hectares
The Newfoundland Discovery Corp. Northbound Property lies in the Abitibi Greenstone of Ontario and Quebec, one of series of gold bearing Archean Greenstone Belts of the Canadian Shield through Northern Quebec and Ontario. Important deposits with the northern Abitibi Belt include Detour Lake, Detour Lake 58 Zone, Casa Berardi and the Fenelon deposit of Wallbridge Gold Mining Ltd. The geology of the northern Abitibi Greenstone Belt is taken from Geological Survey of Canada Map D1860a.
The Southern Star Property is made up of 146 claims which covers approximately 8,100 hectares (81km2). It shares a 7km adjacent border with Midland Exploration’s recent claim acquisition announced April 2, 2020, expanding their Gaudet property.
Northbound Extension extends our Northbound Property in the Abitibi Greenstone of Ontario and Quebec too. This acquisition more than doubles Newfoundland Discovery’s land position near the Fenelon deposit. The extension shares a 2.75km border with the Northbound Property.
Newfoundland Discovery has acquired a key piece of ground in the Abitibi, the Northbound property, contiguous to the north and west of the Wallbridge Fenelon ground.
About the Fenelon Gold Camp
Over the course of last year, Wallbridge Mining has had tremendous recent success in the Fenelon gold camp. Wallbridge drilled 75,000m on their project last year and planned to increase to 100,000 – 120,000m of drilling throughout 2020 en route to their maiden-resource calculation. The Fenelon Project could have the potential to host one of Quebec’s next major open-pitable high-grade gold deposits with the success Wallbridge is having. Last December, they reported drill intercept highlight grading of up to 22.73 g/t Au over 48.01 meters (Wallbridge Dec 3, 2019 press release) and a successful 33,233 tonnes at 18.49 g/t Au bulk sample result which met or exceeded their initial projections in terms of grade and gold recovery. This bulk sample also provided cash flow for their 2019 drilling of 75,000m.
The Jeremie Pluton, a significant igneous intrusion, has been identified as a potential source of gold mineralization in the region associated with Wallbridge Mining’s Fenelon Gold Project and Kirkland Lake’s Detour Mine. Both companies have been actively exploring the Pluton and surrounding area.
The discovery of significant gold deposits in the area could have a significant impact on the mining industry and Canadian economy, making the Pluton’s exploration potential of great interest to Wallbridge Mining and Kirkland Lake Gold.
Last year, Wallbridge’s exploration program tested their 4-kilometre strike length of the Jeremie Pluton contact which trends north-west onto Newfoundland Discovery’s Northbound Property. Wallbridge’s first drill hole (“FA-19-089”) tested the concept that the Jeremie Pluton does host high-grade mineralization similar to that of their Area 51 mineralization. Targeting a structural-geophysical target, Wallbridge successfully extended their high-quality exploration target far into the northern part of their Property.
Wallbridge’s Drill Hole FA-19-089: Located 800m northwest of the currently known western extent of the Fenelon Gold System resulted in 83.18 g/t Au over 0.51m
Wallbridge’s Drill Hole FA-19-095: Located 500m northwest of the currently known western extent of the Fenelon Gold System resulted in 5.05 g/t Au over 1.96m
Newfoundland Discovery’s properties (Northbound, Northbound Extension) are underlain by Jeremie Pluton, an intrusive body becoming increasingly important at the contiguous Wallbridge Fenelon property, as highlighted above. Wallbridge’s exploration in 2019 tested strike extensions to the north of the property of known mineralization from the metasediments and metavolcanics and gabbro into the Jeremie pluton. Wallbridge drilling to date has confirmed the extensions of the gold-bearing mineralized zones well into the pluton and the zones appear to be open further into the pluton.
Cautionary Statements: Newfoundland Discovery cautions investors that mineralization on Wallbridge’s nearby property is not necessarily indicative of similar mineralization on
The Newfoundland Discovery Corp. Southern Star Property is a new property acquisition, with encouraging gold and base metal potential, protects more than 81 km2 of the Brouillan-Fenelon geological Group, which is made up of felsic to mafic volcano-sedimentary rocks. The Bapst Fault marks the contact between the Brouillan-Fenelon Group and the Brouillan intrusive in the SW portion of this property. The Grasset Fault also crosses in part to the NE of the property.
The Bapst Fault runs NW-SE through the SW part of the property. In the South-West section of the property there was a historic silver intercept (SG3-1) along the Bapst Fault. The intercept returned 5.6g/t Ag over 1.4m and 5g/t Ag over 1m within drill holes (Mercier et al., 1996). This silver intercept was targeted within an area of conductor anomalies and a VTEM target identified by Midland Exploration in 2017.
There are two additional distinct electro-magnetic (“EM”) targets located on this property and it covers 11km along the extension of the Lower Detour Fault. There has been little historical work to test these different targets on the property, yet.
Letter of Intent Terms
Pursuant to the LOI dated April 16th, 2020, Newfoundland Discovery can acquire a 100% interest, subject to a 3% net smelter returns royalty, in the Southern Star property from the vendors by paying a $12,500 non-refundable deposit and, subject to regulatory acceptance, issuing 450,100 common shares.
Newfoundland Discovery can purchase 2% (or 2/3) of the net smelter returns royalty at any time for $3,000,000.
Properties close to the Sunday Lake Deformation Zone, associated with Wallbridge’s Fenelon Gold Deposit and Kirkland Lake’s Detour Deposit, are highly desirable due to their geological significance and potential for gold. Kirkland Lake’s Detour Mine, the second largest gold mine in Canada, has the largest gold reserves and a 22-year life of mine with room for growth. Wallbridge’s Fenelon Project is set to be the next producing gold mine in the area due to its strategic location and exploration success.
This region’s rich mining history and geological significance continue to attract interest from investors and mining companies, with ongoing exploration expected to benefit the mining industry and Canada’s economy.
Newfoundland Discovery’s strategic property package is along the detour belt that has hosted some world class mines and deposits:
- Fenelon (Wallbridge Mining Company Limited): 2018-2019 bulk sampling provided 33,233 tonnes at 18.49 g/t Au. 100-120,000 meters of expansion drilling planned for 2020. (Source: Wallbridge Website)
- Martiniere / Bug Lake Gold Zones (Balmoral Resources): “In March of 2018 Balmoral published an initial resource estimate for the Martiniere Gold System on the property which outlined 591,000 ounces in the Indicated resource category and an additional 54,000 ounces in the Inferred Category.” (Source: Balmoral Website)
- Detour Lake Mine (Kirkland Lake Gold.): The Detour Lake mine hosts gold reserves of 15.61 million ounces of gold.
- B-26 Property (SOQUEM Inc.): “A resource estimate was completed in March 2018. The indicated resources of the polymetallic deposit are estimated to be 6.97 Mt at 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43 g/t Ag, and the inferred resources stand at 4.41 Mt at 2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9 g/t Ag. Favourable horizons elsewhere on the property remain untested.” (Source: SOQUEM’s web site).
Newfoundland Discovery’s Regional Map of the Detour Lake Trend
Cautionary Statements: Mineralization occurring at the mines and deposits listed above is not necessarily representative of mineralization that may be found on projects held by Newfoundland Discovery described within.
Donald Théberge, P.Eng., M.B.A, is the Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the technical content of this news release on behalf of the Company.