TooGood Gold Advances High-Grade Quinlan Discovery in Newfoundland's Emerging Gold District

• TooGood Gold acquired a 164 km² district-scale high-grade gold project in northern Newfoundland through a friendly earn-in deal with Prospector Metals, where visible gold was found in 15 of the first 19 drill holes
• The company completed a 33-hole, 2,000-meter drill program in 2025, with 30 holes at the Quinlan discovery showing high-grade intersections including 24 meters at nearly 4 g/t gold from Prospector's initial drilling
• The Quinlan system is hosted in a felsic intrusive dyke within black shale that extends to surface, remains open in all directions, and appears to be a largely free gold system with strong exploration potential
• TooGood consolidated the Golden Nugget property featuring an 8.5 km coastal trend averaging over 1 g/t gold in rock samples, representing significant untested drill potential along a regional geological contact
• The company is fully funded with over $4 million in treasury, backed by a strong management team including founding CFO of Snowline Gold and strategic adviser Shawn Khunkhun, with 20% insider ownership

TooGood Gold Corporation is advancing an early-stage, district-scale high-grade gold project in northern Newfoundland, a region experiencing renewed exploration interest following significant discoveries by companies like New Found Gold and the development of Equinox Gold's Valentine Lake operation. Led by CEO Colin Smith, a geologist with 20 years of experience including roles at SSR Mining and Discovery Group, the company has acquired a compelling land package where initial drilling has demonstrated exceptional grades and a clear geological model. With fully funded exploration plans and a management team featuring notable mining industry veterans, TooGood represents an early-stage opportunity in one of Canada's most prospective emerging gold districts.

Project Acquisition Through Strategic Opportunity

TooGood Gold acquired its flagship property through a favorable earn-in agreement with Prospector Metals, a company that made the initial discovery but subsequently shifted focus to its Mike Lake project in Yukon. The deal structure, which CEO Colin Smith describes as "really friendly," involves equity and cash payments along with exploration spending commitments. Smith's familiarity with the asset dates to his time at Discovery Group, where he worked closely with Prospector's Dr. Rob Carpenter.

The company has systematically expanded the land package from approximately 110 km² at acquisition to over 164 km² (16,400 hectares), consolidating ground along regional structural trends. Smith explains the rationale: 

"We really like the rocks. We like the structural environment. And so we've been consolidating as much ground up there as possible."

The property is oriented northeast to southwest, following regional structural trends, with the northeastern block remaining largely unexplored beyond sparse rock sampling showing grades over 5 g/t gold. The southwestern block features higher data density, including soils, geophysics, and drilling conducted by Prospector in 2022, where the Quinlan discovery was made.

The Quinlan Discovery: High-Grade Gold at Surface

The Quinlan target represents TooGood's most advanced prospect, where Prospector's initial 2022 drill program intersected visible gold in 15 of the first 19 holes. The standout intersection from that program was 24 meters at approximately 4 g/t gold, including higher-grade intervals that Smith characterises as "70 to 80 plus gram-meter holes in the first swing of the bat, which you know in my experience is pretty rare."

The geological model at Quinlan has proven remarkably consistent. Smith describes it: 

"The host is basically an felsic intrusive rock that intrudes into a black shale. So when you drill the thing, you're basically looking for this gray rock in a sea of black." 

He notes that when viewed in 3D, the system "lines up like poker straight like a book," making drill planning straightforward. However, the exploration team is specifically searching for structural complexities where the dyke system might expand. Smith explains:

 "We're really looking for where this felsic dyke is ill-behaved and where does it roll, where does it intersect with some other structure which might open it up into 20, 30, 40 meters of thickness."

Recent Drilling Program Delivers Initial Results

TooGood completed a 2,000-meter, 33-hole drill program in summer 2025, with 30 holes focused on Quinlan and three holes testing the Mélange contact south of the discovery. The company has received assays for the first 14 holes, with the best intersection being "just shy of 30 meters at about 2.3 g per ton gold very close to surface."

While awaiting remaining assay results, Smith emphasises the program's strategic purpose: 

"Is there resource potential at Quinlan? If there is, we'll hit it hard. We'll do extensive drilling on it. We'll build up that maiden resource, and if they're not, then we'll move on to the next targets."

The Quinlan system comes directly to surface, with Smith noting "you can walk up to the dyke and see half centimeter blebs of VG [visible gold] at surface." Current drilling density suggests the system could support resource modeling, though Smith acknowledges it's too early to pursue that path until the full picture emerges from pending assays.

Interview with Colin Smith, CEO of TooGood Gold

Exploration Methodology Combines Multiple Techniques

TooGood has employed multiple exploration techniques to advance understanding of the Quinlan system and broader district potential. Geophysically, the felsic dyke host proves challenging to detect through conventional methods - it doesn't show strong magnetic or IP responses. However, the company tested an innovative ground penetrating radar (GPR) system during the 2025 field season, similar to technology successfully applied in Scandinavia, Australia, and northern Canada.

Smith explains the application: 

"As you move northeast on this dyke, it actually goes undercover and you lose your surface control in terms of geology on it. So if the GPR turns out to be a robust technique, then certainly extending that along strike in both directions is a good option."

Soil sampling has emerged as the most effective exploration tool. The thin overburden - typically a shallow veneer of B or C horizon material allows geochemical signatures to clearly express mineralization. The company deployed regional soil sampling across the northeastern block during this summer, with kilometer-spaced lines and samples 50 meters apart. 

Golden Nugget Consolidation: District-Scale Potential

In a significant strategic move, TooGood acquired the Golden Nugget property, a 3,000-hectare parcel connecting the northeastern and southwestern blocks. This acquisition was driven by compelling historical data: an 8.5-kilometer trend of rock samples along the southern shoreline of New World Island averaging over 1 g/t gold, with approximately 87% identified as outcrop source.

Smith explains what made this opportunity remarkable: "You just don't often see in-situ rock sampling data like that that hasn't been drilled or really looked at very closely." Within this broader trend, a six-kilometer section grades higher than 1 g/t gold, and the area has received minimal follow-up work.

The company's Phase 2 fieldwork program, completed in late 2025, focused extensively on Golden Nugget. A high-caliber structural geologist conducted detailed mapping of the shoreline, prospectors collected verification samples near historical sample sites, and approximately 600 soil samples were collected running from the coastline into the bush.

The geological significance of Golden Nugget extends beyond the historical rock sample data. The property covers a regional-scale geological contact, the Mélange contact, where a mélange unit meets adjacent metasedimentary rocks and volcanics. This same contact runs south toward Quinlan, and the three holes TooGood drilled testing this contact could validate a district-wide targeting model.

"If we can establish that that contact is responsible for that eight and a half kilometer trend of in-situ gram-plus material along Golden Nugget, that opens up a heck of a lot of drill trend for us to consider." 

Geological Setting Supports Robust Deposit Model

TooGood Gold's project sits within a highly prospective geological setting with established analogues. The property is located on the same structural corridor as Equinox Gold's Valentine Lake operation, which achieved its first gold pour in 2025 and is expected to produce several hundred thousand ounces annually. Geographically, the project lies closer to New Found Gold's Queensway deposit, though on a slightly adjacent belt of rocks.

Beyond Quinlan, Prospector's local-scale mapping identified over 40 occurrences of the gold-hosting felsic dyke across the property, with very few drilled. Smith notes that 

"the targeting constraint of the felsic dyke being an important gold host was only just realised really through the exercise of validating Quinlan with drill holes." 

This insight provides a district-wide exploration framework with numerous untested targets that could be advanced using the same methodological approach that brought Quinlan to drill-ready stage.

Financial Position Enables Aggressive Exploration

TooGood Gold maintains a strong financial position with over $4 million in treasury following a $2 million financing in late October 2025 (split between $1 million hard dollars and $1 million charity flow-through). Smith confirms: 

"We could easily do a full season of exploration with the current treasury. So we're fully funded for next year's exploration."

The company has structured its approach to balance resource development with district-scale exploration. The strategy centers on proving resource potential at Quinlan while simultaneously evaluating the broader district. 

"It's important for us to both continue to grow whatever that first resource might look like and move towards that direction, but ultimately start to understand the district-scale narrative as well." 

Smith identifies approximately five drill-ready targets beyond Quinlan, though the focus remains on determining whether Quinlan warrants aggressive resource expansion drilling.

Regarding metallurgy, Smith indicates the system appears to be "largely free gold," suggesting uncomplicated processing characteristics, though formal metallurgical testing would be initiated once Quinlan demonstrates growth potential. The company drilled HQ diameter core, providing ample material for future metallurgical programs.

TL;DR: Executive Summary

TooGood Gold has consolidated a 164 km² high-grade gold district in Newfoundland where initial drilling intersected visible gold in 15 of 19 holes, with results including 24m at ~4 g/t at the Quinlan discovery. The company completed 33 holes in 2025 with 19 assays pending, while consolidating the Golden Nugget property featuring an 8.5 km untested coastal trend averaging >1 g/t gold. Fully funded with $4+ million. TooGood offers early-stage exposure to multiple high-grade targets in Canada's emerging Newfoundland gold district.

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