FinancialBuzz.com News Commentary
New York, NY (3/9/2021) – Gold prices rebounded about 2% on Tuesday, surpassing the key price mark of USD 1,700 and posted their first gain in five sessions. The yellow metal’s recovery is attributed to a fall in the dollar value and a pullback in yields for government debt from one-year highs. “Given the metal’s zero-yielding nature, falling yields may provide a tailwind for bulls to elevate prices higher,” said Lukman Otunuga, Senior Research Analyst at FXTM, according to a report by CNBC. While gold is considered a hedge against potential inflation from massive economic stimulus measures, rising bond yields have challenged that status, which is why gold prices had been dropping prior to Tuesday. Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF), Gold Fields Ltd. (NYSE: GFI), Great Panther Mining Limited (NYSE: GPL), Equinox Gold Corp. (NYSE: EQX), Galiano Gold Inc. (NYSE: GAU)
Technological innovations have also had an impact on gold demand as well. Certain financial services, through which gold can be purchased, have shared recent developments designed to make gold trading easier and more accessible to a wider demographic. For example, the British-based Glint Pay Services announced a new peer-to-peer payment service which allows users to send various amounts of gold directly to each other, all within the company’s app. “Glint’s P2P technology enables gold, trusted globally, to be used as money in electronic payments beyond the existing fiat money system; it frees us all from the whims of government-issued currencies,” said Glint CEO and founder Jason Cozens.
Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) just announce breaking news that, “the Company has received full permitting from the Newfoundland and Labrador Government for drilling at its True Grit Gold Project, Newfoundland.
• Exploits has received diamond drilling permits for 12 holes totaling 3,000 metres at the True Grit Gold Project.
• The drill program will focus on high grade gold targets within a halo (2.6km/800m wide surficial Au-As-Sb soil anomaly) with historic wide-low grade drill intercepts, including 0.60 g/t Au over 117m incl. 0.83 g/t over 26m from surface.
• Exploits’ refined targets were defined by mapping, SGH soil sampling and a high resolution, VTEM geophysical survey that the company recently flew over the property. Historic drilling has been identified to occur on the fringes of the anomalies that have been newly defined by the Company, indicating the main anomalous bodies were not tested.
• Sampled in the fall of 2020 identified a west-northwest trending quartz vein which returned a value of 15.6 g/t Au over 1 metre, This vein orientation coincides with high grade gold mineralization at Jonthan’s pond and is sub-parallel to historic drill at True Grit. This program will drill oblique to the inferred high grade structures to be able to intersect both high grade and low grade targets.
• Exploits also has drill applications pending on the Quinlan Veins, Schooner prospect, Little Joanna prospect and the Jonathan’s Pond project. Inaugural drilling programs will commence in Spring 2021.
Michael Collins, President and Chief Executive Officer of Exploits, commented: “With receipt of drill permitting for the True Grit project, Exploits is excited to ramp up into the next phase of exploration on this project. 2020 was all about prospecting, SGH soil, rock sampling and integrating old and new geophysical surveys. 2021 will focus on integration of high resolution Geophysic, drill targeting with our partners at GoldSpot Discoveries Corp. and drilling for discovery in 2021.”
About 2021 Diamond Drilling
Exploits has identified 5 discrete targets across their projects within the Exploits Subzone that are nearing drill ready status. These targets are named the Quinlan Veins, True Grit, Little Joanna Veins, Schooner, and Jonathan’s Pond. To date, drill permits have been approved for the True Grit Project, totalling 12 holes for an estimated length of 3,000 metres. Four drill applications are still pending and are expected to be through the approval process shortly.
12 holes (3,000m) were approved for the True Grit project. Historic wide, low grade, gold intercepts including 0.60 g/t Au over 117m from surface (Moydow Mines, 2005) are being slated for follow up. Exploits’ 2020 SGH soil survey combined with the newly flown, high resolution geophysics have provided context to the historical drill intercepts, optimizing targets for drilling in the area.
With limited outcrop on the project, historical drilling was focused on a 2.6 kilometre by 0.80 kilometre gold in soil anomaly and channel sampling along a ridge of minor outcrop, which contained channel samples of up to 15.6 g/t Au over 1.0 metres (Teck, 1990). From these results, Exploits believes there is potential for a low grade system with high grade quartz veins within the body. Updated field techniques such as SGH soils and high resolution airborne VTEM geophysics, which was undertaken in late 2020 and early 2021, have identified a larger footprint to the historic drill targets and that drilling took place on the fringes of the newly defined targets, which the company is looking forward to testing.
The True Grit Property is 100% owned by Exploits Discovery and is easily accessible, located only 2 km west of the junction of the Harbour Breton (Route 360) and St. Alban’s highways (Route 361) in the Baie d’ Espoir area of Newfoundland’s Exploits Subzone.
Quality Assurance – Quality Control (“QA/QC”)
All rock samples are collected by company personnel and bagged in the field with a sample tags for identification. The bags are sealed with tape and kept secure at a company facility until they are transported directly to the lab by Exploits staff.