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Junior Mining Labrador Gold Precious Metals

Labrador Gold Raises $3.88 Million From Exercise of Share Purchase Warrants

Labrador Gold, Proven and Probable

TORONTO, June 29, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that it has raised $3,885,285.90 from the recent exercise of share purchase warrants (the “warrants”) with a strike price of $0.175 and $0.30. The warrant exercise increases the Company’s cash position to $26.5 million. Management and directors of Labrador Gold were among those exercising warrants.

“The funds brought in by the exercise of the warrants adds to an already robust treasury and allows us to continue our ongoing exploration of the 12km strike length of the Appleton Fault Zone at our 100% owned Kingsway Project,” said Roger Moss, President and CEO. “The hard work of the LabGold team over the past two years has resulted in the generation and successful drilling of four out of four gold targets. This demonstrates both the ability of our people on the ground as well as the prospectivity of the Kingsway project, and the Appleton Fault Zone in particular. We look forward to another exciting summer of discovery as we prove up more targets in the pipeline and get them ready for drilling.”

Exploration Update

Drilling continues at Kingsway with four drill rigs. Two rigs are working at Big Vein, one testing the down plunge extension of the high-grade HTC Zone below 250m, and the other testing the southwest extension of the Big Vein Zone. A third rig continues to test the Golden Glove target while the fourth rig tests the CSAMT target approximately eight kilometres northeast of Big Vein. The CSAMT target was generated from geophysical (controlled source audio magnetotellurics, magnetics and VLF-EM) and geochemical (gold in soil, rock and till) anomalies and is in an area of structural complexity. Both the Golden Glove and CSAMT targets occur on the east side of the Appleton Fault Zone. Approximately 44% of the 100,000 metre planned program has been completed to date.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, 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 company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early 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 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. 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 is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $26.5 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, 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 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 168,889,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter @LabGoldCorp

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.

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Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Drills 78.35m at 1.17 g/t Au and Delineates Higher Grade Lenses Within Moss Lake Deposit

Goldshore Resources, Proven and Probable

Vancouver, British Columbia–(Newsfile Corp. – June 29, 2022) –  Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral resource.

Highlights:

  • Four shallow holes drilled during the winter ice program have confirmed high-grade gold mineralization within shears hosted by altered diorite with best intercepts of:
  • 78.35m @ 1.17 g/t Au from 170.35m depth in MMD-22-020, including
    • 22.65m @ 2.31 g/t Au from 217.0m, including
    • 5.65m @ 5.69 g/t Au from 234.0m
  • 24.7m @ 1.28 g/t Au from 105.3m depth in MMD-22-017, including
    • 2.75m @ 7.80 g/t Au from 106.9m
  • 24.65m @ 1.05 g/t Au from 81.2m depth in MMD-22-016, including
    • 2.0m @ 7.95 g/t Au from 103.0m
  • 12.0m @ 1.41 g/t Au from 127.0m

President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling results supporting our belief from the beginning of our 100,000m drill program, that Moss Lake is much larger in depth, width and along strike, to the historical mineral resource. I am very encouraged about the high grade sections we are seeing, as this will provide a lot of optionality when we model the resource later in the year and start to look at economic pit shells. We see several PEA permutations, including a smaller, higher grade starting project (Phase 1) followed by a larger scale operation formulated on the global resource (Phase 2). Given the current economic climate, a lower CapEx project (Phase 1) expanding to the larger operation (Phase 2) may well be the best approach to developing Moss Lake, while not losing sight of the larger Tier One potential. We will make these determinations later in the year, as we continue to evaluate the results from our 100,000m program.

Technical Overview

Table 1 shows the significant intercepts calculated from recently received drill hole results. Figure 1 shows a typical cross section through MMD-22-020. Table 2 and Figure 2 show the drill hole locations.

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH (m)TRUE WIDTH (m)CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
MMD-22-01655.0069.8514.859.70.710.71
including65.0069.854.853.21.291.29
81.20105.8524.6516.21.051.05
including81.2086.004.803.11.421.42
and103.00105.002.001.37.957.95
121.00240.00119.0078.10.530.53
including127.00139.0012.007.91.411.41
and184.60187.002.401.63.933.93
MMD-22-01749.2058.008.805.80.480.48
70.2092.0021.8014.60.440.44
105.30130.0024.7016.51.281.28
including106.90109.652.751.87.807.80
MMD-22-02092.65118.3525.7018.50.450.45
129.85142.5012.659.30.490.49
170.35248.7078.3559.11.171.17
including179.50180.751.250.95.565.56
and198.00202.004.003.02.092.09
and217.00239.6522.6517.12.312.31
including220.65221.000.350.320.720.7
and234.00239.655.654.35.695.69
MMD-22-02185.0099.5014.509.50.630.63
including96.0099.503.502.31.931.93
115.25119.003.752.50.410.41
142.35153.1010.757.20.370.37
164.00169.005.003.30.300.30
171.00177.006.004.10.320.32
including184.30189.655.353.61.111.11
184.30251.0066.7046.30.490.49
including218.60224.005.403.81.201.20
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.



Figure 1: Drill section through MMD-22-020 showing mineralized intercepts relative to the 2013 grade model, the newly defined parallel zones and high grade structures within the model

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8051/129404_9c21e1dd647f5bc4_002full.jpg



Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8051/129404_9c21e1dd647f5bc4_003full.jpg

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-22-0166688745378962426335°-50°245.0m
MMD-22-0276689655379004426335°-50°130.0m
MMD-22-0206690715378898426335°-55°251.0m
MMD-22-0216689805378856426335°-55°251.0m
Approximate collar coordinates in NAD 83, Zone 15N

Four shallow drill holes were completed over ice this past winter. They were drilled to help define the resource in the upper levels of the deposit. This includes localized high grade structural zones – 2.0m @ 7.95 g/t Au, 2.75m @ 7.80 g/t Au, and 5.65m @ 5.69 g/t Au – that are common in the Main and QES Zones.

Pete Flindell, VP Exploration for Goldshore, said “Our drilling program continues to confirm that the large volume of low grade gold mineralization is plumbed by anastomosing high grade shears. These high grade zones are not reflected in the historic (2013) Mineral Resource and will be a focus of our resource update intended to be released at the end of 2022. Accurate modelling of the high grade zones will significantly improve the economics of the Moss Project. Drilling is also continuing to better define these zones within the known extents of the deposit and in parallel zones that will add to the overall tonnage.”

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a strategic shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 3: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 4: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

Note::

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

Peter Flindell, MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, an update to the historical resource at the Moss Lake Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Exclusive Interviews Junior Mining Labrador Gold

Labrador Gold – Discovers 54.17 GPT at Big Vein on Kingsway Gold Project

Labrador Gold: https://labradorgold.com/

Ticker: TSX.V: LAB | OTCQX: NKOSF

Corporate Presentation: https://labradorgold.com/investors/presentations/

Telephone: (416) 704-8291

Email: info@labradorgold.com

Labrador Gold Intersects 54.17 G/T Au Over 0.95m at the Big Vein Target

TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the continued extension of the Big Vein Zone to the southwest with an intersection of 54.17 g/t Au over 0.95m as well as the intersection of near surface gold mineralization from initial diamond drilling of the Pristine target at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.

At Big Vein, the intercept of 54.17g/t Au over 0.95m in hole K-22-122 contains visible gold and is the furthest intersection of the Big Vein Zone to the southwest drilled to date. This extends the strike length of the zone to 320m and it remains open in this direction. Hole K-22-116 targeted the HTC zone and intersected 14.67 g/t over a 1m interval that also contained visible gold.

At the Pristine target the first six holes all intersected significant near surface gold mineralization, including hole K-21-109 that assayed 3.55 g/t Au over 2.33m from 17.15m that contained visible gold and hole K-21-100 that intersected 3.89 g/t Au over 3m from 53m downhole.

The initial assays from the Pristine target, located approximately 800m northeast of Big Vein along the Appleton Fault Zone, are very similar to the first reported holes from Big Vein that assayed 1.11 g/t Au over 5.50m, 5.0 g/t Au over 0.9m and 2.26 g/t Au over 7.0m in Hole K-21-01 and 1.72 g/t Au over 3.0min Hole K-21-02 (see news release dated May 10, 2021).

The stratigraphy encountered is also very similar to Big Vein, with the mineralized Doyle Zone defined by a network of shear veining that is associated with a highly fractured sandstone in fault contact with a deformed black graphitic shale.

“We are very pleased with the initial results from the Pristine target which proves our interpretation of the existence of a gold occurrence not too far up ice from the pristine gold grains found in till. Pristine is the third of three targets tested to date to show significant near surface gold assays, a result of our systematic exploration strategy at Kingsway and the prospectivity of the Appleton Fault Zone,” said Roger Moss, President and CEO of the LabGold. “We have named the mineralized zone at Pristine the Doyle Zone after our friend and strong supporter James Doyle, who passed away suddenly, and much too early, in late 2020. James helped and advised us in every financing since the start of Labrador Gold in 2017, and gave us support in the market, often when no-one else was interested. James would have loved witnessing all the exploration activity in central Newfoundland over the last two years and would have been working the telephones daily. We will endeavour to ensure that the Doyle Zone lives up to the big personality of its namesake.”

Pristine Target and Appleton Fault Zone

The visible gold found in hole K-21-109 drilled into the Doyle Zone is the third occurrence of visible gold found, after Big Vein and Golden Glove, along the Appleton Fault Zone. The Doyle Zone is the furthest northeast, approximately 4.5km from Golden Glove which lies close to the southern property boundary. The Doyle Zone lies to the east of a fault with a major damage zone approximately 30m wide which may represent the expression of the Appleton Fault Zone in this area. Further work is necessary to determine if this is, in fact, the the case or if it is a major splay of the Appleton Fault Zone. In either case it is a significant structure associated with gold mineralization in the Doyle Zone.

The most detailed exploration along the Appleton Fault Zone to date has been over an approximately 2km section from just southwest of Big Vein to the Pristine target, leaving the remaining 10km length of the fault zone relatively underexplored. This will be a major focus of LabGold’s upcoming field program.

Hole IDfrom (m)to (m)width (m)Au (g/t)Target
K-22-1429610043.44Big Vein
including979925.37
K-22-125707771.72HTC
K-22-12426426622.03Big Vein
28328417.68
K-22-12299114151.46Big Vein
123.33124.280.9554.17*
K-22-116178179114.67*HTC


19419624.18
20720813.25
K-22-143758271.53Pristine
K-22-123232411.98Pristine
434412.3
K-22-119313321.92Pristine
K-21-10917.1518.32.33.55*Pristine


47.4550.4531.31
54.4559.4551.48
K-21-107485241.16Pristine


868931.58
9610371.81
K-21-100535633.89Pristine

Table 1. Summary of Assay Results
* Interval contains visible gold. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole IDNorthingEastingElevation (m)AzimuthDipDepth (m)
K-22-143543603466180154.126045299.06
K-22-142543501566142636.815545167.00
K-22-125543528366160042.514050326.00
K-22-124543514366140550.214060494.00
K-22-123543610366180856.130045236.00
K-22-122543501666142636.914550228.63
K-22-119543610566180356.230045185.00
K-21-116543528066160042.314560236.00
K-21-109543605866178955.526060218.00
K-21-107543605866178955.629550209.00
K-21-100543619166185158.614045230.00

Table 2. Drill hole collar details

Figure 1. Doyle Zone plan map
https://www.globenewswire.com/NewsRoom/AttachmentNg/d658d985-d462-4293-a32f-4db3365c5d7d

Figure 2. Big Vein Plan Map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44a9f7c4-1910-4bea-99a8-e815f6ef56c2

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 atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, 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 company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early 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 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. 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 is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, 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 km along the southern section of the greenstone belt (see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 156,439,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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 .

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