Labrador GOLD Intersects 2.32 G/T Au over 18.6 Metres at BIG Vein

NEWS RELEASE March 2, 2023

LABRADOR GOLD INTERSECTS 2.32 G/T AU OVER 18.6 METRES AT BIG VEIN

TORONTO, ON, March 2, 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 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 1.19g/t Au over 41.8 metres from 3 97 metres that

included 2.32g/t Au over 18.6 metres including 61.15g/t Au over 0.3 m etres that contains visible gold in

Hole K-22-214. This intersection, at 325 to 359 metres vertical, is the deepest yet at the HTC Zone which

remains open at depth and to the northeast.

Hole K-22-214 was abandoned in mineralization at 486 metres due to excessive fracturing. The hole was

wedged as Hole K- 22-214B which subsequently drilled through the entire mineralized zone and was

completed at a depth of 676 metres. Assays are pending.

Hole K-22-213 from Big Vein Southwest intersected 1.38g/t Au over 4.15m from 464 metres.

“The long intersection at the HTC zone, significantly extending this zone to depth, is encouraging

especially as we also continue to step out towards the northeast. We have also made significant step outs

in recent holes to the southwest, with assays pending, such that Big Vein has now been drilled over a

strike length of approximately 5 90 metres and remains open in both directions .” said Roger Moss,

President and CEO. “Two rigs continue drilling at Big Vein to test for extensions of the mineralization to

both the northeast and southwest.”

Hole Id from (m) to (m) width (m) Au (g/t) Zone

K-22-214 265.0 266.0 1.0 11.5

Big Vein

397.0 438.8 41.8 1.19

including 397.7 416.3 18.6 2.32

including 397.7 401.0 3.3 9.63

including 397.7 398.0 0.3 61.15

K-22-213 464.0 468.15 4.15 1.38 Big Vein Southwest including 466.36 468.15 1.79 2.81

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

as there is insufficient Information to calculate true width.

Over 66,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are

pending for samples from approximately 3,000 metres of core.

The Company has approximately $17 million in cash and is well funded to carry out the remaining

34,000 metres of the planned drill program as well as further exploration to add to the current pipeline

of drill targets on the property.

Figure1. Plan map of Big Vein showing significant intersections.

Hole ID Easting Northing Elevation Azimuth Dip Total Depth (m)

K-22-214 661569.6 5435366 57.161 145 55 486.31

K-22-213 661297.1 5434880 46.616 130 55 617

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 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 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 $ 17 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”, “cou ld”, “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 u ncertainties. 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 unce rtainties, 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.