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Labrador Gold Corp
Symbol LAB
Shares Issued 169,189,979
Close 2022-11-25 C$ 0.265
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Labrador Gold drills 1.27 m of 23.44 g/t Au at Kingsway

2022-11-28 10:44 ET - News Release

Mr. Roger Moss reports


Labrador Gold Corp. has released results from recent drilling targeting the prospective Appleton fault zone over a 12-kilometre strike length. The drilling is part of the company's continuing 100,000-metre diamond drilling program at its 100-per-cent-owned Kingsway project.

Highlights of the drilling include an intersection of 8.60 grams per tonne gold over 4.41 metres from 326.89 metres that included 53.52 g/t Au over 0.31 metre in hole K-22-211 that contains visible gold, and 1.31 g/t Au over seven metres from 270 metres, including 8.49 g/t Au over 0.91 metre in hole K-22-207 from Big Vein Southwest. Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68 g/t Au over 2.65 metres from 189.7 metres that included 18.27 g/t Au over 0.78 metre.

Hole K-22-211 was collared 40 metres southwest of hole K-22-174 that intersected 284.1 g/t Au over 0.58 metre and 15.05 g/t Au over 1.11 metres (see news release dated July 7, 2022) and extends the mineralized zone farther to the southwest.

"We continue to have drilling success at both ends of Big Vein which has now been drilled over a strike length of approximately 520 metres and remains open in both directions. In particular, the high-grade zone containing visible gold at Big Vein Southwest continues to expand," said Roger Moss, president and chief executive officer. "Two drill rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions. Drilling will continue through the winter."

A total of 61,404 metres have been drilled to date out of the planned 100,000-metre program. Assays are pending for samples from approximately 4,263 metres of core (11.4 per cent of the total submitted).

The company has $20-million in cash and is well financed to carry out the remaining 39,000 metres of the planned drill program as well as further exploration to add to the pipeline of drill targets on the property.

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 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 atomic absorption finish as well as by inductively coupled plasma optical emission spectroscopy for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than one g/t Au. 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 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. Labrador Gold's flagship property is the 100-per-cent-owned Kingsway project in the Gander area of Newfoundland. The three licences comprising the Kingsway project cover approximately 12 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 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton fault zone with encouraging results. The company has approximately $20-million in working capital and is well financed to carry out the planned program.

The Hopedale 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. Work to date by Labrador Gold show 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 (see news release dated Jan. 25, 2018, for more details). Labrador Gold now controls approximately 40 km strike length of the Florence Lake greenstone belt.

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