Labrador Gold Corp., a Canadian-based mineral exploration company, has reported the mobilization of field crew and drill to its wholly controlled Kingsway Gold Project located close to Gander, Newfoundland.
The Kingsway project is situated within the highly potential Gander Gold District and along strike from New Found Gold’s high-grade Queensway Project.
Labrador Gold has already progressed well in its preparations for the drilling program; hence, it is anticipated that drilling will commence in the next few days.
The 10,000 m drill program, which is expected to include 43 holes, has been developed to test a strike length of 350-m in the Big Vein. Preliminary drilling has been planned such that shallow mineralization beneath the original visible gold showing will be tested. The gold showing is a grab sample from which 1,065 g/t gold was assayed.
The plunge of the high-grade mineralization is not known yet; therefore, drilling will advance with short 12.5-m step-outs northeast and southwest of the visible gold showing.
The LabGold team is excited for the start of drilling at the high-grade gold target at Big Vein as we have been waiting for some time to follow up on our new discovery of visible gold late last year. Our crew has worked hard to prepare for the start of the drill program, and as such I believe we should be drilling in a matter of days.
Roger Moss, President and CEO, Labrador Gold Corp.
Big Vein Target
The surface of the Big Vein target, which is an auriferous quartz vein, is exposed and has been traced over 400 m until now. Gold mineralization intersected at Big Vein comprises six occurrences of visible gold, assays of samples from which vary from 1.87 g/t to 1,065 g/t gold.
The visible gold is essentially hosted in vuggy and annealed gray quartz, which is locally stylolitic with vugs usually including euhedral quartz infilling features, characteristic to epizonal gold deposits.
Labrador Gold has also reported the grant of 300,000 options to buy its common shares to two employees and a consultant. The options can be exercised at a cost of $0.48 for a five-year period.
Roger Moss, PhD, P.Geo., who is the President and CEO of LabGold and a Qualified Person as per the Canadian regulatory requirements as set out in NI 43-101, read and approved the scientific and technical information on which the disclosure contained in this release is based.
Labrador Gold thankfully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for granting funds for the exploration of the Kingsway property.