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
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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.