76.24 G/T Gold Over 0.5 Metres, Defines New Footwall Zone atLabrador Gold Intersects 76.24 G/T Gold Over 0.5 Metres, Defines New Footwall Zone at Kingsway Project TORONTO, Nov. 04, 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 ongoing 50,000 metre drill program. The Kingsway project is located in the highly prospective central Newfoundland gold belt.
Two holes K-21-28 and -79 both contained high-grade intervals. Hole K-21-28 intersected 76.24 g/t Au over 0.5m from 175 metres and Hole K-21-79 intersected 32.53 g/t Au over 0.8m from 162.55m, both in the HTC Zone. In addition, Hole K-21-58 intersected 7.25g/t Au over 1m from 161m in a newly defined mineralized zone in the footwall to the HTC Zone. This HTC Footwall Zone is also defined by previously released intersections of 128.51g/t Au over 1.12m in Hole K-21-47 and 11.68g/t Au over 0.91m in Hole K-21-11 as shown in Figure 1. A summary of the high-grade intersections, as well as other holes with assays recently received, are given in Table 1.
“We continue to find high-grade gold mineralization down plunge in the HTC Zone. The zone has now been tested to approximately 200 metres vertically and remains open at depth,” said Roger Moss, President and CEO of the Company. “We are also pleased to confirm a third mineralized zone in the footwall to the HTC Zone. We suspected the existence of this footwall zone for a while, but it has now shown sufficient continuity to call it a separate zone. This clearly shows the potential for multiple high-grade mineralized zones at the Big Vein target. Drilling to delineate the footwall zone and to test the down plunge extension of the HTC Zone is ongoing.”
| Hole ID | From (m) | To (m) | Width (m) | Au (g/t) | Zone |
| K-21-28 | 175 | 175.5 | 0.5 | 76.24 | HTC |
| K-21-50 | 5.2 | 7 | 1.8 | 1.72 | Big Vein |
| and | 12 | 13 | 1 | 1.47 |
| K-21-52 | 7.5 | 12 | 4.5 | 1.9 | Big Vein |
| including | 11 | 12 | 1 | 5.4 |
| K-21-56 | 99 | 100 | 1 | 1.08 | HTC |
| and | 108 | 109 | 1 | 1.76 |
| and | 112 | 113 | 1 | 1.27 |
| and | 220 | 221 | 1 | 1.42 | HTC Footwall |
| and | 225 | 226 | 1 | 2.38 |
| K-21-57 | 41 | 44 | 3 | 1.35 | Big Vein |
| K-21-58 | 16 | 17 | 1 | 1.05 | Big Vein |
| and | 124 | 125 | 1 | 1.06 | HTC |
| and | 161 | 162 | 1 | 7.25 | HTC Footwall |
| and | 209 | 218 | 9 | 1.24 | |
| K-21-59 | 22 | 23 | 1 | 1.18 | Big Vein |
| and | 38 | 39 | 1 | 1.29 |
| and | 139 | 140 | 1 | 1.35 | HTC |
| K-21-60 | 47 | 49 | 2 | 1.49 | Big Vein |
| and | 71 | 75 | 4 | 1.31 | HTC |
| and | 97 | 98 | 1 | 1.03 |
| K-21-61 | 17 | 18 | 1 | 1.69 | Big Vein |
| and | 28 | 37 | 9 | 1.02 |
| and | 50 | 54 | 4 | 1.06 |
| and | 76 | 82 | 6 | 1.44 |
| and | 98 | 99 | 1 | 1.07 |
| K-21-62 | 9 | 10 | 1 | 1.295 | Big Vein |
| and | 104 | 105 | 1 | 3.747 | HTC |
| and | 144 | 145 | 1 | 4.01 |
| K-21-64 | 33 | 34 | 1 | 1.8 | Big Vein |
| K-21-79 | 162.55 | 163.35 | 0.8 | 32.53 | HTC |
Table 1. Summary of Assay Results
All intersections are downhole length as there is insufficient Information to calculate true width.
Figure 1. Big Vein Plan Map. https://www.globenewswire.com/NewsRoom/AttachmentNg/c120f30a-a5ff-4e5a-93f6-7977a3c46d83
Figure 2. Long section of the HTC Zone. https://www.globenewswire.com/NewsRoom/AttachmentNg/e47135d0-30a1-46b1-8efe-302078085b9d
| Hole ID | Easting | Northing | Elevation | Azimuth | Inclination | Depth |
| K-21-79 | 661601.6 | 5435246.161 | 40.84152 | 140 | 68 | 239 |
| K-21-64 | 661506.5 | 5435104.474 | 32.56769 | 180 | 55 | 302 |
| K-21-62 | 661597.4 | 5435249.069 | 40.8497 | 155 | 52 | 314 |
| K-21-61 | 661506.4 | 5435104.148 | 32.1557 | 210 | 45 | 308 |
| K-21-60 | 661489.1 | 5435136.915 | 39.52409 | 145 | 52 | 284 |
| K-21-59 | 661507.4 | 5435102.71 | 32.52409 | 145 | 45 | 251.5 |
| K-21-58 | 661597.7 | 5435249.969 | 40.87062 | 145 | 65 | 275 |
| K-21-57 | 661505.5 | 5435104.954 | 32.56769 | 320 | 45 | 233 |
| K-21-56 | 661490.1 | 5435138.333 | 38.03539 | 130 | 45 | 366 |
| K-21-52 | 661590.3 | 5435203.697 | 37.35039 | 120 | 40 | 170 |
| K-21-50 | 661590.9 | 5435204.715 | 37.30028 | 105 | 40 | 167 |
| K-21-28 | 661562.3 | 5435246.268 | 44.9618 | 130 | 60 | 284 |
Table 2. Drill hole collar details
Big Vein target
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres 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 now tested Big Vein over approximately 250 metres of strike length and to vertical depths of 200 metres. Drilling has produced 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 and NQ 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.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.