Labrador Gold Announces Results of Summer Field Work at the Hopedale Project Including 32.32g/t Au at The North End of the 3km Thurber Gold Trend

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6)

(“LabGold” or the “Company”) is pleased to announce the results of the 2024 exploration program at its 100% owned Hopedale Project in Labrador. The district scale Hopedale property covers a 43km strike length of the Archean-age Florence Lake greenstone belt which has characteristics typical of greenstone belts around the world but has been underexplored by comparison.

Highlights

• Thurber North
  • High grade gold value of 32.32g/t and anomalous value of 0.81g/t at the north end of the 3km Thurber gold trend
• Thurber Boundary occurrence
  • Anomalous gold value of 0.9g/t and copper (349ppm) within an 850m long anomalous zone defined by historical sampling, including soil samples up to 1,568 ppb Au and rock samples up to 0.75g/t Au
  • Indicates potential to extend the Thurber Gold trend a further 1.5km north
• Fire Ant gold occurrence
  • High-grade gold of 9.35g/t and anomalous values of 0.3g/t and 0.19g/t Au with 10.8g/t Ag in rock grab samples close to a 2023 high grade sample grading 106g/t Au and 20.4g/t Ag
  • Gold mineralization now traced over an area of 250 metres by 270 metres along the contact of ultramafic volcanic rocks and gossanous felsic volcanic rocks
• Jasmine Occurrence
  • Ground electromagnetics show an approximately 400m long conductor adjacent to a sample of semi massive sulphide grading 0.97% Zn and 0.25% Cu within a 1.5km trend of anomalous Cu-Zn in rock and soil
• Stone Fly Occurrence
  • New copper occurrence with 0.55% Cu and anomalous gold (0.1 to 0.2g/t)
• Fourteen occurrences now identified on the Hopedale project reflecting multiple mineralization styles including orogenic gold, magmatic Ni sulphide, copper-silver vein and Zn-rich volcanogenic massive sulphide (Figure 1.)

Prospecting along the Thurber gold trend during 2024 continued to highlight the significant potential of the area. The highest-grade sample of 32.32g/t Au yet collected along the trend was found at Thurber North, and anomalous samples of 0.96g/t Au and 0.5g/t Au were collected approximately 150m north of TD500 and 100m south of Thurber North, respectively (Figure 2).

The three-kilometre trend is defined by four significant gold occurrences surrounded by anomalous gold in rock and soil samples (Figure 2) that occur along the contact of intensely carbonate altered ultramafic volcanic rocks and altered felsic or mafic volcanic rocks.

A sample grading 0.93g/t Au was collected from the Thurber Boundary area approximately 1.5 kilometres north of Thurber North. Thurber Boundary is defined by soil samples up to 1,568 ppb Au, including five greater than 500ppb, and previous rock samples up to 0.75g/t Au. These anomalous samples extend over 850 metres from the northern property boundary southwestward towards Thurber North and indicate the potential to extend the Thurber gold trend to the property boundary.

“The district scale Hopedale project, stretching over 43km, continues to demonstrate the potential we expect from an Archean greenstone belt. The three-kilometre-long Thurber gold trend, with the potential to extend it an additional 1.5km to the property boundary, is the most prospective area found to date, and has drill ready targets at TD500 and Thurber Dog. Gold and base metal occurrences found by LabGold to the south are also encouraging and indicate the diversity of mineralization styles that can occur in a greenstone belt environment” said Roger Moss, President and CEO. “While work has continued at Hopedale, we are also reviewing advanced stage gold projects for potential acquisition and continue to narrow down potential candidates.”

Figure 1. Location of the nickel, copper, gold and zinc occurrences on the Hopedale Property.

Figure 2. Gold and copper potential of the Thurber license, north Florence Lake greenstone belt.

Figure 3. Cu-Zn Geochemistry and EM conductors in the Jasmine area.

Table 1. Highlights of rock sample assays from 2024 exploration program. Note that grab samples are selective samples and may not be representative of the mineralization found on the property.

QA/QC

Rock samples comprise grab samples, which are selective samples and not necessarily representative of mineralization found on the property. Samples were securely stored prior to shipping to analytical labs for assay. Rock samples were assayed at Eastern Analytical Laboratory in Springdale, an ISO/IEC17025 accredited laboratory for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. The company submits blanks and certified reference standards amounting to 5% of each sample batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ 2023 Junior Exploration Assistance (JEA) Program and the Atlantic Canada Opportunities Agency’s Critical Minerals Assistance for its financial support for exploration of the Hopedale property.

About Labrador Gold

Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The Company has approximately $6 million in working capital and holds 5,263,157 common shares of New Found Gold currently valued at approximately $18.2 million.

The Hopedale property covers much of the Archean-age Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt. Five gold occurrences lie along this trend, four of which Thurber Boundary, Thurber North, TD500 and Thurber South were discovered by LabGold. Anomalous gold in soil and lake sediment samples also occur over approximately 40 km along the southern section of the greenstone belt. LabGold’s recent exploration has also demonstrated the potential for the critical metals copper, nickel and cobalt in the belt.

The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:
Roger Moss, President and CEO        
Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
X @LabGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

A photo accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/13be3da2-5d95-43ac-a1cf-5e63cf0d3607

https://www.globenewswire.com/NewsRoom/AttachmentNg/c55d8cd0-0d99-4ee3-8a77-551ae98113cc

https://www.globenewswire.com/NewsRoom/AttachmentNg/a750d1f3-0999-4e1b-b6d2-352a8b2ee869

CBJ Newsmakers