Labrador GOLD Announces High-Grade GOLD and Copper Assays from Hopedale Project Including 21.59 G/T Au from TD500 and 10.2% Cu from Kaapak
NEWS RELEASE January 19, 2023
LABRADOR GOLD ANNOUNCES HIGH-GRADE GOLD AND COPPER ASSAYS FROM HOPEDALE PROJECT
INCLUDING 21.59 G/T AU FROM TD500 AND 10.2% CU FROM KAAPAK
TORONTO, ON, January 1 9, 2023 – Labrador Gold Corp . (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6)
(“LabGold” or the “Company”) is pleased to announce results of prospecting and channel sampling at the
Florence Lake Greenstone Belt on its Hopedale Project in Labrador.
Highlights of the exploration include high-grade copper and gold in rock from both grab and channel
samples from the northernmost (Thurber Dog) license. Previous work by LabGold and others in this area
has outlined significant gold in rock and soil over a 3km strike length, including four discrete mineralized
occurrences: Thurber North up to 3.8 g/t Au ; TD500 up to 21.59 g/t Au; Thurber Dog up to 11.4 g/t Au ;
Thurber South up to 4.1 g/t Au (Figure 1).
Follow up sampling at the TD 500 gold occurrence returned gold values from grab samples ranging from
0.46 g/t to 21.59 g/t Au. The showing was channel sampled along eight channels over a strike length of
approximately 60 metres. Gold varies from below detection limit (<5ppb) to 14.02 g/t with 48 samples
assaying greater than 100ppb (0.1g/t) Au that includes 19 samples greater than 1 g/t Au. Highlights of the
channel samples include 2.91 g/t Au over 5.17m including 14.02 g/t over 0.61m, 2.35 g/t Au over 6.88m
and 4.23 g/t over 5.04m.
Shear hosted gold mineralization at TD500 has now been uncovered over a 35m strike length and occurs
in quartz veins and disseminat ed in the host rocks close to the contact between mafic volcanic and
metasedimentary rocks. Pyrite and arsenopyrite are commonly associated with the gold mineralization.
Grab samples from the copper occurrence (Kaapak) ranged from 131 ppm to 10.2% Cu, with seven of the
nine samples assaying over 1% Cu. Elevated silver in these samples ranged from 0.2 to 9.8 g/t Ag. The
showing was channel sampled along eight channels over a strike length of approximately 50 metres.
Results showed copper values ranging from 18ppm to 3.31% and silver values from 0.1 to 2 g/t. Highlights
include 3.31% Cu over 0.76m, 2.4% Cu over 0.6m and 1.55% Cu over 1m. Summaries of assay highlights
are given in Tables 1 and 2.
Copper is present as disseminated to locally semi -massive chalcopyrite and lesser malachite associated
with quartz veins close to the contact with mafic and ultramafic volcanic rocks.
Sample ID Area/Occurrence Au ppb Ag ppm Cu ppm Cu %
751071 Kaapak 13 0.2 228 -
751072 Kaapak 47 2 10,000 7
751073 Kaapak 27 1.5 10,000 4.91
751074 Kaapak 121 9.8 10,000 4.15
751075 Kaapak 19 2.4 10,000 2.01
751107 Kaapak 30 0.7 10,000 1.17
751108 Kaapak 81 2.3 10,000 10.2
751111 Kaapak 2.5 0.3 131 -
751112 Kaapak 21 3.7 10,000 2
751084 TD500 3,192 0.1 16 -
751086 TD500 5,696 0.7 238 -
709102 TD500 12,568 0.7 93 -
709103 TD500 3,056 0.3 51 -
709104 TD500 1,341 0.1 30 -
833017 TD500 1,548 1.6 367 -
833016 TD500 21,587 1.2 126 -
833013 TD500 1,258 0.7 305 -
833011 TD500 8,049 0.7 117 -
833010 TD500 14,291 0.8 145 -
833009 TD500 6,269 0.5 113 -
833008 TD500 4,615 0.7 103 -
833007 TD500 3,987 0.9 67 -
833006 TD500 2,890 0.9 30 -
833003 TD500 1,349 0.8 112 -
751084 TD500 3,034 0.1 16 -
751086 TD500 6,699 0.7 238 -
709102 TD500 11,484 0.7 93 -
709103 TD500 4,706 0.3 51 -
709104 TD500 1,352 0.1 30 -
Table 1. Highlights of rock (grab) sampling from Kaapak and TD500.
Channel ID Occurrence from (m) to (m) width (m) Cu (%)
HPD-22-20 Kaapak 0.94 1.70 0.76 3.31
HPD-22-21 Kaapak 0.00 0.60 0.60 2.40
HPD-22-23 Kaapak 0.00 0.60 0.60 1.08
HPD-22-24 Kaapak 0.00 1.50 1.50 1.09
including 0.50 1.50 1.00 1.55
HPD-22-25 Kaapak 0.00 1.19 1.19 1.14
including 0.00 0.81 0.81 1.48
and 0.48 0.81 0.33 1.59
Channel ID Occurrence from (m) to (m) width (m) Au (g/t)
HPD-22-10 TD500 3.03 8.2 5.17 2.91
including 6.37 8.2 1.83 7.21
including 6.37 6.98 0.61 14.02
HPD-22-11 TD500 7.92 14.8 6.88 2.35
including 8.96 10.08 1.12 3.42
and 11.73 12.65 0.92 4.1
and 13.87 14.8 0.93 7.56
HPD-22-12 TD500 6.5 11.54 5.04 4.23
including 6.6 9.9 3.3 6.08
including 7.87 8.95 1.08 7.74
HPD-22-13 TD500 2.86 3.94 1.08 1.49
HPD-22-14 TD500 1.05 3.12 2.07 2.93
HPD-22-15 TD500 1.02 5.72 4.7 1.59
including 1.02 3.25 2.23 3.05
including 2.01 3.25 1.24 4.21
HPD-22-17 TD500 0 0.65 0.65 8.14
Table 2. Highlights of channel sample results from Kaapak and TD500.
While true widths have not been calculated, channels were cut as close to
perpendicular to strike as possible so the reported widths are expected to be close to true widths.
“While our focus continues to be our ongoing drilling at Kingsway, our exploration programs at Hopedale
continue to turn up excellent results. The three kilometre “Thurber Dog trend” of significant gold
mineralization that includes the four discrete gold occurrences is a compelling target for future work with
the potential for further discovery,” said Roger Moss, President and CEO. “Our initial work at the Kaapak
copper occurrence has demonstrated high grade copper that needs follow up to determine its true extent.
In addition, based on LabGold’s initial work in the southern portion of the property, there appears to be
potential for nickel mineralization associated with ultramafic rocks in the region.”
Figure 1. Gold in rock samples defining an anomalous trend over three kilometres in the Thurber Dog area.
Figure 2. Gold in channel samples at the TD500 showing.
Figure 3. Copper in channel samples at the Kaapak showing.
QA/QC
All rock s amples were securely stored prior to shipping to Eastern Analytical Laboratory in Springdale,
Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples we re
analyzed for gold by standard 30g fire assay with atomic absorption finis h as well as by ICP -OES for an
additional 34 elements. Samples with fire assay results greater than 1g/t Au we re reassayed by metallic
screen/fire assay. Overlimit copper samples were re-assayed by atomic absorption. 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 As sistance (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 1 2km 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 $ 18 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 11.4 g/t gold. In addition, anomalous gold in soil and lake
sediment samples occur over approximately 40 k m along the southern section of the greenstone belt.
Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 170,009,979 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: 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”, “cou ld”, “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 u ncertainties. 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 unce rtainties, 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.