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Be the first with the news that moves the market- Quadro Resources (TSXV:QRO) has announced its plans for several of its exploration properties
- The newly formed Victoria Lake Project has two exploration properties within it which the company intends to explore
- Long Lake, within Victoria Lake, will be subject to prospecting, geochemistry and trenching
- The company has scheduled infill and step out drilling for other properties this year
- Quadro Resources is up 4 per cent, and is trading for $0.13 per share, with a $4.9 million market cap
Quadro Resources (TSXV:QRO) has announced its plans for its portfolio of exploration projects scattered across Newfoundland, Labrador, and Ontario.
The company recently added the Long Lake gold project in central Newfoundland and the Seagull Lake property in western Ontario to its collection. These additions join Quadro’s flagship Staghorn gold property in Newfoundland.
The company has named the Staghorn Gold property and recently optioned Long Lake property the Victoria Lake Gold Project. The Victoria Lake Gold Project is now Quadro’s big play.
Both properties that make up Victoria Lake cover portions of the Cape Ray Fault. This particular fault hosts a number of other active gold exploration programs, including one run by Marathon Gold.
Quadro’s initial plans for exploration at Victoria Lake will centre around the recently acquired Long Lake claims, on the north boundary of Marathon Gold’s property. Highlights from this property include two areas of gold in-fills (up to 4.53 grams per tonne gold in heavy mineral concentrates).
Unfortunately, the company has not followed up these results, so the true nature of mineralisation at Long Lake remains unknown. The exploration program on Long Lake will consist of prospecting, geochemistry, and excavator trending work. Drilling will follow on after this initial exploration stage.
Staghorn, on the other hand, has returned gold returns of up to 32.15 grams per tonne gold. Limited drilling on the site has returned two gold rich horizons. However, the company has not conducted infill drilling, so the true widths of the zones are not currently known. Still, both returned mineralisation, and the company has scheduled follow up drill testing this year.
Quadro also has an option to acquire 70 per cent of the The Seagull Lake property in Ontario. Seagull has 192 measured mineral claims, but is particularly interested in making a palladium play on the site.
The nearby Impala Canada mine has returned a measured reserve of 73 m tonnes at 2.14 grams per tonne palladium. It is the only currently producing palladium mine in Canada. The company plans to conduct step out drilling on historic mineral zones at Seagull.
Quadro Resources (QRO) is up 4 per cent, and trading at $0.13 per share at 2:54pm EDT.
