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Labrador Gold Corp
Symbol LAB
Shares Issued 112,498,197
Close 2021-04-08 C$ 0.58
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Labrador Gold begins drilling Kingsway project

2021-04-08 08:07 ET - News Release

Mr. Roger Moss reports

LABRADOR GOLD ANNOUNCES THE START OF ITS 10,000 METRE DRILL PROGRAM AT KINGSWAY PROJECT

Diamond drilling is under way at Labrador Gold Corp.'s 100-per-cent-controlled Kingsway gold project near Gander, Nfld. The Kingsway project is located within the highly prospective Gander gold district and along strike from New Found Gold's high-grade Queensway project.

The first hole, K-21-01, was collared in dark grey to black interlaminated siltstone and shale of the Davidsville group. A 20-metre sulphide mineralized zone containing quartz breccia, scattered quartz-carbonate veinlets and frequent decimetre-scale quartz veining with associated fine-grained disseminated pyrite and arsenopyrite was intersected between 43 and 63 metres downhole. Following the dark grey-black shale, the hole intersected a sequence of pale green shale that hosts metre-scale quartz veining. The veining consists of bright white-smoky grey, vuggy quartz with local stylolites, silica flooding, breccias and intense sericitization. Fine-grained arsenopyrite, pyrite and an antimony-lead-bearing sulphide, verified by pXRF, possibly boulangerite, are noted along vein margins and as strong disseminations in the surrounding wall rocks.

"Our drilling program is off to an encouraging start with the first hole intersecting two zones of significant quartz veining and sulphide mineralization," said Roger Moss, president and chief executive officer of Labrador Gold. "The presence of vuggy quartz, stylolites, arsenopyrite and possible boulangerite are all indications that we are in the targeted epizonal gold system."

Big vein target

The Big vein target is an auriferous quartz vein exposed at the surface that has been traced over 400 metres to date. Gold mineralization observed at Big vein includes six occurrences of visible gold, assays of samples from which range from 1.87 grams per tonne to 1,065 g/t gold. The visible gold is typically hosted in annealed and vuggy grey quartz, which is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.

Roger Moss, PhD, PGeo, president and CEO 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' junior exploration assistance (JEA) program for its financial support for exploration of the Kingsway 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.

In early March, 2020, Labrador Gold acquired the option to earn a 100-per-cent interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold's discovery of 92.86 g/t Au over 19.0 metres on its Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the company's property.) In early July, 2020, the company signed an option agreement to acquire a third licence to add to the property package, which now covers approximately 77 square kilometres. Infrastructure in the area is excellent, located just 18 km from the town of Gander with road access to the project, nearby electricity and abundant local water.

The Hopedale gold 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. Initial work by Labrador Gold has identified a three-kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing, where grab samples assayed up to 7.8 g/t gold.

The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Que., in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern-day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15-kilometre-long by two- to six-kilometre-wide north-south trend and over a 14-kilometre-long by two- to four-kilometre-wide east-west trend.

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