Reward Minerals (ASX:RWD) announced an expansion of its exploration pipeline after executing a binding letter of intent to acquire the highly prospective Mountain Pond Gold Project.
Situated on Newfoundland Island, Canada, the project marks a strategic move into a region renowned for its mineral wealth and manageable logistics.
The acquisition centres on the Jackpot prospect, an advanced target where historic surface sampling within an 8-metre-wide shear zone has yielded assays of up to 23.77 g/t Au and 7.48% Cu.
Geological interpretations suggest that mineralisation is controlled by the Sullivan Pond Fault, a major regional structure spanning over 5km within the project’s boundaries.
Despite the high-grade surface indicators and anomalous soil and till results, the property remains remarkably under-explored and has never undergone formal drill testing for gold or base metals.
The site's favourable location—just 7km from the town of Springdale—provides Reward with excellent infrastructure, including established roads and ATV trails, which is expected to significantly lower exploration overheads.
Reward CEO Lorry Hughes expressed optimism regarding the venture, noting that the property has been held largely by individual prospectors since 2009.
Hughes highlighted that previous regional work in 2010–2011 occurred during a period of lower metal prices, leaving the current opportunity ripe for modern systematic testing.