Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold”
or the “Company”) is pleased to announce further high-grade
intercepts of near surface gold mineralization along the Appleton
Fault Zone at its 100% controlled Kingsway project near Gander,
Newfoundland. These holes were drilled as part of the Company’s
ongoing 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 g/t Au over 2m in hole K-21-76
from the HTC Footwall Zone. A deeper (200m to 201m) intercept of
15.86 g/t Au over 1 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 25m including 16.21g/t Au over
1m and 5.7g/t over 7m 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 here by Hole K-21-75,
that intersected 3.33 g/t Au over 4m within a larger intercept of
12m grading 1.62 g/t Au from 28m.
“Drilling at Big Vein continues to turn up high
grade gold mineralization both down plunge and along strike. Two
potential new zones are indicated by these results and grade 15.86
g/t Au over 1m in Hole K-21-76 and 16.21 g/t Au over 1m within a
larger 29m interval in hole K-21-74 located 135m along strike to
the southwest,” said Roger Moss, President and CEO 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 down plunge at Big Vein. Drilling is also ongoing at
the Pristine Target from which we are still awaiting the first
assays.”
Hole ID |
From (m) |
To (m) |
Width (m) |
Au (g/t) |
Zone |
K-21-76 |
24 |
25 |
1 |
1.1 |
Big Vein |
|
132 |
143 |
11 |
1.44 |
|
|
175 |
177 |
2 |
50.52 |
HTC Footwall |
|
183 |
192 |
9 |
1.28 |
|
|
199 |
201 |
2 |
8.91 |
|
including |
200 |
201 |
1 |
15.86 |
New Zone |
K-21-75 |
13 |
14 |
1 |
3.15 |
Big Vein |
|
28 |
40 |
12 |
1.62 |
including |
28 |
32 |
4 |
3.33 |
K-21-74 |
68 |
69 |
1 |
8.98 |
Big Vein |
|
202 |
227 |
25 |
2.86 |
New Zone |
including |
202 |
203 |
1 |
16.21 |
and |
207 |
211 |
4 |
2.63 |
and |
214 |
221 |
7 |
5.7 |
K-21-73 |
76 |
88 |
12 |
1.09 |
Big Vein |
K-21-68 |
67 |
68 |
1 |
1.72 |
Big Vein |
|
211 |
215 |
4 |
3.4 |
HTC |
K-21-66 |
7 |
9 |
2 |
1.16 |
Big Vein |
|
14 |
16 |
2 |
1.45 |
|
18 |
19 |
1 |
1.3 |
|
38 |
48 |
10 |
1.65 |
|
81 |
82 |
1 |
1.5 |
|
210 |
211 |
1 |
4.43 |
HTC |
Table 1. Summary of Assay Results All
intersections are downhole length as there is insufficient
Information to calculate true width.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/35ca1eb1-410a-4400-8f1f-6ad6f95584b1
https://www.globenewswire.com/NewsRoom/AttachmentNg/d32a1500-62b5-464c-bfd7-6aa35986e246
Hole ID |
Easting |
Northing |
Elevation |
Azimuth |
|
Inclination |
Depth (m) |
K-21-76 |
661574.3 |
5435213.9 |
40.3 |
102 |
|
64 |
225.66 |
K-21-75 |
661435.5 |
5435096.1 |
40.0 |
145 |
|
45 |
185 |
K-21-74 |
661442.4 |
5435186.6 |
50.5 |
130 |
|
50 |
329 |
K-21-73 |
661436.2 |
5435096.7 |
39.9 |
165 |
|
72 |
272 |
K-21-68 |
661442.0 |
5435186.7 |
50.5 |
130 |
|
55 |
377 |
K-21-66 |
661435.5 |
5435096.1 |
40.0 |
165 |
|
55 |
305 |
Table 2. Drill hole collar details
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 12km strike length of the Appleton Fault Zone in both
directions. Gold mineralization observed at Big Vein includes
visible gold in quartz veins, 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. 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 ongoing 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 totaling 2,229 metres have been drilled to date. Assays
have been received for 59% of samples submitted to the laboratory
or approximately 15,800 metres of core.
QA/QC
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, Newfoundland for assay. Eastern
Analytical is an ISO/IEC17025 accredited laboratory. Samples are
routinely analyzed for gold by standard 30g 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% of the total samples in each 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’ Junior
Exploration Assistance (JEA) Program for its financial support for
exploration of the Kingsway 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.
In early 2020, Labrador Gold acquired the option
to earn a 100% interest in the Kingsway project in the Gander area
of Newfoundland. The three licenses comprising the Kingsway project
cover approximately 12km 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 18km from the town of Gander
with road access to the project, nearby electricity and abundant
local water. LabGold 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 funded 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 show
gold anomalies in rocks, soils and lake sediments over a 3
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 7.8g/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 January 25th 2018 for more details).
Labrador Gold now controls approximately 40km strike length of the
Florence Lake Greenstone Belt.
The Company has 153,711,033 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.
Labrador Gold (TSXV:LAB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Labrador Gold (TSXV:LAB)
Historical Stock Chart
From Apr 2023 to Apr 2024