Labrador GOLD Announces Mobilization of Drill to Kingsway Property
NEWS RELEASE
October 14, 2020
LABRADOR GOLD ANNOUNCES MOBILIZATION OF DRILL TO KINGSWAY PROPERTY
TORONTO, ON, October 14, 2020 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or
the “Company”) is pleased to announce the mobilization of a drill and crew to its Kingsway Project near Gander
Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District along strike to
the northeast of New Found Gold Corp’s gold discovery announced earlier this year.
LabGold currently has exploration approval for an initial 2,600 metres of rotary air blast drilling (RAB) in up to 30
holes and has applied for a further 2,000 metres. Drill holes will test coincident gold in soil and VLF-EM
anomalies, a strategy that has historically led to the discovery of new occurrences. The initial drilling will be
carried out in five areas of the property including around the Cracker and Appleton #2 gold showings. Historical
grab samples from these showings assayed from below detection (<5ppb) up to 61.73g/t Au and 4.96g/t Au,
respectively.
“We are excited to get a drill mobilized to the property in our first season on the Kingsway Project. Our crews
have worked hard to get us to the point where we have defined targets to test on each of the three licenses,”
said Roger Moss, President and CEO of the Company. “We benefitted from a large geochemical database that
allowed us to rapidly focus on the most prospective areas within the property. We will continue following up the
gold anomalies in this database to generate a pipeline of areas to drill.“
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 an d 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 nort heast 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. 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 stretch es over 60 km. The
belt is typical of greenstone belts around the world but ha s 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 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 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 93,294,175 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
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 authoritie s. 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 co mpetition 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 n ot 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.