A company from Newfoundland becomes co-owner of the “Schefferville Gold Project”, a deposit developed by a mining prospecting company from Vancouver, which has already given interesting clues. Drilling will begin this fall as part of an exploration program that plans to spend $7.5 million by 2026 to find mineable gold at Schefferville.
Newfoundland Discovery is injecting $4M to acquire 50% of the shares of Prospector Metals, which has already discovered gold showings in 53 prospecting zones in rocks also filled with iron ore. Phase 1 of the exploratory program ended in July 2022, with 27 surface drilling. The second phase begins by the end at least on a new camp for drilling up to 3500 meters deep.
The Schefferville project covers a 20 km by 70 km area with numerous high-grade gold samples and more than fifty surface gold prospects, describes the management of Prospector.