Labrador Gold Further Confirms High-Grade Gold Target at Kingsway - Seite 2

Prospecting and mapping have shown that Big Vein strikes northeast-southwest over a distance of 400 metres. The vein lies within a larger corridor of intermittently exposed quartz veining over a strike length of 7.5km. Mapping indicates that quartz veining within the corridor is hosted by dark grey-black shales of the Davidsville Group, a stratigraphic horizon which hosts several gold occurrences in central Newfoundland. Assays are still pending for many rock samples from the greater quartz vein corridor.

“These new assay results confirm we have a robust high-grade gold target at Big Vein,” said Roger Moss, President and CEO of Labrador Gold. “Significant assays in rock samples now outline at least 100m strike along Big Vein, with some high-grade samples displaying visible gold mineralization similar to that seen at New Found Gold’s Queensway project along strike to the southwest. Big Vein is shaping up to be a high priority target for our upcoming drill program.”

Samples were shipped to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples were analyzed for gold by whole sample metallic screen/fire assay or by standard 30g fire assay with ICP (inductively coupled plasma) finish. The company submits blanks, field duplicates and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold

Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km². 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.