Figure 1. Big Vein Plan Map.
Big Vein Plan Map.
Big Vein Plan Map.
Figure 2. High grade gold intercept in hole K-21-17. Note photo is not intended to be representative of gold mineralization in Hole K-21-17.
High grade gold intercept in hole K-21-17. Note photo is not intended to be representative of gold mineralization in Hole K-21-17.
High grade gold intercept in hole K-21-17. Note photo is not intended to be representative of gold mineralization in Hole K-21-17.
TORONTO, June 22, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce another high-grade intercept of near surface 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 intersection is from hole K-21-17 that contains fine particles of visible gold in quartz vein. The hole intersected 50.38 g/t Au over 1.85 metres including 160.42 g/t over 0.55 metres. The quartz vein containing the visible gold is typically vuggy and locally contains stylolites and is similar to quartz veins containing high grade gold intersections of 20.6 g/t Au over 3.6 metres including 103.36 g/t over 0.3 metres and 10.48 g/t Au over 2.4 metres reported previously (see news release dated June 3, 2021). The intersection in hole K-21-17 represents a 30 metre step out to the northeast from the previous intercepts and extends the high-grade mineralization to approximately 40 metres along strike. The mineralization remains open in both directions. A summary of the high-grade intersection, as well as other assays received to date, are given in Table 1 below.
Table 1. Assay highlights
| Hole ID | From | To | Length | Au (g/t) |
| K-21-17 | 71.85 | 73.7 | 1.85 | 50.38 |
| Including* | 71.85 | 72.4 | 0.55 | 160.42 |
| K21-11 | 10 | 35 | 25 | 0.58 |
| K-21-10 | 4.85 | 31 | 26.15 | 0.8 |
| including | 6 | 7.61 | 1.61 | 1.66 |
| including | 20 | 25 | 5 | 1.33 |
| | 174.6 | 175.35 | 0.75 | 2 |
| K-21-09 | 7.22 | 9.9 | 2.68 | 1.14 |
| | 43 | 45 | 2 | 1.28 |
| K-21-08 | 3.5 | 41.2 | 37.7 | 1.06 |
| including | 16 | 17 | 1 | 9.82 |
| and | 31 | 39.2 | 8.2 | 1.32 |
| K-21-07 | 67 | 69 | 2 | 4.64 |
| Including* | 68 | 69 | 1 | 7.97 |
*Interval contains visible gold. 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/68c754ad-5982-4875-8977-35ed1e38f90b
“We are excited to see additional near surface high-grade gold assays, the highest to date, from our early drilling at Big Vein,” said Roger Moss, President and CEO of the Company. “We are extending the high-grade mineralization along strike and getting a handle on its plunge. Adding extra drills will allow us to aggressively test Big Vein as well as to follow up targets developing along the quartz vein corridor.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f992e283-d616-4777-a4b6-106226b80938
Table 2. Drill hole Collar details
| Hole ID | Easting | Northing | Azimuth | Inclination | Total Depth |
| K-21-07 | 661578 | 5435207 | 120 | 45 | 116 |
| K-21-08 | 661567 | 5435191 | 176 | 45 | 101 |
| K-21-09 | 661567 | 5435191 | 176 | 54 | 185 |
| K-21-10 | 661567 | 5435191 | 150 | 45 | 218 |
| K-21-11 | 661567 | 5435191 | 148 | 64 | 314 |
| K-21-17 | 661603 | 5435249 | 148 | 45 | 251 |
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 Appleton Fault Zone 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.
The current drill program, recently increased to 50,000 metres, has only tested Big Vein over approximately 100 metres of strike length of the 400m surface exposure and vertical depths of 50 metres. However, drilling has already produced visible gold in four 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.
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core were securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with ICP (inductively coupled plasma) finish with samples containing visible gold assayed by metallic screen/fire assay. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.