Labrador GOLD Intersects 30.67G/T Au over 1.1 Metres at North End of BIG Vein

NEWS RELEASE October 20, 2022

LABRADOR GOLD INTERSECTS 30.67G/T AU OVER 1.1 METRES AT NORTH END OF BIG VEIN

TORONTO, ON, October 20, 2022 – 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 30.67 g/t Au over 1.1 metres from 208.85 metres that

included 99.31 g/t Au over 0. 3 metres in Hole K-22-190 from the north end of Big Vein. The intersection

is approximately 75 metres north of the disc overy outcrop and is downdip of Hole K -22-177 that

intersected the longest interval yet of 2.02g/t Au over 32m (see news release dated October 7, 2022). Also

at Big Vein, Hole K-22-194 intersected 1.27 g/t Au over 6.17 metres from 115 metres that included 2.3 g/t

Au over 3m . At Big Vein Southwest, Hole K -22-184 intersected 4.67 g/t over 1.64m from 336.25m that

included 8.97 g/t over 0.75m.

“We continue to have drilling success at the north end of Big Vein where several significant intercepts

have now been received, including 6.07 g/t Au over 19m in hole K -21-111 and 2.02 g/t over 32m in Hole

K-22-177 and now 30.67g/t Au in Hole K -22-190,” said Roger Moss, President and CEO. “ The down dip

mineralization in K-22-190 shows the high- grade prospect ivity of this area wh ich we are currently

following up. Big Vein has been drilled over a strike length of approximately 520 metres and remains open

both to the northeast and southwest. Two drill rigs are currently drilling at Big Vein to test for extensions

of the mineralization in both directions.”

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

K-22-194 20 21 1 1.05

Big Vein

24 25 1 1.04

115 121.17 6.17 1.27

including 115 118 3 2.30

265 268 3 1.52

K-22-192 nsv Golden Glove

K-22-191 nsv CSAMT

K-22-190 21.65 22 0.35 1.00

Big Vein

124 125 1 1.15

199.7 200 0.3 2.31

208.85 209.95 1.1 30.67

including 209.65 209.95 0.3 99.31

233.5 235 1.5 1.10

248 249 1 1.03

310.45 311 0.55 4.19

K-22-186 nsv CSAMT

K-22-184 333 338.59 5.59 1.47 Big Vein SW

including 336.25 337.89 1.64 4.67

including 336.25 337 0.75 8.97

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

as there is insufficient Information to calculate true width.

A total of 58,265 metres have been drilled to date out of the planned 100,000 metre program. Assays

are pending for samples from approximately 3,100 metres of core (11.5% of the total submitted).

The Company has $21 million in cash and is well funded to carry out the remaining 42,000 metres of the

planned drill program as well as further target generation on the property.

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

K-22-194 661594 5435327 45.7 145 60 704.0

K-22-192 660700 5432008 33.5 250 45 599.0

K-22-191 666547.1 5443543 46.833 140 45 371.5

K-22-190 661594 5435327 45.7 145 55 668.2

K-22-186 666538 5443539 38.6 310 65 320.0

K-22-184 661343.9 5434916 44.481 130 45 428.0

Table 2. Drill hole collar details

Figure 1. Plan Map of Big Vein Target

Figure 2. Big Vein Long Section

Figure 3. Plan map of Kingsway Gold occurrences showing latest drill intersections.

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 $21 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 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 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.