Labrador Gold Corp. (TSX-V: LAB) (“LabGold†or the “Companyâ€) is
pleased to provide a review of its exploration activities completed
during 2019. During 2020, LabGold intends to test the continuity of
recently discovered mineralization at its Hopedale Project with a
drilling program.
Roger Moss, President and CEO stated: “Exploration on both of our
Labrador Projects during 2019 continued to successfully define areas of
gold mineralization. These include the discovery of a new gold showing
with assays from 1.67 to 8.26 g/t gold in grab samples at the Hopedale
Project. This is located 500 metres along strike from the known Thurber
Dog gold showing within a broader three kilometre stretch of anomalous
gold in rock and soil. We look forward to continuing our systematic
exploration, including drilling, of this mineralized system in 2020.â€
2019 Hopedale Project Highlights
- Discovered a new gold showing north of the Thurber Dog gold
occurrence, grab samples from which assayed between 1.67 and 8.26 g/t
Au.
- The Thurber Dog gold occurrence has assays in grab and channel
samples from below detection up to 7.866 g/t Au, with 5 samples greater
than 1 g/t Au and 16 samples assaying greater than 0.1 g/t Au.
- The discovery extends the potential strike length of gold
mineralization by approximately 500 metres along strike to the north.The
new showing occurs within a larger 3km trend of anomalous gold in rock
and soil associated with the contact between mafic/ultramafic volcanic
rocks and felsic volcanic rocks.
2019 Ashuanipi Project Highlights
- Discovered a gold enriched zone near a high grade (8,973ppb) soil sample taken in 2018.
- The zone is defined by anomalous gold
in both soil (below detection up to 1,746ppb Au and including 12 samples
over 100ppb Au) and grab rock samples (below detection up to 2.35 g/t
Au) that cover an area of 450 metres by 450 metres.A second area of gold
mineralization associated with garnet-bearing gossanous gneiss also
shows potential.
- Grab rock samples show values from
below detection to 0.68 g/t Au with 10 samples showing values greater
than 0.1 g/t Au over an area of 200m by 120m within a larger anomalous
area of gold in soil samples.
Note that grab samples are selected samples and are not necessarily representative of mineralization on the properties.
Location of the new showing, Thurber Dog, Thurber North
and Thurber South occurrences within the 3km long mineralized Thurber
trend:
New Showing with rusty zones due to the presence of pyrite and arsenopyrite:
What to expect in 2020
Hopedale Project
Exploration at Hopedale during 2020 will focus on determining the
extent of the Thurber Dog mineralized trend. Such work would aim to fill
in the gaps between showings over the three-kilometre strike length
with sampling and VLF-EM surveys. LabGold also intends to carry out an
initial drill program targeting prospective areas along this trend,
including the new showing.
Ashuanipi Project
LabGold’s priority at Ashuanipi is to reach an agreement with the
Matimekush-Lac John First Nation to enable continued exploration of the
property. The 2019 election of the new Chief and Council has been
challenged in Federal Court in Quebec with a court date scheduled for
the end of February. As such, community engagement and negotiations are
on hold until the court case is settled.
Borden Lake Extension Project
During 2019, Newmont Goldcorp announced the start of commercial
production at their Borden Mine. The Borden Lake Extension project is
located less than five kilometres from the Borden Mine along the
southeast trend of the Borden Gold zone. Note that mineralization hosted
on nearby properties is not necessarily indicative of mineralization
that may be hosted on the Company’s property.
Given the start of mining at Borden, follow up of past results at the
Borden Lake Extension project will be undertaken in 2020. Such work
will likely include additional till sampling and geochemical surveys to
better define the previously outlined anomalous zones as well as a
reinterpretation of VLF-EM data using the latest inversion software. Due
to the glacial cover in the area, overburden drilling, guided by
results of this work, would be the best means to define targets for
follow up diamond drilling.
Location of the BLE property and anomalous gold zones along trend to the southeast of Newmont-Goldcorp’s Borden Gold Zone.
All samples were shipped to the Bureau Veritas laboratory in
Vancouver, BC, where they were crushed and split and a 500g sub sample
pulverized to 200 mesh. Samples of 30g were analyzed for gold by fire
assay with an atomic absorption finish and another 15g sample for 36
elements by ultratrace ICP-MS (inductively coupled plasma-mass
spectrometry) following an aqua regia digestion. Over limit samples
(greater than 10g/t Au) are re-assayed using fire assay with a
gravimetric finish. In addition to the QA-QC conducted by the
laboratory, the Company routinely submits blanks, field duplicates and
certified reference standards with batches of samples to monitor the
quality of the analyses.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
The Company gratefully acknowledges the Newfoundland and Labrador
Ministry of Natural Resources’ Junior Exploration Assistance (JEA)
Program for its financial support for exploration of the Ashuanipi
property.
About Labrador Gold:
Labrador Gold is a Canadian based mineral exploration company focused
on the acquisition and exploration of prospective gold projects in the
Americas. In 2017 Labrador Gold signed a Letter of Intent under which
the Company has the option to acquire 100% of the Ashuanipi property in
northwest Labrador and the Hopedale property in eastern Labrador.
The Hopedale property covers much of the Florence Lake greenstone
belt that stretches over 60 km. The belt is typical of greenstone belts
around the world but has been underexplored by comparison. Initial work
by Labrador Gold during 2017 show gold anomalies in soils and lake
sediments over a 3 kilometre section of the northern portion of the
Florence Lake greenstone belt in the vicinity of the known Thurber Dog
gold showing where grab samples assayed up to 7.8g/t gold. In addition,
anomalous gold in soil and lake sediment samples occur over
approximately 40 kilometres along the southern section of the greenstone
belt (see news release dated January 25, 2018 for more details).
The Ashuanipi gold project is located just 35 km 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 2017 reconnaissance exploration program following up the
lake sediment anomalies 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
anomalies appear to be broadly associated with magnetic highs and do not
show any correlation with specific rock types on a regional scale (see
news release dated January 18, 2018). This suggests a possible
structural control on the localization of the gold anomalies. Historical
work 30 km north on the Quebec side led to gold intersections of up to
2.23 grams per tonne (g/t) Au over 19.55 metres (not true width)
(Source: IOS Services Geoscientifiques, 2012, Exploration and geological
reconnaissance work in the Goodwood River Area, Sheffor Project, Summer
Field Season 2011). Gold in both areas appears to be associated with
similar rock types.
The Company has 57,039,022 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO
Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
