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Labrador Gold Corp
Symbol LAB
Shares Issued 152,885,539
Close 2021-09-16 C$ 0.81
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Labrador Gold drills 1.12m of 128.51 g/t Au at Kingsway

2021-09-16 09:19 ET - News Release

Dr. Roger Moss reports


Labrador Gold Corp. has released further high-grade intercepts of near-surface gold mineralization along the Appleton fault zone at its 100-per-cent-controlled Kingsway project near Gander, Nfld. These holes were drilled as part of the company's 50,000-metre drill program. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

Three holes (K-21-47, K-21-48 and K-21-49) all contained intervals grading more than 12 grams per tonne gold. Hole K-21-47 intersected 128.51 g/t Au over 1.12 m from 168 metres in the HTC zone, which represents a metal factor (grade multiplied by width) of 143.9 g/t Au x m. Hole K-21-48 intersected 35.7 g/t Au over 1.55 m from 12.22 m and hole K-21-49 intersected 9.6 g/t Au over 10 m from 51 m, including 76.86 g/t Au over one m. Both intersections in holes K-21-48 and K-21-49 are in the Big Vein zone. A summary of the high-grade intersections as well as other holes with assays recently received is given in an attached table. The width used to calculate metal factor is downhole width as there is insufficient information to calculate true width.

"We continue to be encouraged by the high-grade gold mineralization intersected in the HTC zone. The intersection in hole K-21-47 is the deepest of the plus 100 g/t Au x m intervals drilled to date," said Dr. Roger Moss, president and chief executive officer of the company. "The two high-grade intercepts of 35.7 g/t and 75.86 g/t Au in the near-surface Big Vein zone are also significant as they are approximately 150 metres apart and demonstrate that the high grades persist along strike to the southwest. Drilling continues to test this trend to the southwest."

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 along the 12-kilometre 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 1.87 g/t 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.

The continuing 50,000-metre drill program has tested Big Vein over approximately 200 metres of strike length of the 400-metre surface exposure and to vertical depths of 175 metres. Drilling has produced visible gold in 11 drill holes giving 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.

Matthieu Lapointe has resigned as vice-president, exploration. The company thanks Mr. Lapointe for his guidance over the past year, during which the company made the significant high-grade epizonal gold discovery at Big Vein. The company wishes him all the best in his future endeavours.

Quality assurance/quality control

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's 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 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

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' 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 kilometres 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 kilometres from the town of Gander, with road access to the project, nearby electricity and abundant local water. Labrador Gold 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 $35-million in working capital and is well financed to carry out the planned program.

The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 kilometres. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 shows gold anomalies in soils and lake sediments over a three-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 7.8 g/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 Jan. 25, 2018, for more details). Labrador Gold now controls an approximately 57-kilometre strike length of the Florence Lake greenstone belt.

The company has 152,885,539 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

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