Labrador Gold drills 1.85 metres of 50.38 g/t gold at Kingsway Project, Newfoundland
Labrador Gold Corp. [LAB-TSXV; NKOSF-OTC] reported another high-grade intercept of near-surface gold mineralization from its 100%-optioned Kingsway Project near Gander, Newfoundland. The project is located in the highly prospective central Newfoundland gold belt.
The high-grade intersection is from hole K-21-17 that contains fine particles of visible gold in quartz vein. The hole intersected 50.38 g/t gold over 1.85 metres, including 160.42 g/t gold over 0.55 metres. The quartz vein containing the visible gold is typically vuggy and locally contains stylolites and is similar to quartz veins containing high grade gold intersections of 20.6 g/t gold over 3.6 metres including 103.36 g/t gold over 0.3 metres and 10.48 g/t gold over 2.4 metres reported previously.
The intersection in hole K-21-17 represents a 30-metre step out to the northeast from the previous intercepts and extends the high-grade mineralization to approximately 40 metres along strike. The mineralization remains open in both directions. Other assays received include hole K-21-08 that returned 37.7 metres of 1.06 g/t gold, including 1 metre of 9.82 g/t gold and 8.2 metres of 1.32 g/t gold. See company press release for complete drill results.
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres at surface along the Appleton Fault Zone. It lies within a larger northeast-southwest trending “quartz vein corridor” that stretches for over 7.5 kilometres as currently outlined with potential for expansion along the Appleton Fault Zone in both directions. Gold mineralization observed at Big Vein includes six occurrences of visible gold, assays of samples from which range from 1.87g/t to 1,065g/t gold. 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.”We are excited to see additional near surface high-grade gold assays, the highest to date, from our early drilling at Big Vein,” said Roger Moss, President and CEO. “We are extending the high-grade mineralization along strike and getting a handle on its plunge. Adding extra drills will allow us to aggressively test Big Vein as well as to follow up targets developing along the quartz vein corridor.”
The current drill program, recently increased to 50,000 metres, has only tested Big Vein over approximately 100 metres of strike length of the 400m surface exposure and vertical depths of 50 metres. However, drilling has already produced visible gold in four drill holes giving high grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite, pyrite and possible boulangerite noted along vein margins and as strong disseminations in the surrounding wall rocks.