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Labrador Gold announces high-grade gold assays from samples at Kingsway property in Newfoundland

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The Kingsway Project, consisting of three licenses covering 77 square kilometers, is along strike to the northeast of New Found Gold’s discovery of 92.9 grams per tonne gold over 19.0 metres on their Queensway property.

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Company: Labrador Gold Corp.
Website: http://www.LabradorGold.com
Stock Symbol: TSXV: LAB
Date Published: Jan 21, 2021
Transcript: Available

Video Transcript:

I’m Ashton Addison for Investmentpitch Media

Labrador Gold Corp. has announced the latest high-grade assay results from samples collected at its 100% controlled Kingsway Project, which is located within the highly prospective Gander Gold District in Newfoundland.

The Kingsway Project, consisting of three licenses covering 77 square kilometers, is along strike to the northeast of New Found Gold’s discovery of 92.9 grams per tonne gold over 19.0 metres on their Queensway property.

Assays from 134 new grab samples taken over a 250-metre strike length of quartz vein range from below detection to 184.7 grams per tonne gold in sample 526169 which contained visible gold.

Samples 526170, 526171 and 526172 also contained visible gold, with the highlights shown in this table.

These samples were taken southwest of the previously announced visible gold samples report in November.

Significant assays, greater than 1 gram per tonne, in the vicinity of the initial visible gold samples have now been reported from samples up to 29 metres north and 70 metres to the southwest.

Prospecting and mapping have shown that Big Vein strikes northeast-southwest over a distance of 400 metres.

The vein lies within a larger corridor of intermittently exposed quartz veining over a strike length of 7.5 kilometres.

Mapping indicates that quartz veining within the corridor is hosted by dark grey-black shales of the Davidsville Group, a stratigraphic horizon which hosts several gold occurrences in central Newfoundland.

Assays are still pending for many rock samples from the greater quartz vein corridor.

Roger Moss, President and CEO, stated: “These new assay results confirm we have a robust high-grade gold target at Big Vein. Significant assays in rock samples now outline at least 100m strike along Big Vein, with some high-grade samples displaying visible gold mineralization similar to that seen at New Found Gold’s Queensway project along strike to the southwest. Big Vein is shaping up to be a high priority target for our upcoming drill program.”

The company’s Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 kilometres.

The belt is typical of greenstone belts around the world but has been underexplored by comparison.

Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8 grams per tonne gold.

The company’s Ashuanipi gold project is located just 35 kilometres from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south.

The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program.

Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.

The shares are trading at $0.40.

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 Ashton Addison for Investmentpitch Media