Labrador GOLD Announces Start of Drilling at Kingsway
NEWS RELEASE
October 19, 2020
LABRADOR GOLD ANNOUNCES START OF DRILLING AT KINGSWAY
TORONTO, ON, October 19, 2020 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or
the “Company”) is pleased to announce that drilling has begun at 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.
Drilling started in the area around the Cracker showing where up to 5 drill holes are planned. Holes are targeting
VLF-EM conductors associated with an altered mineralized gabbro and anomalous gold in soil samples. Historical
results from the Cracker showing include grab samples from trenching ranging from 1.8 g/t Au to 61.73 g/t Au
and channel samples ranging from <5ppb to 1.89 g/t Au.
Drilling will then proceed approximately 2km southeast to test coincident gold in soil and Mag-VLF-EM targets
along two interpreted secondary structures trending northeast and north-northeast. Gold concentrations in soil
samples range from below detection up to 281ppb (0.281g/t) with six samples assaying more than 100ppb Au
(>0.1g/t Au). The higher concentrations are associated with the two structures.
The third drilling area is located a further 2.6km to the southeast near the Appleton #2 showing close to the
intersection of a northwest trending structure with the north-northeast structure targeted in Area 2. Gold in soil
anomalies range from below detection up to 686ppb (0.67g/t Au) and are associated with a strong northeast
trending conductor.
The last two areas for drilling are further to the northeast approximately 4.8km and 7 km northeast of the
Cracker occurrence. The first area is in an area of complicated structure that is currently being covered with the
CSAMT Survey (see news release dated October 8th, 2020). Gold in soil samples range from below detection up
to 547ppb Au. A single historical till sample in the area assayed 1,093ppb Au (1.09g/t) and contained 60 gold
grains. This area will be drilled following receipt of results from the CSAMT survey.
The final area covers an interpreted north-northeast trending splay of the Appleton Fault Zone. Gold in soil
samples range from below detection to 1,618 ppb (1.62 g/t Au).
“The start of drilling on the Kingsway Project is a major milestone that we have worked hard to achieve this field
season,” said Roger Moss, President and CEO of the Company. “The last drilling on the property was in the
nineties, so we are excited to drill this prospective region after a more than twenty year hiatus.“
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.
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 a long 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. 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 se curities
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 r ate 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, ant icipated, 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.