Labrador Gold Corp. [LAB-TSXV; NKOSF-OTCQX; 2N6-FNR] reported the latest results from recent drilling targeting the highly prospective Appleton fault zone over a 12-km strike length. The drilling is part of the company’s continuing 100,000-metre diamond drilling program at its flagship 100%-owned Kingsway project in the Gander area of Newfoundland.
Highlights of the drilling include an intersection of 20.88 g/t gold over five metres that included 124.21 g/t gold over 0.81 metres and 7.41 g/t gold over one metre in hole K-22-206, and 6.04 g/t gold over 1.20 metres in hole K-22-208. Both holes were drilled at the north end of Big Vein.
“We continue to follow up on the success of last year’s drilling at Big Vein with another high-grade intersection at the north end of the zone. Big Vein has now been drilled over a strike length of approximately 520 metres along the west side of the Appleton fault zone and remains open to the northeast and to the southwest,” said Roger Moss, president and cCEO. “Drilling is ongoing at both ends of the zone to extend the strike length of the mineralization.”
A total of 63,055 metres have been drilled to date out of the planned 100,000-metre program. Assays are pending for samples from approximately 2,700 metres of core.
The company has $18-million in cash and is well financed to carry out the remaining 37,000 metres of the planned drill program as well as further exploration to add to the pipeline of drill targets on the property.
There are three licences comprising the Kingsway project zthat cover approximately 12 km of the Appleton fault zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway.
Infrastructure is excellent located just 18 km from the town of Gander with road access to the project, nearby electricity and abundant local water.