Labrador Gold Exercises Option to Acquire 100% of the Hopedale Property - Seite 2

The 2023 work program at Hopedale focussed on extending the known copper and nickel showings as well as following up on additional soil and rock anomalies elsewhere on the property. Work included mapping, prospecting and soil sampling. Regional drone magnetic surveys and more detailed ground magnetic-VLF surveys were carried out over ultramafic and surrounding rocks to identify anomalies that may have potential to host nickel and/or copper mineralization. Results of assays and geophysical surveys are pending.

“Our district scale Hopedale project covers much of the Florence Lake greenstone belt that has many of the characteristics of greenstone belts elsewhere in the world but is underexplored by comparison. It has potential for the critical metals copper, nickel and cobalt in addition to the gold mineralization discovered to date.” said Roger Moss, President and CEO. “The three kilometre “Thurber Dog trend” includes four discrete gold occurrences and is a compelling area for future work with significant potential for further discovery. Both the Kaapak copper occurrence with its demonstrated high-grade copper, and the nickel anomalies associated with ultramafic rocks at Rusty Ridge, are exciting critical metals targets that need follow up to determine their true extent.”

Figure 1. Location of Hopedale Project in east-central Labrador.

Figure 2. Highlights of gold and copper assays over the 3km Thurber Trend.

Figure 3. Highlights of nickel in soil and rock at the Rusty Ridge area.

QA/QC

Rock samples comprise channel samples and grab samples, the later of which are selective samples and not necessarily representative of mineralization found on the property. Samples are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. The company submits blanks and certified reference standards amounting to 5% of each sample batch.

Qualified Person

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’ 2023 Junior Exploration Assistance (JEA) Program and the Atlantic Canada Opportunities Agency’s Critical Minerals Assistance for its financial support for exploration of the Hopedale property.