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Labrador Gold Corp
Symbol LAB
Shares Issued 153,854,110
Close 2022-01-11 C$ 0.83
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Labrador Gold drills 2 m of 50.52 g/t Au at Kingsway

2022-01-12 09:28 ET - News Release

Mr. Roger Moss reports

LABRADOR GOLD INTERSECTS 50.52 G/T GOLD OVER 2 METRES AT KINGSWAY

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 continuing 50,000-metre drill program. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

High-grade gold continues to be found at Big Vein, including intercepts of 50.52 grams per tonne (g/t) gold (Au) over two metres (m) in hole K-21-76 from the HTC footwall zone. A deeper (200 m to 201 m) intercept of 15.86 g/t Au over one m from the same hole appears to be from a new zone. Approximately 135 metres along strike to the southwest, hole K-21-74 intersected 2.86 g/t Au over 25 m, including 16.21 g/t Au over one m and 5.7 g/t over seven m in a possible new zone in the immediate footwall to the Big Vein zone. Testing further to the southwest along Big Vein indicates consistent increased width of mineralization in the Big Vein zone as shown by hole K-21-75 that intersected 3.33 g/t Au over four m within a larger intercept of 12 m grading 1.62 g/t Au from 28 m.

"Drilling at Big Vein continues to turn up high-grade gold mineralization both downplunge and along strike. Two potential new zones are indicated by these results and grade 15.86 g/t Au over one m in hole K-21-76 and 16.21 g/t Au over one m within a larger 29-metre interval in hole K-21-74 located 135 m along strike to the southwest," said Roger Moss, president and chief executive officer of the company. "We are very encouraged by the thickening of the Big Vein zone to the southwest and look forward to results from many more holes drilled in this area. Drilling continues along strike to the southwest and downplunge at Big Vein. Drilling is also ongoing at the Pristine target from which we are still awaiting the first assays."

Big Vein target

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres 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 and 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. Drilling has produced 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.

The continuing 50,000-metre drill program has now tested Big Vein over approximately 250 metres of strike length and to vertical depths of 200 metres. A total of 26,767 metres of the 50,000 metres have been completed in 116 holes primarily at Big Vein. Drilling at the new Pristine target began in November and nine holes totalling 2,229 metres have been drilled to date. Assays have been received for 59 per cent of samples submitted to the laboratory, or approximately 15,800 metres of core.

QA/QC (quality assurance/quality control)

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ and NQ split core 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 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

Mr. 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 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 12 kilometres (km) of the Appleton fault zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. 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. Labrador Gold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton fault zone following encouraging early results. The company has approximately $30-million in working capital and is well financed to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. 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 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 km along the southern section of the greenstone belt. Labrador Gold now controls approximately 40 km strike length of the Florence Lake greenstone belt.

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