Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold”
or the “Company”) is pleased to announce that it has fulfilled the
requirements of the Hopedale option agreement dated December 7,
2020 and has exercised its option to acquire 100% of the four
licenses covering 695 claims comprising the Hopedale property. The
Hopedale Project remains subject to a 2% net smelter return
royalty.
The district scale Hopedale property covers a
43km strike length of the Florence Lake greenstone belt. The belt
is typical of greenstone belts around the world but has been
underexplored by comparison. Work to date by LabGold has resulted
in the discovery of three gold occurrences, which together with the
previously known Thurber Dog occurrence, stretch over a 3-kilometre
section of the northern portion of the greenstone belt. The four
gold occurrences show significant gold assays including: Thurber
North up to 3.8 g/t Au; TD500 up to 21.59 g/t Au; Thurber Dog up to
11.4 g/t Au; Thurber South up to 4.1 g/t Au. Additional gold
anomalies in rock and soil indicate potential for further discovery
of gold occurrences along this trend.
Channel sampling of the TD500 showing during
2022 resulted in 48 samples assaying greater than 100ppb (0.1g/t)
Au that included 19 samples greater than 1 g/t Au. Highlights of
the channel samples include 2.91 g/t Au over 5.17m including 14.02
g/t over 0.61m, 2.35 g/t Au over 6.88m and 4.23 g/t over 5.04m (see
news release dated January 19, 2023).
There is also significant potential for the
critical metals copper and nickel associated with mafic and
ultramafic volcanic rocks along the belt. LabGold identified the
Kaapak copper occurrence in 2021 with grab samples grading between
131 ppm to 10.2% Cu. The showing was channel sampled in 2022 with
assay highlights of 3.31% Cu over 0.76m, 2.4% Cu over 0.6m and
1.55% Cu over 1m (see news release dated January 19, 2023).
Nickel mineralization previously identified by
LabGold occurs over a 1.2km strike length of altered ultramafic
rocks in the southern portion of the greenstone belt with rock
samples assaying up to 3,375ppm (0.34%) nickel, 4,198ppm (0.42%)
copper and 134ppm cobalt. Soil samples over the same area, called
Rusty Ridge, show values up to 1,529ppm nickel and 152ppm
cobalt.
The 2023 work program at Hopedale focussed on
extending the known copper and nickel showings as well as following
up on additional soil and rock anomalies elsewhere on the property.
Work included mapping, prospecting and soil sampling. Regional
drone magnetic surveys and more detailed ground magnetic-VLF
surveys were carried out over ultramafic and surrounding rocks to
identify anomalies that may have potential to host nickel and/or
copper mineralization. Results of assays and geophysical surveys
are pending.
“Our district scale Hopedale project covers much
of the Florence Lake greenstone belt that has many of the
characteristics of greenstone belts elsewhere in the world but is
underexplored by comparison. It has potential for the critical
metals copper, nickel and cobalt in addition to the gold
mineralization discovered to date.” said Roger Moss, President and
CEO. “The three kilometre “Thurber Dog trend” includes four
discrete gold occurrences and is a compelling area for future work
with significant potential for further discovery. Both the Kaapak
copper occurrence with its demonstrated high-grade copper, and the
nickel anomalies associated with ultramafic rocks at Rusty Ridge,
are exciting critical metals targets that need follow up to
determine their true extent.”
Figure 1. Location of Hopedale Project in
east-central Labrador.
Figure 2. Highlights of gold and copper assays
over the 3km Thurber Trend.
Figure 3. Highlights of nickel in soil and rock
at the Rusty Ridge area.
QA/QC
Rock samples comprise channel samples and grab
samples, the later of 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. The company submits blanks and certified reference
standards amounting to 5% of each sample 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’ 2023
Junior Exploration Assistance (JEA) Program and the Atlantic Canada
Opportunities Agency’s Critical Minerals Assistance for its
financial support for exploration of the Hopedale 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 four
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 $9 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. Four gold occurrences lie along this trend, three
of which Thurber North, TD500 and Thurber South were discovered by
LabGold. Anomalous gold in soil and lake sediment samples also
occur over approximately 40 km along the southern section of the
greenstone belt. LabGold’s recent exploration has also demonstrated
the potential for the critical metals copper, nickel and cobalt in
the 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.
Photos accompanying this announcement are available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e35d68e3-c2bc-44c2-a56b-3b67bec737d2https://www.globenewswire.com/NewsRoom/AttachmentNg/69a9de27-eef5-4358-90a7-385ee7f03064https://www.globenewswire.com/NewsRoom/AttachmentNg/0e6fa11e-c498-45df-bbbb-ad920bf31c9c
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