Labrador GOLD Announces High Grade GOLD IN Soil Samples at Kingsway Property
NEWS RELEASE
November 16, 2020
LABRADOR GOLD ANNOUNCES HIGH GRADE GOLD IN SOIL SAMPLES AT KINGSWAY PROPERTY
Highlights
- 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, ON, November 16, 2020 – 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
77km2 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.”
Location of gold in soil anomalies from recent results with respect to visible gold in the quartz vein.
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.
OPEN
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 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 wo rld 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 Th urber 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
@LabGoldCorp
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of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward -looking stat ements 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 materia lly 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
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forward-looking statements.