Kingsway Project

Highlights

  • Two new discoveries of high-grade epizonal gold mineralization in the past year, both located along the Appleton Fault Zone
  • Multiple other targets being actively explored along the 12km strike length of the Appleton Fault Zone
  • 50,000 metre drilling program underway

Property

The Kingsway property consists of 264 claims in three licenses covering approximately 77 square kilometres. The project is located approximately 18km northwest of the town of Gander, Newfoundland.

Infrastructure is excellent with road access to the project off the Trans Canada Highway, nearby railroad and power and plentiful water.

Labrador has an option to earn 100% ownership in the three licenses,  subject to cash, share payments, work commitment and a 1% royalty on the Kingsway North and South Licenses.

Geology

Exploration at Kingsway is targeting epizonal gold deposits associated with regional scale structures in Ordovician sedimentary rocks of the Davidsville Group. Previous work suggests that gold mineralization is associated with regional structures, particularly where second order cross structures occur.

Gold mineralization is found in quartz veins hosted by shales of the Davidsville Group. This style of mineralization was discovered by Labrador Gold during the 2020 exploration program. The Big Vein occurrence shows typically bright white, massive to vuggy, locally stylolitic quartz veining with carbonate and sericite alteration. Vugs often contain euhedral quartz infilling. Fine grained visible gold has been observed in annealed quartz and vuggy gray quartz in in quartz vein float (see Figure 1) and in drill core. The features of the quartz vein and the visible gold are characteristic of epizonal gold deposits. 

Examples of visible gold in quartz vein samples from the Kingsway Project that assayed up to 1,065 g/t Au.

High Grade Gold Discoveries

Big Vein

Labrador Gold’s comprehensive exploration program on the Kingsway project led to the discovery of visible gold in quartz vein (Big Vein) in late 2020. The gold mineralization shows features characteristic of epizonal gold type deposits and Big Vein was traced over a strike length of 400 metres. Big Vein lies within a larger corridor of intermittent quartz veining (quartz vein corridor) over a northeast-southwest trending strike length of 7.5 kilometres adjacent to the Appleton Fault Zone.

Outcrop of Big Vein in the vicinity of visible gold samples.

In addition to a sample of quartz vein float containing visible gold that assayed 1,065 g/t Au other highlights include 185g/t, 66g/t and 38g/t Au.

Results of soil sampling in the Big Vein area returned gold values up to 9,946ppb (9.9g/t Au) with three additional samples assaying greater than 1,000ppb (1g/t Au) and 19 samples assaying greater than 100ppb (0.1g/t Au). 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.

Drilling to date, part of a planned 50,000m program has resulted in several intersections containing visible gold with values up to 276g/t over 0.5m. Highlights of the drilling are shown in the table below.

Hole ID From (m) To (m) Width (m) Au (g/t)
K-21-49 51.00 61.00 10 9.6
Including 57.00 58.00 1 75.86
and 60.00 61.00 1 12.31
K-21-48 12.22 13.77 1.55 35.7
K-21-47 168.00 169.12 1.12 128.51
K-21-39 49.00 53.28 4.28 44.08
including 50.36 51.38 1.02 81.64
including 52.25 53.28 1.03 96.47
K-21-36 7.79 12.00 4.21 3.64
including 8.84 9.58 0.74 15.02
 K-21-33 56.15 56.55 0.40 40.85
K-21-31 10.50 11.00 0.5 276.56
and 54.50 55.15 0.65 13.14
K-21-29 8.00 8.50 0.5 16.44
and 49.35 49.56 0.21 37.72
K-21-27 115.00 117.00 2.00 7.43
K-21-26 235.00 235.50 0.50 15.55
K‑21‑17 71.85 73.70 1.85 50.38
Including 71.85 72.40 0.55 160.42
K‑21‑14 62.0 64.40 2.4 10.48
K‑21‑12 72.5 76.10 3.6 20.60

 

High grade gold mineralization in Hole K-21-39

Golden Glove

Continued exploration along the Appleton Fault Zone led to the recent discovery of the Golden Glove gold occurrence approximately 3.5km southwest of Big Vein. Rock chip assays from the new discovery included 338.08 g/t, 194.28 g/t, 193.69 g/t and 83.61 g/t Au confirming the presence of high-grade epizonal gold in a second location on the Kingsway property. This discovery further demonstrates the significant potential for high-grade near surface gold mineralization to be found along the Appleton Fault Zone.

Samples containing visible gold from the Golden Glove discovery.

Multiple additional anomalous areas exist along the 12km strike length of the Appleton Fault Zone covered by the Kingsway Property. LabGold’s exploration team continues to assess and upgrade these areas to generate a pipeline of targets for future drilling.

Maps