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Release - Labrador Gold Intersects 6.22 G/T Gold Over 4 Metres in First Hole at Golden Glove Including 10.31 G/T Gold Over 2 Metres

Labrador Gold Intersects 6.22 G/T Gold Over 4 Metres in First Hole at Golden Glove Including 10.31 G/T Gold Over 2 Metres

News and Market Data on Labrador Gold Corp


TORONTO, June 07, 2022 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from seven drill holes, including the first hole drilled at the Golden Glove Target in the south end of its 100% owned Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.

Hole K-22-150 intersected 6.22 g/t Au over 4 metres that included 10.31 g/t Au over 2m at a vertical depth of 246 metres. This intersection is located approximately 160 m south of the Golden Glove discovery outcrop where six grab samples, three of which contained visible gold, assayed between 2.99 g/t and 338.1 g/t Au (see news release dated September 21, 2021). This intersection at Golden Glove is the fourth of four targets drilled by LabGold to return significant gold intercepts.

While there are many similarities between the mineralization observed at Golden Glove and that at Big Vein, a significant difference is that while Big Vein occurs on the west side of the Appleton Fault Zone, Golden Glove is situated on the East Side. This is the first drilling on the east side of the fault at the Kingsway Property.

Six holes drilled at the Pristine target intersected near surface gold mineralization over significant widths in the Doyle Zone, including 1.86 g/t Au over 8m in hole K-22-144 and 1.75 g/t over 20.2m that included 2.76 g/t Au over 6.2m in Hole K-22-139.

“We are very pleased with the results from the first hole drilled at Golden Glove especially considering that the intersection is approximately 160m south of the discovery outcrop. This indicates excellent potential for the area between this hole and the outcrop and we are certainly looking forward to the results from the remaining five holes drilled there to date,” said Roger Moss, President and CEO of LabGold. “The continued near surface gold intercepts extending the strike length of the Doyle Zone are nice to see especially those with wider intersections. We are encouraged by the successful drilling of our four initial targets, all of which have delivered significant gold mineralization. We will continue to test the new targets developed along the Appleton Fault Zone through the summer, starting with the CSAMT target approximately eight kilometres northeast of Big Vein.”

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Zone

K-22-152

66

70.24

4.24

1.78

Doyle


87

90

3

2.24


93

96

3

1.17

K-22-150

348

352

4

6.22

Golden Glove

including

348

350

2

10.31

K-22-149

13

14

1

1.27

Doyle

K-22-146

57

57.95

0.95

1.12

Doyle

K-22-144

64

72

8

1.86

Doyle

including

69

71

2

3.32

K-22-143

92.2

93

0.8

1.42

Doyle

K-22-139

57.2

77.4

20.2

1.75

Doyle

including

62.2

68.4

6.2

2.76


89.4

92.4

3

1.59

Table 1. Summary of Assay Results. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole number

Easting

Northing

Elevation

Azimuth

Dip

Depth

K-22-152

661804

5436020

54

300

50

221

K-22-150

660539

5431776

48

265

45

452.57

K-22-149

661804

5436021

62

260

45

227

K-22-146

661803

5436032

64

260

62

176

K-22-144

661808

5436070

65

280

45

200.27

K-22-143

661801

5436034

54

260

45

299.06

K-22-139

661802

5436033

54

300

45

215

Table 2. Drill hole collar details

Figure 1. Doyle Zone plan map.