Loyalist Exploration Limited (CSE: PNGC) launched its 2024 field exploration program at the Rolling Pond Gold Project in Central Newfoundland.
The company explained on Wednesday that its program focuses on prospecting and collecting around 500 “B” horizon soil samples to address large gaps left by previous sampling efforts, where significant gold in soil anomalies were identified.
After completing the program and receiving the results, the company will move forward with the next phase of exploration, which will include ground geophysics and trenching to further evaluate these gold targets.
The Rolling Pond Gold Property encompasses 202 claims covering a 5,050-hectare area along the periphery of the Mt. Peyton Intrusive Suite.
This area hosts numerous gold deposits and showings, including New Found Gold Corp. (TSXV: NFG) (NYSE: NFGC) Queensway Property, Sokoman Minerals Corp.‘s (TSXV: SIC)(OTCQB: SICNF) Moosehead Property, and the Beaverbrook Antimony Mine. Also, Calibre Mining‘s (TSXV: CXB) (OTCQB: CXBMF) Valentine Gold Project is to the southwest.
“The Rolling Pond Property is very accessible by paved and gravel roads as well as a good series of ATV trails which will make our proposed exploration work much less expensive,” said Errol Farr, CEO of Loyalist Exploration Limited.
Recent work on the property has revealed two significant gold-in-soil trends. The first extends over two kilometers and the second over four kilometers.
The southwest target, which spans two kilometers, shows coincident Induced Polarization anomalies identified through reconnaissance ground geophysical work.
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Springdale Copper Property recognized as critical minerals project
Loyalist Exploration has also announced that the Provincial Government of Newfoundland and Labrador, through the Department of Industry, Energy and Technology, has approved the company’s Springdale Copper Property as a Critical Minerals project with a Primary Exploration Target. The company said that the award is estimated at CAD$95,691.
Funding will be provided as rebates for eligible exploration activities under the Province’s Junior Exploration Assistance (JEA) Program. The Springdale Property has demonstrated significant copper and cobalt values. The government has designated both of these metals as Critical Minerals under the Canadian Minerals and Metals Plan and Canadian Critical Minerals Strategy.
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