TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to give an update on exploration activity at its Kingsway Project near Gander Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District and the Company is currently drilling along strike to the northeast of New Found Gold Corp’s gold discovery announced earlier this year.
Drilling started in the area around the Cracker gold showing where three holes have been drilled. Holes targeted VLF-EM conductors associated with an altered mineralized gabbro and anomalous gold in soil samples. Historical results from the Cracker showing include grab samples from trenching ranging from 1.8 g/t Au to 61.73 g/t Au and channel samples ranging from <5ppb to 1.89 g/t Au.
Drilling at Midway approximately 2km southeast of Cracker tested coincident gold in soil and Mag-VLF-EM targets along two interpreted secondary structures trending northeast and north-northeast. Gold concentrations in soil samples in the area range from below detection up to 281ppb (0.281g/t) with six samples assaying more than 100ppb Au (>0.1g/t Au). The higher concentrations are associated with the two structures.
Drilling is now underway in the area of the Appleton Showing where an historical grab sample assayed 4.96g/t Au. Drilling is testing a northeast trending anomalous area along the edge of a VLF_EM conductor with soil samples ranging from below detection to 336ppb Au and rock grab samples from below detection to 0.72 g/t Au.
Preliminary results from the controlled source audio magnetotelluric (CSAMT) survey carried out over the Appleton Fault Zone have been received. Results show a zone of extremely conductive rocks that appear to be bounded by ENE trending structures, one of which likely represents the trace of the Appleton Fault Zone. In addition, several northwest trending features are apparent that may represent faults crosscutting the ENE trending structures.
Gold in soil samples over the survey area range from below detection up to 805ppb Au (0.8g/t) with gold concentrations greater than 100ppb in 19 samples. Gold anomalies also occur in historical till samples (below detection up to 1,073ppb Au) and vegetation samples (below detection to 54ppb Au) covering the area.
The current RAB drilling program will target two of the intersecting structures in the vicinity of strong gold in soil anomalies once drilling in the Appleton area is complete.
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