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Be the first with the news that moves the market- Labrador Gold (TSXV:LAB) has updated its exploration outlook for the Kingsway project in Labrador
- The company is planning a soil sampling and electro-magnetic mapping program for the spring
- Labrador Gold assayed a boulder on the property, which returned 168 grams per tonne gold
- Labrador received the option to acquire 100 per cent of the Kingsway project in March
- Labrador Gold (LAB) is up 5.4 per cent, with shares trading at C$0.195 and a market cap of $11 million
Labrador Gold (TSXV:LAB) has released an update on exploration at the company’s Kingsway Project in Labrador
Labrador received the option to acquire 100 per cent of the Kingsway project in March, and has been working since then to compile as much data as it can find on the property.
Labrador has been exploring Kingsway for the past 4 years.
A substantial amount of historic work has been conducted at Kingsway, returning till samples containing gold grains.
At the site, Labrador assayed a sub-angular boulder of quartz containing visible gold recovered from a trench that assayed for 168 grams per tonne gold.
The two claims that cover the Kingsway property cover 14 kilometres of strike length along the Appleton fault zone.
This zone includes the latest discovery on New Found Gold’s Queensway project just south of Labrador’s property. At Queensway, New Found intersected an impressive 92.86 grams per tonne gold over 19 metres.
CEO and President of Labrador, Roger Moss outlined the company’s hopes for the project, as well as the planned exploration work.
“Historical exploration and more recent work has clearly demonstrated the potential of the Kingsway project for the discovery of orogenic gold deposits associated with deep seated structures.
“Detailed soil sampling combined with ground magnetic and VLF-EM are planned for the coming field season to define targets for subsequent drill testing. In the meantime, compilation and interpretation of the historical work continues to define the most prospective areas for successful follow up,” he said.
Labrador Gold (TSXV:LAB) is trading up 5.4 per cent to $0.195 per share at 2:06 pm EDT.
