- Labrador Gold (LAB) is arranging for a second drill rig at its Kingsway Gold Project
- The company owns 100 per cent interest in the project, which is located within the highly prospective Gander Gold District in Newfoundland
- The company is planning to double the size of the drilling program from 10,000 metres to 20,000 metres
- The drilling will test the quartz vein corridor along strike to the northeast and southwest of Big Vein
- Shares of Labrador Gold are up 1.30 per cent on the day, trading at C$0.78 at 12:17 pm ET
Labrador Gold (LAB) is arranging for a second drill rig at its Kingsway Gold Project.
The company owns 100 per cent interest in the project, which is located near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District and along strike from New Found Gold’s high-grade Queensway Project.
The second diamond drill rig has been secured from the same company currently drilling the Big Vein target at the Kingsway project.
Labrador Gold is also planning to double the size of the drilling program from 10,000 metres to 20,000 metres to test the quartz vein corridor along strike to the northeast and southwest of Big Vein.
Following a slow start, primarily because of wet ground conditions due to the Spring thaw, production has picked up and hole six is now underway. The second drill rig was added to further increase production along the Big Vein target. The quartz vein corridor encompasses intermittent quartz vein outcrop over a strike length of 7.5 kilometres.
“Our drilling program is starting to hit its stride and we now feel comfortable adding a second drill to increase production along the Big Vein target. Our recently completed financing also enables us to increase the size of the drilling program to test compelling targets along the quartz vein corridor and the Appleton Fault Zone along strike from Big Vein,” said President and CEO of Labrador Gold Roger Moss.
The first samples from the drilling program were received for analysis on April 12.
Shares of Labrador Gold are up 1.30 per cent, trading at C$0.78 at 12:17 pm ET.