Labrador Gold Corp reports the finding of visible gold in quartz vein from its Kingsway Project located near Gander Newfoundland.
The Kingsway project is situated inside the extremely prospective Gander Gold District located northeast of New Found Gold Corp.’s gold discovery reported in early 2020.
Two instances of visible gold in quartz vein were identified, one in outcrop and another in subcrop, isolated from each other by about 15 m. The quartz vein exists in a less investigated area of the Kingsway Property where recent mapping and prospecting has exposed a corridor of northeast-trending quartz veining hosted mainly in green-grey to black shale extending across a minimum strike length of 550 m.
Although 9-m-wide blow-outs of the quartz vein are observed intermittently along this corridor, contacts between the vein and host rock have not yet been sufficiently unraveled to find out the actual thickness of the vein over its length.
Veining is characteristically bright white, massive to vuggy, locally stylolitic with sericite and carbonate alteration. In general, vugs include euhedral quartz infilling. Prospecting has shown that quartz veins in this corridor locally include arsenopyrite, chalcopyrite, and pyrite.
Fine-grained visible gold has been found in hardened quartz and vuggy gray quartz in the two instances. Such features are typical of epizonal gold deposits similar to those found on New Found Gold’s Queensway property located to the south.
Elaborate sampling and mapping of this veining are in progress. Samples gathered so far will be transferred to Eastern Analytical laboratory and findings will be reported once they are received. Historical evaluation reports do not mention this quartz vein occurrence.
We are very excited to announce the first visible gold found in the area covered by the Kingsway Property. This significant discovery is a result of the thorough work of LabGold geologists and prospectors.
Roger Moss, President and CEO, Labrador Gold Corp.
Moss added, “The similarities to the gold mineralization at New Found Gold’s Keats Zone to the south are striking and gives credence to the district scale potential of the gold mineralization. We intend to aggressively follow up these occurrences with further detailed sampling and mapping, RAB drilling and, in the new year, diamond drilling.”
Roger Moss, Ph.D., P.Geo., President and CEO of LabGold, a Qualified Person in line with Canadian regulatory standards as set out in NI 43-101, has read and approved the scientific and technical data on which the disclosure is based.
Labrador Gold thankfully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its funding for investigation of the Kingsway property.