Labrador Gold Updates Its 10,000 Metre Drill Program at Kingsway Project
April 12 2021 - 07:00AM
Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold”
or the “Company”) wishes to update its previous announcement that
diamond drilling is underway at its 100% controlled Kingsway Gold
Project near Gander, Newfoundland (see news release dated April 8,
2020). The Company wishes to add a photo of drill core encountered
in the first hole. The news release including the core photo is
given below. Note that the Company has not yet received any assays
from the interval shown in the photo, nor from the remainder of the
hole.
The Company is pleased to announce that diamond
drilling is underway at its 100% controlled Kingsway Gold Project
near Gander, Newfoundland. The Kingsway project is located within
the highly prospective Gander Gold District and along strike from
New Found Gold’s high-grade Queensway Project.
The first Hole K-21-01 collared in dark grey to
black interlaminated siltstone and shale of the Davidsville group.
A 20 metre mineralized zone containing quartz breccia, scattered
quartz-carbonate veinlets and frequent decimeter-scale quartz
veining with associated fine grained pyrite and arsenopyrite was
intersected between 43 and 63 metres downhole. Following the dark
grey-black shale, the hole intersected a sequence of pale green
shale that hosts meter-scale quartz veining. The veining consists
of bright white-smokey grey, vuggy quartz with local stylolites,
silica flooding, breccias and intense sericitization (See figure
1). Fine grained arsenopyrite, pyrite and Sb-Pb-bearing sulphide,
verified by pXRF, (possibly boulangerite) are noted along vein
margins and as strong disseminations in the surrounding wall
rocks.
“Our drilling program is off to an encouraging
start with the first hole intersecting two zones with significant
quartz veining and sulphide mineralization,” said Roger Moss,
President and CEO of Labrador Gold. “The presence of the vuggy
quartz, stylolites, arsenopyrite and possible boulangerite are all
indications that we are in the targeted epizonal gold system.”
Big Vein Target
The Big Vein target is an auriferous quartz vein
exposed at surface that has been traced over 400 metres to date.
Gold mineralization observed at Big Vein includes six occurrences
of visible gold, assays of samples from which range from 1.87g/t to
1,065g/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.
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’ Junior
Exploration Assistance (JEA) Program for its financial support for
exploration of the Kingsway property.
About Labrador Gold
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% interest in the Kingsway project in the
Gander area of Newfoundland. The property is along strike to the
northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0
metres on their Queensway property. (Note that mineralization
hosted on adjacent or nearby properties is not necessarily
indicative of mineralization hosted on the Company’s property). In
early July 2020, the Company signed an option agreement to acquire
a third license to add to the property package which now covers
approximately 77 km2. 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.
The Hopedale gold 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. Initial work by Labrador Gold has
identified a 3 kilometre mineralized section of the northern
portion of the belt in the vicinity of the known Thurber Dog gold
showing where grab samples assayed up to 7.8g/t gold.
The Ashuanipi gold project is located just 35 km
from the historical iron ore mining community of Schefferville,
which is linked by rail to the port of Sept Iles, Quebec in the
south. The claim blocks cover large lake sediment gold anomalies
that, with the exception of local prospecting, have not seen a
systematic modern day exploration program. Results of the
exploration to date show gold anomalies in soils and lake sediments
over a 15 kilometre long by 2 to 6 kilometre wide north-south trend
and over a 14 kilometre long by 2 to 4 kilometre wide east-west
trend.
The Company has 112,498,197 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.
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/23cc49ae-7331-47cb-8ac7-a02ec88ba089
Labrador Gold (TSXV:LAB)
Historical Stock Chart
From Feb 2024 to Mar 2024
Labrador Gold (TSXV:LAB)
Historical Stock Chart
From Mar 2023 to Mar 2024