Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold”
or the “Company”) is pleased to announce the results of the 2023
exploration program at its 100% owned Hopedale Project in Labrador.
The district scale Hopedale property covers a 43km strike length of
the Florence Lake greenstone belt which has characteristics typical
of greenstone belts around the world but has been underexplored by
comparison.
Highlights
- Fire Ant gold occurrence
- high-grade gold up to 106g/t with
20.4g/t Ag in rock grab samples
- mineralization traced over approximately 200 metres strike
length
- Rusty Ridge and Last Resort
nickel occurrences
- anomalous Ni area at Rusty Ridge
extended to 550m
- rock samples up to 0.28% Ni and soil
samples up to 0.23% Ni
- Identified a new anomalous nickel area
(Last Resort) over a strike length of 1.6km coincident with a
significant magnetic high
- Jasmine zinc
occurrence
- anomalous zinc zone identified over
400m at Jasmine with values up to 0.97% Zn in rock and 0.22% in
soil
- Jasmine also shows high copper and gold
values indicating potential for volcanogenic style
mineralization
- Thurber Boundary copper
occurrence
- highest copper in soil value (3,493
ppm) found on the property to date identified in a 400m anomalous
trend
- Eight occurrences identified on the
Hopedale project to date reflecting multiple mineralization styles
including orogenic gold, magmatic Ni sulphide, copper-silver vein
and Zn-rich volcanogenic massive sulphide
Significant gold and silver in rock grab samples was found in
the Rusty Ridge area with a high of 106g/t Au and 20.4 g/t Ag,
3.7g/t Au and 4.9g/t Ag and 2.9g/t Au and 4.7g/t Ag. This newly
discovered mineralization named the Fire Ant occurrence, is hosted
in gossanous felsic volcanic rocks close to the contact with
ultramafic volcanic rocks and has been traced over a strike length
of approximately 200 metres.
Work during 2022 found significant nickel
anomalies in soil and rock at an area named Rusty Ridge. The
anomalies occur in ultramafic rocks indicating potential for
magmatic nickel style mineralization. One of the goals of the 2023
exploration program was to follow up and extend these anomalies. A
total of 14 grab samples of rock assayed over 0.1% Ni and included
values up to 0.28% Ni while nickel values in soil up to 2,271ppm
(0.23%) show a significant northeast-southwest trend extending the
anomalous area over 550m. Approximately 1.2km south of Rusty Ridge,
anomalous nickel in soil samples was outlined over a 1.6km strike
length and is coincident with a significant magnetic high. Six of
the samples assayed over 1,000ppm (0.1%) Ni with a high of 2,271ppm
(0.23%) Ni. Limited rock sampling showed assays of 0.28%, 0.17% and
0.16% Ni in grab samples in this area named Last Resort.
The highest copper value in soil (3,493ppm) on the property to
date was recorded at Thurber Boundary, where it forms a
northeast-southwest trend over approximately 500 metres. The
location of the soil anomaly is in a similar stratigraphic
location, close to the contact of mafic and ultramafic volcanic
rocks, as the high grade (3.31% Cu over 0.76m and 1.55% Cu over 1m
in channel samples) Kaapak copper occurrence approximately 3
kilometres to the south.
In addition to the copper, nickel and gold found during the
exploration program, anomalous zinc was found in soil samples (up
to 0.22%) and rock (up to 0.97%) in the Jasmine area. The anomalous
zone extends over approximately 400 metres and is coincident with a
contact highlighted by a change from magnetic high to magnetic low.
The Jasmine area is also known to have high copper and gold values
indicating potential for volcanogenic massive sulphide
deposits.
“Our 2023 exploration program over the district
scale Hopedale property confirmed the significant prospectivity of
the Rusty Ridge area for nickel associated with ultramafic rocks
and identified a new area, Last Resort, with similar potential for
magmatic sulphide type mineralization,” said Roger Moss, President
and CEO of Labrador Gold. “The highest grade gold found on the
property to date, 106g/t Au and 20.4g/t Ag, was sampled at a new
occurrence, Fire Ant, in the Rusty Ridge area and brings the number
of significant gold occurrences on the property to five. Potential
for zinc-rich volcanogenic massive sulphide was identified at
Jasmine as well as a significant copper in soil anomaly at Thurber
Boundary. Work conducted by LabGold at Hopedale demonstrates that
the Florence Lake greenstone belt contains many of the same
mineralization styles seen in some of the most productive
greenstone belts elsewhere in the world.”
Figure 1. Location of the nickel, copper, gold
and zinc occurrences on the Hopedale Property.
Figure 2. Highlights of nickel in soil and rock
samples over Rusty Ridge and Last Resort Occurrences.
Figure 3. Location of high-grade gold
mineralization at Fire Ant occurrence.
Sample ID |
Easting |
Northing |
Sample Type |
Au (ppb) |
Ag (ppm) |
Cu (ppm) |
Zn (ppm) |
Ni ppm |
Co (ppm) |
Occurrence |
925263 |
638944 |
6075318 |
Grab |
106,010 |
20.4 |
30 |
47 |
29 |
30 |
Fire Ant |
151044 |
639022 |
6075498 |
Grab |
3,748 |
4.9 |
398 |
129 |
216 |
144 |
Fire Ant |
151043 |
639022 |
6075498 |
Grab |
2,918 |
4.7 |
318 |
179 |
205 |
63 |
Fire Ant |
151046 |
639000 |
6075487 |
Grab |
287 |
4.7 |
656 |
65 |
424 |
374 |
Fire Ant |
151098 |
647570 |
6100539 |
Grab |
11 |
0.4 |
241 |
8,900 |
121 |
101 |
Jasmine |
925265 |
647529 |
6100638 |
Grab |
137 |
1.7 |
1,043 |
9,700 |
299 |
480 |
Jasmine |
151114 |
638827 |
6075367 |
Grab |
n/a |
0.04 |
<2 |
36 |
2,370 |
117 |
Rusty Ridge |
151115 |
638830 |
6075368 |
Grab |
n/a |
0.05 |
<2 |
38 |
2,260 |
121 |
Rusty Ridge |
151069 |
638909 |
6075459 |
Grab |
11 |
0.5 |
3 |
95 |
2,200 |
117 |
Rusty Ridge |
151035 |
638804 |
6075359 |
Grab |
n/a |
0.07 |
9 |
69 |
2,090 |
119 |
Rusty Ridge |
151112 |
638804 |
6075357 |
Grab |
n/a |
0.06 |
10 |
57 |
2,050 |
118 |
Rusty Ridge |
151036 |
638821 |
6075377 |
Grab |
n/a |
0.05 |
6 |
69 |
2,010 |
94.9 |
Rusty Ridge |
151113 |
638821 |
6075367 |
Grab |
n/a |
0.14 |
13 |
75 |
1,970 |
107 |
Rusty Ridge |
151111 |
638805 |
6075381 |
Grab |
3 |
0.1 |
3 |
62 |
1,900 |
98 |
Rusty Ridge |
151116 |
638778 |
6075344 |
Grab |
3 |
0.1 |
3 |
44 |
1,900 |
86 |
Rusty Ridge |
151110 |
638797 |
6075370 |
Grab |
3 |
0.1 |
5 |
73 |
1,600 |
101 |
Rusty Ridge |
151104 |
638852 |
6075371 |
Grab |
515 |
5.8 |
1,591 |
219 |
263 |
129 |
Rusty Ridge |
925262 |
637743 |
6073875 |
Grab |
n/a |
0.03 |
<2 |
25 |
1,792 |
107 |
Last Resort |
151014 |
637759 |
6073949 |
Grab |
7 |
0.1 |
3 |
55 |
2,800 |
113 |
Last Resort |
925261 |
637538 |
6073657 |
Grab |
n/a |
0.08 |
121 |
18 |
1,619 |
120 |
Last Resort |
151068 |
638779 |
6075169 |
Grab |
6 |
0.5 |
197 |
69 |
1,700 |
123 |
|
151053 |
655673 |
6114007 |
Grab |
11 |
0.1 |
23 |
75 |
1,800 |
75 |
|
151057 |
636927 |
6072936 |
Angular Float |
59 |
1.1 |
1,782 |
10,100 |
711 |
226 |
|
151024 |
654518 |
6109765 |
Grab |
579 |
0.1 |
57 |
28 |
205 |
25 |
|
151012 |
637866 |
6073130 |
Grab |
321 |
2.7 |
655 |
74 |
85 |
61 |
|
Table 1. Highlights of rock samples assays from
2023 exploration program. Note that grab samples are selective
samples and may not be representative of the mineralization found
on the property. n/a = not assayed.
QA/QC
Rock samples comprise grab samples, which are
selective samples and not necessarily representative of
mineralization found on the property. Samples were securely stored
prior to shipping to analytical labs for assay. Rock samples were
assayed at Eastern Analytical Laboratory in Springdale, an
ISO/IEC17025 accredited laboratory for gold by standard 30g fire
assay with atomic absorption finish as well as by ICP-OES for an
additional 34 elements. Additional samples were sent to SGS Canada
for whole rock assays by borate fusion XRF and ICP-MS/AES. Soil
samples were submitted to SGS for gold by standard 30g fire assay
with atomic absorption finish as well as ICP-MS for an additional
48 elements. The company submits blanks and certified reference
standards amounting to 5% of each sample batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a
Qualified Person in accordance with Canadian regulatory
requirements as set out in NI 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’ 2023
Junior Exploration Assistance (JEA) Program and the Atlantic Canada
Opportunities Agency’s Critical Minerals Assistance for its
financial support for exploration of the Hopedale property.
About Labrador
GoldLabrador 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%
owned Kingsway project in the Gander area of Newfoundland. The four
licenses comprising the Kingsway project cover approximately 12km
of the Appleton Fault Zone which is associated with numerous gold
occurrences in the region. Infrastructure in the area is excellent
located just 18km from the town of Gander with road access to the
project, nearby electricity and abundant local water. LabGold is
drilling a projected 100,000 metres targeting high-grade epizonal
gold mineralization along the Appleton Fault Zone with encouraging
results.
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 3
kilometre section of the northern portion of the Florence Lake
greenstone belt. Four gold occurrences lie along this trend, three
of which Thurber North, TD500 and Thurber South were discovered by
LabGold. Anomalous gold in soil and lake sediment samples also
occur over approximately 40 km along the southern section of the
greenstone belt. LabGold’s recent exploration has also demonstrated
the potential for the critical metals copper, nickel and cobalt in
the belt.
The Company has 170,009,979 common shares issued and outstanding
and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:Roger Moss, President and
CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
Neither TSX
Venture Exchange
nor its
Regulation Services
Provider (as
that term is
defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Forward-Looking Statements:
This news release contains forward-looking statements that involve
risks and uncertainties, which may cause actual results to differ
materially from the statements made. When used in this document,
the words “may”, “would”, “could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” and similar
expressions are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future
events and are subject to risks and uncertainties. Many factors
could cause our actual results to differ materially from the
statements made, including those factors discussed in filings made
by us with the Canadian securities regulatory authorities. Should
one or more of these risks and uncertainties, such as actual
results of current exploration programs, the general risks
associated with the mining industry, the price of gold and other
metals, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or
should assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, or expected. We do not
intend and do not assume any obligation to update these
forward-looking statements, except as required by law. Shareholders
are cautioned not to put undue reliance on such forward-looking
statements.
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