Labrador GOLD Receives Permits to Drill Targets IN the Gap and Kingsway South
NEWS RELEASE October 19, 2023
LABRADOR GOLD RECEIVES PERMITS TO DRILL TARGETS IN THE GAP AND KINGSWAY SOUTH
TORONTO, ON, October 1 9, 20 23 – Labrador Gold Corp . (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6)
(“LabGold” or the “Company”) is pleased to announce that it has received all permits required for drilling
two target areas along the prospective Appleton Fault Zone at its 100% owned Kingsway Project.
LabGold has received permits to drill The Gap, located between Big Vein and Pristine and the area
between Big Vein and the southern property boundary (Kingsway South).
The Gap extends approximately 700 metres along the Appleton Fault Zone between Big Vein and Pristine,
two occurrences where Labgold discovered high grade near surface gold. Both occurrences remain open
to the northeast and southwest and the aim of drilling The Gap is to extend Pristine to the Southwest and
Big Vein to the northeast and possibly connect the two. Should this be achieved, the total strike length
would be approximately 1.7 kilometres. Drilling from Big Vein will step out along the Black Shale North
Fault, a NNE trending splay off the Appleton Fault, that is associated with gold at Big Vein. Likewise, drilling
from Pristine will step out to the southwest along the Disco Fault.
The Kingsway South area includes the r ecently discovered Knobby occurrence, located 1.1 kilometres
southwest of Big Vein, and from which grab samples returned gold values from below detection (<5ppb)
to 30.58 g/t including samples grading 2.7g/t and 29.19 g/t Au (See news release dated August 14, 2023).
Knobby consists of t hree parallel quartz veins that have been traced along strike for approximately 200
metres. Stibnite mineralization was observed in the quartz veins.
“We have been waiting to drill targets at The Gap and Kingsway South along the Appleton Fault Zone and
are pleased to have the permits in place to be able to do so. Knobby is a priority target since the east-west
strike crosscuts the regional northeast trend like structures known to host high-grade gold in quartz veins
elsewhere in the district. This trend differs from those at Big Vein, Pristine and Dropkick which are closer
to the stratigraphic trend and represents a new target at Kingsway , one that we are excited to begin
testing,” said Roger Moss, President and CEO of LabGold.
Figure 1. LabGold discoveries along the Appleton Fault Zone.
Figure 2. Plan map of The Gap with structure and geochemical anomalies.
Abbreviations: AFZ Appleton Fault Zone; BSNF Black Shale North Fault; DF Disco Fault
Figure 3. Geochemical anomalies along the Appleton Fault Zone at Kingsway South.
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) Pr ogram 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 numerous gold occurrences in the region. 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 10 0,000 metres targeting high-grade
epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has
approximately $10 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 o ccur over approximately 40 k m along the southern section of the greenstone belt.
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”, “inten d”, “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 forwa rd-looking
statements, except as required by law. Shareholders are cautioned not to put undue reliance on such
forward-looking statements.