District Scale Exploration in Labrador
Exploring the Kingsway Project on Trend with NewFoundGold Discovery
Labrador Gold: District Scale Discovery Potential
- The Kingsway Gold Project
- Directly on strike from the “Keats zone” (92.9 g/t over 19m) which was drilled by New Found Gold
- Actively exploring along strike from the New Found Gold discovery near Gander, Newfoundland
- Announced Drilling October 2020
- Covers over 16km of the potential Appleton fault zone extension.
- The fault zone is associated with New Found Gold’s Queensway project to the South.
- Initiated CSAMT survey October of 2020 targeting a number of highly prospective gold anomalies
- Experienced exploration success in finding gold deposits - (>17 million oz)
- Shawn Ryan
- Roger Moss
- Large under-explored properties, including the major portion of two greenstone belts
- Potential for discovery of new gold district(s)
- Notable shareholders:
- Rob McEwen (participated in the latest Private Placement)
- Shawn Ryan (Participated in the latest Private Placement)
- Palisades Goldcorp (New Found Gold insider)
Stichting Depositary Plethora Precious Metals Fund
- Plethora now owns or controls an aggregate 7,463,000 common shares, and 2,600,000 common share purchase warrants, representing 10.49% of the issued and outstanding common shares on a partially diluted basis.
- On an undiluted basis, Plethora’s ownership after the Acquisition represents 8.00% of the Company’s issued and outstanding common shares.
Projects in 2020
- Aggressive exploration campaign on Kingsway Project.
- Ground Mag-VLF-EM surveys on claim blocks to identify prospective structures.
- Detailed soil sampling program over both claim blocks to check for gold anomalies associated with structures defined by Mag-VLF-EM.
- The association of gold in soil anomalies with structures interpreted from Mag/VLF-EM data would constitute targets for a first phase drill program
- Appleton Fault Zone appears to be a major control of gold in the district
- Excellent potential for gold mineralization
- Significant anomalies found in all media sampled along the northwards extension of the Fault Zone
- Soil sampling in the region has led to the discovery of many of the gold occurrences in the region.
- Prospective areas for gold cover a 45km by 15km regional till and vegetation sampling program conducted over 3 years.
- Discovered a new gold showing north of the Thurber Dog gold occurrence, grab samples from which assayed between 1.67 and 8.26 g/t Au.
- The Thurber Dog gold occurrence has assays in grab and channel samples from below detection up to 7.866 g/t Au, with 5 samples greater than 1 g/t Au and 16 samples assaying greater than 0.1 g/t Au.
- The discovery extends the potential strike length of gold mineralization by approximately 500 metres along strike to the north.
- The new showing occurs within a larger 3km trend of anomalous gold in rock and soil associated with the contact between mafic/ultramafic volcanic rocks and felsic volcanic rocks.
Exploration at Hopedale during 2020 will focus on determining the extent of the Thurber Dog mineralized trend. Such work would aim to fill in the gaps between showings over the three-kilometre strike length with sampling and VLF-EM surveys. LabGold also intends to carry out an initial drill program targeting prospective areas along this trend, including the new showing.
Ashuanipi Project Highlights
- Discovered a gold enriched zone near a high grade (8,973ppb) soil sample taken in 2018.
- The zone is defined by anomalous gold in both soil (below detection up to 1,746ppb Au and including 12 samples over 100ppb Au) and grab rock samples (below detection up to 2.35 g/t Au) that cover an area of 450 metres by 450 metres.
- A second area of gold mineralization associated with garnet-bearing gossanous gneiss also shows potential.
- Grab rock samples show values from below detection to 0.68 g/t Au with 10 samples showing values greater than 0.1 g/t Au over an area of 200m by 120m within a larger anomalous area of gold in soil samples.
LabGold’s 2020 priority at Ashuanipi is to reach an agreement with the Matimekush-Lac John First Nation to enable continued exploration of the property.
Projects - District Scale Discovery Potential
- Kingsway consists of 264 claims in two claim licenses covering approximately 66 square kilometres.
- Kingsway is located approximately 18km northwest of the town of Gander, Newfoundland.
- Infrastructure is excellent with road access to the project off the Trans Canada Highway, nearby railroad and power and plentiful water.
- Option to earn 100% ownership subject to cash, share payments, work commitment and 1% royalty.
Exploration targeting epizonal gold deposits associated with regional scale structures in Ordovician sedimentary rocks of the Davidsville Group. Approximately 16km strike length of the crustal scale Appleton Fault Zone that is associated with many of the gold showings in the region. Significant gold anomalies, many of them associated with the Appleton Fault Zone have been found in all sample media.
- Eight high gold potential areas for follow up
- Covers approximately 33km of prospective stratigraphy
- Gold in rock values up to11.4 g/t Gold in soil values up to 2.2 g/t
- Anomalous gold in rock and soil over 5km at Thurber Dog, 4.8km at Misery and 4km at Jasmine
- Follow up by detailed geological mapping, rock sampling and magnetic VLF Surveys of high potential areas
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the 2017 reconnaissance exploration program following up the lake sediment anomalies show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend. The anomalies appear to be broadly associated with magnetic highs and do not show any correlation with specific rock types on a regional scale (see news release dated January 18th 2018). This suggests a possible structural control on the localization of the gold anomalies