- Newfoundland Discovery Corp. has signed a purchase agreement for a 100 per cent interest in the Robinson’s Salt Property
- Historic drill hole RS-001 on the property discovered high-grade salt of 86.9 per cent NaCl of 250.5 metres in length from 217 to 467.5 metres at depth, which is considered shallow relative to the degree of thickness of the salt layer
- The property is located on the southwestern coast of Newfoundland, Canada and comprises two mineral licenses, totalling 10 claim blocks. Mineral claims encompass 2.5 sq km within the Codroy Group, likely to contain a continuous salt layer
- Newfoundland Discovery (NEWD) is up 26.67 per cent and is currently trading at $ 0.095 per share as of 9:44 am ET
Newfoundland Discovery Corp. (NEWD) has signed a purchase agreement for a 100 per cent interest in the Robinson’s Salt Property.
Historic drill hole RS-001 on the property discovered high-grade salt of 86.9 per cent NaCl of 250.5 metres in length from 217 to 467.5 metres at depth, which is considered shallow relative to the degree of thickness of the salt layer.
The property is located on the southwestern coast of Newfoundland, Canada and comprises two mineral licenses, totalling 10 claim blocks. Mineral claims encompass 2.5 sq km within the Codroy Group, likely to contain a continuous salt layer.
The property lies along the border of Atlas Salt’s (TSXV:SALT) massive high-grade Great Atlantic Salt Deposit, characterized by significant continuity and shallow deposit rock salt.
It is situated between Atlas Salt’s additional advanced projects, St. Fintan’s salt deposit and Fischell’s Salt Dome, which occur within similar sediments known to host the region’s salt deposits.
The company will issue a total of 2,000,000 common shares upon closing to the vendors. The vendors shall retain a 2 per cent net smelter returns royalty on the property, whereas Newfoundland Discovery could purchase 1 per cent for a price of $1,000,000.
Newfoundland Discovery is a junior Canadian mining exploration company with land positions in Newfoundland and Quebec.
Newfoundland Discovery (NEWD) is up 26.67 per cent and is currently trading at $ 0.095 per share as of 9:44 am ET.
