Labrador GOLD Intersects 5.22G/T Au over 2.8M Including 22.02G/T over 0.4M Extends BIG Vein to 722 Metres Strike Length
NEWS RELEASE April 20, 2023
LABRADOR GOLD INTERSECTS 5.22G/T AU OVER 2.8M INCLUDING 22.02G/T OVER 0.4M
EXTENDS BIG VEIN TO 722 METRES STRIKE LENGTH
TORONTO, ON, April 20, 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. 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 5.22g/t Au over 2.80 metres from 418.6 metres that
included 22.02g/t Au over 0.4 metres in Hole K-22-214B which also included 8.62 g/t Au over 0.7 metres
from 496 metres . This hole was a wedge off Hole K -22-214 that was previously abandoned in
mineralization at 486 metres due to excessive fracturing after intersecting 1.19g/t Au over 41.8 metres
from 397 metres that included 2.32g/t Au over 18.6 metres including 61.15g/t A u over 0.3 metres (see
news release dated March 2, 2023). Thes two holes form part of a new mineralized zone, the Greenmantle
Zone, that lies below the HTC Zone at a vertical depth of 415 metres.
Hole K-23-225, a 100m step out to the northeast intersected 1g/t Au over 10.1 metres from 46.9 metres,
that included an interval of 2.28g/t over 2.26 metres containing visible gold.
The Big Vein SW zone was extended a further 60 metres to the southwest with intersections of 3.69g/t
Au over 2.97 metres from 389.41 metres including 12.05g/t Au over 0.59 metres in Hole K -23-216 and
1.95g/t Au over 9 metres including 8.97g/t Au over 1.6 metres in Hole K-23-218.
“Our aggressive step outs to the northeast and southwest continue to intersect gold mineralization at Big
Vein which has now been extended to 722 metres in strike length and remains open in both directions. In
addition, the discovery of the Greenmantle zone demonstrates the potential for continued mineralization
at depth.” said Roger Moss, President and CEO of Labrador Gold Corp. “Recent 3D modelling has given us
a much better understanding of the structural complexity and controls on gold distribution at Big Vein.
Mineralization is closely associated with splays off the Appleton Fault Zone which we now bel ieve to run
through Big Vein. This interpretation will guide our drilling as we seek to continue to expand Big Vein along
strike and at depth.”
Hole ID From
(m) To (m) Width (m) Au (g/t) Zone
K-23-225 46.90 57.00 10.10 1.00 Big Vein including 47.64 49.90 2.26 2.28
K-23-218 104.70 105.70 1.00 1.56
Big Vein SW 385.00 394.00 9.00 1.95
including 386.10 387.70 1.60 8.97
including 386.10 387.00 0.90 12.18
K-23-216 267.00 268.00 1.00 3.24
Big Vein SW 389.41 392.38 2.97 3.69
including 389.41 390.00 0.59 12.05
K-22-215 137.00 140.00 3.00 2.75 Big Vein including 137.77 138.24 0.47 14.37
K-22-214B 400.40 411.00 10.60 1.06
Green Mantle
including 407.00 408.30 1.30 2.53
418.60 421.40 2.80 5.22
including 419.75 420.15 0.40 22.02
442.65 448.00 5.35 1.19
473.00 475.40 2.40 1.20
496.00 496.70 0.70 8.62
Table 1. Summary of assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.
Over 69,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are
pending for samples from approximately 3,500 metres of core.
The Company has approximately $15 million in cash and is well funded to carry out the remaining
31,000 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
(m) Azimuth Inclination
Depth
(m)
K-23-225 661623 5435460 47.7 145 50 275
K-23-218 661249.3 5434860 42.8 140 45 572
K-23-216 661299 5434884 42 140 45 526.24
K-22-215 661297.1 5434880 46.6 130 45 565
K-22-214 B 661579 5435370 48.6 145 60 676
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 pr ojected 100,000 metres targeting high- grade epizonal gold mineralization along the
Appleton Fault Zone with encouraging results. The Company has approximately $15 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”, “could”, “will”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “expect” and similar expressions are intended to identify forw ard-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.