Near Surface Gold Mineralization At The Kingsway Project

TORONTO - Labrador Gold Corp. reported another high-grade intercept of near surface gold mineralization from its Kingsway project near Gander, Newfoundland. The high-grade intersection is from hole K-21-17 that contains fine particles of visible gold in quartz vein. The hole intersected 50.38 g/t Au over 1.85 meters including 160.42 g/t over 0.55 meters. The quartz vein containing the visible gold is typically vuggy and locally contains stylolites and is similar to quartz veins containing high grade gold intersections of 20.6 g/t Au over 3.6 meters including 103.36 g/t over 0.3 meters and 10.48 g/t Au over 2.4 meters reported previously (see news release dated June 3, 2021). The intersection in hole K-21-17 represents a 30 meter step out to the northeast from the previous intercepts and extends the high-grade mineralization to approximately 40 meters along strike. The mineralization remains open in both directions.

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 meters at surface along the Appleton Fault Zone. It lies within a larger northeast-southwest trending “quartz vein corridor” that stretches for over 7.5 kilometers as currently outlined with potential for expansion along the Appleton Fault Zone in both directions. Gold mineralization observed at Big Vein includes six occurrences of visible gold, assays of samples from which range from 1.87g/t to 1,065g/t gold. The visible gold is typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.

The current drill program, recently increased to 50,000 meters, has only tested Big Vein over approximately 100 meters of strike length of the 400m surface exposure and vertical depths of 50 meters. However, drilling has already produced visible gold in four drill holes giving high grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite, pyrite and possible boulangerite noted along vein margins and as strong disseminations in the surrounding wall rocks.