Quadro Resources to acquire Careless Cove, Yellow Fox properties in Newfoundland

“The two properties form an exciting addition to our project portfolio in Newfoundland,” T. Barry Coughlan, Quadro Resources president and CEO, said in a media statement. “Whereas our Victoria Lake projects are focused on the gold-rich Cape Ray Fault system, described as one of the most prospective but under-explored regions in Canada, the Careless Cove and Yellow Fox properties are located to the northeast, and are adjacent to New Found Gold Corp.’s claims, which have seen promising early results.”

According to Coughlan, recent prospecting carried out at Careless Cove uncovered mineralization comprising quartz breccia with disseminated and vein hosted pyrite/arsenopyrite with minor stibnite. Three samples taken from outcrop assays yielded 7.39 g/t Au, 0.47 g/t Au, and 4.15 g/t Au.

The executive also said that although no new sampling was carried out at Yellow Fox, previous sampling performed by MEK in 2011 resulted in a concentration of highly anomalous gold values with one sample returning an assay of 59.413 g/t Au.

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