- Includes 2.86g/t gold in soils
- In addition, over 1,000 soil samples with gold concentrations greater than the 90th percentile are considered anomalous and require detailed follow up.
- LAB controls 57 km strike length of stratigraphy prospective for gold in the Florence Lake Greenstone Belt.
- Detailed soil grids were placed over anomalous gold-in-soil targets with favorable geology and structure to develop specific targets for follow up leading to drilling
VANCOUVER,
British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) — Labrador Gold
Corp. (TSX-V: LAB) (“Labrador Gold†or the “Companyâ€) is pleased to
announce results from detailed gold exploration of its Hopedale project
in Labrador. The company controls a 57 kilometre strike length of
stratigraphy prospective for gold in the Florence Lake Greenstone Belt.
The exploration program at Hopedale followed up on successful results of
2017 work that outlined regional scale gold in soil and lake sediment
anomalies along the length of the belt and included detailed soil
sampling, geological mapping, rock sampling and prospecting.
Detailed
soil grids were placed over anomalous gold-in-soil targets with
favorable geology and structure to develop specific targets for follow
up leading to drilling. A total of 10,594 soil samples were taken on 12
grids at a 100m line spacing and 25m sample spacing along the length of
the belt. Assays of the samples returned gold values from below
detection (<5ppb) to 2,860 ppb. Thirty-four samples returned values
greater than 100ppb Au, with five of these samples grading greater than
1,000 ppb Au (1g/t). In addition, over 1,000 soil samples with gold
concentrations greater than the 90th percentile are
considered anomalous and require detailed follow up. Arsenic values
range from less than detection to the upper limit of 10,000 ppm with 90
samples assaying greater than 1,000 ppm. Antimony values ranged between
0.05 and 171.5 ppm with eight samples assaying greater than 100 ppm.
Elevated
gold values were found in samples from all 12 grids although the
highest concentrations of samples with anomalous gold are found in the
Thurber Dog, Jasmine and Misery grids (See news release dated November
2, for initial results from the Misery and Jasmine grids). Anomalous
gold is typically found along the contacts (often sheared) between
ultramafic rocks and adjacent mafic, meta-sedimentary or felsic
meta-volcanic rocks. In addition, elevated gold concentrations may be
associated with specific structures such as a jog in stratigraphy in the
northern Thurber Dog grid, a fold nose in the south of the Jasmine grid
and an interpreted shear zone running through the Misery grid. These
structures are commonly associated with sites of gold mineralization in
greenstone belts elsewhere in the world.
Arsenic
concentrations are highest along a 4km north-south trend in the Jasmine
Grid where massive arsenopyrite was found. Antimony appears to be
elevated along interpreted structure, often forming elongate anomalies
parallel to such structures as seen on the Misery and Schist Lake grids.
“The
latest results of detailed soil sampling at Hopedale continues to turn
up gold values above 0.1g/t possibly related to near surface gold
mineralization, said Roger Moss, President and Chief Executive Officer
of Labrador Gold. “Our growing understanding of the geology and
structure of the greenstone belt will allow us to focus on the most
prospective areas during the coming field season which should be an
exciting one for Labrador Gold.â€
“With all the
soils from last season now in, we can clearly see nicely defined linear
gold trends, some over a kilometer in length, to follow up next field
season,†said Shawn Ryan, Technical Adviser to Labrador Gold. “We are
now compiling all the data gathered from the past 2 field seasons which
includes over 11,000 soils, 400 + rocks, geological and structural
mapping. This will be interpreted using the recent Geological Survey of
Canada airborne magnetic survey flown last year, along with the
historical magnetic surveys in the area. A detailed target
Interpretation map will be completed in the next three weeks which will
help rank anomalies for our Phase Three Summer 2019 follow up program.â€
The
company also announces that its major shareholder, Plethora Precious
Metals Fund (‘Plethoraâ€) has exercised 3,125,000 warrants. Plethora now
holds 9,750,000 shares of the company representing 17.45% of the issued
and outstanding shares. We appreciate the continued support of Plethora
and their confidence in the exploration strategy of our technical team.
Plethora’s principal, Douwe Van Hees, is not a related party of the
Company.
All samples were dried in the field
before being shipped to the Bureau Veritas preparation laboratory in
Timmins, Ontario, with analyses completed at the Vancouver laboratory.
Samples were analyzed for gold and another 36 elements by ICP-MS
(inductively coupled plasma-mass spectrometry) following an aqua regia
digestion. 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 Hopedale 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 896 square kilometre
(km2) Ashuanipi property in northwest Labrador and the Hopedale (458 km2) property in eastern Labrador.
The
Hopedale property covers much of the Hunt River and Florence Lake
greenstone belts that stretch over 80 km. The belts are typical of
greenstone belts around the world but have 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 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.
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 18th 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 56,264,022 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
@LabGoldCorp
