VANCOUVER, British Columbia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX-V: LAB) (“Labrador Gold”
or the “Company”) is pleased to announce the completion of its first phase of detailed gold exploration in the Florence Lake
greenstone belt (FLGB). The company controls a 50-kilometre strike length of stratigraphy prospective for gold in the belt. The
exploration program at Florence Lake followed up on successful results of 2017 and included detailed soil sampling, geological
mapping, rock sampling and prospecting along the length of the belt.
A total of 7,783 soil samples were taken on 12 grids at a 100m line spacing and 25m sample spacing in the
southern portion of the FLGB. This portion of the belt was also mapped on a regional scale, with more detailed mapping and rock
sampling, totalling 174 samples, in areas of interest such as structural complexity, sulphide occurrences and anomalous gold and/or
arsenic from 2017 soil sampling. Investigation of one such anomalous area revealed a quartz vein system with pyrite and
arsenopyrite in the wall rock close to an historical arsenic showing. Manual stripping uncovered the quartz vein system over
a 40-metre strike length and over 10 metres in width, with individual veins ranging from 0.5 to 2.5 metres wide. Composite chip
samples were taken of all veins as well as the host mafic volcanic rock for gold and multi-element analysis.
Detailed geological mapping and rock sampling were also undertaken over the three-kilometre strike length of
gold in soil and lake sediment anomalies encompassing the Thurber Dog gold occurrences. Initial results of the mapping confirmed
the presence of a favorable north trending ultramafic, felsic and mafic volcanic sequence hosting multiple sulphidic mineral
occurrences over a strike length of 3.0 kilometres which remains open as the sequence turns to the northeast.
Sulphide mineralization consisting of disseminated pyrite with lesser arsenopyrite plus specular hematite was
found hosted in sheared and gossanous quartz porphyritic felsic volcanic rocks predominately along its western contact with mafic
volcanic flows and eastern contact with ultramafic schists. The known Thurber Dog gold showings were mapped and sampled
along strike as a string of sulphide occurrences for 50 to 400 metres in length occurring as pinch and swell quartz veins and
blow-outs which, based on hand-stripping, can widen up to six metres. Sampling of the Thurber Dog showing by the Company in 2017
assayed up to 7.87g/t Au (see news release dated March 1st, 2018).
Sulphide mineralization is most prevalent in areas where the north trending volcanic sequence is cut by
west-southwest trending fault zones as seen at the main Thurber Dog showing. Similar cross cutting structures are associated with a
cluster of sulphide occurrences located at the centre and north end of the mapped block. The centre cluster is of particular
interest because the sulphide occurrences were mapped and sampled over a 300 by 400 metre area of scattered chaotic quartz
injections and stockworks hosted in dislocated or rotated, mixed felsic and mafic volcanic outcrops.
During the mapping program, a second parallel northeast trending ultramafic/mafic volcano-sedimentary sequence
hosting sulphide occurrences was identified and prospected within the Thurber Dog block, north of the main mineralized trend.
In total, about 146 rock samples of sulphide bearing and/or gossanous outcrop were taken over the Thurber Dog
block and submitted to Bureau Veritas Laboratories for gold and multi-element analyses, but no results have been received to
date.
A second phase of follow up sampling and mapping is planned for September 2018 once results of the initial work
have been received.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
About Labrador Gold:
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of
prospective gold projects in the Americas. In 2017 Labrador Gold signed a Letter of Intent under which the Company has the option
to acquire 100% of the 896 square kilometre (km2) Ashuanipi property in northwest Labrador and the Nain (503
km2) and Hopedale (458 km2) properties in eastern Labrador.
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km.
The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold
during 2017 show gold anomalies in soils and lake sediments over a 3-kilometre section of the northern portion of the Florence Lake
greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition,
anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the
greenstone belt (see news release dated January 25th, 2018 for more details).
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville,
which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies
that, with the exception of local prospecting, have not seen a systematic modern-day exploration program. Results of the 2017
reconnaissance exploration program following up the lake sediment anomalies show gold anomalies in soils and lake sediments over a
15-kilometre-long by 2 to 6-kilometre-wide north-south trend and over a 14-kilometre-long by 2 to 4-kilometre-wide east-west trend.
The anomalies appear to be broadly associated with magnetic highs and do not show any correlation with specific rock types on a
regional scale (see news release dated January 18th, 2018). This suggests a possible structural control on the
localization of the gold anomalies. Historical work 30 km north on the Quebec side led to gold intersections of up to 2.23 grams
per tonne (g/t) Au over 19.55 metres (not true width) (Source: IOS Services Geoscientifiques, 2012, Exploration and geological
reconnaissance work in the Goodwood River Area, Sheffor Project, Summer Field Season 2011). Gold in both areas appears to be
associated with similar rock types.
The Company has 50,842,552 common shares issued and outstanding and trades on the TSX Venture Exchange under the
symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
@LabGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
