Business
Quadro's 2023 Transformative Year in Review and 2024 Outlook
Vancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Quadro Resources Ltd. (TSXV...
About this update from Quadro Resources Ltd.
[{"type":"text","content":"Quadro's 2023 Transformative Year in Review and 2024 OutlookVancouver, British Columbia--(Newsfile Corp. - March 4, 2024) - Quadro Resources Ltd. (TSXV: QRO) (OTC Pink: QDROF) (FSE: G4O) (\"Quadro\" or the \"Company\") is pleased to provide a summary of events and activities for 2023 as well as plans for 2024.2023 SUMMARYIn late 2022, and continuing throughout 2023, the Company faced formidable setbacks that disrupted its planned exploration programs and which were not resolved until the end of 2023. These setbacks significantly impacted the Company's ability to continue exploration on its Long Lake project in Central Newfoundland.The root cause of these disruptions was the cancellation of four of the Company's Long Lake claims in Central Newfoundland (see Quadro's news release dated December 8, 2022). These cancellations resulted in the Company being unable from exploring and developing these claims while it argued its case before the Newfoundland Mineral Rights Adjudication Board to have the claims reinstated.The cancellations coincided with the Company's announced $1,000,000 private placement which collapsed as a result, helping to cause a fall in the Company's stock price (see Quadro's news release dated November 29, 2022). On October 11, 2023, however, the Company was pleased to report that the canceled claims had been reinstated and plans for Long Lake's 2024 exploration activities are being implemented (see Quadro's news releases dated October 11, 2023). A synopsis of the Company's Long Lake project follows below.Quadro is focused on the gold rich Cape Ray Fault system, described as one of the most prospective but underexplored regions in Canada. Located in west-central Newfoundland, the Staghorn property as well as the Long Lake property cover portions of the auriferous Cape Ray Fault system which hosts a number of active gold exploration programs.STAGHORNThe Company's other key exploration project, the Staghorn project in Central Newfoundland, is also located on the Cape Ray Valentine Lake Shear Zone, which hosts Calibre Mining Corp.'s Valentine Gold Mine (formerly Marathon Gold Corp.'s Valentine Gold project). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.STAGHORN - QUADRO'S EXPLORATION AND DRILLING WORKThe Company is ple...