VANCOUVER, British Columbia, July 28, 2021 (GLOBE NEWSWIRE) — Lakewood Exploration (CSE: LWD / OTC: LWDEF) (“Lakewood” or the “Company”) is pleased to welcome Ron Burk as a Technical Advisor to the Company.
Mr. Burk is an exploration geologist with over 30 years of experience in the minerals industry, primarily focused on identifying and evaluating exploration properties. He has held numerous senior roles, including Vice President Exploration at Centerra Gold Inc. and Vice President of Exploration and Chief Geologist at Silver Standard Resources Inc. (now SSR Mining), where he contributed to discoveries that resulted in the definition of a world-class silver resource at the Pitarrilla project in Durango, Mexico and major gold resources forming the Snowfield and Brucejack deposits in northern British Columbia, Canada. Prior to joining Silver Standard in 2004, Ron had worked since 1989 as an exploration geologist for Teck Resources Ltd. and its predecessors, focused on target generation and property evaluations in the Americas.
“The addition of Ron Burk as an advisor brings even more depth to our technical team as we advance the Company’s recently acquired past-producing Silver Stand mine towards an initial drill program later this year,” said Lakewood President, Morgan Lekstrom. “Mr. Burk’s extensive experience, including nearly a decade in senior roles for a silver-focused mining company (Silver Standard), will be invaluable as we advance Silver Strand and evaluate new acquisition targets as part of our growth strategy.”https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html
About Lakewood Exploration
Lakewood Exploration is a junior resource company that controls the Lacy Gold Project in British Columbia, Canada, and the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA. The Company is rapidly advancing towards an initial drill program at Silver Strand with the aim of defining a large silver resource within a belt that has produced more than 1.2 billion ounces of silver to-date. Geologic studies indicate that the Silver Strand Mine is hosted by the Revett formation, suggesting the potential for significant down dip extensions as demonstrated by other major mines in the district. Previous operators were solely interested in developing the known shallow mineralization, with the mine’s lowest level extending only 90 metres below surface. Lakewood strives to become a multi-mine silver producer.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Lakewood Exploration Inc.
Morgan Lekstrom
President
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.htmlhttps://jac.yahoosandbox.com/0.7.0/safeframe.html
Labrador Gold Corp.Wed, July 21, 2021, 8:00 AMIn this article:
Figure 1
Big Vein Plan Map.
Big Vein Plan Map.
Figure 2
High-grade gold intercept in Hole K-21-31. Note photo is not intended to be representative of gold mineralization in Hole K-21-31.
High-grade gold intercept in Hole K-21-31. Note photo is not intended to be representative of gold mineralization in Hole K-21-31.
Figure 3
Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection. Note that this photo is not intended to be representative of mineralization in hole K-21-31.
Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection. Note that this photo is not intended to be representative of mineralization in hole K-21-31.
TORONTO, July 21, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce further high-grade intercepts of near surface gold mineralization from its 100% controlled Kingsway project near Gander, Newfoundland. The Kingsway project is located in the highly prospective central Newfoundland gold belt.
The high-grade intersections are from holes K-21-29 and -31 that contain fine particles of visible gold in quartz vein that is typically vuggy, locally contains stylolites, and is similar to quartz veins containing high grade gold intersections reported previously (see news release dated June 3, 2021). Hole K-21-31 intersected 276.56 g/t Au over 0.5 metres which represents a “metal factor” (grade x width) of 138.28 g/t Au x m*, the highest value yet on the Kingsway Property. A second intersection in hole K-21-31 intersected 13.14g/t Au over 0.65m from 54.5m. Hole K-21-29 intersected two mineralized zones a near surface zone grading 16.44g/t over 0.5m and a deeper zone starting at 49.35m downhole grading 37.72g/t over 0.21m. A summary of the high-grade intersections, as well as other holes with assays received to date, are given in Table 1 below. *width used to calculate metal factor is downhole width as there is insufficient information to calculate true width.
Table 1. Assay highlights
Hole
From (m)
To (m)
Length (m)
Au (g/t)
K-21-31**
10.5
11
0.5
276.56
And**
54.5
55.15
0.65
13.14
K-21-29**
8
8.5
0.5
16.44
And**
49.35
49.56
0.21
37.72
K-21-20
20
21
1
1.03
K-21-19
8
19
11
1.03
and
46.5
49
2.5
1.09
and
124
130
6
1.87
including
125.5
128.5
3
3.83
K-21-18
11
12
1
1.14
and
138.23
142
3.77
2.03
K-21-17
55
55.6
0.6
1.51
K-21-16
10.5
16.5
6
0.98
and
106.5
107.5
1
1.2
K-21-15
6.5
16
9.5
0.95
and
24
28
4
0.69
and
36
40
4
1.93
and
51.5
55.6
4.1
0.75
and
102
103
1
1.08
K-21-13
25
59.5
34.5
0.97
inc.
43
55
12
1.46
incl.
48.5
51
2.5
2.05
**Interval contains visible gold. All intersections are downhole length as there is insufficient Information to calculate true width.
“The Big Vein target continues to deliver near surface high grade gold mineralization shown by the grade x width value of 138.28 g/t Au x m in Hole-21-31, the highest value obtained so far from the Kingsway drilling,” said Roger Moss, President and CEO of the Company. “In addition to the drilling at Big Vein, our field crews continue to develop targets along the entire 12km strike length of Appleton Fault Zone covered by the property, including within the quartz vein corridor.”
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres at surface along the Appleton Fault Zone. It lies within a larger northeast-southwest trending “quartz vein corridor” that stretches for over 7.5 kilometres as currently outlined with potential for expansion along the 12km strike length of the Appleton Fault Zone in both directions. Gold mineralization observed at Big Vein includes six occurrences of visible gold, assays of samples from which range from 1.87g/t to 1,065g/t gold. The visible gold is typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.
The current drill program, recently increased to 50,000 metres, has only tested Big Vein over approximately 100 metres of strike length of the 400m surface exposure and to vertical depths of 50 metres. However, drilling has already produced visible gold in six drill holes giving high grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite, pyrite and possible boulangerite noted along vein margins and as strong disseminations in the surrounding wall rocks.
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with ICP (inductively coupled plasma) finish with samples containing visible gold assayed by metallic screen/fire assay. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
bGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration
Roger Moss, PhD., P.Geo., President and CEO of La company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 16km of the Appleton fault zone which is associated with gold occurrences in the region, including the New Found Gold discovery. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold recently increased its 20,000 metre diamond drill program to 50,000 metres targeting high-grade epizonal gold mineralization following encouraging early results. The Company has approximately $36 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.
The Company has 150,577,206 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
We seem to be in the midst of a minor correction in gold stocks. Gold goes down a little and the gold stocks go down a lot more. It must make sense to someone but not to me. In any case, we are due our typical summer low soon as I talked about in an interview recently.
We are moving into the strongest period of the year for the general stock market in the next few weeks. I expect the S&P and NAZ to shoot higher on the DSI, now 84 and 85 into the peak followed by a decline into September/October and a major crash. By almost every measure, the overall stock market is at peak stupidity. Once it starts going downhill, nothing will stop it. A lot of paper resources are about to disappear permanently.
Eloro Resources (ELO-V) put out a brilliant press release last week that clearly no one understood. The stock dropped by 10% over the next few days and is down about 30% from its all time high in February.
That’s nuts. Eloro is quoting the intercepts in silver equivalent basis that creates part of the confusion. It’s actually a silver/zinc rich tin system. Drilling to date in 43 holes has all taken place over a 2km by 1.2km area but the system is obviously far larger. The Covid issue in Peru has led to 2,600 samples sitting gathering dust waiting to be tested in Lima. Eloro is told things are improving but instead of having three drill rigs turning, the company should have fifteen, it is that big.
Hole DSB-08 showed a massive 252.89 meters of 69.89 silver eq. I’m going to convert it to gold because people are a lot more comfortable thinking gold in grams than silver in grams. I’m going to show you two different ways of determining just how good a drill hole is compared to others.
I think most of my readers are familiar by now with the concept of gram/meters. Multiply grams in gold times intercept length in meters to get a number. For hole DSB-08 I’m going to use 1 g/t Au since that is almost exactly the ratio to silver right now. So hole DSB-08 would be an easy 253 gram/meters and anything over 100 g/m is a giant home run.
I use another way of measuring really deep holes because it shows investors just how important long intercepts are. I’m going to cube the hole that is 253 to the 3rd power. Then give it a SG of about 2.7, in grams we will use a factor of 1 for the assay in grams of gold and divide by 31.1 to get ounces and times the price of gold.
If instead of a simple drill hole of 252.89 meters we had a cube of 252.89 meters with the same grade, that single hole would have a value of $2,541,928,701 in USD. Of course we do not have a cube but it will show in relative terms just how valuable long intercepts are to a resource.
Now lets use hole DSB-10 with an incredible 29 different mineralization intercepts over the 1019 metres of the full hole. The best intercept was 56.12 meters of 114.96 grams silver eq. I’m going to use a figure of 1.64 g/t gold to reflect the intercept in gold rather than silver. That would give a gram/meter reading of just over 92 in gold terms. Not quite as barn burning as hole DSB-08 but considering it was one of 29 different intercepts of mineralization, hole 10 is a giant home run.
So again we cube 56.12, multiply by 1.64 since we have converted silver grams to gold grams, then 2.7 for SG, divide by 31.1 to get ounces and multiply by $1808 for the current POG. That makes the 56-meter hole in theory worth $27.7 million in USD if it were a cube.
On this intercept we are going to use the 74.39 meters cubed with a gold conversion from silver grams of 1.14 g/t Au, same SG of 2.7, divide by 31.1 and times POG of $1808. In gram meters, it is about 85 compared to 92 for the previous hole.
Here is where it gets really interesting and valuable to an investor. While the intercept is only about 18 meters longer, the grade is lower by about 35% but working out the theoretical cubic value of $64.6 million in USD. Investors tend to think that grade is key but in fact to a mining engineer, the length of an intercept is much more important. Two intercepts with similar gram meter measurements show one is more than twice as valuable as the other because of the length of the intercept.
With really giant mines, mining and milling costs drop a lot with tonnage. Tonnage is far more important than grade. $68 rock may not seem like much but at the end of the day when they start putting numbers on the back side of an envelope I suspect mining and milling will be in the $20-$25 range in USD. There will be a lot of economies of scale here. This is going to be a great mine.
I think Eloro should have said something about the total length of the 29 intercepts in the 1019-meter hole. It would be interesting to know if 30% of the hole was mineralized or 70%.
By using the two methods I have suggested, I think investors can come up with a reasonable idea of the value of drill intercepts. To a certain extent the company may have overplayed the hole 10 and created a buy the rumor, sell the news situation. However I happen to be the most bullish on this company’s potential. Every hole they have drilled has hit mineralization. Every single hole. And there are some real world class intercepts.
While Eloro has rocketed higher in the past year, I think the future is even brighter. I’ve pounded the table again and again with management. With a project of this size they need a lot more drilling going on. But when a company does exploration, they have to have the data from prior holes before knowing how to position their rigs. The 2,600 overdue assays are the only thing holding the stock price and exploration back. And someday the labs will catch up.
I happen to believe the company will end up with 1-2 billion tonnes of $100+ rock. Being far more professional, the company will never say that even if they do think it. By the end of the year when they come out with an initial 43-101 resource, the majors will be lined up with checks in their hands wanting to partner with Eloro.
The single most important purpose of any drill program is to fill or kill. Is this a mine or should we kill it? Eloro is way past that point. I think this is going to end up in the top five projects worldwide discovered in the last ten years. It is a giant project to anyone who can both see and think at the same time. That may be its saving grace. Certainly resource nationalism is a problem in Peru, Chile, Ecuador and even the Dominican Republic. But this is going to be so big and make such an important contribution to the government of Bolivia that I think they will keep their hands off.
Eloro has no problems other than 2600 assays gathering dust in Lima. They are well cashed up with $25 million in the bank. Run by a great team of the strongest geologists in South America on this sort of system and they continue to deliver excellent results under trying circumstances.
Eloro is an advertiser. I have a big position I have taken part in prior placements and bought a lot of shares in the open market. The success will continue. Someday investors will realize they have a tiger by the tail. Do your own due diligence.
