- Labrador Gold Corp. (TSXV:LAB) has exercised its option two years early to earn 100 per cent of the three licences comprising the Kingsway project near Gander, Newfoundland
- The Kingsway project is located in the highly prospective central Newfoundland gold belt
- The Kingsway Property consists of three licences 027636M and 027637M which were optioned in March 2020 and 023940M optioned in July 2020
- The company now owns a 100 per cent undivided interest in licence 023940M
- Expenditure target payments of $750,000 for each $10 million in exploration expenditures up to $30 million
- Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada
- Shares of Labrador Gold Corp. were up 8.00 per cent, trading at $0.54 at 3:27 PM ET
Labrador Gold (LAB) has exercised its option two years early to earn 100 per cent of the three licences comprising the Kingsway project near Gander, Newfoundland.
The Kingsway project is located in the highly prospective central Newfoundland gold belt.
The Kingsway Property consists of three licences 027636M and 027637M which were optioned in March 2020 and 023940M optioned in July 2020.
Together these three licences cover approximately 12km of the Appleton Fault Zone along which prospecting and drilling over the past two years by LabGold and New Found Gold has resulted in the discovery of numerous near-surface high-grade gold occurrences.
Given the prolific nature of this fault zone and the continued success of the company’s exploration of the property, the Board agreed to accelerate the option payments to acquire the 100 per cent interest.
“Acquiring the 100 per cent interest in the property two years earlier than required shows the confidence we have that there is more to come from Kingsway, and we are excited to continue exploring the entire 12km strike length of the Appleton Fault Zone,” stated Roger Moss, President and CEO of Labrador.
The company now owns a 100 per cent undivided interest in licence 023940M.
The company also owns a 100 per cent undivided interest in licences 027636M and 027637M subject to a 1.0 per cent net smelter returns royalty plus $1 per ounce of gold in the measured and indicated mineral resource categories established in a national instrument 43-101 technical report for the development of the property.
Expenditure target payments of $750,000 for each $10 million in exploration expenditures up to $30 million.
Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
Shares of Labrador Gold Corp. were up 8.00 per cent, trading at $0.54 at 3:27 PM ET.
