Labrador GOLD Announces Additional Drill and Doubling of Program to 20,000 Metres at Kingsway Project
NEWS RELEASE April 29, 2021
LABRADOR GOLD ANNOUNCES ADDITIONAL DRILL AND DOUBLING OF PROGRAM TO
20,000 METRES AT KINGSWAY PROJECT
TORONTO, ON, April 29, 2021 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the
“Company”) is pleased to announce th at it has arranged for a second diamond drill rig at its 100% controlled
Kingsway Gold Project near Gander, Newfoundland. The Kingsway project is located within the highly
prospective Gander Gold District and along strike from New Found Gold’s high-grade Queensway Project.
A second diamond drill rig has been secured from Cabo Drilling ( Pacific) who are currentl y drilling the Big Vein
target at Kingsway. Following a slow start, primarily because of wet ground conditions due to the Spring thaw,
production has picked up and hole 6 is now underway. The second drill rig was added to further increase
production along the Big Vein target. LabGold is also planning to double the size of the drilling program from
10,000 metres to 20,000 metres to test the quartz vein corridor along strike to the northeast and southwest of
Big Vein.
The quartz vein corridor encompasses intermittent quartz vein outcrop over a strike length of 7.5 kilometres.
Significant results from the quartz vein corridor, obtained just before the field program wrapped up late last
year, include a till sample containing 165, mostly pristine, gold grains located 900 metres north of Big Vein and a
grab sample of quartz vein float that assayed 16g/t Au located 1.2 kilometres to the southwest (see news
release dated March 19, 2021). These results will be aggressively followed up once field work resumes in the
coming days. Note that grab samples are selective samples and are not necessarily representative of
mineralization on the property.
“Our drilling program is starting to hit its stride and we now feel comfortable adding a second drill to increase
production along the Big Vein target ,” said Roger Moss, President and CEO of Labrador Gold. “ Our recently
completed financing also enables us to increase the size of the drilling program to test compelling targets along
the quartz vein corridor and the Appleton Fault Zone along strike from Big Vein.”
Note that the first samples from the drilling program were received by Eastern Analytical on April 1 2th and the
standard turnaround time is currently on the order of six to seven weeks.
Big Vein Target
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres to date.
Gold mineralization observed at Big Vein includes six occurrences of visible gold , assays of samples from which
range from 1.87g/t to 1,065g/t gold. The visible gold is typically hosted in annealed and vuggy gray quartz, that is
locally stylolitic with v ugs often contain ing euhedral quartz infilling features characteristic of epizonal gold
deposits.
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 th e 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.
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 prop erty. (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 p roperty package which
now covers approximately 77 km 2. 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 gold 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. Initial work by
Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity
of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville,
which is linked by r ail 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 exploration to date 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 Company has 126,674,397 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 gener al 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.