Figure 1
Example of visible gold mineralization in Hole K-21-17. Note photo is not intended to be representative of gold mineralization in Hole K-21-17.
Example of visible gold mineralization in Hole K-21-17. Note photo is not intended to be representative of gold mineralization in Hole K-21-17.
Figure 2
Cross section of K-21-12 and K-21-14.
Cross section of K-21-12 and K-21-14.
TORONTO, June 03, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the first intercepts of near surface high-grade gold mineralization from its Kingsway project near Gander, Newfoundland. The Kingsway project is located in the highly prospective central Newfoundland gold belt.
The high-grade intersections are from holes K-21-12 and K-21-14 that contain fine particles of visible gold in quartz vein. Hole K-21-12 intersected 20.6 g/t Au over 3.6 metres including 103.36 g/t over 0.3 metres and Hole K-21-14 intersected 10.48 g/t Au over 2.4 metres. Two other holes, K-21-07 and K-21-17, for which assays are pending, also contain visible gold. Quartz veins containing visible gold are typically vuggy and contain stylolites, some with gold particles precipitated along them. A summary of the high-grade intersections, as well as other assays received to date, is given in Table 1 below. Importantly, all holes assayed to date report one or more significant mineralized intercepts.
| Table 1. Assay highlights |
| Hole ID | From (m) | To (m) | Width (m) | Gold (g/t) |
| K-21-03 | 14.0 | 30.5 | 16.5 | 0.66 |
| including | 23.0 | 25.3 | 2.3 | 1.14 |
| | 91.0 | 92.5 | 1.5 | 1.42 |
| | 160.0 | 162.0 | 2.0 | 1.59 |
| K-21-04 | 12.0 | 38.0 | 25.0 | 0.86 |
| including | 28.6 | 31.0 | 2.4 | 1.87 |
| | 103.0 | 104.0 | 1.0 | 5.04 |
| K-21-05 | 14.0 | 28.0 | 14.0 | 0.73 |
| including | 17.0 | 21.0 | 4.0 | 1.03 |
| and | 25.8 | 28.0 | 2.2 | 1.09 |
| | 131 | 133 | 2.0 | 1.45 |
| K-21-06 | 19.0 | 37.0 | 18 | 0.80 |
| including | 21.0 | 23.0 | 2.0 | 1.53 |
| and | 31.0 | 33.0 | 2.0 | 1.31 |
| K-21-12 | 72.5 | 76.1 | 3.6 | 20.60 |
| including | 73.7 | 74.0 | 0.3 | 103.36 |
| and | 75.2 | 75.5 | 0.3 | 48.67 |
| K-21-14 | 62.0 | 64.4 | 2.4 | 10.48 |
| All intersections are downhole length as there is insufficient Information to calculate true width. |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c2f99d8-ebd9-420b-8757-a1e50668cce4
“We are excited to announce these first near surface high-grade gold assays from our drilling at Big Vein, with assays for additional holes containing visible gold to come,” said Roger Moss, President and CEO of the Company. “Now that we have found the high-grade, we will focus on tracing it down plunge and search for the dilation zones where larger blowouts can be expected. With two drill rigs continuing to test Big Vein along strike we expect to rapidly follow up on these very encouraging results.”
| Table 2. Drill hole Collar details |
| Hole ID | Easting | Northing | Azimuth | Inclination | Total Depth |
| K-21-03 | 661578 | 5435207 | 148 | 56 | 182 |
| K-21-04 | 661578 | 5435207 | 168 | 45 | 221 |
| K-21-05 | 661578 | 5435207 | 168 | 54 | 176 |
| K-21-06 | 661578 | 5435207 | 168 | 64 | 129.5 |
| K-21-12 | 661589 | 5435225 | 148 | 45 | 179 |
| K-21-14 | 661592 | 5435216 | 148 | 45 | 146 |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/406f6618-b562-4b4e-b66f-6e58ce504416
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 in both directions. Gold mineralization observed at Big Vein includes six occurrences of visible gold, 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.
A 20,000-metre drill program currently in progress has only tested Big Vein over an 80 metre strike length of the 400m surface exposure and only to vertical depths of 50 metres. However, drilling has already produced visible gold in four drill holes 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.