Labrador Gold Intersects Gold Mineralization in the First Two Holes of Its 20,000 Metre Drilling Program at Kingsway
New Zone Discovered at Depth Below Big Vein
TORONTO, May 10, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce initial assays from the first two holes of the
20,000 metre diamond drill program at its 100% controlled Kingsway Gold Project near Gander, Newfoundland, located within the highly prospective Gander Gold District.
Preliminary results are from portions of the first diamond drill holes drilled at the Big Vein target (See Table 1 below) containing significant quartz veining and sulphide mineralization. Highlights include 1.11 g/t Au over 5.50 metres, 5.0 g/t Au over 0.9 metres, 2.26 g/t Au over 7.0 metres including 8.66 g/t Au over 1 metre in Hole K-21-01 and 1.72 g/t Au over 3.0 metres in Hole K-21-02. These last two intervals are from a newly discovered deeper zone named the HTC Zone. Assays for remaining sections of these two holes remain outstanding.
“Initial results from the first two holes at the Big Vein target show broad intervals of gold mineralization including narrow intervals of moderately high gold values. We interpret this gold mineralization, along with significant levels of antimony and arsenic detected by pXRF, to be a halo to a potentially higher-grade zone,” said Roger Moss, President and CEO of Labrador Gold. “Both holes were drilled on the same section giving us our first picture of the orientation of this vein system. Ongoing systematic close-spaced drilling continues to probe Big Vein for the source of high-grade visible gold mineralization seen at surface.”
Drilling from the current setup shows multiple intersecting structures influencing the thickness, geometry and position of mineralized zones. Big Vein appears to be emplaced close to a contact between interbedded silty-sandstones to the northwest and predominantly shales to the southeast. Controls on mineralization of the HTC Zone are less clear, although an increase in the intensity of folding appears to coincide with the observed veining. HTC also displays more sulphide than Big Vein including fine grained arsenopyrite, pyrite and Sb-Pb-bearing sulphide along vein margins and as strong disseminations in the surrounding shales. Highly elevated arsenic and antimony from portable XRF data confirms strong prospectivity of this new zone.