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 over
a 12km strike length. The drilling is part of the Company’s ongoing
100,000 metre diamond drilling program at its 100% owned Kingsway
Project.
Highlights of the drilling include an
intersection of 1.19g/t Au over 41.8 metres from 397 metres that
included 2.32g/t Au over 18.6 metres including 61.15g/t Au over 0.3
metres that contains visible gold in Hole K-22-214. This
intersection, at 325 to 359 metres vertical, is the deepest yet at
the HTC Zone which remains open at depth and to the northeast.
Hole K-22-214 was abandoned in mineralization at
486 metres due to excessive fracturing. The hole was wedged as Hole
K-22-214B which subsequently drilled through the entire mineralized
zone and was completed at a depth of 676 metres. Assays are
pending.
Hole K-22-213 from Big Vein Southwest
intersected 1.38g/t Au over 4.15m from 464 metres.
“The long intersection at the HTC zone,
significantly extending this zone to depth, is encouraging
especially as we also continue to step out towards the northeast.
We have also made significant step outs in recent holes to the
southwest, with assays pending, such that Big Vein has now been
drilled over a strike length of approximately 590 metres and
remains open in both directions.” said Roger Moss, President and
CEO. “Two rigs continue drilling at Big Vein to test for extensions
of the mineralization to both the northeast and southwest.”
Hole Id |
from (m) |
to (m) |
width (m) |
Au (g/t) |
Zone |
K-22-214 |
265.0 |
266.0 |
1.0 |
11.5 |
Big Vein |
|
397.0 |
438.8 |
41.8 |
1.19 |
including |
397.7 |
416.3 |
18.6 |
2.32 |
including |
397.7 |
401.0 |
3.3 |
9.63 |
including |
397.7 |
398.0 |
0.3 |
61.15 |
K-22-213 |
464.0 |
468.15 |
4.15 |
1.38 |
Big Vein Southwest |
including |
466.36 |
468.15 |
1.79 |
2.81 |
Table 1. Summary of assay results. All
intersections are downhole length as there is insufficient
Information to calculate true width.
Over 66,000 metres have been drilled to date out of the planned
100,000 metre program. Assays are pending for samples from
approximately 3,000 metres of core.
The Company has approximately $17 million in cash and is well
funded to carry out the remaining 34,000 metres of the planned
drill program as well as further exploration to add to the current
pipeline of drill targets on the property.
Figure1. Plan map of Big Vein showing significant
intersections.
Hole ID |
Easting |
Northing |
Elevation |
Azimuth |
Dip |
Total Depth (m) |
K-22-214 |
661569.6 |
5435366 |
57.161 |
145 |
55 |
486.31 |
K-22-213 |
661297.1 |
5434880 |
46.616 |
130 |
55 |
617 |
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.
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 $17 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.
Labrador Gold (TSXV:LAB)
Historical Stock Chart
From Jul 2024 to Aug 2024
Labrador Gold (TSXV:LAB)
Historical Stock Chart
From Aug 2023 to Aug 2024