TORONTO, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) ("LabGold" or the "Company") is pleased to announce results from recent drilling targeting the highly prospective Appleton Fault Zone. The drilling is part of the Company's ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.
Highlights of follow up drilling at Pristine include an intersection of 11.98g/t Au over 6 metres from 91 metres (64 metres vertical) including 30.61g/t over 2.33 metres and 82.2g/t over 0.75 metres that contained 77 grains of visible gold in Hole K-22-270. All mineralization drilled to date at Pristine occurs above 86 metres vertical depth and extends over a strike length of approximately 160 metres.
Further results from first stage drilling at DropKick include 1.15g/t Au over 12.4 metres from 190.25 metres including 7.74g/t Au over 0.3 metres in hole K-23-231 and 1.46g/t Au over 6.75 metres from 162.25 metres including 3.72g/t Au over 2.15 metres in Hole K-23-251.
Ongoing drilling at Big Vein returned 1.10g/t Au over 9.3 metres from 195 metres, including 1.49g/t over 5.3 metres in Hole K-23-246 and 1.47g/t Au over 6.55 metres from 107.88 metres in hole K-23-237.
"Today's result of high-grade, near surface gold mineralization at Pristine validates our belief that there is more to be found at Pristine. It is also the third discovery along the Appleton Fault Zone, after Big Vein and Dropkick, to produce such high grades associated with visible gold. Following our initial discovery of near surface visible gold at Pristine announced in May 2022, we did not intersect similar high-grades to those seen at Big Vein. As a result, we returned our focus to expanding Big Vein along strike and at depth and have successfully defined mineralization there over a 720-metre strike length." said Roger Moss, President and CEO of Labrador Gold Corp. "With near surface mineralization at Pristine now drilled over an approximate 160 metre strike length and the potential for high grades demonstrated, we are looking forward to receiving the permit to drill The Gap between Pristine and Big Vein, a distance of approximately 700 metres, as we continue to focus our drilling along the very prospective Appleton Fault Zone."
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Zone |
| K-23-270 | 91.00 | 97.00 | 6.00 | 11.98 | Pristine |
| including | 92.97 | 95.30 | 2.33 | 30.61 | |
| including | 94.00 | 94.75 | 0.75 | 82.20 | |
| K-23-251 | 162.25 | 169.00 | 6.75 | 1.46 | DropKick |
| including | 166.45 | 168.60 | 2.15 | 3.72 | |
| including | 167.00 | 168.60 | 1.60 | 4.48 | |
| K-23-250 | 152.40 | 152.80 | 0.40 | 6.87 | Big Vein |
| K-23-246 | 195.00 | 204.30 | 9.30 | 1.10 | Big Vein |
| including | 199.00 | 204.30 | 5.30 | 1.49 | |
| K-23-240 | 75.22 | 75.63 | 0.41 | 1.82 | DropKick |
| 86.00 | 90.72 | 4.72 | 1.16 | ||
| including | 86.00 | 88.68 | 2.68 | 1.51 | |
| K-23-237 | 93.00 | 120.00 | 27.00 | 0.63 | Big Vein |
| including | 107.88 | 114.43 | 6.55 | 1.47 | |
| K-23-234 | 100.55 | 101.90 | 1.35 | 1.02 | DropKick |
| 116.00 | 117.00 | 1.00 | 1.26 | ||
| K-23-231 | 190.25 | 202.65 | 12.40 | 1.15 | Dropkick |
| including | 197.45 | 201.60 | 4.15 | 1.78 | |
| including | 201.30 | 201.60 | 0.30 | 7.74 | |
| K-23-230 | 16.00 | 19.30 | 3.30 | 0.41 | Big Vein |
| K-23-229 | nsv | Big Vein SW | |||
| K-23-228 | 91.55 | 91.85 | 0.30 | 1.18 | DropKick |
| 122.35 | 123.15 | 0.80 | 2.63 | ||
| K-23-226 | nsv | Big Vein SW |
Table 1. Summary of assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.
Figure 1. Plan map of Pristine showing significant intersections.
Figure 2. Visible gold in drill core from Hole K-23-270. A total of 77 gold grains were observed.
Figure 3. Interval of visible gold mineralization in Hole K-23-270
Almost 83,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 8,877 metres of core.
The Company has approximately $12 million in cash and is well funded to carry out the remaining 17,000 metres of the planned drill program as well as further exploration to add to the current pipeline of drill targets on the property.
| Hole ID | Easting | Northing | Elevation | Azimuth | Inclination | Total Depth |
| K-23-270 | 661930 | 5436075 | 52.0 | 315 | 45 | 187 |
| K-23-251 | 663167 | 5438130 | 58.2 | 140 | 65 | 229 |
| K-23-250 | 661554 | 5435471 | 53.0 | 125 | 70 | 320 |
| K-23-246 | 661272 | 5435093 | 62.4 | 145 | 45 | 250 |
| K-23-240 | 663365 | 5438261 | 60.2 | 140 | 45 | 128 |
| K-23-237 | 661352 | 5435080 | 45.8 | 145 | 45 | 280 |
| K-23-234 | 663304 | 5438259 | 55.9 | 140 | 45 | 266 |
| K-23-231 | 663303 | 5438259 | 56.3 | 140 | 65 | 260 |
| K-23-230 | 661737 | 5435329 | 44.7 | 20 | 45 | 208 |
| K-23-229 | 661133 | 5434768 | 42.9 | 140 | 45 | 173 |
| K-23-228 | 663348 | 5438353 | 54.7 | 140 | 65 | 126.2 |
| K-23-226 | 661176 | 5434794 | 42.3 | 140 | 45 | 528 |
Table 2. Drill hole collar details
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 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch. Approximately 5% of sample pulps are submitted to Bureau Veritas, an ISO 17025 accredited Laboratory in Vancouver, BC for check assays..
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 Gold
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% 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 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 Company has approximately $12 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 7.8g/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 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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