Labrador Gold Corp. [LAB-TSXV; NKOSF-OTCQX] reported results from recent drilling targeting the prospective Appleton Fault Zone over a 12-km strike length. The drilling is part of the ongoing 100,000-metre diamond drilling program at its 100%-owned Kingsway Project near Gander, Newfoundland.
Highlights of the drilling include an intersection of 2.02 g/t gold over 32 metres from 134 metres that included 18.08 g/t gold over 0.63 metres and 11.42 g/t gold over 1.05 metres in Hole K-22-177 from the north end of Big Vein. The intersection is approximately 75 metres north of the discovery outcrop. In addition, Hole K-22-187 at Big Vein southwest intersected 12.84 g/t gold over 0.8 metres from 341 metres.
The last results from initial drilling at Midway showed an intersection of 5.69 g/t gold over 1.33 metres in Hole K-22-171. Further drilling is planned at Midway to test the continuity of gabbro-hosted mineralization along strike towards Cracker.
|“Drilling at Big Vein continues to deliver excellent results with the longest mineralized intersection of 32 metres grading 2.02 g/t gold drilled on the property to date. We are currently testing this intersection down dip. The intersection is approximately 30 metres north of another long intercept of 6.07 g/t gold over 19 metres in hole K-21-111,” said Roger Moss, President and CEO. “Big Vein has now been drilled over a strike length of approximately 520 metres and remains open both to the northeast and southwest. Two rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions.”|
A total of 52,648 metres have been drilled to date out of the planned 100,000-metre program. Assays are pending for samples from approximately 3,343 metres of core (11% of the total submitted).
Drilling at Kingsway continues with four drill rigs, two working at Big Vein, one at Golden Glove and one at the CSAMT target. Ongoing detailed till sampling and prospecting continues to generate new drill targets along the Appleton Fault Zone and the gabbro trend north and south of Midway. Drilling will begin on these targets once initial drilling at CSAMT is complete.
The company has $23.6 million in cash and is well funded to carry out the remaining 47,000 metres of the planned drill program as well as further target generation on the property.
Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.