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Labrador Gold Corp V.LAB

Alternate Symbol(s):  NKOSF

Labrador Gold Corp. is a Canada-based mineral exploration company. The Company is focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The Company’s properties include Hopedale Property, Borden Lake Property, and Scotch Property. The Hopedale property comprises 998 claims on five licenses covering 249 square kilometers of the Florence Lake greenstone belt. The Hopedale property covers much of the Florence Lake greenstone (FLGB) belt that stretches over 43 km. The belt is typical of greenstone belts around the world but has been underexplored for gold by comparison. The eastern portion of the Florence Lake greenstone belt lies along tidewater southwest of Hopedale. The Company has a 100% undivided interest in the Borden Lake Property located near Chapleau, Ontario. Borden Lake Extension (BLE) consists of approximately 219 claims. The Company’s Scotch Property is located southwest of Moncton, New Brunswick and consists of 21 claims.


TSXV:LAB - Post by User

Post by BlindBoyon Aug 18, 2021 9:11am
323 Views
Post# 33722542

LAB intersection - detailed

LAB intersection - detailed

Labrador Gold Intersects 44.08 g/t Gold Over 4.28 Metres at Big Vein, Kingsway Project

TORONTO, Aug. 18, 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 from 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.

Four holes K-21-26, -33, -36 and -39 all contained intervals grading more than 15g/t Au. Hole K-21-39 intersected 44.08 g/t Au over 4.28m from 49 metres which represents a “metal factor” (grade x width) of 188.7 g/t Au x m*, the highest value yet on the Kingsway Property. This intersection included 1.02m grading 81.64 g/t Au and 1.03m grading 96.47 g/t Au and contained 91 grains of visible gold. Hole K-21-36 intersected 15.02 g/t Au over 0.74m from 8.84m. Hole K-21-33 intersected 40.85 g/t Au over 0.4m from 56.15 metres and hole K-21-26 intersected 15.55 g/t Au over 0.5m from 235 metres. A summary of the high-grade intersections, as well as other holes with assays received to date, 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 From (m) To (m) Length
(m)
Au (g/t) Zone
K-21-39 49.00 53.28 4.28 44.08 HTC
 
including 50.36 51.38 1.02 81.64
including 52.25 53.28 1.03 96.47
K-21-36 7.79 12.00 4.21 3.64 Big Vein
 
including 8.84 9.58 0.74 15.02
K-21-33 7.00 8.00 1.00 1.00 Big Vein
and 50.50 51.00 0.50 1.04 HTC
 
and 53.50 54.00 0.50 1.55
and 56.15 56.55 0.40 40.85
K-21-32 9.05 10.12 1.07 1.03 Big Vein
and 62.00 67.50 5.50 2.21 HTC
K-21-28 57.50 58.50 1.00 1.12 Big Vein
and 175.00 176.00 1.00 3.17 HTC
K-21-27 26.00 33.00 7.00 1.27 Big Vein

 
and 46.00 51.00 5.00 1.31
and 70.00 71.00 1.00 1.14
and 105.00 106.00 1.00 1.28
and 115.00 117.00 2.00 7.43
and 121.00 122.00 1.00 2.65  
 
and 128.00 129.00 1.00 5.07
K-21-26 71.00 72.00 1.00 1.12 Big Vein
and 235.00 235.50 0.50 15.55 HTC
K-21-25 13.30 14.40 1.10 1.01 Big Vein
 
and 18.00 20.00 2.00 1.65
and 43.00 44.00 1.00 1.19
K-21-22 12.00 13.00 1.00 1.70 Big Vein
K-21-21 33.00 36.00 3.00 2.46 Big Vein
and 43.00 44.00 1.00 1.73

**Interval contains visible gold. All intersections are downhole length as
there is insufficient Information to calculate true width.

“The intersection of the near surface high grade gold mineralization in Hole K-21-39 has the highest-grade x width value of 188.66g/t Au x m obtained so far from our drilling at Kingsway. This is significantly better than the previous high of 138.28 g/t Au x m returned from Hole-21-31 and continues to demonstrate the potential for high-grade intercepts at the Big Vein target,” said Roger Moss, President and CEO of the Company. “Three drills continue to explore Big Vein with step out drilling along strike to the southwest and drilling of the high-grade HTC Zone at depth.”

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a0e36f71-b136-4fe3-bfa6-0afa6bfc41c9

https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad000b6-616d-4947-9fa0-8afb6876c7a0

https://www.globenewswire.com/NewsRoom/AttachmentNg/18dc2fe4-4bd2-4214-8270-ca69f8358004

Table 2. Drill hole Collar details

Hole ID Easting Northing Azimuth Dip Total depth
K-21-39 661596 5435218 90 48 122
K-21-36 661596 5435218 120 49 119
K-21-33 661596 5435218 105 52 157
K-21-32 661596 5435218 105 57 170
K-21-28 661562 5435244 130 60 284
K-21-26 661562 5435244 160 60 266
K-21-25 661442 5435097 130 45 248
K-21-24 661562 5435244 328 45 269
K-21-23 661562 5435244 148 60 233
K-21-22 661596 5435218 130 45 212
K-21-21 661603 5435249 120 45 212.5

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 1.87 g/t to 1,065 g/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.

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are 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.


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