- Labrador Gold (LAB) has doubled its drill program to 100,000 m at its Kingsway Project in Newfoundland
- The company plans to explore 111 targets
- A fifth rig is scheduled to begin drilling following receipt of permits
- The program increase is fully funded with cash on hand
- Labrador Gold is focused on the acquisition and exploration of prospective gold projects in eastern Canada
- Labrador Gold (LAB) is up by 9.21 per cent trading at $0.83 per share
Labrador Gold (LAB) has doubled its drill program to 100,000 m at its Kingsway Project in Newfoundland.
Kingsway is located in the Central Newfoundland Gold Belt.
Four diamond drill rigs are currently operating with a fifth scheduled to start following receipt of permits. The company submitted applications for 111 drill holes late last year and expects approvals in early March.
Drilling will continue to test Big Vein along strike and down plunge, as well as the Pristine Target, where early drilling is encouraging. Golden Glove, where grab samples assayed from 2.16 to 338.08 g/t gold, is also a prime target for Q1 drilling. In addition, Labrador will test numerous targets developing along the Appleton Fault Zone.
The program increase is fully funded by cash on hand.
“We continue to be excited by the prospectivity of the Appleton Fault Zone at Kingsway and that was a key factor in deciding to increase the size of the drilling program. Not only do we expect to develop the targets we already have to the drilling stage, but we are also confident that we will uncover more as we continue to follow our exploration strategy proven over 18 months of work at Kingsway,” stated Roger Moss, Labrador’s President and CEO.
“In addition to the outstanding assays from our drilling, we are still waiting for many soil and rock assays from the regional work carried out along the Appleton fault during 2021. We expect that some of these assays will enhance our current targets and perhaps hint at new ones that we can develop going forward,” he added.
Labrador Gold is focused on the acquisition and exploration of prospective gold projects in eastern Canada.
Labrador Gold (LAB) is up by 9.21 per cent trading at $0.83 per share as of 9:30 am EST.