Labrador Gold drills 0.87 g/t gold over 55.9 metres at Kingsway, Newfoundland
Labrador Gold Corp. [TSXV-LAB; OTCQX-NKOSF; FSE-2N6] reported results from recent drilling targeting the highly prospective Appleton fault zone. The drilling is part of the company’s continuing 100,000-metre diamond drilling program at its 100%-owned Kingsway project, Newfoundland.
The latest results include holes drilled at Pristine, the northeast extension of Big vein, initial holes at Knobby and Peter Easton, as well as the first hole in the new HM occurrence.
Hole K-23-334 was a short hole drilled into the HM occurrence to test for gold mineralization at depth below the quartz vein at surface. Most of the hole was anomalous in gold, grading 0.87 g/t gold over 55.9 metres that included a zone with 27 grains of visible gold that graded 38.37 g/t gold over 0.8 metres from 61.4 metres near the bottom of the hole. The HM occurrence was found by prospecting and is located approximately 570 metres along strike to the southwest of Big vein and a similar distance northeast of Knobby. Hole K-23-334 is the only hole drilled into this occurrence to date.
Results from hole K-23-304, drilled at Knobby, intersected two quartz zones containing visible gold at 42 and 49 metres. These intersections graded 1.27 g/t gold over 0.42 metres and 8.78 g/t gold over 0.4 metres respectively.
“We are excited by the results from the first hole at HM. While it is good to see the high grade associated with the visible gold, it is very encouraging to see continuous, anomalous gold in the country rock to the quartz veins throughout much of the hole,” said Dr. Roger Moss, president and CEO of Labrador Gold. “This new occurrence, the seventh to be found by the LabGold team since we started work on the property, continues to demonstrate the significant prospectivity of the area around the Appleton fault zone at Kingsway. With a total strike length of approximately 12 km across the property, we are optimistic that more occurrences will be uncovered going forward.”
Hole K-23-291 drilled at Pristine intersected near-surface gold mineralization grading 1.13 g/t gold over 8.32 metres from 15 metres, including 2.31 g/t gold over three metres. Holes drilled at Peter Easton and to the northeast of Big vein tested structures interpreted from airborne magnetics and three of the four holes did not intersect gold mineralization.
Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. Labrador Gold’s flagship property is the 100%-owned Kingsway project in the Gander area of Newfoundland. The three licences comprising the Kingsway project cover approximately 12 km of the Appleton fault zone which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent, located just 18 km from the town of Gander with road access to the project, nearby electricity and abundant local water. Labrador Gold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton fault zone with encouraging results. The company has approximately $7 million in working capital and is well financed to carry out the planned program.