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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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Base Metals Energy Junior Mining Noram Lithium

Noram Receives Results for CVZ-75 & 76: High-Grade Intercepts of 150 Ft (45.7 M) Averaging 962 PPM, & 100 Ft (30.5 M) Averaging 1163 PPM Respectively

VANCOUVER, BC / ACCESSWIRE / June 2, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-75 (PH-01) and CVZ-76 (PH-02) and release of the final assay results. The Company completed core hole CVZ-75 at a depth of 326 feet (99.4 m). Sampling for assays began at 46 ft (14.0 m) and continued to the bottom of the hole, an interval thickness of 150 ft (45.7 m) was intersected from 46 ft (14.0 m) to 196 ft (59.7 m). The hole ended in mineralization and the weighted average lithium values present are summarized below. The Company completed core hole CVZ-76 at a depth of 338 feet (103.0 m). Sampling for assays began at 26 ft (7.9 m) and continued to the bottom of the hole, an interval thickness of 100 ft (30.5 m) was intersected from 26 ft (7.9 m) to 126 ft (38.4 m). The hole ended in mineralization and the weighted average lithium values present are summarized below.

Noram Ventures Inc., Thursday, June 2, 2022, Press release picture
Noram Ventures Inc., Thursday, June 2, 2022, Press release picture
Noram Ventures Inc., Thursday, June 2, 2022, Press release picture
Noram Ventures Inc., Thursday, June 2, 2022, Press release picture

Figure 1 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1. Phase VI holes are indicated in purple.

Noram Ventures Inc., Thursday, June 2, 2022, Press release picture
Noram Ventures Inc., Thursday, June 2, 2022, Press release picture

Figure 2 – Comparative stratigraphy and assay results for drill holes CVZ-76 and CVZ-75 as compared to CVZ-63 which was drilled as part of a prior program. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.

“Holes CVZ-75 and CVZ-76 were located near the northeast end of the Phase V and Phase VI drilling. This is an area where the sediments are thinner since we are getting close to the basin margin. However, the lithium grades continue to be high. These holes are expected to continue to upgrade portions of the Zeus resource from inferred to indicated in Noram’s upcoming PFS.” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.

Hole IDSample No.From (ft)To (ft)From (m)To (m)Li (ppm)
CVZ-751748394465614.017.11690
CVZ-751748395566617.120.1890
CVZ-751748396667620.123.2840
CVZ-751748397768623.226.2910
CVZ-751748398869626.229.31420
CVZ-7517483999610629.332.31160
CVZ-75174840010611632.335.41010
CVZ-75174840111612635.438.4900
CVZ-75174840212613638.441.5870
CVZ-75174840413614641.544.5850
CVZ-75174840514615644.547.5820
CVZ-75174840615616647.550.6810
CVZ-75174840716617650.653.6620
CVZ-75174840817618653.656.7510
CVZ-75174840918619656.759.71130
CVZ-75174841019620659.762.8800
CVZ-75174841120621662.865.8560
CVZ-75174841221622665.868.9650
CVZ-75174841322623668.971.9680
CVZ-75174841423624671.975.0510
CVZ-75174841524625675.078.0650
CVZ-75174841625626678.081.1570
CVZ-75174841726627681.184.1770
CVZ-75174841827628684.187.2570
CVZ-75174841928629687.290.2510
CVZ-75174842029630690.293.3770
CVZ-75174842130631693.396.3470
CVZ-75174842231632696.399.4600

Table 1 – Sample results from CVZ-75 from 46 ft (14.0 m) to depth of 326 ft (99.4 m).

Hole IDSample No.From (ft)To (ft)From (m)To (m)Li (ppm)
CVZ-76174842626367.911.01320
CVZ-761748427364611.014.01620
CVZ-761748428465614.017.11620
CVZ-761748429566617.120.1970
CVZ-761748430667620.123.2830
CVZ-761748431768623.226.2910
CVZ-761748432869626.229.31460
CVZ-7617484339610629.332.31070
CVZ-76174843410611632.335.4930
CVZ-76174843511612635.438.4900
CVZ-76174843612613638.441.5780
CVZ-76174843713614641.544.5710
CVZ-76174843814615644.547.5670
CVZ-76174843915616847.551.2720
CVZ-76No Sample16817851.254.3
CVZ-76174844017818854.357.3460
CVZ-76174844118819857.360.4840
CVZ-76174844219820860.463.4700
CVZ-76174844320821863.466.4740
CVZ-76174844421822866.469.5720
CVZ-76174844522823869.572.5710
CVZ-76174844623824872.575.6520
CVZ-76174844724825875.678.6680
CVZ-76174844825826878.681.7640
CVZ-76174844926827881.784.7640
CVZ-76174845027828884.787.8590
CVZ-76174845128829887.890.8590
CVZ-76174845229830890.893.9449
CVZ-76174845330831893.996.9610
CVZ-76174845431832896.9100.0560
CVZ-761748455328338100.0103.0470

Table 2 – Sample results from CVZ-76 from 26 ft (7.9 m) to depth of 338 ft (103.0 m).

All samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.

The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.

About Noram Lithium Corp.

Noram Lithium Corp. (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.

The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159

For additional information please contact:

Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Ventures Inc.



View source version on accesswire.com:
https://www.accesswire.com/703581/Noram-Receives-Results-for-CVZ-75-76-High-Grade-Intercepts-of-150-Ft-457-M-Averaging-962-PPM-100-Ft-305-M-Averaging-1163-PPM-Respectively

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