- Labrador Gold (LAB) receives drill permit for Golden Glove and mobilizes fifth drill rig
- The Kingsway project is located in the highly prospective central Newfoundland gold belt
- The mineralization consists of visible gold in an outcrop of quartz vein hosted in shales
- This will be the first drilling on the east side of the fault on the Kingsway Property
- With the addition of the fifth drill rig, LabGold now has five drills on site, two drilling at Big Vein, two drilling at the Pristine Target
- Labrador Gold Corp. (LAB) is down 1.22 per cent, trading at C$0.81 at 12:48 pm EST
Labrador Gold Corp. (LAB) has received a diamond drill permit for the Golden Glove target at its Kingsway project near Gander, Newfoundland.
It has mobilized a fifth diamond drill to start the drilling as soon as possible. The Kingsway project is located in the highly prospective central Newfoundland gold belt.
Gold mineralization was discovered at Golden Glove during the fall of 2021. The mineralization consists of visible gold in an outcrop of quartz vein hosted in shales.
Assays of grab samples from the quartz vein range from 2.99 to 338.08 g/t Au and include assays of 194.28 g/t, 193.69 g/t and 83.61 g/t Au.
This represented the second discovery of high-grade gold at, or near, the surface along the Appleton Fault Zone after Big Vein.
While there are many similarities between the mineralization at Golden Glove and Big Vein, a significant difference is that while Big Vein occurs on the west side of the Appleton Fault, Golden Glove is situated on the East Side.
This will be the first drilling on the east side of the fault on the Kingsway Property.
With the addition of the fifth drill rig, LabGold now has five drills on-site, two drilling at Big Vein, two drilling at the Pristine Target and the fifth starting soon at Golden Glove.
“We are very excited about the start of drilling at Golden Glove, not only because of the high-grade samples recovered from the outcrop but also because we are drilling on the east side of the Appleton Fault Zone,” said Roger Moss, President and CEO of the company.
“We know from results of drilling at New Found Gold’s Queensway Project that the east side of the fault seems to produce higher grade and longer intervals than the west side,” added Moss.
Samples are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay.
Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with ICP finish with samples containing visible gold assayed by metallic screen/fire assay.
It submits blanks and certified reference standards at a rate of approximately 5 per cent of the total samples in each batch.
Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100 per cent interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway.
Infrastructure in the area is located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.
LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results.
Labrador Gold Corp. (LAB) is down 1.22 per cent, trading at C$0.81 at 12:48 pm EST.
