Labrador Gold drills 17.63 g/t gold over 1.25 metres at Kingsway, Newfoundland

Labrador Gold Corp. [LAB-TSXV; NKOSF-OTCQX] reported the latest assay results from diamond drilling that show 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 continuing 100,000-metre drill program targeting the 12-km strike length of the Appleton fault zone at Kingsway.

All 10 holes were drilled at the Big Vein target and include intercepts of 17.63 g/t gold over 1.25 metres in hole K-21-98 and 14.50 g/t gold over 1 metre from hole K-21-82 showing the presence of additional high-grade gold mineralization both down plunge and along strike.

The intercept of 17.63 g/t over 1.25 metres in hole K-21-98 is located approximately 250 metres southwest of the Big Vein discovery outcrop, the furthest southwest high-grade intersection to date. The mineralization remains open in this direction, and additional holes have been drilled in this area, for which results are pending.

The 14.50 g/t intercept in Hole K-21-82 infills the down plunge mineralization of the HTC Zone which remains open below 250 metres depth.

Wider intervals of 1.25 g/t gold over 7.20 metres in Hole K-21-82 and 1.82 g/t gold over 10.8 metres in hole K-21-81 were also intersected from the Big Vein Zone and HTC Zone, respectively.

“We are encouraged by the intersection of high-grade mineralization in hole K-21-98, 250 metres along strike to the southwest,” said Roger Moss, President and CEO. “We are currently tracking multiple gold-bearing quartz veins over this 250m strike length at Big Vein. Mineralization remains open in both directions, to the northeast and southwest, and drilling will continue to step out in both directions as well as testing down plunge. Drilling is also ongoing at Golden Glove and the Pristine target and recently started at the Midway target.”

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres subparallel to the Appleton fault zone. It is located approximately 200 metres from the Appleton fault zone, through which the gold-mineralizing fluids likely migrated. At Big Vein, gold mineralization is closely associated with a secondary structure, the Big Vein fault zone that separates siltstone and sandstone hosting the Big Vein zone from the finer shale that hosts the HTC and HTC footwall zones.

The ongoing 100,000-metre drill program has now tested Big Vein over approximately 250 metres of strike length and to vertical depths of 250 metres. A total of 37,393 metres of the planned 100,000 metres have been completed in 116 holes, primarily at Big Vein. Assays have been received for 51% of samples submitted to the laboratory.

Infrastructure in the area is excellent located just 18 km from Gander with road access to the project, nearby electricity and abundant local water. The company has approximately $28 million in working capital and is well funded to carry out the planned program.