Dr. Roger Moss reports

LABRADOR GOLD EXERCISES OPTION TO ACQUIRE 100% OF THE HOPEDALE PROPERTY

Labrador Gold Corp. has fulfilled the requirements of the Hopedale option agreement dated Dec. 7, 2020, and has exercised its option to acquire 100 per cent of the four licences covering 695 claims comprising the Hopedale property. The Hopedale project remains subject to a 2-per-cent net smelter return royalty. The district-scale Hopedale property covers a 43-kilometre strike length of the Florence Lake greenstone belt. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by LabGold has resulted in the discovery of three gold occurrences, which, together with the previously known Thurber Dog occurrence, stretch over a three-kilometre section of the northern portion of the greenstone belt. The four gold occurrences show significant gold assays, including: Thurber North up to 3.8 grams per tonne gold, TD500 up to 21.59 grams per tonne gold, Thurber Dog up to 11.4 grams per tonne gold and Thurber South up to 4.1 grams per tonne gold. Additional gold anomalies in rock and soil indicate potential for further discovery of gold occurrences along this trend.

Channel sampling of the TD500 showing during 2022 resulted in 48 samples assaying greater than 100 parts per billion (0.1 gram per tonne) gold that included 19 samples greater than one gram per tonne gold. Highlights of the channel samples include 2.91 grams per tonne gold over 5.17 metres, including 14.02 grams per tonne gold over 0.61 metre, 2.35 grams per tonne gold over 6.88 metres and 4.23 grams per tonne gold over 5.04 metres (see news release dated Jan. 19, 2023).

There is also significant potential for the critical metal copper and nickel associated with mafic and ultramafic volcanic rocks along the belt. Labrador Gold identified the Kaapak copper occurrence in 2021, with grab samples grading between 131 parts per million to 10.2 per cent copper. The showing was channel sampled in 2022, with assay highlights of 3.31 per cent copper over 0.76 metre, 2.4 per cent copper over 0.6 metre and 1.55 per cent copper over one metre (see news release dated Jan. 19, 2023).

Nickel mineralization previously identified by Labrador Gold occurs over a 1.2-kilometre strike length of altered ultramafic rocks in the southern portion of the greenstone belt, with rock samples assaying up to 3,375 parts per million (0.34 per cent) nickel, 4,198 parts per million (0.42 per cent) copper and 134 parts per million cobalt. Soil samples over the same area, called Rusty Ridge, show values up to 1,529 parts per million nickel and 152 parts per million cobalt.

The 2023 work program at Hopedale focused on extending the known copper and nickel showings as well as following up on additional soil and rock anomalies elsewhere on the property. Work included mapping, prospecting and soil sampling. Regional drone magnetic surveys and more detailed ground magnetic/VLF (very low frequency) surveys were carried out over ultramafic and surrounding rocks to identify anomalies that may have potential to host nickel and/or copper mineralization. Results of assays and geophysical surveys are pending.

"Our district-scale Hopedale project covers much of the Florence Lake greenstone belt that has many of the characteristics of greenstone belts elsewhere in the world but is underexplored by comparison. It has potential for the critical metals copper, nickel and cobalt in addition to the gold mineralization discovered to date," said Dr. Roger Moss, president and chief executive officer. "The three-kilometre Thurber Dog trend includes four discrete gold occurrences and is a compelling area for future work with significant potential for further discovery. Both the Kaapak copper occurrence, with its demonstrated high-grade copper, and the nickel anomalies associated with ultramafic rocks at Rusty Ridge are exciting critical metals targets that need follow-up to determine their true extent."

Quality assurance/quality control

Rock samples comprise channel samples and grab samples, the latter of which are selective samples and not necessarily representative of mineralization found on the property. Samples are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Nfld., for assay. Eastern Analytical is an ISO/IEC17025-accredited laboratory. Samples are routinely analyzed for gold by standard 30-gram fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. The company submits blanks and certified reference standards amounting to 5 per cent of each sample batch.

Qualified person

Dr. Roger Moss, PhD, PGeo, president and chief executive officer of Labrador Gold, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 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' 2023 Junior Exploration Assistance (JEA) program and the Atlantic Canada Opportunities Agency's critical minerals assistance for its financial support for exploration of the Hopedale property.

About Labrador Gold Corp.

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-per-cent-owned Kingsway project in the Gander area of Newfoundland. The four licences comprising the Kingsway project cover approximately 12 kilometres of the Appleton fault zone, which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent, located just 18 kilometres from the town of Gander with road access to the project, nearby electricity and abundant local water. Labrador Gold 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 $9-million in working capital and is well financed to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 kilometres. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold shows gold anomalies in rocks, soils and lake sediments over a three-kilometre section of the northern portion of the Florence Lake greenstone belt. Four gold occurrences lie along this trend, three of which Thurber North, TD500 and Thurber South were discovered by Labrador Gold. Anomalous gold-in-soil and lake sediment samples also occur over approximately 40 kilometres along the southern section of the greenstone belt. Labrador Gold's recent exploration has also demonstrated the potential for the critical metals copper, nickel and cobalt in the belt.

The company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

We seek Safe Harbor.