Labrador GOLD Announces Assays up to 479.5G/T Au IN Surface Samples from Golden Glove
NEWS RELEASE August 23, 2022
LABRADOR GOLD ANNOUNCES ASSAYS UP TO 479.5G/T AU IN SURFACE SAMPLES FROM GOLDEN GLOVE
TORONTO, ON, August 23, 2022 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold”
or the “Company”) is pleased to announce assays from six samples containing visible gold recently
collected during prospecting in the Golden Glove area at its 100% owned Kingsway Project. The samples
were collected as part of the Company’s continuous efforts to generate and upgrade targets for drilling
along the 12km strike length of the Appleton Fault Zone covered by the Kingsway Property.
The samples were taken from quartz veins believed to be splays off the original Golden Glove vein. Assays
of the six samples ranged from 7.51 g/t to 479.51 g/t Au. The quartz veins are hosted by grey and black
shales and are typically vuggy and locally stylolitic with iron carbonate alteration. The four highest grade
samples contain visible gold, and all samples contain between 2 and 5% pyrite and arsenopyrite both in
the vein and along the contact with the shale wallrock . These results are comparable to assays from the
initial samples taken at Golden Glove that ranged from 2.99 to 338.08g/t Au (see news release dated
September 21, 2021).
“The discovery of more veins containing high-grade gold at surface is encouraging as it gives us additional
information on the structural context of the mineralization at Golden Glove and will allow more efficient
drill targeting.” said Roger Moss, President and CEO. “ Drilling to date has been f ollowing up recent high-
grade intersections of 20.07 g/t Au over 1m in Hole K -22-154 and 6.22 g/t Au over 4m in hole K -22-150
located approximately 160m south of the discovery outcrop. Given the high- grade nature of these veins
we will certainly look to specifically target them in our ongoing drilling at Golden Glove.”
Sample
ID
Sample
type Rock Type Au (g/t)
853601* Grab Quartz Vein 479.51
853602* Grab Quartz Vein 81.49
853603* Grab Quartz Vein 114.72
853604* Grab Quartz Vein 34.90
853605 Grab Quartz Vein 7.51
853606 Grab Quartz Vein 12.25
* Sample contains visible gold. Note that grab samples are select samples and
are not necessarily representative of gold mineralization found on the property.
Figure 1. Portion of Sample 853601 showing visible gold grains in quartz and country rock.
Figure 2. Location map of Kingsway gold occurrences showing recent results at Golden Glove.
QA/QC
All s amples are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale,
Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. S amples were
assayed by metallic screen/fire assay . The whole sample is crushed to - 10mesh and pulverized to 95% -
150mesh. The total sample is then weighed and screened through 150mesh. Both the +150mesh fraction
and a 30g subsample of the -150mesh fraction are fire assayed for Au and a calculated weighted average
of total Au in the sample is reported. The company routinely 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 12 km 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 $25 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 25th 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 and on the OTCQX under the symbol NKOSF.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
@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 re spect 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.