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Labrador Gold Intersects 0.87g/t Au Over 55.9 Metres at New HM Occurrence Includes 38.37g/t Au Over 0.8 Meters

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Labrador Gold Intersects 0.87g/t Au Over 55.9 Metres at New HM Occurrence Includes 38.37g/t Au Over 0.8 Meters

 

 

 

 

 

Labrador Gold Corp. (TSX-V:LAB) (OTCQX:NKOSF) (FNR: 2N6) 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.

 

The latest results include holes drilled at Pristine, the NE extension of Big Vein, initial holes at Knobby and Peter Easton as well as the first hole in the new HM occurrence.

 

Hole K-23-334 was a short hole drilled into the HM occurrence to test for gold mineralization at depth below the quartz vein at surface. Most of the hole was anomalous in gold grading 0.87g/t Au over 55.9 metres that included a zone with 27 grains of visible gold that graded 38.37g/t Au over 0.8 metres from 61.4 metres near the bottom of the hole. The HM occurrence was found by prospecting and is located approximately 570m along strike to the southwest of Big Vein and a similar distance northeast of Knobby. Hole K-23-334 is the only hole drilled into this occurrence to date.

 

Results from Hole K-23-304, drilled at Knobby intersected two quartz zones containing visible gold at 42 and 49 metres. These intersections graded 1.27g/t Au over 0.42 metres and 8.78g/t Au over 0.4 metres, respectively.

 

“We are excited by the results from the first hole at HM. While it is good to see the high grade associated with the visible gold, it is very encouraging to see continuous, anomalous gold in the country rock to the quartz veins throughout much of the hole,” said Roger Moss, President and CEO of Labrador Gold. “This new occurrence, the seventh to be found by the LabGold team since we started work on the property, continues to demonstrate the significant prospectivity of the area around the Appleton Fault Zone at Kingsway. With a total strike length of approximately 12km across the property, we are optimistic that more occurrences will be uncovered going forward.”

 

Figure 1. Visible gold grains in quartz vein from Hole K-23-334.

 

Figure 2. Mineralized quartz vein intervals in Hole K-23-334.

 

Hole K-23-291 drilled at Pristine intersected near surface gold mineralization grading 1.13g/t Au over 8.32 metres from 15 metres including 2.31g/t over 3 metres. Holes drilled at Peter Easton and to the northeast of Big Vein tested structures interpreted from airborne magnetics and three of the four holes did not intersect gold mineralization

 

Hole ID From (m) To (m) Interval (m) Au (g/t) Zone
K-23-334 8.70 64.60 55.90 0.87 HM
including 61.40 64.60 3.20 11.56
including 61.40 62.20 0.80 38.37
K-23-304 42.78 43.20 0.42 1.27 Knobby
  48.80 52.40 3.60 1.07
including 48.80 49.20 0.40 8.78
K-23-302 nsv       Knobby
K-23-291 15.00 23.32 8.32 1.13 Pristine
including 15.00 18.00 3.00 2.31
  48.70 49.25 0.55 1.51
K-23-290 52.36 54.12 1.76 1.06 Pristine
K-23-289 nsv       Peter Easton
K-23-288 318.00 320.00 2.00 1.64 Big Vein
K-23-287 nsv       Pristine
K-23-286 nsv       Peter Easton
K-23-285 100.00 101.80 1.80 1.33 Pristine
  183.32 224.00 40.68 0.18
K-23-284 nsv       Big Vein

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

 

 

Hole number Easting Northing Elevation Azimuth Dip Total Depth
K-23-334 660889 5434242 32 75 45 73
K-23-304 660576 5433754 42 187 45 157
K-23-302 660597 5433754 39 187 45 157
K-23-291 661909 5436148 54 0 90 176
K-23-290 661848 5436193 58 190 60 159.5
K-23-289 660584 5434277 52 160 45 235
K-23-288 661860 5435469 36 130 65 401
K-23-287 661848 5436194 58 0 90 179
K-23-286 660572 5434583 71 275 45 259
K-23-285 661898 5436043 51 315 65 224
K-23-283 660574 5434583 72 120 45 181
K-23-284 661832 5435419 35 130 65 383

Table 2. Drill collar details.

 

Figure 3. Kingsway occurrences with highlights of recent drilling.

 

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.

 

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 $7 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.

Posted January 25, 2024

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