Two partners continue exploration for rocks of interest at gold bearing iron formation sites. (Photo Prospector Metals aka Ethos Gold)
A Newfoundland company is becoming a co-owner of the Schefferville Gold Project, a deposit being developed by a Vancouver miner that has already provided interesting leads. Drilling will begin this fall as part of an exploration program that plans to spend $7.5 million through 2026 to find mineable gold at Schefferville.
Newfoundland Discovery is investing $4 million to acquire a 50% interest in Prospector Metals, which has already discovered gold showings in 53 prospect zones in rocks also hosted by iron ore. Phase 1 of the exploration program ended in July 2022 with 27 surface holes. The second phase begins to 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 showings, according to Prospector’s management.