Labrador Gold Corp. [LAB-TSXV; NKOSF-OTCQX; 2N6-FNR] reported results from recent drilling targeting the prospective Appleton fault zone over a 12-km strike length. The drilling is part of the continuing 100,000-metre diamond drilling program at the 100%-owned Kingsway project on the island of Newfoundland, province of Newfoundland and Labrador.
Highlights of the drilling include an intersection of 30.67 g/t gold over 1.1 metres from 208.85 metres that included 99.31 g/t gold over 0.3 metres in Hole K-22-190 from the north end of Big Vein. The intersection is approximately 75 metres north of the discovery outcrop and is downdip of Hole K-22-177 that intersected the longest interval yet of 2.02 g/t gold over 32 metres.
Also at Big Vein, Hole K-22-194 intersected 1.27 g/t gold over 6.17 metres from 115 metres that included 2.3 g/t gold over 3 metres. At Big Vein Southwest, Hole K-22-184 intersected 4.67 g/t gold over 1.64 metres from 336.25 metres that included 8.97 g/t over 0.75 metres.
“We continue to have drilling success at the north end of Big Vein where several significant intercepts have now been received, including 6.07 g/t gold over 19 metres in hole K-21-111 and 2.02 g/t over 32 metres in Hole K-22-177 and now 30.67 g/t gold over 1.1 metres in Hole K-22-190,” said Roger Moss, President and CEO. “The down dip mineralization in K-22-190 shows the high-grade prospectivity of this area which we are currently following up. Big Vein has been drilled over a strike length of approximately 520 metres and remains open both to the northeast and southwest. Two drill rigs are currently drilling at Big Vein to test for extensions of the mineralization in both directions.”
A total of 58,265 metres have been drilled to date out of the planned 100,000-metre program. Assays are pending for samples from approximately 3,100 metres of core (11.5% of the total submitted).
The company has $21 million in cash and is well funded to carry out the remaining 42,000 metres of the planned drill program as well as further target generation on the property.
Labrador Gold’s flagship property is the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project 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 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.
The 100%-optioned Hopedale property in eastern Labrador 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 40 km strike length of the Florence Lake Greenstone Belt.