The location? Newfoundland. And just like thousands of miners looking to strike it rich flooded the other regions, a land grab is underway in the province, with some companies already securing prime property and starting to prove up resources in one of the top mining jurisdictions in the world.
The most notable of these companies is New Found Gold Corp. (TSX-Venture: NFG) (NYSE American: NFGC), which has made several high-grade gold discoveries in the past few years. In 2021, the company announced the discovery of the Queensway deposit, which is developing as a world class discovery, with new high-grade intercepts being reported almost weekly.
Other companies active in Newfoundland’s gold rush include Marathon Gold Corp. (TSX: MOZ) (OTCQX: MGDPF), Exploits Discovery Corp (CSE: NFLD) (OTCQX: NFLDF), and Gander Gold Corp. (CSE: GAND) (OTCQB: GANDF).
Marathon Gold is advancing its Valentine Gold Project located in the central region of Newfoundland and Labrador. Valentine has estimated Proven Mineral Reserves of 1.43 million ounces (Moz) and Probable Mineral Reserves of 1.27 Moz. When known resources are added to these reserves, Marathon Gold is building a project with nearly 5 million ounces of gold, with additional exploration potential ahead. Exploits Discovery is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold’s success along the Appleton Fault zone and parallel structures within the Exploits Subzone, as is Labrador Gold.
The All Newfoundland Gold Company
Gander Gold is proud to be “All Newfoundland, All the Time,” as it is 100 percent locked-in on its bevy of projects in the gold-bearing province. The company is one of the island’s largest claimholders targeting new high-grade gold discoveries with a current focus on the large Gander North, Mount Peyton, and BLT (Botwood-Laurenceton-Thwart Island) projects where there has been very promising early exploration success. Other opportunities advancing through the pipeline are Cape Ray II, Carmanville, Gander South, Little River, and Hermitage.
All told, Gander Gold’s portfolio covers 2,259 square kilometers of highly prospective land. Most of the property has only experienced small amounts of exploration and certainly has not been systematically explored utilizing modern technologies with support from some of the biggest names in the mining industry, as is happening with Gander Gold.
Sprott, Ryan, Headline An All Star Cast
In Major League Baseball, names like Babe Ruth and Cal Ripken, Jr. are names that everyone knows. The same goes for Messi, Pele, and Ronaldo in soccer. In mining, Eric Sprott and Shawn Ryan are household names. Sprott is a legendary billionaire investor who cemented his name in resources when he advised people to buy gold for years ahead of and during the Great Recession before the precious metal shot to all-time highs. He parlayed his profits into more wealth through diversified investments in gold companies he likes. Gander Gold caught Sprott’s attention, resulting in him and a select group of key stakeholders now owning over 66% of Gander stock.
Shawn Ryan is regarded by many as the greatest Canadian prospector of all time. Ryan is a legend of nearly mythical proportion, developing an unorthodox system for gold discovery on his own that has led to unprecedented gold discoveries. His system involves an extensive soil sampling program and machines he built on his own, a system that has made him a millionaire many times over. Thing is, his thirst for finding mineralization is unquenchable. It is a passion that led him to found RyanWood Exploration, which matured into GroundTruth Exploration, one of the most highly sought mineral exploration companies in Canada.
GroundTruth, now led by Isaac Fage, is recognized as an industry leader in developing and executing on technologically advanced methods to better find, test, and define drill targets. GroundTruth has been contracted and spearheads the exploration of Gander Gold’s projects.
Other team standouts that cannot go overlooked are Ian Fraser, VP of Exploration, and Mark Scott, CEO of Gander Gold. Fraser fits in perfectly to the Ryan discovery scheme as an expert in geological models and structural settings with more than three decades as an exploration geologist. He has been directly involved in the discovery of six gold deposits in North and South America with three of those having gone into production.
This All-Star exploration squad is led by CEO Mark Scott, who was at the helm when the company went public in 2022. Scott adds rare senior executive-level mining experience to this exploration all-star squad, having been Head of Manitoba Nickel Operations for Vale Canada through 2018, managing a combined annual OPEX and CAPEX budget of greater than $500 million (USD) including a workforce of approximately 1,875. Mark has more than 25 years of experience in all phases of surface and underground mining, metallurgical processing.
District-Scale Potential
2,259 square kilometers is about 3.5x the size of the city of Toronto. Each of Gander Gold’s projects are considered to have district-scale potential based upon what is known to date about the property’s characteristics. For the sake of brevity, we’ll cover four that are actively being advanced at the moment.
Gander North Project
Gander North is in the heart of the Gander Gold Belt highlighted by New Found Gold’s spectacular Keats Zone discovery (25.6 meters grading a whopping 146.2 grams per tonne gold) and other developing high-grade zones littered with impressive gold intercepts, starting approximately 15 kilometers west of Gander North.
Gander Gold’s seasoned team is highly encouraged by exciting early success at its 485 sq. km Gander North Project where extensive gold-in-soil anomalies are coincident with favorable geophysical structures across a 25-kilometer-long east-northeast trend that is theorized to potentially host Newfoundland’s next high-grade discovery. This is a blue-sky greenfield opportunity, as no drilling has ever been conducted at Gander North. Helping pinpoint targets, over 12,000 soil samples were collected since 2021 across this project, showing multiple anomalous trends and values up to 1,432 ppb (parts per billion) gold (Au) – very high in the context of Newfoundland gold exploration.
Earlier this month, Gander Gold announced that drill crews and associated geotechnical staff completed 28 Rotary Air Blast (RAB) drill holes (1,632 meters) at Gander North as part of an exploration program designed to prioritize the most prospective areas for initial diamond drilling. Soil geochemistry, geologic mapping, prospecting, LiDAR, and airborne MAG/VLF surveys, plus inversion modeling derived from ground VLF-EM surveys across specific interpreted structures were used to generate RAB drill targets.
11 holes (663m) were completed in the Viking and Jonathan’s Third Pond target areas and 17 RAB holes were completed across additional target areas to the east. Only 5 of Gander North’s 14 known target zones have been RAB drill tested in this Phase I program, so multiple (at least 9) untested target areas remain for a further phase of RAB drill testing and/or diamond drilling.
Mt. Peyton Project
At the 956 sq. km Mt. Peyton Project, strategically located in between the Keats Zone discovery to the east and Sokoman Minerals’ (TSX-Venture: SIC) (OTCQB: SICNF) Moosehead Project to the west, Gander Gold has identified two major zones of interest (Goldenrod and Golden Horseshoe). Gander Gold has carried out more work on the large Mount Peyton Project than any other company in Newfoundland exploration history, completing over 13,000 soil samples, airborne geophysical surveys (MAG-VLF, LiDAR), and structural analysis. Results to date are extremely encouraging, significantly elevating Mount Peyton’s prospectivity within Gander’s pipeline of eight separate projects.
In May, work expanded the Golden Horseshoe Zone in the southwest corner of the property, while also revealing an emerging target area in the southeast. These areas have investors excited about upcoming drilling, which is planned to commence by the end of the year, marking the first time every drill bit has penetrated the ground.
Mt. Peyton is made up of a granite intrusive surrounded by gabbro and borders a significant portion of the Newfound Gold Queensway Project. It is conceivable given the location of the property relative to recent gold discoveries within the Gander Gold Belt that the granite intrusive is a possible heat engine which provided an impetus for gold to remobilize in deep-rooted favorable structures.
BLT Project
At the BLT Project, first-ever soil samples on Thwart Island outlined what’s being called the Islander Zone currently measuring 1,400 m x 400 m (open for expansion) with soils assaying as high as an astounding 5.94 g/t Au (5,939.5 ppb). Gold-in-soils at Islander are coincident with very anomalous arsenic-in-soils consistently present across the interpreted strike of the Islander Zone.
This month, Gander Gold completed its maiden RAB drilling program at Thwart Island, which is located in the Bay of Exploits and part of Gander’s BLT Project. Gander CEO Mark Scott summed-up the results in saying, “Our Preliminary Thwart Island exploration program has produced very promising soil geochemistry results, including at nearly 6 grams per tonne, the highest-grade gold-in-soil results generated from the nearly 40,000 samples we’ve collected in Newfoundland.” As the assay results trickle in, it is expected that near-surface gold will be targets for a new drill program.
Cape Ray II
Cape Ray II is contiguous to one of the highest-grade series of deposits in the world for open-pit mining – Matador Mining’s advanced Cape Ray Project on the southwest part of the island, a nearly one million resource that continues to grow.
Gander’s Cape Ray II occupies deformation zones between two significant tectonic structures, the Long Range/Cabot Fault to the west and the Cape Ray/Valentine Fault to the east which also hosts Marathon Gold’s (TSX: MOZ) (OTCQX: MGDPF) multi-million-ounce deposit with initial production planned for 2025. Nearly 4,500 soil samples, geophysical surveys and detailed structural interpretation at Cape Ray II have outlined three large areas of interest, including Doughball Jog considered very prospective for high-grade gold mineralization that may have accumulated in deformation zones.
To get a succinct overview of all the company’s projects and the execution strategy to build value, watch CEO Mark Scott’s September 21, 2023, 4pm ET interactive webinar. This live recorded event includes a Q+A session and can be accessed here: https://gandergold.com/webinar/.
Follow the Experts
There is a good reason that investors track and mimic the portfolio of icons such as Warren Buffet and Eric Sprott. The track record speaks for itself. For Gander Gold, the combination of Sprott and Ryan is particularly compelling. Can you imagine what the conversations around the conference table with those two legends leading the conversation are like? To have them both dialed-in on Gander Gold as a first mover in Newfoundland says something could be special about this little $0.10 per share ($8.8 million market cap) company.
The gold market is highly favorable for continued appreciation. It is a precious metal that has been valued for centuries. It is considered to be a safe haven asset, meaning that it is often bought when investors are worried about the economy, inflation, or geopolitical uncertainty, topics that are all over the news today. Gold is also a limited resource, which means that its supply cannot be easily increased.
The drill bit is in the ground and Ryan is providing his expert guidance in a bid for his latest and greatest discovery. The potential rewards are significant, and Newfoundland is well-positioned to become a major gold producer in the years to come, meaning investors of all types should be paying close attention to each and every development in the province’s mining sector.
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