Tag: Labrador Gold

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Junior Mining Labrador Gold Precious Metals

Labrador Gold Intersects 23.44 g/t Au Over 1.27 Metres at Big Vein Southwest

Labrador Gold Corp.
Labrador Gold Corp.

Figure 1.

Visible gold in Hole K-22-211.
Visible gold in Hole K-22-211.

Figure 2.

Big Vein plan map.
Big Vein plan map.

TORONTO, Nov. 28, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.

Highlights of the drilling include an intersection of 8.60g/t Au over 4.41 metres from 326.89 metres that included 53.52g/t Au over 0.31 metres in Hole K-22-211 that contains visible gold, and 1.31g/t Au over 7 metres from 270 metres including 8.49g/t Au over 0.91 metres in Hole K-22-207 from Big Vein Southwest. Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68g/t Au over 2.65 metres from 189.7 metres that included 18.27g/t Au over 0.78 metres.

Hole K-22-211 was collared 40 metres southwest of Hole K-22-174 that intersected 284.1 g/t Au over 0.58 metres and 15.05g/t Au over 1.11 metres (see News Release dated July 7, 2022) and extends the mineralized zone further to the Southwest.

“We continue to have drilling success at both ends of Big Vein which has now been drilled over a strike length of approximately 520 metres and remains open in both directions. In particular, the high grade zone containing visible gold at Big Vein Southwest continues to expand,” said Roger Moss, President and CEO. “Two drill rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions. Drilling will continue through the winter.”

Hole IDFrom (m)To (m)Interval (m)Au (g/t)Zone
K-22-211326.89331.34.418.6Big Vein SW
including326.89328.161.2723.44
including327.19327.50.3153.52
 333.71334.7111.52
K-22-20727027771.31Big Vein SW
including273.57274.480.918.49
K-22-202189.7192.352.655.68Big Vein
including189.7190.480.7818.27
 245.3246.20.91
 354.7358.84.11.06
including354.7355.650.952.06
K-22-20126226311.56Big Vein SW
K-22-199nsv   CSAMT
K-22-19821421512.2Big Vein
 26626822.5
K-22-197356.87357.971.11.34Big Vein SW
K-22-196nsv   Golden Glove
K-22-195nsv   CSAMT

Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.

Figure 1. Visible gold in Hole K-22-211.
https://www.globenewswire.com/NewsRoom/AttachmentNg/03572774-0511-4519-bf5e-5b6043993756

Figure 2. Big Vein plan map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/902bb7b2-45ed-49bb-b988-35872c854fbe


A total of 61,404 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 4,263 metres of core (11.4% of the total submitted).

The Company has $20 million in cash and is well funded to carry out the remaining 39,000 metres of the planned drill program as well as further exploration to add to the pipeline of drill targets on the property.

Hole IDEastingNorthingElevationAzimuthDipTotal Depth
K-22-21166139654349734213055350
K-22-20766136654349373814050317.52
K-22-202661594543532745.715555422
K-22-20166136654349373813055315
K-22-19966671254436994429545300
K-22-198661594543532745.715545368
K-22-19766136654349373813050389
K-22-196660700543200833.535545476.13
K-22-19566671254436994414045454.11

Table 2. Drill hole collar details

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.

Labrador Gold’s flagship property is the 100% owned 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 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $20 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt 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 169,189,979 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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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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Energy Exclusive Interviews Junior Mining Labrador Gold Precious Metals

Labrador Gold – 100,000 Meter Drill Program, 5 Drill Rigs

Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The Company is advancing the Kingsway Gold Project, located in the Gander Gold District of Newfoundland. The project is strategically located contiguous to New Found Gold’s Queensway Project and lies along strike to the northeast of their recent discovery of 92.86g/t Au over 19.0 meters.

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 is partner/sponsor and we are shareholders.

Website | www.provenandprobable.com

Call me directly at 855.505.1900 or email: Maurice@MilesFranklin.com Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/

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Junior Mining Labrador Gold

Labrador Gold Receives Drill Permit for Golden Glove and Mobilizes Fifth Drill Rig

Labrador Gold Corp.
Labrador Gold Corp.

Figure 1

Location of current drilling along the Appleton Fault Zone.
Location of current drilling along the Appleton Fault Zone.

TORONTO, March 01, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that it has received a diamond drill permit for the Golden Glove target at its 100% controlled Kingsway project near Gander, Newfoundland. As such, the Company has mobilized a fifth diamond drill to start the drilling as soon as possible. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

Gold mineralization was discovered at Golden Glove during the fall of 2021. The mineralization consists of visible gold in an outcrop of quartz vein hosted in shales. Assays of grab samples from the quartz vein range from 2.99 to 338.08 g/t Au and include assays of 194.28 g/t, 193.69 g/t and 83.61 g/t Au (see News Release dated September 21, 2021). This represented the second discovery of high-grade gold at, or near, surface along the Appleton Fault Zone after Big Vein.

While there are many similarities between the mineralization at Golden Glove and Big Vein, a significant difference is that while Big Vein occurs on the west side of the Appleton Fault, Golden Glove is situated on the East Side. This will be the first drilling on the east side of the fault on the Kingsway Property.

With the addition of the fifth drill rig, LabGold now has five drills on site, two drilling at Big Vein, two drilling at the Pristine Target and the fifth starting soon at Golden Glove (See Figure 1).

“We are very excited about the start of drilling at Golden Glove, not only because of the high-grade samples recovered from the outcrop, but also because we are drilling on the east side of the Appleton Fault Zone,” said Roger Moss, President and CEO of the Company. “We know from results of drilling at New Found Gold’s Queensway Project that the east side of the fault seems to produce higher grade and longer intervals than the west side. This will be LabGold’s first test of mineralization on the east side of the fault and we are keen to see if the same holds true at Kingsway.”

QA/QC

Samples 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.

Figure 1. Location of current drilling along the Appleton Fault Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2059961-0ed6-4747-afa1-cdf653e72c7f

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 $30 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 153,854,110 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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Junior Mining Labrador Gold Precious Metals

Labrador Gold Announces Doubling of Drill Programs to 100,000 Metres and Increase to 5 Drill Rigs

Targets entire strike length of Appleton Fault Zone

Figure 1.

Gold anomalies, occurrences, and drill targets along the Appleton Fault Zone.
Gold anomalies, occurrences, and drill targets along the Appleton Fault Zone.
Gold anomalies, occurrences, and drill targets along the Appleton Fault Zone.

TORONTO, Jan. 19, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce a significant increase to its diamond drilling program, at the 100% controlled Kingsway project near Gander, Newfoundland. This increase follows the Company’s success exploring along the Appleton Fault Zone over the past 18 months. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

LabGold plans to double the current drilling program to 100,000 metres which includes the outstanding 23,000 metres remaining in the current 50,000 metre program. Four diamond drill rigs are currently operating at Kingsway and a fifth rig is scheduled to start following receipt of permits. Applications for 111 drill holes were submitted late last year and are expected in early March. The increased program is fully funded by the Company’s cash on hand of approximately $30 million.

Drilling will continue to test Big Vein along strike and down plunge as well as the Pristine target where early drilling is encouraging. Golden Glove, where grab samples from a quartz vein containing visible gold assayed from 2.16 to 338.08 g/t Au (see news release dated October 21, 2021), is a prime target and will be drilled following receipt of soil samples over the area. These are expected in the first quarter. Numerous other targets developing along the Appleton Fault Zone (see Figure 1) will be systematically tested along the entire 12km strike length during the increased program.

“We continue to be excited by the prospectivity of the Appleton Fault Zone at Kingsway and that was a key factor in deciding to increase the size of the drilling program. Not only do we expect to develop the targets we already have to the drilling stage, but we are also confident that we will uncover more as we continue to follow our exploration strategy proven over 18 months of work at Kingsway. With over $30 million in cash and no debt the Company is well capitalized for this planned increase,” said Roger Moss, President and CEO of Labrador Gold. “In addition to the outstanding assays from our drilling, we are still waiting for many soil and rock assays from the regional work carried out along the Appleton fault during 2021. We expect that some of these assays will enhance our current targets and perhaps hint at new ones that we can develop going forward.”

Figure 1. Gold anomalies, occurrences, and drill targets along the Appleton Fault Zone: https://www.globenewswire.com/NewsRoom/AttachmentNg/dd59d76c-2cbf-4559-aaf5-55cf2303215f

QA/QC

Samples 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

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 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $30 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 153,904,110 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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Breaking Exclusive Interviews Junior Mining Labrador Gold

Labrador Gold – 2022 Outlook on the High-Grade, Kingsway Gold Project

TORONTO, Dec. 29, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to review its 2021 exploration success along the Appleton Fault Zone and to give an update on plans for 2022 at its 100% controlled Kingsway project near Gander, Newfoundland. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

Drilling
In early April, 2021 LabGold began a 10,000-metre diamond drilling program began at Kingsway, testing the Big Vein target where visible gold in quartz vein boulders was found in late 2020. The drilling program was increased to 50,000 metres in June following completion of two private placements.

Between the start of drilling in April and the break for the festive season in December, a total of 26,767 metres were drilled in 116 holes primarily at Big Vein. Drilling at the new “Pristine” target began in November and nine holes totalling 2,229 metres have been drilled to date. Assays have been received for 56% of samples submitted to the laboratory or approximately 15,000 metres of core.

Highlights from the drilling program include high grade intersections of 276.56 g/t Au over 0.5m in hole K-21-31 and 75.86 g/t Au over 1m in hole K-21-49 from the Big Vein zone and 44.08 g/t Au over 4.28m in hole K-21-39, and 128.51 over 1.12g/t Au in hole K-21-47 from the HTC Zone.

Regional Exploration

LabGold continued its systematic exploration along the Appleton Fault Zone during 2021, using prospecting, mapping, geophysics, soil and till sampling to great effect with two significant results.

Prospecting following up coincident structures and geochemical anomalies led to the discovery of the Golden Glove occurrence on the east side of the Appleton Fault Zone approximately 3.4km southwest of Big Vein. The occurrence consists of an outcrop of quartz vein containing visible gold that assayed from 2.99 g/t Au to 338.08 g/t Au. Soil sampling, ground magnetics and VLF-EM have been carried out in the Golden Glove area to assist in drill targeting with results expected early in the new year.

Two till samples taken approximately 700 metres northeast (down ice) of Big Vein returned 165 and 311 gold grains of which 96% and 83%, respectively were pristine. The large number of pristine grains in these samples indicates a short transport distance suggesting a source other than Big Vein closer to the sample locations. Follow up work in the area immediately up ice of these samples found quartz veins containing pyrite and arsenopyrite. Diamond drilling at this “Pristine” target began in November and assays from the first holes are pending.

Numerous other gold anomalies were uncovered along the Appleton Fault Zone that will be aggressively followed up during 2022 to define additional targets for drilling.

Financings
During the year, the Company raised $24.8 million at an average price of $0.81 in two private placements with Mr. Eric Sprott and New Found Gold. As at December 24,2021, the Company had $30.8 million in cash and a market cap of $124.5 million.

Outlook for 2022

LabGold will continue to explore the entire 12km strike length of the Appleton Fault Zone during 2022 including:

  • Continued diamond drilling at Big Vein and the “Pristine” target testing along strike and at depth.
  • Initial drilling at Golden Glove following receipt of survey results and drill permit.
  • Upgrading of gold anomalies and generation of new targets using the same techniques that produced discoveries during 2020 and 2021.

“2021 was an exciting year for us as the LabGold team built on the exploration success achieved in 2020. The drilling at Big Vein demonstrated the presence of high grade epizonal style gold mineralization at Kingsway and the discovery of visible gold at Golden Glove and pristine gold grains at the “Pristine” target reinforces the prospectivity of the Appleton Fault Zone,” said Roger Moss, President and CEO of Labrador Gold. “Given the number of gold anomalies we have uncovered along the 12km length of the Appleton Fault Zone 2022 is shaping up to be another year of discovery for LabGold. Many assays remain outstanding from 2021 which, together with our continued drilling, will result in a steady flow of news next year. With over $30 million in cash and no debt the Company is well capitalized for its planned exploration programs. I would like to express my thanks to the LabGold exploration team for their commitment to the project and to the Newfoundland government for their continued support and assistance. Finally, to our shareholders, we wouldn’t be here without you, and we look forward to sharing with you what we expect to be another year of discovery in 2022.”

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ and NQ 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

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 $32 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 153,711,033 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.

Categories
Junior Mining Labrador Gold Precious Metals

Labrador Gold Intersects 76.24 G/T Gold Over 0.5 Metres, Defines New Footwall Zone at Kingsway Project

Labrador Gold Corp.

Figure 1.

Big Vein Plan Map.
Big Vein Plan Map.
Big Vein Plan Map.

Figure 2.

Long section of the HTC Zone.
Long section of the HTC Zone.
Long section of the HTC Zone.

TORONTO, Nov. 04, 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 along the Appleton Fault Zone at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 50,000 metre drill program. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

Two holes K-21-28 and -79 both contained high-grade intervals. Hole K-21-28 intersected 76.24 g/t Au over 0.5m from 175 metres and Hole K-21-79 intersected 32.53 g/t Au over 0.8m from 162.55m, both in the HTC Zone. In addition, Hole K-21-58 intersected 7.25g/t Au over 1m from 161m in a newly defined mineralized zone in the footwall to the HTC Zone. This HTC Footwall Zone is also defined by previously released intersections of 128.51g/t Au over 1.12m in Hole K-21-47 and 11.68g/t Au over 0.91m in Hole K-21-11 as shown in Figure 1. A summary of the high-grade intersections, as well as other holes with assays recently received, are given in Table 1.

“We continue to find high-grade gold mineralization down plunge in the HTC Zone. The zone has now been tested to approximately 200 metres vertically and remains open at depth,” said Roger Moss, President and CEO of the Company. “We are also pleased to confirm a third mineralized zone in the footwall to the HTC Zone. We suspected the existence of this footwall zone for a while, but it has now shown sufficient continuity to call it a separate zone. This clearly shows the potential for multiple high-grade mineralized zones at the Big Vein target. Drilling to delineate the footwall zone and to test the down plunge extension of the HTC Zone is ongoing.”

Hole IDFrom (m)To (m)Width (m)Au (g/t)Zone
K-21-28175175.50.576.24HTC
K-21-505.271.81.72Big Vein
and121311.47
K-21-527.5124.51.9Big Vein
including111215.4
K-21-569910011.08HTC
and10810911.76
and11211311.27
and22022111.42HTC Footwall
and22522612.38
K-21-57414431.35Big Vein
K-21-58161711.05Big Vein
and12412511.06HTC
and16116217.25HTC Footwall
and20921891.24
K-21-59222311.18Big Vein
and383911.29
and13914011.35HTC
K-21-60474921.49Big Vein
and717541.31HTC
and979811.03
K-21-61171811.69Big Vein
and283791.02
and505441.06
and768261.44
and989911.07
K-21-6291011.295Big Vein
and10410513.747HTC
and14414514.01
K-21-64333411.8Big Vein
K-21-79162.55163.350.832.53HTC

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

Figure 1. Big Vein Plan Map. https://www.globenewswire.com/NewsRoom/AttachmentNg/c120f30a-a5ff-4e5a-93f6-7977a3c46d83

Figure 2. Long section of the HTC Zone. https://www.globenewswire.com/NewsRoom/AttachmentNg/e47135d0-30a1-46b1-8efe-302078085b9d

Hole IDEastingNorthingElevationAzimuthInclinationDepth
K-21-79661601.65435246.16140.8415214068239
K-21-64661506.55435104.47432.5676918055302
K-21-62661597.45435249.06940.849715552314
K-21-61661506.45435104.14832.155721045308
K-21-60661489.15435136.91539.5240914552284
K-21-59661507.45435102.7132.5240914545251.5
K-21-58661597.75435249.96940.8706214565275
K-21-57661505.55435104.95432.5676932045233
K-21-56661490.15435138.33338.0353913045366
K-21-52661590.35435203.69737.3503912040170
K-21-50661590.95435204.71537.3002810540167
K-21-28661562.35435246.26844.961813060284

Table 2. Drill hole collar details

Big Vein target

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres 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 visible gold in quartz veins, 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 ongoing 50,000 metre drill program has now tested Big Vein over approximately 250 metres of strike length and to vertical depths of 200 metres. Drilling has produced 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 and NQ 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

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 $32 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 153,711,033 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.

Categories
Junior Mining Labrador Gold Precious Metals Uncategorized

Labrador Gold Announces Receipt of Drill Permit for Appleton Fault Targets, Mobilzes Drill

Figure 1.

Location of planned drilling area along the Appleton Fault Zone.
Location of planned drilling area along the Appleton Fault Zone.
Location of planned drilling area along the Appleton Fault Zone.

TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the receipt of Exploration Approval for diamond drilling of regional Appleton Fault Zone targets at its 100% controlled Kingsway Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District.

LabGold has mobilized a drill rig to the first target, located approximately 800m northeast of Big Vein (see Figure 1) and the Company expects drilling to begin this week. Initial drilling will take place up ice from where a significant number of pristine gold grains in till were found earlier this year (see news release dated August 5, 2021). Follow up exploration by the LabGold team has demonstrated the potential of this area and defined drill targets will be systematically drilled over the coming weeks. This is one of several gold anomalies comprising the “string of pearls” along the Appleton Fault Zone that are in various stages of advancement.

Figure 1. Location of planned drilling area along the Appleton Fault Zone.
https://www.globenewswire.com/NewsRoom/AttachmentNg/bc35e9ae-53c8-402c-bc50-f239e27497ad

“We are very excited to begin drilling the most advanced of six prospective gold targets that we have generated and are currently exploring along the Appleton Fault Zone,” said Roger Moss, President and CEO of Labrador Gold. “We know this is a very productive fault and the LabGold team has worked hard to get this target to the drill stage. With discoveries first at Big Vein, and more recently at Golden Glove, this anomalous area is next in line for a potential discovery. Now that we have the permit in place, we look forward to testing targets over a four km strike length of the Appleton Fault Zone northeast of Big Vein.”

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 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 $34 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 152,912,462 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.

Categories
Junior Mining Labrador Gold Precious Metals

Labrador Gold Samples 338 g/t Au in New Discovery at Golden Glove 3.5km South of Big Vein

Labrador Gold Corp.Tue, September 21, 2021, 8:00 AMIn this article:

Figure 1

Location of the Golden Glove visible gold occurrence together with other prospective gold targets along the Appleton Fault Zone.
Location of the Golden Glove visible gold occurrence together with other prospective gold targets along the Appleton Fault Zone.
Location of the Golden Glove visible gold occurrence together with other prospective gold targets along the Appleton Fault Zone.

Figure 2

Samples from Golden Glove containing visible gold.
Samples from Golden Glove containing visible gold.
Samples from Golden Glove containing visible gold.

Highlights

  • Rock chip assays from the new discovery include 338.08 g/t Au, 194.28 g/t, 193.69 g/t and 83.61 g/t Au confirming the presence of high-grade epizonal gold in a second location on the Kingsway property
  • This further demonstrates the significant potential for high-grade near surface gold mineralization to be found along the Appleton Fault Zone
  • Golden Glove lies on the southeast side of the Appleton Fault Zone similar to gold occurrences to the south of Kingsway

TORONTO, Sept. 21, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce high-grade assay results from samples collected at a brand new discovery, the Golden Glove, located approximately 3.5km south of Big vein, part of its 100% controlled Kingsway Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District.

Assays of six grab samples taken from an outcrop of mineralized quartz vein range from 2.99 to 338.08g/t Au. The three highest grade samples contained visible gold. A sample of quartz vein float approximately 60 metres to the northeast of the visible gold outcrop assayed 2.16g/t Au. Highlights of the results are given below.

Sample #Sample TypeSample TypeRock TypeAu (g/t)
709307outcropfloatQuartz vein2.16
709253outcropGrab*Quartz vein with visible gold338.08
709252outcropGrabQuartz vein with visible gold194.28
709251outcropGrabQuartz vein with visible gold193.69
709010OutcropGrabQuartz vein with py, apy and cpy6.34
709009OutcropGrabQuartz vein with py, apy and cpy83.61
555963OutcropGrabQuartz Vein with py2.99

Abbreviations: py pyrite, apy arsenopyrite, cpy chalcopyrite *Note that grab samples are select samples and are not necessarily representative of gold mineralization found on the property.

The Golden Glove discovery is located adjacent to the Appleton Fault Zone approximately 3.5km southwest of Big Vein. Unlike Big Vein, it is located on the southeast side of the Appleton Fault Zone, similar to the Keats, Golden Joint and Lotto occurrences on New Found Gold’s Queensway property immediately to the south.

“The discovery of high-grade gold mineralization at Golden Glove is the result of our systematic approach to exploration at Kingsway. Golden Glove is just one of six prospective gold targets, excluding Big Vein, that we have generated and are currently exploring along the Appleton Fault,” said Roger Moss, President and CEO of Labrador Gold. “We continue to advance these targets and generate new ones along the entire 12km length of the Appleton Fault covered by the Kingsway Project. This is the second new discovery made by LabGold on the Kingsway project following the discovery of Big Vein late last year. We anticipate making further discoveries as we continue to explore what appears to be a very productive fault zone.”

Figure 1. Location of the Golden Glove visible gold occurrence together with other prospective gold targets along the Appleton Fault Zone.
https://www.globenewswire.com/NewsRoom/AttachmentNg/73bedc9c-55cf-454d-a8e9-5bfb71de552e

Figure 2. Samples from Golden Glove containing visible gold.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f7b86958-8832-49ae-a78b-2e9929eb0bce

QA/QC

Samples were shipped to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples were analyzed for gold by whole sample metallic screen/fire assay or by standard 30g fire assay with ICP (inductively coupled plasma) finish. The company submits blanks, field duplicates and certified reference standards at a rate of approximately 5% of the total samples in each batch.

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 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 $34 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 152,912,462 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.