VANCOUVER, BC, March 1, 2018 – Labrador Gold Corp. (TSX-V: LAB) (“Labrador Gold” or the “Company”) is pleased to announce the latest results of sample assays from the Hopedale Gold Project in Labrador. Rock samples from the Florence Lake Greenstone Belt (FLGB) assayed up to 7.87 g/t Au and confirm historical results from the northern portion of the belt in the Thurber Dog area.
The Company’s reconnaissance exploration program in the FLGB, one of two greenstone belts comprising the Hopedale project, consisted of soil and lake sediment sampling in addition to prospecting. Results of the soil and lake sediment sampling demonstrated the potential for gold mineralization along the entire length of the FLGB with anomalous gold in soil samples found over an approximately 40 kilometre strike length of the belt (see News Release dated January 25, 2018).
Initial prospecting during the exploration program collected 35 rock samples with subsequent assays indicating a gold content up to 7.87 g/tonne (range <5ppb to 7.87) in a composite grab sample from carbonatized ultramafic rock. Labrador Gold’s data, combined with results of work during the 80s and 90s, show a trend of significant gold anomalies in rocks and soils stretching over a 3km strike length that encompasses the known Thurber Dog gold showings. In addition to the gold values found by Labrador Gold, highlights of historical data include grades of 3.97 g/t Au in a 5m chip channel sample of a quartz carbonate vein with 4.1 g/t Au in a sample from the wall rock to the vein and 1.89 g/t Au in 6m chip channel sample through a quartz vein containing arsenopyrite (see maps at https://www.labradorgold.com/portfolio/hopedale/).
Highlights of Labrador Gold and historical assays of rock samples from the FLGB
|Sample Number||Northing||Easting||Au (g/t)||Sample Description||Sample Type||Source|
|1583294||654642||6109972||5.83||Semi-massive arsenopyrite in quartz-carbonate vein with pyrite stringers near vein margin||Grab||A|
|1583297||654456||6109674||0.66||Talc-carbonate ultramafic schist with mm scale quartz-carbonate veinlets and 0.5 to 1% arsenopyrite||Grab||A|
|1583298||654642||6109972||7.87||Quartz-carbonate veins in mafic/ultramafic schist with 0.5% arsenopyrite and trace pyrite||Composite grab||A|
|1583300||654742||6111930||0.32||Magnesite altered ultramafic rock with minor fuchsite and 1% pyrite as disseminations and stringers||Grab||A|
|1583302||654457||6109594||0.47||Talc-carbonate ultramafic/mafic with mm scale quartz-carbonate veinlets and traces disseminated pyrite||Composite Grab||A|
|AD110||654829||6112204||1.80||Pink-red schistose to massive ultramafic, pyrite||Grab||B|
|AD121||654637||6109979||7.50||Arsenopyrite in quartz vein||Grab||B|
|AD128||654763||6111560||1.10||Oxidized siliceous zone with minor pyrite||Grab||B|
|AD134||654637||6109992||1.89||Arsenopyrite in quartz vein||6m chip channel||B|
|112916||654825||6112150||3.18||Semi-massive pyrite with arsenopyrite +/- covellite||Grab||C|
|112917||654840||6112200||2.94||Chloritic metavolcanic schist with quartz-carbonate veins containing semi-massive pyrite & arsenopyrite||Grab||C|
|112918||654840||6112250||2.66||Chloritic metavolcanic schist with quartz-carbonate veins and semi-massive pyrite & arsenopyrite||Grab||C|
|28761||654478||6109809||3.97||Quartz-carbonate vein in sheared, carbonatized mafic/ultramafic schist locally with arsenopyrite and minor pyrite/chalcopyrite (<5%)||5m chip channel||C|
|28766||654478||6109809||4.06||Wall rock sample from 28761 site; carbonatized mafic/ultramafic schist with 2% arsenopyrite||Grab||C|
|LB02692||654672||6112174||3.80||Rusty pyritized fault tectonized mafic, intensely carbonatized with up to 2% pyrite||Grab||D|
Sources: A. Labrador Gold this release B. Cornerstone Ventures, 2004 C. Tapestry Ventures, 1997 D. Falconbridge, 1993. Note: grab samples are selected samples and are not representative of the mineralization hosted on the property.
Gold is typically associated with quartz-carbonate veins in carbonatized ultramafic metavolcanic rocks accompanied by arsenopyrite and pyrite. Felsic metavolcanic rocks, commonly altered to quartz-sericite schist, that occur adjacent to the ultramafic rocks also host gold mineralization in places.
“The occurrence of gold mineralization in intensely carbonatized ultramafic rocks over a 3 kilometre strike length, together with soil anomalies over the same altered rocks to the south demonstrates the gold potential of the entire belt. The alteration, structure and lithologies found in the Florence Lake Greenstone Belt are similar to those of prolific gold camps in greenstone belts elsewhere in Canada,” said Roger Moss, Chief Executive Officer of Labrador Gold. “We are very fortunate to easily access historical data on the Newfoundland and Labrador Government’s GeoScience OnLine site. This information has saved us time in selecting targets for the coming field season and contributed significantly to our current understanding of the potential of the belt.”
Integration of airborne magnetics currently underway with the results of 2017 and historical work will enable further refinement of anomalies allowing for a focused follow up program of soil geochemistry, mapping and sampling during 2018 with the aim of generating targets for drilling in the third quarter. In addition, detailed mapping and sampling will be undertaken in the Thurber Dog area in the northern portion of the belt.
Rock samples were placed in a plastic sample bag along with a sample tag and bags were sealed with a single use tie. All samples were securely stored prior to shipping to Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by fire assay with an atomic absorption spectrometry finish (Code FA430) with 36 other elements analyzed by ultra trace inductively coupled plasma – mass spectrometry (Code AQ215). Due to the early stage nature of the program, the Company relied on Bureau Veritas’ lab standards, blanks and duplicates.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.