- Newfoundland Discovery Corp. (NEWD) has signed option agreements with Gitennes Exploration Inc. to acquire two projects
- Gitennes granted Newfoundland Discovery the option to acquire up to an 85 per cent interest in two projects located in the Chapais-Chibougamau Area, Quebec
- These are the JMW and Maxwell projects
- Newfoundland Discovery Corp. 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
- Newfoundland Discovery Corp. was up 11.11 per cent, trading at $0.05 at 11:42 ET
Newfoundland Discovery Corp. (NEWD) has signed option agreements with Gitennes Exploration Inc. to acquire two projects.
According to the agreements, Gitennes granted Newfoundland Discovery the option to acquire up to an 85 per cent interest in two projects located in the Chapais-Chibougamau Area, Quebec. These are the JMW and Maxwell projects.
The JMW Property lies along the Guercherville Deformation zone, which is host to several past producing mines as well as Iamgold’s Nelligan deposit that hosts approximately 3.1 million ounces of gold.
The JMW Property has gold mineralization and visible gold in drill holes associated with the deformation zone. Gold has also been observed in intrusive rocks to the north of the deformation zone.
Additionally, a target on JMW is the sediments which is the host rock for the neighbouring Nelligan deposit.
The Maxwell Project is approximately 15 km to the northeast of JMW and close to Iamgold’s Monster Lake deposit that hosts 433,000 ounces of gold.
Maxwell has several occurrences of gold in both the fine and heavy fractions of glacial tills, and the gold in tills is associated with mapped structures.
The structures are northeast-trending, similar to Iamgold’s Nelligan property.
Maxwell has seen very little exploration, and several Electro-Magnetic geophysical anomalies remain untested.
Newfoundland Discovery Corp. 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.
Newfoundland Discovery Corp. was up 11.11 per cent, trading at $0.05 at 11:42 ET.
