Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce a new high grade intercept from the drilling at the southwest end of the Big Vein Zone as well as updates on drilling at Golden Glove and Midway at its 100% owned Kingsway Project. These holes were drilled as part of the Company’s ongoing 100,000 metre diamond drilling program targeting the prospective Appleton Fault Zone over a 12km strike length.

Big Vein

Hole K-22-174 is the furthest hole to be drilled to the southwest at Big Vein and intersected 284.1g/t Au over 0.58m from 309.7m downhole and represents the highest grade yet intersected on the Kingsway project. The hole also intersected 15.05 g/t over 1.11m from 310.71m just below the high-grade intercept. The hole was collared 120m to the southwest of Hole K-22-122 that intersected 54.17 g/t over 0.95m (see news release dated May 5, 2022) and the mineralization remains open to the southwest.

Golden Glove

Hole K-22-154 intersected 20.07 g/t Au over 1m from 335m downhole. This hole was drilled to test for a down plunge extension of mineralization in hole K-22-150 that intersected 6.22 g/t Au over 4m from 348m including 10.31 g/t Au over 2m (see news release dated July 5, 2022).

Midway

Hole K-22-153 intersected gabbro hosted gold mineralization grading 2.2 g/t Au over 13.2m from 45m downhole (38m vertical) that included 5.23 g/t Au over 4m.

“It is exciting to find the highest-grade mineralization drilled at Kingsway, more than a year after drilling began, in the furthest hole drilled to the southwest at Big Vein. This suggests excellent potential for further high-grade mineralization as we continue drilling to the southwest and attests to the prospectivity of the Appleton Fault Zone in this area,” said Roger Moss, President and CEO. “High-grade mineralization intersected at Golden Glove down plunge from that found in the first hole is also encouraging, especially given that these holes are approximately 160m south of the discovery outcrop. We will continue to test the extent of this mineralization both down plunge and along strike. Drilling at Midway continues to demonstrate near surface gold mineralization in gabbro which is significant given the extent of gabbro at Kingsway. We expect to continue to successfully expand these three targets as well as to begin drilling new targets, such as our current drilling at CSAMT, in the months ahead.”

Hole ID From To width Au (g/t) Zone
K-22-174 309.47 310.05 0.58 284.1 Big Vein SW
  310.71 311.82 1.11 15.05
K-22-167 16 18 2 1.05 Big Vein
K-22-163 17 18 1 1.06 Big Vein
  50 52 2 2.06
  99 101 2 1.47  
  301 304 3 1.39 HTC
K-22-162 84 93 9 1.1 Pristine
  108 109 1 2.33
K-22-161 67 68 1 1.62 Midway
K-22-159 275 276 1 1.02 Golden Glove
K-22-156 117 121 4 1.53 Pristine
K-22-155 156 157 1 1.13 Big Vein
  163 164 1 1.54
K-22-154 242 245 3 1.95 Golden Glove
  293 294 1 2.13
  298 299 1 1.16
  335 336 1 20.07
K-22-153 45 58 13 2.2 Midway
including 45 49 4 5.23
including 45 47 2 7.36
K-22-149 13 14 1 1.27 Pristine
K-22-146 57 57.95 0.95 1.12 Pristine

Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.

Hole ID Northing Easting Elevation Azimuth Dip depth
K-22-174 5434927 661344.3 42 140 45 464
K-22-167 5435283 661600 42.5 130 55 296
K-22-163 5435285 661600 42.5 130 45 317
K-22-162 5436054 661817.3 61.64 300 55 251
K-22-161 5437837 661376.9 83.96 275 55 254
K-22-159 5431876 660625.7 44.37 245 45 401
K-22-156 5436055 661817 62.17 310 45 182
K-22-155 5435222 661463.7 60.72 128 62 317
K-22-154 5431776 660538.8 48.414 265 53 389
K-22-153 5437838 661376.7 83.96 300 58 146.56
K-22-149 5436021 661804.2 61.971 260 45 227
K-22-146 5436032 661802.9 63.611 260 62 176

Table 2. Drill hole collar details

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16a60559-1d01-4833-aba3-a9f0fa18aad5

QA/QC

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, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES 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 1 g/t Au. 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.

Labrador Gold’s flagship property is the 100% owned 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 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $26.5 million in working capital and is well funded 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 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 7.8 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 January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 168,889,979 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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