• Hole K-22-177 intersected 2.02 g/t Au over 32 metres including 18.08 g/t Au over 0.63 metres and 11.42 g/t Au over 1.05 metres.
  • Mineralization at Big Vein remains open along strike to the southwest and northeast.
  • Drilling also intersected high-grade mineralization at Big Vein southwest grading 12.84 g/t Au over 0.8 metres.

TORONTO, Sept. 08, 2022 (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 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 2.02 g/t Au over 32 metres from 134 metres that included 18.08 g/t Au over 0.63 metres and 11.42 g/t Au over 1.05 metres in Hole K-22-177 from the north end of Big Vein. The intersection is approximately 75 metres north of the discovery outcrop. In addition, Hole K-22-187 at Big Vein southwest intersected 12.84 g/t Au over 0.8 metres from 341 metres.

The last results from initial drilling at Midway showed an intersection of 5.69 g/t Au over 1.33 metres in Hole K-22-171. Further drilling is planned at Midway to test the continuity of gabbro-hosted mineralization along strike towards Cracker.

“Drilling at Big Vein continues to deliver excellent results with the longest mineralized intersection of 32 metres grading 2.02 g/t gold drilled on the property to date. We are currently testing this intersection down dip. The intersection is approximately 30 metres north of another long intercept of 6.07 g/t Au over 19m in hole K-21-111.” said Roger Moss, President and CEO. “Big Vein has now been drilled over a strike length of approximately 520 metres and remains open both to the northeast and southwest. Two rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions.”

Hole ID From (m) To (m) Interval (m) Au (g/t) Zone
K-22-187 157.80 158.25 1.20 1.08 Big Vein SW
328.55 328.85 0.30 3.27
341.00 341.80 0.80 12.84
K-22-184 140.26 140.59 0.33 2.89 Big Vein SW
336.25 337.89 1.64 2.69
K-22-180 nsv CSAMT
K-22-179 72.00 72.76 0.76 1.08 Golden Glove
K-22-178 nsv Big Vein SW
K-22-177 8.00 9.00 1.00 1.01 Big Vein
93.74 94.55 0.81 1.11
134.00 166.00 32.00 2.02
including 142.77 143.40 0.63 18.08
and 158.95 160.00 1.05 11.42
212.00 215.00 3.00 2.63
245.00 248.00 3.00 3.60
265.00 266.00 1.00 1.73
K-22-176 nsv Golden Glove
K-22-175 63.00 65.00 2.00 1.48 Big Vein
230.00 232.00 2.00 2.87
K-22-174 296.00 297.49 1.49 3.65 Big Vein SW
407.00 407.30 0.30 3.24
K-22-173 11.00 12.00 1.00 1.04 Big Vein
16.00 17.00 1.00 1.38
50.00 51.00 1.00 2.23
K-22-172 nsv CSAMT
K-22-171 194.50 198.00 3.50 1.44 Midway
201.17 202.50 1.33 5.69
K-22-170 11.00 12.00 1.00 1.10 HTC
35.00 44.00 9.00 1.42
218.00 219.00 1.00 1.01
K-22-169 nsv Golden Glove
K-22-168 165.91 166.21 0.30 1.01 Midway
217.90 218.40 0.50 1.82
K-22-167 57.00 62.00 5.00 1.90 Big Vein
K-22-166 nsv Midway
K-22-165 243.00 244.00 1.00 1.05 Golden Glove

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

A total of 52,648 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 3,343 metres of core (11% of the total submitted).

Drilling at Kingsway continues with four drill rigs, two working at Big Vein, one at Golden Glove and one at the CSAMT target. Ongoing detailed till sampling and prospecting continues to generate new drill targets along the Appleton Fault Zone and the gabbro trend north and south of Midway. Drilling will begin on these targets once initial drilling at CSAMT is complete.

The Company has $23.6 million in cash and is well funded to carry out the remaining 47,000 metres of the planned drill program as well as further target generation on the property.

Hole ID Easting Northing Elevation Azimuth Dip Total depth
K-22-187 661343.8 5434926 44.151 130 50 374
K-22-184 661343.9 543496.4 44.481 130 45 428
K-22-180 666592.3 5443605 46.42 140 45 278
K-22-179 660543 5431776 45.79 320 45 401
K-22-178 661343 5434926 44.352 140 50 404
K-22-177 661594 5435327 45.7 145 50 826
K-22-176 660541 5431776 45.857 290 45 401
K-22-175 661598 5435287 51.683 120 57.5 308
K-22-174 661343.3 5434926 44.289 140 45 476
K-22-173 661599.9 5435287 51.001 120 55 93
K-22-172 666591.7 5443606 46.42 310 45 278
K-22-171 661254.7 5437924 78.349 140 45 247
K-22-170 661599.9 5435286 51.096 120 45 299
K-22-169 660627.7 5431879 44.55 280 55 401.44
K-22-168 661255.8 5437937 77.432 310 45 264.75
K-22-167 661599.3 5435286 51.32 130 55 296
K-22-166 661202.7 5437880 77.473 140 45 260
K-22-165 660626 5431881 44.596 280 45 398

Table 2. Drill hole collar details

Figure 1. Plan map of significant Big Vein intercepts.

Figure 2. Long section of Big Vein/HTC Zone.

Figure 3. Plan map of Kingsway Gold occurrences showing latest drill intersections.


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 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 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 $23.6 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 25 th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 169,189,979 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:

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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