- Labrador Gold (LAB, NKOSF) has announced an update on its Kingsway Gold project near Gander, Newfoundland
- Diamond drilling is underway at the project, which is located in the highly prospective Gander Gold District
- The first hole intersected two zones with significant quartz veining and sulphide mineralization
- The company said the presence of vuggy quartz, styolites, arsenopryite and potentially boulangerite indicate Labrador Gold is in the right epizonal gold system
- Shares of Labrador Gold were up 3.70 per cent to C$0.56 as of 3:59 p.m. EDT
Labrador Gold (LAB) has announced that diamond drilling is currently underway at its Kingsway Gold project close to Gander, Newfoundland.
The project, which is 100 per cent owned by the company, is located in the highly prospective Gander Gold District and close to New Found Gold's Queensway Project.
The first hole intersected two zones with significant quartz veining and sulphide mineralization.
Additionally, a 20 metre mineralized zone containing quartz breccia, scattered quartz-carbonate veinlets and frequent decimeter-scale quartz veining with associated fine grained pyrite and arsenopyrite, was intersected between 43 and 63 metres downhole.
“Our drilling program is off to an encouraging start with the first hole intersecting two zones with significant quartz veining and sulphide mineralization,” Roger Moss, pesident and CEO of Labrador Gold, said in a release. “The presence of the vuggy quartz, stylolites, arsenopyrite and possible boulangerite are all indications that we are in the targeted epizonal gold system.”
The company acquired the option to earn 100 per cent interest in the Kingsway project in March 2020. By July of last year, Labrador Gold signed an option agreement to acquire a third license to add to the property package, which now spans roughly 77 square kilometres
With its offices in Toronto, Ontario, Labrador Gold is a mineral exploration company focused on acquiring prospective gold projects in eastern Canada.
While the company is advancing the Kingsway Gold Project, Labrador Gold also has the Ashuanipi Project, Hopedale Project and Borden Lake Project under its belt.
Shares of Labrador Gold were up 3.70 per cent to C$0.56 as of 3:59 p.m. EDT.