Business
Quadro Resources Options the Interests of Metals Creek Resources and Benton Resources in the recently Staked New Lead/Silver Property on the Great Northern Peninsula, Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2018) - Quadro Resources Ltd. (TSXV: QR...
About this update from Quadro Resources Ltd.
[{"type":"text","content":"Quadro Resources Options the Interests of Metals Creek Resources and Benton Resources in the recently Staked New Lead/Silver Property on the Great Northern Peninsula, NewfoundlandVancouver, British Columbia--(Newsfile Corp. - July 9, 2018) - Quadro Resources Ltd. (TSXV: QRO) (\"Quadro\" or the \"Company\"), Metals Creek Resources Corp. (TSX-V: MEK) (Metals Creek) and Benton Resources Inc. (TSX-V: BEX) (Benton) are pleased to announce that they have entered into an option agreement pursuant to which Quadro has acquired the option to earn the one-third interests held by each of MEK and BEX in the new jointly staked (33.33% each) Conche Property (see news release dated June 25, 2018) on Newfoundland's Great Northern Peninsula (the \"Option\"). To exercise the Option the Company is required to issue 1 million shares to each of MEK and BEX over an eighteen month period on the basis of 200,000 shares to each on receipt of regulatory approval for the Option, a further 300,000 shares to each within six months of receipt of regulatory approval and 500,000 shares to each within eighteen months of receiving regulatory approval. Upon exercise of the Option MEK and BEX will each retain a 1% NSR with the Company having the right to purchase 50% of the NSR's for the payment of $500,000 to each of MEK and BEX. The Option is subject to approval of the TSX Venture Exchange.Recent grab sample samples taken from the newly discovered zone returned values up to 15.5% Lead (pb) and 192 grams per tonne (g/t) silver. Below is a table of assay results:Sample NumberLead (%)Silver (g/t)Copper (ppm)Zinc (ppm)3099101.9930.73954403099115.3013.41409030991215.5044400943099131.7426.62142730991410.2070.7458126003099151.3814.6485383099166.3086.211885203099170.080.511183099185.071922372344 The property is located approximately 7km from the southeast boundary of Altius Minerals Corporation's (\"Altius\") new Sail Pond discovery, where Altius obtained grab samples up to 2,030 g/t Ag, 7.08% Cu, 9.40% Pb, 2.54% Sb, 0.46 g/t Au and 944 g/t Ag, 5.24% Cu, 7.6% Pb, 2.32% Zn, 0.30g/t Au (South Zone) and 803 g/t Ag, 3.58% Cu, 0.11% Pb, 1.04% Zn, 0.92% Sb, 0.17 g/t Au (North Zone)(see Altius web site). The surface grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property.Wayne Reid, P. Geo., a Qualified Pe...