With 23,000 metres still remaining in the current drilling program, the company has added another 50,000 metres to the program.
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I’m Cassandra Bolinski for Investmentpitch Media
Labrador Gold Corp. is doubling its drill program at its 100% controlled Kingsway Project, located within the highly prospective central Newfoundland gold belt in Newfoundland.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project just 18 kilometres from the town of Gander.
The 3 licenses comprising the Kingsway project cover approximately 12 kilometres of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway.
Infrastructure in the area is excellent with road access to the project, nearby electricity and abundant local water.
With 23,000 metres still remaining in the current drilling program, the company has added another 50,000 metres to the program.
Four diamond drill rigs are currently operating and a fifth rig is scheduled to start following receipt of permits as applications for 111 drill holes were submitted late last year and are expected in early March.
Drilling will continue to test Big Vein along strike and down plunge as well as the Pristine target where early drilling is encouraging.
Golden Glove, where grab samples from a quartz vein containing visible gold assayed from 2.16 to 338.08 g/t gold, is a prime target and will be drilled following receipt of soil samples from the area, which are expected in the first quarter.
Numerous other targets developing along the Appleton Fault Zone will be systematically tested along the entire 12 kilometre strike length during this increased program.
Roger Moss, President and CEO, stated: “We continue to be excited by the prospectivity of the Appleton Fault Zone at Kingsway and that was a key factor in deciding to increase the size of the drilling program. Not only do we expect to develop the targets we already have to the drilling stage, but we are also confident that we will uncover more as we continue to follow our exploration strategy proven over 18 months of work at Kingsway. With over $30 million in cash and no debt the Company is well capitalized for this planned increase. In addition to the outstanding assays from our drilling, we are still waiting for many soil and rock assays from the regional work carried out along the Appleton fault during 2021. We expect that some of these assays will enhance our current targets and perhaps hint at new ones that we can develop going forward.”
The company’s Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 kilometres.
Although the belt is typical of greenstone belts around the world, it has been underexplored by comparison.
Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8 grams per tonne gold.
In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt.
Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The shares are trading at $0.90.
For more information, please visit the company’s website www.LabradorGold.com, contact Roger Moss, President and CEO, at 416-704-8291 or email rmoss@LabradorGold.com.
I’m Cassandra Bolinski for Investmentpitch Media
