Newfoundland Discovery Provides Update on Phase One Exploration of Bursey Property, Newfoundland

2022-02-10 06:37:09

Vancouver, British Columbia–(Newsfile Corp. – February 10, 2022) – NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD) (OTC Pink: NEWDF) (FSE: M4K) (“Newfoundland Discovery” or the “Company”) today provided an update on the first phase of exploration on the Bursey Property (the “Property”) in Newfoundland. The Bursey Property consists of 183 claims covering 4,576 hectares in the Central Newfoundland Gold Belt.

PROJECT UPDATE

Newfoundland Discovery is currently undertaking its first phase exploratory program on the Property with prospecting, geological mapping, soil sampling, and ground geophysics. To date, 1,890 soil samples and eighty-nine (89) rock samples have been collected. Samples have been sent to Eastern Analytical Laboratories in Springdale, NL for assay. The Company eagerly awaits results.

As the Property was previously unexplored, new discoveries include significant zones of mineralization and extensive alteration characteristics associated with gold-bearing quartz veining. Multiple heavy mineralized bedrock and float samples were noted to contain copper while several quartz-carbonate veins with copper and gold pathfinder minerals were located (see Figure 1). These features appear promising for the presence of an orogenic gold-copper mineralization.

Junior Mining NetworkFigure 1. Copper mineralization at Bursey Property.

PROPERTY CLAIM BLOCKS

Junior Mining NetworkFigure 2: Map showing approximate location of Bursey Property within depiction of Central Newfoundland Gold Belt. Property enlarged for clarity.

Junior Mining NetworkFigure 3: Map showing approximate boundaries of Bursey Property with a depiction of its location relative to the GRUB Fault Line.

LOCATION OPPORTUNITY

The Bursey Project is located approximately 16km north-northeast of Gander, Newfoundland. As shown in Figure 4, the Property lies over and adjacent to the Gander River Ultramafic Belt (the “GRUB Fault” or “GRUB”), a significant structural corridor within the Central Newfoundland Gold Belt (the “CNGB”). The GRUB Fault is a crustal scale fault zone that extends over 200km in a southwest trend. Dividing the Gander Zone and the Exploits Subzone, the GRUB is likely a major fluid conduit linked to the CNGB. Its corridor and related splay faulting host the Appleton and Joe Batt’s Pond (JBP) faults, along which lies New Found Gold’s Queensway Project. The Queensway Project contains two (2) gold discoveries and multiple instances of high-grade gold mineralization (New Found Gold Corp. (2021) [1]).

The GRUB, which underlays the Bursey Property, is a carbonatized ultramafic unit with quartz-carbonate veining. The spatial relationship of gold mineralization to fault zones with carbonatized ultramafic rocks implies a comparison to California’s Mother Lode Belt. In this general deposit model, carbonatization of ultramafic rocks along with gold vein development above and within thrusts and faults governs gold exploration.

Provincially, Newfoundland Discovery’s claims are staked proximally or along major crustal scale deformation and fault zones that are integral to the gold deposits of the CNGB. The Company is strategically positioned as a significant landholder in the Newfoundland Gold Rush with 416 claims covering 354 sq. kms (35,400 hectares) across eight (8) key breakthrough project areas. Since initial exploration in the 1980’s, there has been no investigation on the Bursey Property claim blocks.

Junior Mining NetworkFigure 4: Image of Bursey Property along the GRUB Fault with Appleton and JBP faults above sequentially, running parallel and through the Queensway Project. Other Company properties on faults shown.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The QP and the Company have not completed sufficient work to verify the historic information on the properties, particularly regarding historical exploration, neighbouring companies, and government geological work.

Citations

Newfound Gold Corp. (2021). [1] Queensway Project. New Found Gold Corp.

Newfoundland Discovery Corp. (2021, June 3). [2] Great Thunder Acquires Ground in Newfoundland. [Press release]

Newfoundland Discovery Corp. (2021, June 15). [3] Great Thunder Adds Fourth Land Position to Newfoundland Portfolio. [Press release]

Newfoundland Discovery Corp. (2021, July 12). [4] Great Thunder Expands Bursey Property in Newfoundland. [Press release]

About Newfoundland Discovery Corp.

Newfoundland Discovery is a Canadian junior mining exploration company focused on exploration and development along the Detour Gold trend in Quebec and the Central Gold Belt in Newfoundland and Labrador. The Company is one of the largest mineral claim holders in the Detour trend and retains significant landholdings in Newfoundland.

On Behalf of the Board of Directors,
NEWFOUNDLAND DISCOVERY CORP.

Blair Naughty
President, CEO & Director

Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Direct Line: (604) 440-8474

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”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 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.

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