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Be the first with the news that moves the market- Labrador Gold (LAB) has launched an exploration program at the Kingsway property in Newfoundland and Labrador
- The company will initially focus on following up know gold anomalies an three licenses that were identified in previous work
- It’s expected that up to 10,000 soil samples and 250 kilometres of magnetic surveys will be carried out on the property
- The company received the necessary permits for the work from the Department of Natural Resources late last month
- Labrador Gold (LAB) is currently up 0.49 per cent and is trading at C$1.04 per share
Labrador Gold (LAB) has launched an exploration program at the Kingsway property in Newfoundland and Labrador.
Located roughly 18 kilometres northwest of the town of Gander, the property covers 66 square kilometres and consists of 264 claims over two separate licenses.
The company intends to initially focus on follow-up work at know gold anomalies on three licenses that were identified during earlier activities.
Soil sampling has already begun on a high-priority target which covers a three-kilometre-long anomaly of gold in heavy mineral concentrates and runs along the interpreted trace of the Appleton fault zone. Geological mapping and prospecting of anomalous areas is also underway.
Labrador Gold has planned to collect up to 10,000 soil samples and carry out 250 kilometres of ground magnetics across the Kingsway property, which is expected to take approximately six weeks to complete.
High-priority areas with known gold anomalies will be assessed first, the results of which will be used to plan a first phase drill program.
In addition to the field exploration program, Labrador Gold is working on a structural compilation of the district. This will enable the company to more effectively target specific regions for mapping and prospecting, based on a more thorough understanding of primary and secondary structures.
Roger Moss, President and CEO of Labrador Gold, said it feels good to get boots on the ground at Kingsway, which he believes is the most strategically located property in the Gander gold district.
“Our focus on soil geochemistry and magnetics and VLF to define structures and potential alteration zones is consistent with what has worked well in the past and we expect to generate numerous targets along the major structures for drill testing,” he added.
Labrador Gold received the necessary permits for the current exploration program late last month, which were issued by the Department of Natural Resources.
Labrador Gold (LAB) is currently up 0.49 per cent and is trading at C$1.04 per share at 11:04am EDT.
