Labrador GOLD Intersects 20.88 G/T Au over 5 Metres at BIG Vein, Kingsway Project
NEWS RELEASE January 12, 2023
LABRADOR GOLD INTERSECTS 20.88 G/T AU OVER 5 METRES AT BIG VEIN, KINGSWAY PROJECT
TORONTO, ON, January 1 2, 2023 – Labrador Gold Corp . (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6)
(“LabGold” or the “Company”) is pleased to announce the latest results from recent drilling targeting the
highly prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s
ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.
Highlights of the drilling include an intersection of 20.88 g/t Au over 5 metres that included 124.21g/t Au
over 0.81 metres and 7.41 g/t Au over 1.0 metres in Hole K -22-206, and 6.04 g/t Au over 1.20 metres in
Hole K-22-208. Both holes were drilled at the north end of Big Vein.
“We continue to follow up on the success of last year’s drilling at Big Vein with another high- grade
intersection at the north end of the zone. Big Vein has now been drilled over a strike length of
approximately 520 metres along the west side of the Appleton Fault Zone and remains open to the
northeast and to the southwest.” said Roger Moss, President and CEO. “Drilling is ongoing at both ends
of the zone to extend the strike length of the mineralization.”
Hole ID From (m) To (m) Interval (m) Au (g/t) Zone
K-22-208 116.00 118.00 2.00 1.07
Big Vein 176.58 178.12 1.54 5.00
including 176.58 177.78 1.20 6.04
K-22-206 24.00 25.00 1.00 1.13
Big Vein
319.00 320.00 1.00 7.41
371.00 376.00 5.00 20.88
including 374.56 375.37 0.81 124,213
K-22-204 nsv CSAMT
K-22-203 nsv Golden Glove
Table 1. Summary of assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.
Figure 2. Big Vein plan map.
A total of 63,055 metres have been drilled to date out of the planned 100,000 metre program. Assays
are pending for samples from approximately 2,700 metres of core.
The Company has $18 million in cash and is well funded to carry out the remaining 37,000 metres of the
planned drill program as well as further exploration to add to the pipeline of drill targets on the
property.
Hole ID Easting Northing Elevation (m) Azimuth Dip Total depth (m)
K-22-208 661571 5435366 58 145 50 497
K-22-206 661593 5435331 54 155 60 422.11
K-22-204 666713 5443698 50 295 55 482
K-22-203 660958 5432372 40 108 45 520.38
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.
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 ac knowledges 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 1 2km 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 100,000 metres targeting high -grade epizonal gold mineralization along the
Appleton Fault Zone with encouraging results. The Company has approximately $ 18 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 result s 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.