- Two regional scale gold in soil and lake sediment anomalies trending 15km north-south and 14km east-west
- The property covers 892 square km of ground prospective for gold.
- 7,458 soil samples were taken on 18 grids at a 100m line spacing and 25m sample spacing across the Ashuanipi north claim block.
- Results of analyses show significant gold anomalies in all but two of the 18 grids and confirm the 15km north-south anomalous trend
VANCOUVER, British Columbia, Jan. 22, 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 Ashuanipi project in Labrador and Quebec. The exploration
program at Ashuanipi followed up on successful results of 2017 work that
outlined two regional scale gold in soil and lake sediment anomalies
trending 15km north-south and 14km east-west. The property covers 892
square kilometres of ground prospective for gold.
A
total of 7,458 soil samples were taken on 18 grids at a 100m line
spacing and 25m sample spacing across the Ashuanipi north claim block.
In addition, 61 reconnaissance soil lines were taken over claims staked
in Labrador and Quebec following the results of the 2017 work. Results
of analyses show significant gold anomalies in all but two of the 18
grids and confirm the 15km north-south anomalous trend (See figures at
www.labradorgold.com). Analyses of the soils range from below detection
limit, <0.5 parts per billion (ppb) to 8.97g/t Au, with 67 samples
containing more than 0.1g/t Au and three samples containing more than
1g/t Au in the soil. In addition, 749 soil samples with gold
concentrations greater than the 90th percentile are considered anomalous and require detailed follow up.
Gold
anomalies do not appear to correlate with specific rock types, at least
on a regional scale, but are often associated with magnetic highs which
may be indicative of a structural control on the location of the gold.
“Results
of the detailed soil sampling at Ashuanipi has confirmed the regional
nature of the gold anomalies and indicted specific areas where gold
values are elevated above 0.1g/t and possibly related to near surface
gold enrichment,†said Roger Moss, President and Chief Executive Officer
of Labrador Gold. “These anomalies enable us to focus our exploration
at specific sites along the regional anomaly to rapidly assess the
potential for gold mineralization. Work during the coming field season
will include detailed mapping, rock sampling and, if warranted, eventual
drill testing of these anomalous areas. We anticipate an exciting field
season at Ashuanipi tracking down the source of these significant gold
anomalies.â€
“Last year’s soil sampling
program further resolved the anomalous gold trend down to the 25-metre
scale,†added Shawn Ryan, Technical Advisor to Labrador Gold. “The size
and intensity of the gold targets clearly explain the large regional
gold in lake sediment anomaly and with 164 samples running over 50 ppb
Au, 67 samples over 100 ppb Au and a high of 8,973 ppb Au it appears
that we truly have a robust mineralized system. These areas will be the
focus of aggressive exploration next season to identify high quality
drill targets.â€
The company also announces
that its major shareholder, Plethora Precious Metals Fund (‘Plethoraâ€)
has exercised 3,125,000 warrants at an exercise price of $0.13. 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.
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.
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 55,864,022 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
