Labrador Gold concludes sale of Kingsway Project, Newfoundland

Labrador Gold Corp. [TSXV-LAB; OTCQX-NKOSF; FNR-2N6] reported that, further to its June 27, 2024 press release, the company has successfully completed its sale to New Found Gold Corp. [TSXV-NFG; NYSE-NFGC] of its 100% interest in the Kingsway Project, located in Gander, Newfoundland and Labrador, as well as certain related assets of the company.

Under the disposition, LabGold has received 5,263,157 common shares in the capital of New Found as consideration for the Sold Assets.

Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The company has approximately $6.4 million in working capital and holds 5,263,157 common shares of New Found Gold valued at approximately $20 million.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3-km 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 7.8 g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt. Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt. The company has 170,009,979 common shares outstanding.