Labrador Gold (LAB.V): Announces Initial Results From Kingsway RAB Drilling

TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) announces the first assay results from the RAB (Rotary Air Blast) drilling at its Kingsway Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District.

The RAB drilling program, consisting of 28 holes totalling 1,670 metres has now been completed at Kingsway. The drilling program targeted coincident gold in soil samples and VLF-EM anomalies believed to be associated with gold mineralization hosted by gabbro such as observed at the Company’s Cracker occurrence as well as gold occurrences at Exploit Discovery’s Johnathon’s Pond to the northeast.

Assays for the first nine holes (total of 588 metres) have been received including three holes drilled at the Cracker gold occurrence and six holes drilled at Midway, 2 kilometres to the southwest (see Figure 1). Anomalous gold values (>0.1 g/t) were found in 5 holes, including a high of 0.84 g/t in hole KINRAB20-06 drilled in the Midway area. Three of the remaining four holes did not intersect the target gabbro. Four holes containing anomalous gold at Midway occur over a strike length of 250 metres.

Anomalous gold is associated with moderate to strong carbonate alteration and variable silicification of the gabbro. Quartz veining is variable and locally abundant. Sulphide mineralization is dominated by pyrite with arsenopyrite in higher grade intervals.

RAB drilling is a low impact tool that allows for rapid initial follow up of anomalous areas covered by overburden. It has allowed LabGold to test anomalies over a large part of the property (4 areas over 9.5km) and provided important new information on lithology, structure, alteration and mineralization.

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