Labrador Gold reviews year of discovery at Kingsway, Newfoundland

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Labrador Gold Corp. [LAB-TSXV; NKOSF-OTCQX] provided a year-end review of exploration at its 100%-owned Kingsway project in the Gander area of Newfoundland. Exploration during 2022 was focused on the prospective Appleton Fault Zone that trends over a 12-km strike length at Kingsway.

Discovery highlights of 2022 exploration include the extended Big Vein discovery to over 520 metres NE-SW strike length; mineralization remains open in both directions. Both the highest-grade intersection of 284.1 g/t gold over 0.58 metres and the longest intersection of 2.02 g/t gold over 32 metres on the property to date were uncovered at Big Vein

Additional high-grade mineralization (479.5 g/t Au) found in outcrop at Golden Glove where initial drilling during 2022 intersected 6.22 g/t gold over 4m and 20.07 g/t gold over 1 metre. Two brand new discoveries were made near surface gold mineralization under cover at the Pristine and Midway targets.

Initial drilling at Pristine identified a mineralized zone (Doyle Zone) that currently extends over 135 metres as well as a second parallel zone approximately 25 metres east. Limited drilling at Midway indicates near surface gold disseminated within an altered gabbroic intrusion, a separate mineralization style with significant potential for expansion along strike.

A total of 36,000 metres were drilled in 2022 after doubling the size of the planned drill program to 100,000 metres. The company is fully funded for the remaining 37,496 metres of the planned 100,000-metre program with approximately $18 million in cash. Assays are pending for samples from 3,903 metres of core (10.3% of the total submitted).

“LabGold’s exploration at Kingsway over the past two and a half years has resulted in the discovery of four new gold occurrences. Three of these, Golden Glove, Big Vein and Pristine, are located along the Appleton Fault Zone which continues to be our primary exploration target,” said Roger Moss, President and CEO. “With only about 2km of the 12km strike length of the Appleton Fault Zone tested by drilling, we anticipate additional discoveries as we test the remaining 10km of this very prospective structure. We would like to thank our investors for their continued support during the recent market downturn and hope you will join us as we look forward to another exciting year of exploration and discovery at Kingsway.”

Labrador Gold’s flagship property is the Kingsway project where three licenses comprising the Kingsway project cover approximately 12km 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 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. The Company has approximately $18 million in working capital and is well funded to carry out the planned program.

The Hopedale property 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 40km strike length of the Florence Lake Greenstone Belt.

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