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Labrador Gold Corp
Symbol LAB
Shares Issued 112,498,197
Close 2021-04-29 C$ 0.82
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Labrador Gold to increase Kingsway drilling to 20,000 m

2021-04-29 09:13 ET - News Release

Mr. Roger Moss reports


Labrador Gold Corp. has arranged for a second diamond drill rig at its 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.

A second diamond drill rig has been secured from Cabo Drilling (Pacific), which is currently drilling the Big Vein target at Kingsway. Following a slow start, primarily because of wet ground conditions due to the spring thaw, production has picked up and hole 6 is now under way. The second drill rig was added to further increase production along the Big Vein target. Labrador Gold is also planning to double the size of the drilling program from 10,000 metres to 20,000 m to test the quartz vein corridor along strike to the northeast and southwest of Big Vein.

The quartz vein corridor encompasses intermittent quartz vein outcrop over a strike length of 7.5 kilometres. Significant results from the quartz vein corridor, obtained just before the field program wrapped up late last year, include a till sample containing 165 mostly pristine gold grains located 900 m north of Big Vein and a grab sample of quartz vein float that assayed 16 grams per tonne Au located 1.2 km to the southwest (see news release dated March 19, 2021). These results will be aggressively followed up once field work resumes in the coming days. Note that grab samples are selective samples and are not necessarily representative of mineralization on the property.

"Our drilling program is starting to hit its stride and we now feel comfortable adding a second drill to increase production along the Big Vein target," said Roger Moss, president and chief executive officer of Labrador Gold. "Our recently completed financing also enables us to increase the size of the drilling program to test compelling targets along the quartz vein corridor and the Appleton fault zone along strike from Big Vein."

Note that the first samples from the drilling program were received by Eastern Analytical on April 12 and the standard turnaround time is currently on the order of six to seven weeks.

Big Vein target

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 m to date. Gold mineralization observed at Big Vein includes six occurrences of visible gold, assays of samples from which range from 1.87 g/t to 1,065 g/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.

Dr. 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 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 m 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 km. 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 km 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 km long by two km to six km wide north-south trend and over a 14 km long by two km to four km wide east-west trend.

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