- Four samples located 100 to 300m along strike of visible gold samples assayed greater than 1,000 ppb Au
- Highest gold value was 9,946ppb
- 19 samples assayed greater than 100ppb Au
- Gold in soil anomaly extends over 500m and remains open to the southwest
TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce further results of the recently completed soil sampling survey at its 77km 2 Kingsway Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold Belt. Soil sampling has now been completed with 7,740 soil samples collected over 16 grids. Results for 432 samples in the area of the quartz vein containing visible gold (see news release dated November 9, 2020) on the Kingsway South license are reported here.
Gold values in the soils range from below detection (<0.5ppb) to 9,946ppb (9.9g/t Au) with three other samples assaying greater than 1,000ppb (1g/t Au) and 19 samples assaying greater than 100ppb (0.1g/t Au). The four highest gold values occur between 100 and 300 metres to the southwest of the visible gold locations and suggest the potential for additional gold mineralization in this area.
The overall anomaly extends over 500 metres to the southwest of the visible gold sample locations and extends the strike of potential quartz vein related gold mineralization in this area to 600 metres. The anomaly remains open and further soil sampling is being undertaken to follow this trend to the southwest.
To the northeast, an interpreted splay off the Appleton fault zone appears to displace the gold in soil anomaly approximately 350 metres to the northwest. The anomaly continues for an additional 950 metres to the northeast along another interpreted structure trending subparallel to the Appleton fault zone.
“The gold in soil anomalies clearly define the trend of the mineralized vein southwest of the visible gold samples demonstrating the effectiveness of such sampling,” said Roger Moss, President and CEO of LabGold. “We will continue tracking this anomaly to the southwest with more soil sampling and prospect along the trend in both directions to identify further sites of gold mineralization.”
Shawn Ryan, Technical Advisor added “Finally we see the results of a quality deep soil sampling program over the Kingsway Project, something I expected from my 2015 soil research program. While soil sampling is not new, taking great care in gathering a sample was not the norm. Now, with low assay detection limits, taking thousands of quality samples one can start to see mineralized trends and patterns even as low as 10- 20 ppb Au. So the results described here are exceptional. LabGold’s aggressive soil sampling program covering 16 Grids gives the company a good probability of finding new mineralized structures. I look forward to seeing the final results of the completed surveys.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24f3c97b-ca6d-4705-8bf1-ffc9d3d647b1
Samples were shipped to Eastern Analytical Laboratory in Springdale, Newfoundland, for sample preparation, with analyses completed at the Vancouver laboratory of Bureau Veritas. Samples were analyzed for gold and another 36 elements by ICP-ES/MS (inductively coupled plasma-emission/mass spectrometry) following an aqua regia digestion. The company submitted blanks, field duplicates and certified reference standards with batches of samples to monitor the quality of the analyses.
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.
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km 2 . The three licenses comprising the Kingsway project cover approximately 22km of the Appleton and Dog Bay Line faults which is associated with gold occurrences in the region, including the New Found Gold discovery. Historical work over the area covered by the Kingsway licenses shows evidence of gold in till, vegetation, soil, stream sediments, lake sediments and float. 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.
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in 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 kilometres along the southern section of the greenstone belt (see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the 2017 reconnaissance exploration program following up the lake sediment anomalies show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend. The anomalies appear to be broadly associated with magnetic highs and do not show any correlation with specific rock types on a regional scale (see news release dated January 18 th 2018). This suggests a possible structural control on the localization of the gold anomalies.
The Company has 101,674,175 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
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.