Labrador GOLD Extends High-Grade GOLD Mineralization to 250M Southwest of BIG Vein Discovery

NEWS RELEASE

March 29, 2022

LABRADOR GOLD EXTENDS HIGH-GRADE GOLD MINERALIZATION TO 250M SOUTHWEST OF BIG VEIN DISCOVERY

TORONTO, ON, March 29, 2022 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the

“Company”) is pleased to announce the latest assay results from diamond drill ing that show high-grade

intercepts of near surface g old mineralization along the Appleton Fault Zone at its 100% controlled Kingsway

project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre

drill program targeting the 12km strike length of the Appleton Fault Zone at Kingsway.

All ten holes were drilled at the Big Vein target and include intercepts of 17.63 g/t Au over 1.25m in hole K-21-98

and 14.50 g/t Au over 1 m from hole K-21-82 showing the presence of additional high- grade gold mineralization

both down plunge and along strike.

The intercept of 17.63g/t over 1.25m in hole K -21-98 is located approximately 250m southwest of the Big Vein

discovery outcrop, the furthest southwest high-grade intersection to date. The mineralizat ion remains open in

this direction, and additional holes have been drilled in this area, for which results are pending.

The 14.50g/t intercept in Hole K -21-82 infills the down plunge mineralization of the HTC Zone which remains

open below 250m depth.

Wider intervals of 1.25g/t Au over 7.20m in Hole K -21-82 and 1.82g/t Au over 10.8m in hole K -21-81 were also

intersected from the Big Vein Zone and HTC Zone, respectively.

“We are encouraged by the intersection of high- grade mineralization in hole K-21-98, 250 metres along strike to

the southwest,” said Roger Moss, President and CEO of the Company. “We are currently tracking multiple gold-

bearing quartz veins over this 250m strike length at Big Vein. Mineralization remains open in both directions, to

the northeast and southwest , and drilling will continue to step out in both directions as well as testing down

plunge. Drilling is also ongoing at Golden Glove and the Pristine target and recently started at the Midway

target.”

Hole ID From To Length Au (g/t)

K-21-109 17.15 18.30 1.15 4.60

K-21-98 123.00 126.00 3.00 1.73

150.00 151.25 1.25 17.63

K-21-89 228.00 229.00 1.00 1.74

K-21-87 59.00 63.00 4.00 1.30

K-21-86 76.00 77.00 1.00 1.79

K-21-82 53.24 60.44 7.20 1.25

including 53.24 54.04 0.80 4.09

146.00 150.00 4.00 1.98

167.00 168.00 1.00 3.07

172.80 173.80 1.00 14.50

K-21-81 179.20 190.00 10.80 1.82

including 179.20 180.20 1.00 5.16

and 189.00 190.00 1.00 3.95

K-21-80 35.00 36.00 1.00 1.30

140.00 141.00 1.00 1.17

142.00 143.00 1.00 1.26

181.00 182.00 1.00 1.32

220.70 221.50 0.80 2.19

K-21-78 157.00 158.00 1.00 1.72

264.00 265.00 1.00 1.43

k-21-77 197.00 199.00 2.00 1.32

Table 1. Summary of Assay Results

All intersections are downhole length as there is insufficient Information to calculate true width.

Figure 1. Big Vein Plan Map.

Hole ID Easting Northing Elevation Azimuth Dip depth

K-21-109 661789 5436058 55.51225 260 60 218.00

K-21-98 661446.9 5435040 30.83567 150 45 281.00

K-21-89 661560.6 5435246 45.08669 125 60 236.00

K-21-87 661560.7 5435245 45.02648 145 60 227.00

K-21-86 661447 5435039 31.55391 135 55 263.00

K-21-82 661560.6 5435246 45.03931 139 58.5 239.33

K-21-81 661467.6 5435224 52.38159 130 70 383.00

K-21-80 661447.4 5435039 31.46297 130 45 264.70

K-21-78 661441.9 5435187 50.53209 130 47.5 341.00

K-21-77 661442.3 5435187 50.51612 130 52.5 287.00

Table 2. Drill hole collar details

Big Vein target

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres

subparallel to the Appleton f ault zone. It is located approximately 200m from the Appleton fault zone, through

which the gold- mineralizing fluids likely migrated. At Big Vein, gold mineralization is closely associated with a

secondary structure, the Big Vein f ault zone, that separates siltstone and sandstone hosting the Big Vein zone

from the finer shale that hosts the HTC and HTC footwall zones (see Figure 1).

Gold mineralization observed at Big Vein includes visible gold t ypically hosted in annealed and vuggy gray

quartz, that is locally stylolitic with v ugs often containing euhedral quartz infilling. Drilling has produced high

grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and

sulphide mineralization including arsenopyrite, pyrite noted along vein margins and as strong disseminations in

the surrounding wall rocks.

The ongoing 100,000 metre drill program has now tested Big Vein over a pproximately 250 m etres of strike

length and to vertical depths of 250 metres. A total of 37,393 metres of the planned 100,000 metres have been

completed in 116 holes , primarily at Big Vein. Assays have been received for 51 % of samples submitted to the

laboratory.

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core

are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay.

Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard

30g fire assay with atomic absorption finish as well as by ICP -OES for an additional 34 elements. S amples

containing visible gold are assayed by metallic screen/fire assay , as are any samples with fire assay results

greater than 1g/t Au. 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 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 2020, Labrador Gold acquired the option to earn a 100% interest in the 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 50,000 metres targeting high- grade epizonal gold mineralization along the Appleton Fault Zone

following encouraging early results . The Company ha s approximately $ 28 million in working capital and is well

funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is

typical of greenstone belts around the world but ha s been underexplored by comparison. W ork 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 25 th

2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake

Greenstone Belt.

The Company has 155,354,110 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”, “anticip ate”,

“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 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.