Business
Newfoundland Discovery Announces Corporate Developments Under New CEO
Toronto, Ontario--(Newsfile Corp. - March 20, 2023) - NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD) (OTC PINK: NEWDF) (FSE: M4K) ("Newfoundland Discovery" or the "Co
About this update from Newfoundland Discovery Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - March 20, 2023) - NEWFOUNDLAND DISCOVERY CORP. (CSE: NEWD) (OTC PINK: NEWDF) (FSE: M4K) (\"Newfoundland Discovery\" or the \"Company\") is pleased to provide significant updates regarding the Company's operations and strategic direction under the leadership of its new CEO, Jeremy Prinsen. Hand-selected by outgoing CEO Blair Naughty, Jeremy has made a remarkable impact on the Company since his appointment. With Mr. Naughty remaining a long-term shareholder and ardent supporter, Newfoundland Discovery is poised for a very active 2023. Property Portfolio Evaluation Following a comprehensive evaluation of the Company's extensive portfolio of about a dozen Newfoundland-based projects, the Company has made strategic decisions to advance the most promising projects, while the Company may divest from projects of lesser importance or significance. As part of the strategic review, the Company successfully sold its two Lithium projects in very active camps to Australian partners. This transaction not only generated additional cash of $775,000 CAD for the Company, but also established strong relationships with its new partners from Australia. With the evaluation of the portfolio now complete, the Company is ready to concentrate its efforts on two flagship projects: Sugaree Lithium & the Rodger's Cove. The Company will be preparing for aggressive exploration and development programs at both sites, with activities set to begin in the coming weeks. Sugaree Project, Ontario - Lithium Focused The 2,736 Ha Sugaree property is located 15 kilometres south of Hearst in the Quetico Subprovince and is serviced by a network of forestry roads. The 340 claims demonstrate a preferred geologic environment with S-type granitoids, and pegmatites hosted by metamorphosed sediments (paragneiss) and metavolcanics. The property is adjacent to Brunswick Exploration Inc.'s newly staked ground containing both a spodumene and a lepidolite (lithium-rich mica) zone. Brunswick was named one of the top performers on the TSX Venture Exchange for 2023 and their maiden drill program is planned to commence shortly. There is a high potential for additional discoveries in our newly consolidated land package. The surrounding district is known to host spodumene-bearing pegmatites that intrude the metasedimentary rocks of the Quetico and E...