RE:Staying grounded, while we await drill results ...Oh, the horror of it all! Can't you just hear the wolf pounding on the door???? BlindBoy wrote: A few snippets of uderlying facts to keep in mind: from the MD&A (May 28, 2021), for the period ended March 31):
Kingsway Property:
On March 3, 2020, the Company announced it had acquired an option to earn a 100% interest in the Gander Property,subsequently renamed the Kingsway Property, (“Kingsway”) near Gander, Newfoundland. To exercise the option, theCompany must complete the following:As consideration for the option: payment of $250,000 and issuance of 400,000 common shares (paid and issued);
On or before March 3, 2021: payment of $150,000 cash and issuance of 250,000 common shares (paid and issued);
On or before March 3, 2022: payment of $150,000 cash and issuance of 300,000 common shares;
On or before March 3, 2023: payment of $200,000 cash and issuance of 350,000 common shares;
On or before March 3, 2024: payment of $250,000 cash and issuance of 400,000 common shares;
On or before March 3, 2025: payment of $250,000 cash and issuance of 300,000 common shares;
Incur $750,000 in expenditures on each of two licenses ($1.5 million total) over the first four years of the option;and
Complete additional payments totaling $2.25 million based on exploration expenditures incurred, as follows:
$750,000 upon incurring an aggregate of $10 million in expenditures on one of the licenses;
$750,000 upon incurring an aggregate of $20 million in expenditures on one of the licenses; and
$750,000 upon incurring an aggregate of $30 million in expenditures on one of the licenses.
The Company will also grant a 1% NSR to the Vendor plus $1 per ounce of gold in a measured and indicated resource.
An advance royalty of $50,000 per annum for each property will be payable starting in 2026.
Exploration Activity - Three Months Ended March 31, 2021
Roger Moss, Ph.D, P.Geo, a Qualified Person under National Instrument 43-101 has approved the scientific andtechnical disclosure in this Management’s Discussion and Analysis, and has verified the data disclosed.
During Q2-2021, Labrador Gold continued to receive outstanding assays from the 2020 exploration program and beganpreparations for the Company’s initial diamond drilling program.
On January 21, 2021 announced the latet high-grade assay results from samples collected near the area of visible gold at the Big Vein target.
Assays from 134 grab samples taken over a 250-metre strike length of quartz vein (“Big Vein”) ranged from below detection (<5ppb) to 184.7g/t Au in sample 526169 which contained visible gold.
Samples 526170,526171 and 526172 also contained visible gold. Significant (+1g/t Au) assays in the vicinity of the initial visible goldsamples have now been reported from samples up to 29 metres north and 70 metres to the southwest.
Highlights of the results are given in the table below. Prospecting and mapping have shown that Big Vein strikes northeast-southwest over a distance of 400 metres.