Labrador GOLD Intersects 11.98g/t Au over 6 Metres Including 30.61g/t over 2.33 Metres IN Follow up Drilling at Pristine

NEWS RELEASE August 9, 2023

LABRADOR GOLD INTERSECTS 11.98g/t Au OVER 6 METRES INCLUDING 30.61g/t OVER 2.33 METRES IN

FOLLOW UP DRILLING AT PRISTINE

TORONTO, ON, August 9, 2023 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold”

or the “Company”) is pleased to announce results from recent drilling targeting the highly prospective

Appleton Fault Zone. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling

program at its 100% owned Kingsway Project.

Highlights of follow up drilling at Pristine include an intersection of 11.98g/t Au over 6 metres from 91

metres (64 metres vertical) including 30.61 g/t over 2.33 metres and 82.2g/t over 0.7 5 metres that

contained 77 grains of visible gold in Hole K- 22-270. All mineralization drilled to date at Pristine occurs

above 86 metres vertical depth and extends over a strike length of approximately 160 metres.

Further results from first stage drilling at DropKick include 1.15g/t Au over 12.4 metres from 190.25

metres including 7.74g/t Au over 0.3 metres in hole K-23-231 and 1.46g/t Au over 6.75 metres from 162.25

metres including 3.72g/t Au over 2.15 metres in Hole K-23-251.

Ongoing drilling at Big Vein returned 1.10g/t Au over 9.3 metres from 195 metres, including 1.49g/t over

5.3 metres in Hole K-23-246 and 1.47g/t Au over 6.55 metres from 107.88 metres in hole K-23-237.

“Today’s result of high-grade, near surface gold mineralization at Pristine validates our belief that there is

more to be found at Pristine . It is also the third discovery along the Appleton Fault Zone, after Big Vein

and Dropkick, to produce such high grades associated with visible gold. Following our initial discovery of

near surface visible gold at Pristine announced in May 2022, we did not intersect similar high- grades to

those seen at Big Vein. As a result, we returned our focus to expanding Big Vein along strike and at depth

and have successfully defined mineralization there over a 720- metre strike length. ” said Roger Moss,

President and CEO of Labrador Gold Corp. “ With near surface mineralization at Pristine now drilled over

an approximate 160 metre strike length and the potential for high grades demonstrated, we are looking

forward to receiving the permit to drill The Gap between Pristine and Big Vein, a distance of approximately

700 metres, as we continue to focus our drilling along the very prospective Appleton Fault Zone.”

Hole ID From (m) To (m) Interval (m) Au (g/t) Zone

K-23-270 91.00 97.00 6.00 11.98

Pristine including 92.97 95.30 2.33 30.61

including 94.00 94.75 0.75 82.20

K-23-251 162.25 169.00 6.75 1.46

DropKick including 166.45 168.60 2.15 3.72

including 167.00 168.60 1.60 4.48

K-23-250 152.40 152.80 0.40 6.87 Big Vein

K-23-246 195.00 204.30 9.30 1.10 Big Vein including 199.00 204.30 5.30 1.49

K-23-240 75.22 75.63 0.41 1.82 DropKick

86.00 90.72 4.72 1.16

including 86.00 88.68 2.68 1.51

K-23-237 93.00 120.00 27.00 0.63 Big Vein including 107.88 114.43 6.55 1.47

K-23-234 100.55 101.90 1.35 1.02 DropKick 116.00 117.00 1.00 1.26

K-23-231 190.25 202.65 12.40 1.15

Dropkick including 197.45 201.60 4.15 1.78

including 201.30 201.60 0.30 7.74

K-23-230 16.00 19.30 3.30 0.41 Big Vein

K-23-229 nsv Big Vein SW

K-23-228 91.55 91.85 0.30 1.18 DropKick 122.35 123.15 0.80 2.63

K-23-226 nsv Big Vein SW

Table 1. Summary of assay results. All intersections are downhole length

as there is insufficient Information to calculate true width.

Figure 1. Plan map of Pristine showing significant intersections.

Figure 2. Visible gold in drill core from Hole K-23-270. A total of 77 gold grains were observed.

Figure 3. Interval of visible gold mineralization in Hole K-23-270

Almost 83,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are

pending for samples from approximately 8,877 metres of core.

The Company has approximately $12 million in cash and is well funded to carry out the remaining

17,000 metres of the planned drill program as well as further exploration to add to the current pipeline

of drill targets on the property.

Hole ID Easting Northing Elevation Azimuth Inclination Total Depth

K-23-270 661930 5436075 52.0 315 45 187

K-23-251 663167 5438130 58.2 140 65 229

K-23-250 661554 5435471 53.0 125 70 320

K-23-246 661272 5435093 62.4 145 45 250

K-23-240 663365 5438261 60.2 140 45 128

K-23-237 661352 5435080 45.8 145 45 280

K-23-234 663304 5438259 55.9 140 45 266

K-23-231 663303 5438259 56.3 140 65 260

K-23-230 661737 5435329 44.7 20 45 208

K-23-229 661133 5434768 42.9 140 45 173

K-23-228 663348 5438353 54.7 140 65 126.2

K-23-226 661176 5434794 42.3 140 45 528

Table 2. Drill hole collar details

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. Samples 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. Approximately 5% of sample pulps are

submitted to Bureau Veritas, an ISO 17025 accredited Laboratory in Vancouver, BC for check assays..

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.

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 12 km of the

Appleton Fault Zone which is associated with numerous gold occurrences in the region. 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 $12 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 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 25th 2018 for more details). 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”, “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 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.