Labrador Gold Announces Additional Drill and Doubling of Program to 20,000 Metres at Kingsway Project
TORONTO, April 29, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that it has arranged for a second diamond
drill rig at its 100% controlled Kingsway Gold Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District and along strike from New Found
Gold’s high-grade Queensway Project.
A second diamond drill rig has been secured from Cabo Drilling (Pacific) who are currently drilling the Big Vein target at Kingsway. Following a slow start, primarily because of wet ground conditions due to the Spring thaw, production has picked up and hole 6 is now underway. The second drill rig was added to further increase production along the Big Vein target. LabGold is also planning to double the size of the drilling program from 10,000 metres to 20,000 metres to test the quartz vein corridor along strike to the northeast and southwest of Big Vein.
The quartz vein corridor encompasses intermittent quartz vein outcrop over a strike length of 7.5 kilometres. Significant results from the quartz vein corridor, obtained just before the field program wrapped up late last year, include a till sample containing 165, mostly pristine, gold grains located 900 metres north of Big Vein and a grab sample of quartz vein float that assayed 16g/t Au located 1.2 kilometres to the southwest (see news release dated March 19, 2021). These results will be aggressively followed up once field work resumes in the coming days. Note that grab samples are selective samples and are not necessarily representative of mineralization on the property.
“Our drilling program is starting to hit its stride and we now feel comfortable adding a second drill to increase production along the Big Vein target,” said Roger Moss, President and CEO of Labrador Gold. “Our recently completed financing also enables us to increase the size of the drilling program to test compelling targets along the quartz vein corridor and the Appleton Fault Zone along strike from Big Vein.”
Note that the first samples from the drilling program were received by Eastern Analytical on April 12th and the standard turnaround time is currently on the order of six to seven weeks.
Big Vein Target
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres to date. Gold mineralization observed at Big Vein includes six occurrences of visible gold, assays of samples from which range from 1.87g/t to 1,065g/t gold. The visible gold is typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.