
Labrador Gold Corp. (TSX-V:LAB) (OTCQX:NKOSF) (FNR: 2N6) is pleased to announce results from recent prospecting along the highly prospective Appleton Fault Zone at its 100% owned Kingsway Project.
Recent prospecting between Big Vein and Golden Glove near the southern property boundary has located a new gold showing, the Knobby occurrence. Grab samples from quartz vein outcrops returned gold values from below detection (<5ppb) to 30.58 g/t including samples grading 0.4g/t, 2.7g/t and 29.19 g/t Au. Three parallel veins were observed and have been traced along an east-west strike for approximately 200 metres. Stibnite mineralization was observed associated with the quartz veining. This is the first indication of gold mineralization along the Appleton Fault Zone between Big Vein and Golden Glove, an area that has seen little work to date.
“Today’s results of high-grade, surface gold mineralization in quartz vein outcrops between Big Vein and Golden Glove is very encouraging for the prospectivity of this 3-kilometre section of the Appleton Fault Zone,” said Roger Moss, President and CEO of Labrador Gold Corp. “This is an area that we have prioritized for drilling in the latter part of this year once we complete an ongoing ground magnetic/VLF survey and receive the necessary permits. We are excited by the discovery of the Knobby occurrence which is reminiscent of our initial discovery of Big Vein by prospecting almost three years ago.”
Figure 1. Location of Knobby occurrence between Big Vein and Golden Glove.
Figure 2. Geochemical anomalies between Big Vein and Golden Glove.
Figure 3. Photos of Knobby Vein outcrop.
Prospecting is ongoing in the area of the Knobby occurrence and Groundtruth Exploration is currently completing a ground Mag/VLF survey extending from the southern property boundary to Big Vein. LabGold has submitted an application to drill up to 95 drill holes along this portion of the Appleton Fault Zone.
QA/QC
All rock samples are grab samples, which are selective samples and not necessarily representative of mineralization found on the property. Samples 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.
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. Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
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