Labrador Gold (LAB.V) announced they have mobilized a drill and field crew to its 100% controlled Kingsway Gold Project near Gander, Newfoundland.
LabGold expects to complete 10,000 meters of drilling in over 40 holes. They are targeting an area called the ‘Big Vein’ which, in an initial sampling, assayed from 1.87 g/t to 1,065 g/t of gold. The Big Vein target is an auriferous quartz vein exposed at surface that they have traced over 400 metres so far.
The quartz vein corridor is more than 5 km long, and there is another anomalous zone only a few kilometres away. There are five occurrences of visible gold in the quartz vein and up to 9,946 ppb gold in soil samples over 300m.
“The LabGold team is excited for the start of drilling at the high-grade gold target at Big Vein as we have been waiting for some time to follow up on our new discovery of visible gold late last year,” stated Roger Moss, President and CEO of Labrador Gold. “Our crew has worked hard to prepare for the start of the drill program, and as such I believe we should be drilling in a matter of days.”
Because LabGold doesn’t know the plunge of the high-grade mineralization, their plan is to drill at short, 12.5 meter step outs, northeast and southwest of where the visible gold is showing.
Labrador Gold owns three other major projects. The Ashuanipi Project, located in Labrador, 35 km southwest of Schefferville, Quebec, covers approximately 391 km². Grab samples have produced levels of gold up to 2.11 g/t Au. The Hopedale property, located 30 km from Hopedale, Labrador, where previous companies had reported values up to 7.5 g/t Au in the area. Finally, the Borden Lake Extension property, located 16km east of the town of Chapleau, Ontario is LabGold’s most accessible project, although more exploration of the area is needed.
Following the news of their deployment of their field team, the stock price did not move significantly.