- Labrador Gold (LAB) has announced the first intercepts of near-surface high-grade gold mineralization from its Kingsway Project
- The company intercepted 20.6 grams per ton (g/t) over 3.6 metres and 10.48 g/t over 2.4 metres in four drill holes at the Big Vein target
- The Big Vein target has been traced over 400 metres at surface along the Appleton Fault Zone
- Gold mineralization observed at the target includes six instances of visible gold with assay samples ranging from 1.87 g/to to 1,065 g/t gold
- Shares of Labrador Gold were up 5.17 per cent to C$1.22 as of 1:16 p.m. EDT.
Labrador Gold (LAB) has announced the first intercepts from its Kingsway Project in Newfoundland.
According to the press release, the company intersected 20.6 grams per ton (g/t) over 3.6 metres and 10.48 g/t over 2.4 metres at the Big Vein target.
The high-grade intersections included five particles of visible gold in quartz veins, which are usually vuggy and also contain stylolites with some gold particles percipitated in them.
“We are excited to announce these first near surface high-grade gold assays from our drilling at Big Vein, with assays for additional holes containing visible gold to come,” Roger Moss, president and CEO of Labrador Gold, said in a press release.
“Now that we have found the high-grade, we will focus on tracing it down plunge and search for the dilation zones where larger blowouts can be expected. With two drill rigs continuing to test Big Vein along strike we expect to rapidly follow up on these very encouraging results.”
The Big Vein target is an auriferous quartz vein exposed at surface which has traced over 400 metres at surface on the Appleton Fault zone, which sits within a northeast-southwest trending quartz vein corridor. This corridor goes beyond 7.5 kilometres and has the potential for expansion in both directions.
A 20,000-metre drill program is also in progress and has only tested Big Vein over an 80-metre strike length of the 400-metre surface exposure.
That being said, drilling has produced visible gold in four drill holes in addition to wide areas of gold mineralization tied to significant quartz veining.
Shares of Labrador Gold were up 5.17 per cent to C$1.22 as of 1:16 p.m. EDT.