Labrador GOLD Raises $3.88 Million from Exercise of Share Purchase Warrants
NEWS RELEASE
June 29, 2022
LABRADOR GOLD RAISES $3.88 MILLION FROM EXERCISE OF SHARE PURCHASE WARRANTS
TORONTO, ON, June 29, 2022 – Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the
“Company”) is pleased to announce that it has raised $3,885,285.90 from the recent exercise of share purchase
warrants (the “warrants”) with a strike price of $0.175 and $0.30 . The warrant exercise increases the Company’s
cash position to $ 26.5 million. Management and directors of Labrador Gold were among those exercising
warrants.
“The funds brought in by the exercise of the warrants adds to an already robust treasury and allows us to continue
our ongoing exploration of the 12km strike length of the Appleton Fault Zone at our 100% owned Kingsway
Project,” said Roger Moss, President and CEO. “ The hard work of the LabGold team over the past two years has
resulted in the generation and successful drilling of four out of four gold targets. This demonstrates both the ability
of our people on the ground as well as the prospectivity of the Kingsway project, and the Appleton Fault Z one in
particular. We look forward to another exciting summer of discovery as we prove up more targets in the pipeline
and get them ready for drilling.”
Exploration Update
Drilling continues at Kingsway with four drill rigs. Two rigs are working at Big Vein, one testing the down plunge
extension of the high-grade HTC Zone below 250m, and the other testing the southwest extension of the Big Vein
Zone. A third rig continues to test the Golden Glove target whil e the fourth rig tests the CSAMT target
approximately eight kilometres northeast of Big Vein. The CSAMT target was generated from geophysical
(controlled source audio magnetotellurics, magnetics and VLF -EM) and geochemical (gold in soil, rock and till)
anomalies and is in an area of structural complexity. Both the Golden Glove and CSAMT targets occur on the east
side of the Appleton Fault Zone. Approximately 44% of the 100,000 metre planned program has been completed
to date.
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.
In early 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 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
50,000 metres targeting high- grade epizonal gold mineralization along the Appleton Fault Zone following
encouraging early results. The Company has approximately $26.5 million in working capital and is well funded to
carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is
typical of greenstone belts around the world but ha s been underexplored by comparison. W ork 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 s oil 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 168,889,979 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.