- Labrador Gold (LAB) has received approval for mineral exploration at its Kingsway property in Newfoundland and Labrador
- The permit was issued by the Department of Natural Resources and is valid until July 22, 2021
- The company will use a combination of soil sampling and magnetic geophysical surveys to follow up on known anomalies and identify drill targets
- It’s expected that up to 10,000 soil samples and 250 kilometres of magnetic surveys will be carried out on the property
- Labrador Gold (LAB) is currently up 13.33 per cent and is trading at C$0.51 per share
Labrador Gold (LAB) has received approval for mineral exploration at its Kingsway property in Newfoundland and Labrador.
Located roughly 18 kilometres northwest of the town of Gander, the property covers 66 square kilometres and consists of 264 claims over two separate licenses.
The permit was issued by the Department of Natural Resources and is valid until July 22, 2021. As such, Labrador Gold will now begin to mobilised field crews ahead of the program’s commencement.
A program has been designed to leverage the company’s existing geochemical database and will follow up on previously identified anomalies to identify high-priority drill targets.
Labrador Gold will use a combination of soil sampling and magnetic geophysical surveys, focusing on a three-kilometre anomaly within a quartz vein boulder that previously returned 168 grams per tonne of gold.
This anomaly runs along an interpreted trace of the Appleton fault zone, and represents a potential drill target.
It’s expected that up to 10,000 soil samples will be collected, along with 250 kilometres of magnetic surveys, which together with detailed geological mapping will be used to plan an initial drill program scheduled for later this year.
Roger Moss, President and CEO of Labrador Gold, said he is excited to receive the go-ahead for the proposed program at the Kingsway property.
“Due to our database and our research over the last four months we have a very good idea of where to focus our efforts to maximum effect to aggressively advance the Kingsway property to the drill stage.
“We anticipate an exciting field season exploring for Fosterville-style gold mineralisation in the Gander gold district,” he added.
Labrador Gold (LAB) is up 13.33 per cent and is trading at C$0.51 per share at 11:56am EDT.