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Labrador Gold Corp
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Close 2021-06-03 C$ 1.24
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Labrador Gold drills 3.6 m of 20.6 g/t Au at Kingsway

2021-06-03 08:05 ET - News Release

Mr. Roger Moss reports


Labrador Gold Corp. has released the first intercepts of near-surface high-grade gold mineralization from its Kingsway project near Gander, Nfld. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

The high-grade intersections are from holes K-21-12 and K-21-14 that contain fine particles of visible gold in quartz vein. Hole K-21-12 intersected 20.6 grams per tonne gold over 3.6 metres including 103.36 g/t over 0.3 metre and hole K-21-14 intersected 10.48 g/t Au over 2.4 metres. Two other holes, K-21-07 and K-21-17, for which assays are pending, also contain visible gold. Quartz veins containing visible gold are typically vuggy and contain stylolites, some with gold particles precipitated along them. A summary of the high-grade intersections, as well as other assays received to date, is given in the associated table. Importantly, all holes assayed to date report one or more significant mineralized intercepts.

                                        ASSAY HIGHLIGHTS     
Hole ID                        From                 To            Width                         Gold
                                (m)                (m)              (m)                        (g/t)

K-21-03                        14.0               30.5             16.5                         0.66
including                      23.0               25.3              2.3                         1.14
                               91.0               92.5              1.5                         1.42
                              160.0              162.0              2.0                         1.59
K-21-04                        12.0               38.0             25.0                         0.86
including                      28.6               31.0              2.4                         1.87
                              103.0              104.0              1.0                         5.04
K-21-05                        14.0               28.0             14.0                         0.73
including                      17.0               21.0              4.0                         1.03
and                            25.8               28.0              2.2                         1.09
                                131                133              2.0                         1.45
K-21-06                        19.0               37.0               18                         0.80
including                      21.0               23.0              2.0                         1.53
and                            31.0               33.0              2.0                         1.31
K-21-12                        72.5               76.1              3.6                        20.60
including                      73.7               74.0              0.3                       103.36
and                            75.2               75.5              0.3                        48.67
K-21-14                        62.0               64.4              2.4                        10.48
All intersections are downhole lengths as there is insufficient information to calculate true width.

"We are excited to announce these first near-surface high-grade gold assays from our drilling at Big vein, with assays for additional holes containing visible gold to come," said Roger Moss, president and chief executive officer of the company. "Now that we have found the high grade, we will focus on tracing it down plunge and search for the dilation zones where larger blowouts can be expected. With two drill rigs continuing to test Big vein along strike we expect to rapidly follow up on these very encouraging results."

Big vein target

The Big vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres at surface 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 in both directions. 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 grey quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.

A 20,000-metre drill program currently in progress has only tested Big vein over an 80-metre strike length of the 400 m surface exposure and only to vertical depths of 50 metres. However, drilling has already produced visible gold in four drill holes 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.

Quality assurance/quality control

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core were securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Nfld., for assay. Eastern Analytical is an International Organization for Standardization/International Electrotechnical Commission 17025-accredited laboratory. Samples are routinely analyzed for gold by standard 30 g 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 per cent of the total samples in each batch.

Qualified person

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' 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 three licences comprising the Kingsway project cover approximately 16 km 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 18 km from the town of Gander with road access to the project, nearby electricity and abundant local water.

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