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GlobeNewswire 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. The Kingsway project is located in the highly prospective central Newfoundland gold belt. The high-grade intersections are from holes K-21-29 and -31 that contain fine particles of visible gold in quartz vein that is typically vuggy, locally contains stylolites, and is similar to quartz veins containing high grade gold intersections reported previously (see news release dated June 3, 2021). Hole K-21-31 intersected 276.56 g/t Au over 0.5 metres which represents a "metal factor" (grade x width) of 138.28 g/t Au x m*, the highest value yet on the Kingsway Property. A second intersection in hole K-21-31 intersected 13.14g/t Au over 0.65m from 54.5m. Hole K-21-29 intersected two mineralized zones a near surface zone grading 16.44g/t over 0.5m and a deeper zone starting at 49.35m downhole grading 37.72g/t over 0.21m. A summary of the high-grade intersections, as well as other holes with assays received to date, are given in Table 1 below. *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) K-21-31** 10.5 11 0.5 276.56 And** 54.5 55.15 0.65 13.14 K-21-29** 8 8.5 0.5 16.44 And** 49.35 49.56 0.21 37.72 K-21-20 20 21 1 1.03 K-21-19 8 19 11 1.03 and 46.5 49 2.5 1.09 and 124 130 6 1.87 including 125.5 128.5 3 3.83 K-21-18 11 12 1 1.14 and 138.23 142 3.77 2.03 K-21-17 55 55.6 0.6 1.51 K-21-16 10.5 16.5 6 0.98 and 106.5 107.5 1 1.2 K-21-15 6.5 16 9.5 0.95 and 24 28 4 0.69 and 36 40 4 1.93 and 51.5 55.6 4.1 0.75 and 102 103 1 1.08 K-21-13 25 59.5 34.5 0.97 inc. 43 55 12 1.46 incl. 48.5 51 2.5 2.05 **Interval contains visible gold. All intersections are downhole length as there is insufficient Information to calculate true width. "The Big Vein target continues to deliver near surface high grade gold mineralization shown by the grade x width value of 138.28 g/t Au x m in Hole-21-31, the highest value obtained so far from the Kingsway drilling," said Roger Moss, President and CEO of the Company. "In addition to the drilling at Big Vein, our field crews continue to develop targets along the entire 12km strike length of Appleton Fault Zone covered by the property, including within the quartz vein corridor." Figure 1. Big Vein Plan Map. https://www.globenewswire.com/NewsRoom/AttachmentNg/42ce11ce-b9a1-44b3-bfa0-e704c90e0168 Figure 2. High-grade gold intercept in Hole K-21-31. Note photo is not intended to be representative of gold mineralization in Hole K-21-31. https://www.globenewswire.com/NewsRoom/AttachmentNg/7adc67f0-8e1c-4057-90d4-be53a29a96fc Figure 3. Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection. Note that this photo is not intended to be representative of mineralization in hole K-21-31. https://www.globenewswire.com/NewsRoom/AttachmentNg/8790761f-97a6-4c33-bb55-9798161c94db Table 2. Drill hole Collar details Hole ID Easting Northing Azimuth Inclination Total Depth K-21-31 661596 5435218 105 57 140 K-21-29 661596 5435218 105 45 110 K-21-20 661596 5435218 140 52 179 K-21-19 661603 5435249 148 58 200.7 K-21-18 661596 5435218 156 45 201 K-21-17 661603.3 5435249 148 45 251 K-21-16 661596 5435218 148 58 191 K-21-15 661551 5435180 148 54 191 K-21-13 661551 5435180 148 45 189 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 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 to vertical depths of 50 metres. However, drilling has already produced visible gold in six 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. |