Labrador GOLD Intersects 276.56 G/T GOLD over 0.5 Metres at BIG Vein, Kingsway Project

NEWS RELEASE

July 21, 2021

LABRADOR GOLD INTERSECTS 276.56 G/T GOLD OVER 0.5 METRES AT BIG VEIN, KINGSWAY PROJECT

TORONTO, ON, July 21, 2021 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the

“Company”) is pleased to announce further high-grade intercepts of near surface gold mineralization from its

100% controlled Kingsway project near Gander, Newfoundland. The Kingsway project is located in the highly

prospective central Newfoundland gold belt.

The high-grade intersections are from holes K-21-29 and -31 that contain fine particles of visible gold in quartz

vein that is typically vuggy, locally contains stylolites, and is similar to quartz veins containing high grade gold

intersections reported previously (see news release dated June 3, 2021). Hole K-21-31 intersected 276.56 g/t Au

over 0.5 metres which represents a “metal factor” (grade x width) of 138.28 g/t Au x m*, the highest value yet

on the Kingsway Property. A second intersection in hole K-21-31 intersected 13.14g/t Au over 0.65m from

54.5m. Hole K-21-29 intersected two mineralized zones a near surface zone grading 16.44g/t over 0.5m and a

deeper zone starting at 49.35m downhole grading 37.72g/t over 0.21m. A summary of the high-grade

intersections, as well as other holes with assays received to date, are given in Table 1 below.

*width used to calculate metal factor is downhole width as there is insufficient information to calculate true

width.

Table 1. Assay highlights

Hole From (m) To (m) Length (m) Au (g/t)

K-21-31** 10.5 11 0.5 276.56

And** 54.5 55.15 0.65 13.14

K-21-29** 8 8.5 0.5 16.44

And** 49.35 49.56 0.21 37.72

K-21-20 20 21 1 1.03

K-21-19 8 19 11 1.03

and 46.5 49 2.5 1.09

and 124 130 6 1.87

including 125.5 128.5 3 3.83

K-21-18 11 12 1 1.14

and 138.23 142 3.77 2.03

K-21-17 55 55.6 0.6 1.51

K-21-16 10.5 16.5 6 0.98

and 106.5 107.5 1 1.2

K-21-15 6.5 16 9.5 0.95

and 24 28 4 0.69

and 36 40 4 1.93

and 51.5 55.6 4.1 0.75

and 102 103 1 1.08

K-21-13 25 59.5 34.5 0.97

inc. 43 55 12 1.46

incl. 48.5 51 2.5 2.05

**Interval contains visible gold. All intersections are downhole length as

there is insufficient Information to calculate true width.

“The Big Vein target continues to deliver near surface high grade gold mineralization shown by the grade x width

value of 138.28 g/t Au x m in Hole-21-31, the highest value obtained so far from the Kingsway drilling.” said

Roger Moss, President and CEO of the Company. “In addition to the drilling at Big Vein, our field crews continue

to develop targets along the entire 12km strike length of Appleton Fault Zone covered by the property, including

within the quartz vein corridor.”

Figure 1. Big Vein Plan Map.

Figure 2. High-grade gold intercept in Hole K-21-31.

Note photo is not intended to be representative of gold mineralization in Hole K -21-31.

Figure 3. Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection.

Note that this photo is not intended to be representative of mineralization in hole K-21-31.

Table 2. Drill hole Collar details

Hole ID Easting Northing Azimuth Inclination Total Depth

K-21-31 661596 5435218 105 57 140

K-21-29 661596 5435218 105 45 110

K-21-20 661596 5435218 140 52 179

K-21-19 661603 5435249 148 58 200.7

K-21-18 661596 5435218 156 45 201

K-21-17 661603.3 5435249 148 45 251

K-21-16 661596 5435218 148 58 191

K-21-15 661551 5435180 148 54 191

K-21-13 661551 5435180 148 45 189

Big Vein target

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres at

surface along the Appleton Fault Zone. It lies within a larger northeast-southwest trending “quartz vein corridor”

that stretches for over 7.5 kilom etres as currently outlined with potential for expansion along the 12km strike

length of the Appleton Fault Zone in both directions. Gold mineralization observed at Big Vein includes six

occurrences of visible gold, assays of samples from which range from 1.87g/t to 1,065g/t gold. The visible gold is

typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with v ugs often containing euhedral

quartz infilling features characteristic of epizonal gold deposits.

The current drill program, recently increased to 50,000 metres, has only tested Big Vein over approximately 100

metres of strike length of the 400m surface exposure and to vertical depths of 50 metres. However , drilling has

already produced visible gold in six drill holes giving high grade intercepts as well as wide areas of gold

mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite,

pyrite and possible boulangerite noted along vein margins and as strong disseminations in the surrounding wall

rocks.

QA/QC

True widths of t he 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 ICP (inductively coupled plasma) finish with samples containing visible gold assayed by

metallic screen/fire assay. 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 ackno wledges 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.

In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the

Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 16km of

the Appleton fault zone which is associated with gold occurrences in the region, including the New Found Gold

discovery. 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 recently increased its 20,000 metre diamond

drill program to 50,000 metres targeting high -grade epizonal gold mineralization following encouraging early

results. The Company has approximately $ 36 million in working capital and is well funded to carry out the

planned program.

The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch ov er 80

km. The belts are typical of greenstone belts around the world but have been underexplored by comparison.

Initial work by Labrador Gold during 2017 show gold anomalies in 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 kilometres along the southern section of the greenstone belt

(see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 57km

strike length of the Florence Lake Greenstone Belt.

The Company has 150,577,206 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 mad e.

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 fluctuatio ns, 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.