Labrador GOLD Intersects 1.81g/t Au over 20.15 Metres at Dropkick, Extends Zone to 360 Metres

NEWS RELEASE October 12, 2023

LABRADOR GOLD INTERSECTS 1.81g/t Au OVER 20.15 METRES AT DROPKICK, EXTENDS ZONE TO 360 METRES

TORONTO, ON, October 12, 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.

Final results from first stage drilling at DropKick include significant near surface gold mineralization of 20.15

metres grading 1.81g/t Au from 50 metres, including 4.14g/t Au over 4.5 metres in Hole K-23-248. Several near

surface intervals were also intersected in Hole K-23-245 including 1.77g/t Au over 5.15 metres from 31.85 metres

downhole. Holes K-23-245 and -248 represent a 67 metre step out to the northeast. Hole K -23-254, a 136 metre

step out to the southwest, intersected 2.45g/t Au over 4.1 metres from 108.9 metres, including an interval of

16.68g/t Au over 0.3 metres that contained visible gold. These latest intersections extend the known

mineralization at Dropkick to over 360 metres strike length and it remains open in both directions. Twelve of the

15 holes drilled at Dropkick intersected gold mineralization with four holes containing visible gold.

“During the first phase of drilling at DropKick we demonstrated the presence of near surface gold over significant

widths while increasing the strike length of known mineralization which remains open along strike in both

directions. Further drilling is required to demonstrate the true potential of this discovery,” said Roger Moss,

President and CEO of LabGold. ”Planning is currently underway for drilling in The Gap, between Big Vein and

Pristine, and to the south of Big Vein towards the recent Knobby discovery. Drilling of targets in these areas is

expected to begin before the end of the month. We are excited to start filling in the gaps between the four

discoveries made along a 7 kilometre section of the Appleton Fault Zone at Kingsway.”

Follow up drilling at Pristine included an intersection of 1.05g/t Au over 11 metres from 90 metres in Hole K-23-

276 and 1.28g/t Au over 6.18 metres from 66.47 metres in Hole K-23-272. Mineralization drilled to date at Pristine

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

Ongoing drilling at Big Vein intersected 2.76g/t Au over 8.97 metres from 233.56 metres, including 7.04g/t over

3.09 metres in Hole K-23-278.

Hole ID From

(m) To (m) Interval

(m) Au (g/t) Zone

K-23-278 233.56 242.53 8.97 2.76 Big Vein including 236.00 239.09 3.09 7.04

K-23-276 90.00 101.00 11.00 1.05 Pristine including 92.95 97.80 4.85 1.82

K-23-272 66.47 72.65 6.18 1.28 Pristine including 68.00 70.80 2.80 2.33

K-23-260 156.57 160.00 3.43 1.06 Pristine

K-23-259 67.50 68.35 0.85 1.22 Pristine

K-23-254 108.90 113.00 4.10 2.45

DropKick including 108.90 110.80 1.90 4.56

including 109.40 109.70 0.30 16.68

K-23-253 nsv Big Vein

K-23-252 53.00 91.00 38.00 0.55

Big Vein including 60.00 64.00 4.00 1.28

and 73.00 74.00 1.00 1.11

K-23-249 nsv Big Vein

K-23-248 50.00 70.15 20.15 1.81

DropKick including 55.00 70.15 15.15 2.32

including 58.00 70.15 12.15 2.72

including 59.90 64.40 4.50 4.14

K-23-247 126.70 128.00 1.30 1.32 Big Vein 198.00 198.95 0.95 1.20

K-23-245 10.00 12.65 2.65 1.16

Dropkick

31.85 37.00 5.15 1.77

including 35.00 36.35 1.35 3.17

44.80 45.60 0.80 1.34

53.00 54.50 1.50 1.04

89.00 103.00 14.00 0.60

including 91.95 94.00 2.05 1.42

192.00 193.15 1.15 1.90

250.25 251.15 0.90 1.32

K-23-244 29.00 33.00 4.00 1.10 Big Vein

K-23-243 nsv DropKick

K-23-242 224.43 225.16 0.73 1.88 Big Vein

K-23-241 nsv Big Vein

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

as there is insufficient Information to calculate true width.

Almost 85,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending

for samples from approximately 6,100 metres of core.

The Company has approximately $10 million in cash and is well funded to carry out the remaining 15,000 metres

of the planned drill program as well as further exploration to add to the current pipeline of drill targets on the

property.

Figure 1. Plan map of Dropkick drill holes showing highlights of latest results.

Figure 2. Plan map of occurrences with selected drill intersections along the Appleton Fault Zone.

Hole ID Easting Northing Elevation Azimuth Inclination Total Depth

K-23-278 661736 5435392 37 130 65 420

K-23-276 661927 5436072 56 275 65 200

K-23-272 661933 5436069 59 315 65 278

K-23-260 661750 5435872 58 0 90 209

K-23-259 661845 5436001 53 300 45 191

K-23-254 663159 5438126 55 140 45 160.55

K-23-253 661554 5435459 45 20 45 160

K-23-252 661450 5435312 54 125 70 349

K-23-249 661272 5435093 62 145 65 379

K-23-248 663408 5438381 52 140 65 173

K-23-247 661553 5435458 50 125 50 233

K-23-245 663409 5438380 53 140 45 259

K-23-243 663353 5438273 58 140 65 131

K-23-244 661589 5435430 49 140 45 228

K-23-242 661321 5435111 52 145 55 307

K-23-241 661450 5435312 53 125 50 250

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.

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 1 2km of the Appleton F ault 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 10 0,000 metres targeting high -grade epizonal gold mineralization along the Appleton Fault

Zone with encouraging results. The Company has approximately $10 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 stretch es over 60 km. The belt is

typical of greenstone belts around the world but ha s 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

X: @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 o r 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.