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ORIGINAL: Labrador Gold Intersects 128.51 g/t Gold Over 1.12 Metres at Big Vein, Kingsway Project
2021-09-16 08:00 ET - News Release
TORONTO, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce further high-grade intercepts of near surface gold mineralization along the Appleton Fault Zone at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s 50,000 metre drill program. The Kingsway project is located in the highly prospective central Newfoundland gold belt.
Three holes K-21-47, -48, and -49 all contained intervals grading more than 12g/t Au. Hole K-21-47 intersected 128.51 g/t Au over 1.12m from 168 metres in the HTC Zone which represents a “metal factor” (grade x width) of 143.9 g/t Au x m*. Hole K-21-48 intersected 35.7 g/t Au over 1.55m from 12.22m and hole K-21-49 intersected 9.6g/t Au over 10m from 51m, including 76.86g/t Au over 1m. Both intersections in holes K-21-48 and -49 are in the Big Vein Zone. A summary of the high-grade intersections, as well as other holes with assays recently received, are given in Table 1 below. *The width used to calculate metal factor is downhole width as there is insufficient information to calculate true width.
Table 1. Assay highlights
| Hole ID | From | to | width | Au (g/t) | Zone |
| K-21-49 | 51 | 61 | 10 | 9.6 | Big Vein |
| Including** | 57 | 58 | 1 | 75.86 |
| and | 60 | 61 | 1 | 12.31 |
| K-21-48 | 7 | 8 | 1 | 1.01 | Big Vein |
| ** | 12.22 | 13.77 | 1.55 | 35.7 |
| K-21-47 | 77 | 78 | 1 | 1.25 | Big Vein |
| | 126.74 | 129 | 2.26 | 2.06 | |
| ** | 168 | 169.12 | 1.12 | 128.51 | HTC |
| K-21-46 | 51 | 52 | 1 | 1.54 | Big Vein |
| K-21-45 | nsv | | | | |
| K-21-44 | 8 | 10 | 2 | 1.37 | Big Vein |
| | 15 | 17 | 2 | 1.15 |
| K-21-38 | 49 | 50 | 2 | 2.23 | |
| K-21-35 | nsv | | | | |
| k-21-34 | 72 | 73 | 1 | 1.07 | HTC |
| | 76 | 77 | 1 | 1.3 |
| | 93 | 94 | 1 | 1 |
| | | | | | |
| K-21-25 | 13.3 | 14.4 | 1.1 | 1 | Big Vein |
| | 18 | 20 | 2 | 1.65 |
| | 43 | 44 | 1 | 1.2 |
| | 104 | 108 | 4 | 2.41 | HTC |
| K-21-24 | nsv | | | | |
| K-21-23 | 34 | 35 | 1 | 4.01 | Big Vein |
| | 119 | 120 | 1 | 1.32 | HTC |
| | 129 | 130 | 1 | 1.84 |
**Interval contains visible gold. nsv No significant values.
All intersections are downhole length as
there is insufficient Information to calculate true width.
“We continue to be encouraged by the high-grade gold mineralization intersected in the HTC Zone. The intersection in hole K-21-47 is the deepest of the +100 g/t Au x m intervals drilled to date,” said Roger Moss, President and CEO of the Company. “The two high-grade intercepts of 35.7g/t and 75.86g/t Au in the near surface Big Vein Zone are also significant, as they are approximately 150 metres apart and demonstrate that the high grades persist along strike to the southwest. Drilling continues to test this trend to the southwest.”
Figure 1. Big Vein Plan Map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f1dae39-8b88-4f02-9de7-213f38bf921a
Figure 2. Long section of the HTC Zone.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f5dfd1e8-e0f7-4f01-9158-844baa80eb2d
Table 2. Drill hole Collar details
| Hole ID | Easting | Northing | Azimuth | Dip | Total depth |
| K-21-49 | 661490 | 5435134 | 130 | 45 | 261.5 |
| K-21-48 | 661589 | 5435203 | 90 | 40 | 122 |
| K-21-47 | 661597 | 5435250 | 140 | 65 | 266 |
| K-21-46 | 661597 | 5435250 | 120 | 45 | 164 |
| K-21-45 | 661534 | 5435173 | 320 | 45 | 404 |
| K-21-44 | 661596 | 5435218 | 90 | 70 | 276 |
| K-21-38 | 661596 | 5435218 | 120 | 52 | 107 |
| K-21-35 | 661596 | 5435218 | 120 | 45 | 167 |
| K-21-34 | 661534 | 5435173 | 130 | 45 | 248 |
| K-21-25 | 661442 | 5435097 | 130 | 45 | 248 |
| K-21-24 | 661562 | 5435244 | 328 | 45 | 269 |
| K-21-23 | 661562 | 5435244 | 148 | 60 | 233 |
Big Vein target
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres at surface along the Appleton Fault Zone. It lies within a larger northeast-southwest trending “quartz vein corridor” that stretches for over 7.5 kilometres as currently outlined, with potential for expansion along the 12km strike length of the Appleton Fault Zone in both directions. Gold mineralization observed at Big Vein includes visible gold in quartz veins, assays of samples from which range from 1.87g/t to 1,065g/t gold. The visible gold is typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.
The ongoing 50,000 metre drill program has tested Big Vein over approximately 200 metres of strike length of the 400m surface exposure and to vertical depths of 175 metres. Drilling has produced visible gold in 11 drill holes giving high grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite, pyrite and possible boulangerite noted along vein margins and as strong disseminations in the surrounding wall rocks.
Matthieu Lapointe has resigned as Vice President Exploration. We thank Matt for his guidance over the past year during which the Company made the significant high-grade epizonal gold discovery at Big Vein. We wish him all the best in his future endeavours.