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Labrador Gold Corp
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Shares Issued 170,009,979
Close 2023-01-18 C$ 0.27
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Labrador Gold samples up to 21.59 g/t Au at Hopedale

2023-01-19 08:26 ET - News Release

Dr. Roger Moss reports


Labrador Gold Corp. has released results of prospecting and channel sampling on its Hopedale project in the Florence Lake greenstone belt, Labrador.

Highlights of the exploration include high-grade copper and gold in rock from both grab and channel samples from the northernmost (Thurber Dog) licence. Previous work by Labrador Gold and others in this area has outlined significant gold in rock and soil over a three-kilometre strike length, including four discrete mineralized occurrences: Thurber North up to 3.8 grams per tonne gold; TD500 up to 21.59 g/t Au; Thurber Dog up to 11.4 g/t Au; and Thurber South up to 4.1 g/t Au.

Follow-up sampling at the TD500 gold occurrence returned gold values from grab samples ranging from 0.46 g/t to 21.59 g/t Au. The showing was channel sampled along eight channels over a strike length of approximately 60 metres. Gold varies from below detection limit (fewer than five parts per billion) to 14.02 g/t, with 48 samples assaying greater than 100 ppb (0.1 g/t) Au, including 19 samples assaying greater than one g/t Au. Highlights of the channel samples include: 2.91 g/t Au over 5.17 m, including 14.02 g/t over 0.61 m; 2.35 g/t Au over 6.88 m; and 4.23 g/t over 5.04 m.

Shear-hosted gold mineralization at TD500 has now been uncovered over a 35 m strike length and occurs in quartz veins and disseminated in the host rocks close to the contact between mafic volcanic and metasedimentary rocks. Pyrite and arsenopyrite are commonly associated with the gold mineralization.

Grab samples from the copper occurrence (Kaapak) ranged from 131 parts per million to 10.2 per cent copper, with seven of the nine samples assaying over 1 per cent Cu. Elevated silver in these samples ranged from 0.2 g/t to 9.8 g/t silver. The showing was channel sampled along eight channels over a strike length of approximately 50 metres. Results showed copper values ranging from 18 ppm to 3.31 per cent, and silver values from 0.1 g/t to two g/t. Highlights include 3.31 per cent Cu over 0.76 m, 2.4 per cent Cu over 0.6 m and 1.55 per cent Cu over one m. Summaries of assay highlights are provided in attached tables.

Copper is present as disseminated to locally semi-massive chalcopyrite and lesser malachite associated with quartz veins close to the contact with mafic and ultramafic volcanic rocks.

While true widths have not been calculated, channels were cut as close to perpendicular to strike as possible, so the reported widths are expected to be close to true widths.

"While our focus continues to be our ongoing drilling at Kingsway, our exploration programs at Hopedale continue to turn up excellent results. The three-kilometre Thurber Dog trend of significant gold mineralization that includes the four discrete gold occurrences is a compelling target for future work, with the potential for further discovery," said Dr. Roger Moss, president and chief executive officer. "Our initial work at the Kaapak copper occurrence has demonstrated high-grade copper that needs follow-up to determine its true extent. In addition, based on LabGold's initial work in the southern portion of the property, there appears to be potential for nickel mineralization associated with ultramafic rocks in the region."

Quality assurance/quality control

All rock samples were securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Nfld., for assay. Eastern Analytical is an ISO/IEC17025-accredited laboratory. Samples were analyzed for gold by standard 30 g fire assay with atomic absorption finish, as well as by ICP-OES for an additional 34 elements. Samples with fire assay results of greater than one g/t Au were reassayed by metallic screen/fire assay. Overlimit copper samples were reassayed by atomic absorption. 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 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.

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 kilometres 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 $18-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, which 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 11.4 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 of strike length on the Florence Lake greenstone belt.

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