Labrador GOLD Intersects 23.44G/T Au over 1.27 Metres at BIG Vein Southwest

NEWS RELEASE November 28, 2022

LABRADOR GOLD INTERSECTS 23.44G/T AU OVER 1.27 METRES AT BIG VEIN SOUTHWEST

TORONTO, ON, November 28 , 20 22 – Labrador Gold Corp . (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6)

(“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the

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 8.60g/t Au over 4.41 metres from 326.89 metres that

included 53.52g/t Au over 0.31 metres in Hole K-22-211 that contains visible gold, and 1.31g/t Au over 7

metres from 270 metres including 8.49g/t Au over 0.91 metres in Hole K-22-207 from Big Vein Southwest.

Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68g/t Au over 2.65 metres from

189.7 metres that included 18.27g/t Au over 0.78 metres.

Hole K-22-211 was collared 40 metres southwest of Hole K-22-174 that intersected 284.1 g/t Au over 0.58

metres and 15.05g/t Au over 1.11 metres (see News Release dated July 7, 2022) and extends the

mineralized zone further to the Southwest.

“We continue to have drilling success at both ends of Big Vein which has now been drilled over a strike

length of approximately 520 metres and remains open in both directions . In particular, the high grade

zone containing visible gold at Big Vein Southwest continues to expand ” said Roger Moss, President and

CEO. “Two drill rigs continue drilling at Big Vein to test for extensions of the mineralization in both

directions. Drilling will continue through the winter.”

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

K-22-211 326.89 331.3 4.41 8.6

Big Vein SW

including 326.89 328.16 1.27 23.44

including 327.19 327.5 0.31 53.52

333.71 334.71 1 1.52

K-22-207 270 277 7 1.31

Big Vein SW

including 273.57 274.48 0.91 8.49

K-22-202 189.7 192.35 2.65 5.68

Big Vein

including 189.7 190.48 0.78 18.27

245.3 246.2 0.9 1

354.7 358.8 4.1 1.06

including 354.7 355.65 0.95 2.06

K-22-201 262 263 1 1.56 Big Vein SW

K-22-199 nsv CSAMT

K-22-198 214 215 1 2.2 Big Vein

266 268 2 2.5

K-22-197 356.87 357.97 1.1 1.34 Big Vein SW

K-22-196 nsv Golden Glove

K-22-195 nsv CSAMT

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

as there is insufficient Information to calculate true width.

Figure 1 Visible gold in Hole K-22-211

Figure 2. Big Vein plan map.

A total of 61,404 metres have been drilled to date out of the planned 100,000 metre program. Assays

are pending for samples from approximately 4,263 metres of core (11.4% of the total submitted).

The Company has $20 million in cash and is well funded to carry out the remaining 39,000 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 Azimuth Dip Total Depth

K-22-211 661396 5434973 42 130 55 350

K-22-207 661366 5434937 38 140 50 317.52

K-22-202 661594 5435327 45.7 155 55 422

K-22-201 661366 5434937 38 130 55 315

K-22-199 666712 5443699 44 295 45 300

K-22-198 661594 5435327 45.7 155 45 368

K-22-197 661366 5434937 38 130 50 389

K-22-196 660700 5432008 33.5 355 45 476.13

K-22-195 666712 5443699 44 140 45 454.11

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 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 100,000 metres targeting high -grade epizonal gold mineralization along the

Appleton Fault Zone with encouraging results. The Company has approximately $2 0 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 169,189,979 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.