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Be the first with the news that moves the market- Labrador Gold (LAB) has reported positive initial results from a soil sampling program at its Kingsway property in Newfoundland and Labrador
- The program was completed with a total of 7,740 samples collected over 16 grids, which were sent to Eastern Analytical Laboratory in Springdale
- Gold concentrations have been reported at up to 2.2 grams per tonne, with 50 samples in excess of 0.1 grams per tonne of gold
- The results have already led to the discovery of a shear zone with significant quartz veining next to the Appleton Fault Zone
- Labrador Gold (LAB) is currently up 7.14 per cent and is trading at C$0.45 per share at 2:41pm EDT
Labrador Gold (LAB) has reported positive initial results from a soil sampling program at its Kingsway property in Newfoundland and Labrador.
Located roughly 18 kilometres northwest of the town of Gander, the property covers 77 square kilometres and consists of 264 claims over two separate licenses within the highly prospective Gander Gold Belt.
The Kingsway property also lies directly next to New Found Gold’s Queensway Project, where exploration recently resulted in a drilling intercept of 41.2 grams per tonne of gold over 4.25 metres.
Labrador Gold launched the soil sampling program in early August, which has now been completed with 7,740 samples collected over 16 grids. These results were shipped to Eastern Analytical Laboratory in Springdale, Newfoundland, for preparation with analyses completed at theBureau Veritas laboratory in Vancouver.
The results show gold concentrations of up to 2.2 grams per tonne, with 50 samples in excess of 0.1 grams per tonne of gold.
A number of these samples were collected adjacent to the Appleton Fault Zone over a distance of 2.1 kilometres, thought to be coincident with a shear zone that extends more than 2.5 kilometres based on previous field observations. Labrador is currently conducting extensive additional sampling along this shear zone.
Roger Moss, President and CEO of Labrador Gold, said the initial soil sampling results have confirmed and expanded on the results of historical work.
“We are pleased to see the gold in soil anomalies trending along the Appleton Fault Zone and associated structures that are key to the localisation of gold in the district.
“Follow up of the soil anomalies has already resulted in the discovery of a shear zone with significant quartz veining adjacent to the Appleton Fault Zone,” he added.
Labrador Gold (LAB) is currently up 7.14 per cent to C$0.45 per share at 2:41pm EDT.
