TORONTO, April 29, 2021 is pleased to announce that it has arranged for a second diamond drill rig at its 100% controlled Kingsway Gold Project near Gander, Newfoundland.
LabGold is also planning to double the size of the drilling program from 10,000 metres to 20,000 metres to test the quartz vein corridor along strike to the northeast and southwest of Big Vein.
Significant results from the quartz vein corridor, obtained just before the field program wrapped up late last year, include a till sample containing 165, mostly pristine, gold grains located 900 metres north of Big Vein and a grab sample of quartz vein float that assayed 16g/t Au located 1.2 kilometres to the southwest .
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.
. In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2.
Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.
Results of the exploration to date 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.
Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected.