Labrador Gold samples up to 479.5 g/t gold at Kingsway, Newfoundland
Labrador Gold Corp. [LAB-TSXV; NKOSF-OTCQX; 2N6-FSE] reported assays from six samples containing visible gold recently collected during prospecting in the Golden Glove area at its 100%-owned Kingsway project in the Gander area of Newfoundland.
The samples were collected as part of the company’s continuous efforts to generate and upgrade targets for drilling along the 12-km strike length of the Appleton fault zone covered by the Kingsway property.
The samples were taken from quartz veins believed to be splays off the original Golden Glove vein. Assays of the six samples ranged from 7.51 g/t to 479.51 g/t gold. The quartz veins are hosted by grey and black shales and are typically vuggy and locally stylolitic with iron carbonate alteration. The four highest grade samples contain visible gold, and all samples contain between 2% and 5% pyrite and arsenopyrite both in the vein and along the contact with the shale wallrock. These results are comparable to assays from the initial samples taken at Golden Glove that ranged from 2.99 to 338.08 g/t gold.
“The discovery of more veins containing high-grade gold at surface is encouraging as it gives us additional information on the structural context of the mineralization at Golden Glove and will allow more efficient drill targeting,” said Roger Moss, president and CEO. “Drilling to date has been following up recent high-grade intersections of 20.07 g/t gold over one metre in Hole K-22-154 and 6.22 g/t gold over four metres in hole K-22-150 located approximately 160 metres south of the discovery outcrop. Given the high-grade nature of these veins we will certainly look to specifically target them in our ongoing drilling at Golden Glove.”
Labrador Gold’s flagship property is the Kingsway project with the three licenses comprising the Kingsway project covering 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. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The company has approximately $25 million in working capital and is well funded to carry out the planned program.
The company has 169,189,979 common shares issued and outstanding.