Labrador GOLD Signs Agreement to Form Joint Venture with Nemo Resources Through Elementary Minerals Inc FOR Exploration of the Watson Project in Northwestern Ontario
NEWS RELEASE February 10, 2026
LABRADOR GOLD SIGNS AGREEMENT TO FORM JOINT VENTURE WITH NEMO RESOURCES THROUGH
ELEMENTARY MINERALS INC FOR EXPLORATION OF THE WATSON PROJECT IN NORTHWESTERN ONTARIO
TORONTO, ON – February 10 , 202 6 – Labrador Gold Corp. (TSX.V: LAB | FNR: 2N6) ( “LabGold” or the
“Company”) is pleased to announce that it has signed a Letter Agreement dated February 9, 2026 ( the
“Letter Agreement” ) to form a corporate joint venture (the “ Joint Venture ”) with Nemo Resources Inc.
(“Nemo Resource Group” or “ Nemo”) through a private exploration company, Elementary Minerals Inc.
(“Elementary”). Elementary has acquired, through map staking, 127,100 hectares of mineral claims in the
eastern Fort Hope greenstone belt of northwestern Ontario (the “Watson Project”).
Highlights
• The Watson Project represents the largest landholding in the Fort Hope greenstone belt
• The Fort Hope greenstone belt is significantly underexplored compared to other greenstone belts
(e.g. Red Lake and Pickle Lake) in the Uchi Subprovince, Ontario
• While Elementary’s exploration focus will be on gold, the Watson project also hosts significant
potential for critical minerals (e.g. antimony, nickel, copper and zinc)
• Elementary is the 100% owner of 127,100 hectares of highly prospective ground in the eastern
Fort Hope greenstone belt, free of royalties with no option payments or work commitments
• The proposed road to the Ring of Fire, expected to begin construction in mid-2026, runs through
the Watson property and once complete, will significantly reduce costs of exploration and
development
About the Watson Project
The Watson Project is situated in the Fort Hope greenstone belt (FHGB), at the eastern end of the prolific
Uchi Subprovince that also includes the Red Lake (~28Moz gold past production1) and Pickle Lake (~3Moz
gold past production 2) greenstone belts , both of which have a long history of exploration and mining,
hosting major gold deposits (figure 1). Despite having similar geology to these belts, the FHGB has seen far
less exploration, and has largely been overlooked by past explorers. This r epresents a significant
opportunity for Elementary to explore a substantial property position in one of the few remaining
underexplored greenstone belts in Ontario using LabGold and Nemo’s combined technical expertise and
commitment to systematic exploration.
The geology of the FHGB is typical of Archean g reenstone belts with mafic and felsic volcanic rocks and
sedimentary sequences intruded by felsic to intermediate plutonic rocks. The belt contains significant tracts
of tightly folded and faulted banded iron formation (BIF) which hosts significant gold occurrences in the
western portion of the belt (e.g. Miminiska, Keezhik and Howells Lake occurrences), but has not been drill-
tested on the Watson property in the eastern portion of the belt . Precambrian BIF-hosted gold
mineralization represents some of the largest and highest-grade deposits in Canada and includes the Lupin
Gold Mine ( 3.4Moz produced at 9.3g/t gold3) and Musselwhite Gold Mine ( 5.5 Moz produced at 5.7g/t
gold4).
Nemo will be the operator of the Joint Venture. Work programs will be approved by a Technical Committee
comprising two (2) representatives from LabGold and one (1) representative from Nemo. Elementary is in
the process of establishing its 2026 exploration plans which will likely include a substantial airborne survey
followed up by soil sampling in the hunt for large gold deposits.
LabGold VP Exploration Ryan Weston states “ We’re very excited about this opportunity with Elementary.
We see outstanding exploration potential at Watson, where favourable geology converges with major
structural corridors that have historically received only limited base ‑metal exploration. The presence of
significant high‑grade, BIF‑hosted gold mineralization in the western belt strongly reinforces our exploration
thesis. The district -scale land package comprises over 127,000 hectares of prospective greenstone belt,
which we plan to systematically screen for large-scale mineral deposits.”
Figure 1: Uchi Geological Domain and known gold deposits
Red Lake Area
~28Moz gold produced1
Musselwhite Mine
>7.5Moz4
TPK Project
26g/t Au over 13m5
Pickle Lake Area
~3Moz Au produced2
Figure 2. Watson claim blocks in the eastern Fort Hope greenstone belt
LabGold-Nemo Agreement
Under the terms of the Letter Agreement, LabGold and Nemo will form a Joint Venture pursuant to the
terms of a Unanimous Shareholders Agreement among LabGold, Nemo and Elementary , to advance the
Watson Project. The Board of Directors of Elementary will consist of two nominees from LabGold and one
nominee from Nemo. Nemo transferred 314 map-staked mining claims comprising 6,300 ha (the “Watson
Property”) and related exploration data to Elementary in consideration for which Nemo will receive 4
million common shares (20%) of Elementary. LabGold contributed $ 303,842 to Elementary to cover the
costs of staking a further 6,040 mining claims comprising 120,800 ha surrounding the Watson Property and
will advance a further $1,196,158 to Elementary to cover general and administrative expenditures and fund
approved programs and budgets for the exploration of the Watson Project for a total of $1.5 million for
which it will receive 16 million common shares (80%) of Elementary.
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.
Notes
1. Source: digigeodata.com/area/red-lake
2. Source: 2024 Technical Report: Pickle Crow Gold Project, Ontario, Canada. Prepared by Cube Consulting for Firefly Metals
3. Source: portergeo.com.au/database/mineinfo.php?mineid=mn178
4. Source: 2024 Technical Report: Musselwhite Mine, Ontario Canada. Prepared by DRA, SLR & WSP for Orla Mining
5. Source: ongoldresources.com/property/tpk
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.
The Hopedale property covers much of the Archean-age 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. F ive gold occurrences lie along this
trend, four of which Thurber Boundary, Thurber North, TD500 and Thurber South were discovered by
LabGold. Anomalous gold in soil and lake sediment samples also occur over approximately 40 km along the
southern section of the greenstone belt. LabGold’s recent exploration has also demonstrated the potential
for the critical metals copper, nickel and cobalt in the belt.
The Borden Lake project near Chapleau, Ontario lies immediately southeast of Discovery Silver’s Borden
gold mine. LabGold’s past exploration on the property identified two anomalous zones based on
geochemistry, including up to 48 gold grains in till samples, and geophysics, one in the north extending over
1.3km northwest-southeast and another in the south extending over 1km north-south.
The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture
Exchange under the symbol LAB.
About Nemo Resource Group.
Nemo Resource Group is an award-winning, Canadian consulting firm and project generator, specializing in
the mining sector with a primary focus in Canada. Composed of experienced professional geologists, mining
engineers, and related experts, Nemo provides technical services in grassroots and brownfield exploration,
capital markets, corporate development, Indigenous consultation, and investor relations.
With a strong commitment to responsible practices, Nemo Resource Group emphasizes meaningful
Indigenous consultation, ensuring alignment with Ontario's regulatory frameworks. This integrated approach
enables organizations managed by Nemo to navigate complex technical, financial, regulatory, and social
landscapes effectively.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
X @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 u ncertainties. 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 unce rtainties, 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.