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Labrador Gold Doubles Number of Drill Rigs to Four and Increases Drilling Program to 50,000 Metres at Kingsway
TORONTO, June 17, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V: LAB | OTCQX: NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that i
About this update from Labrador Gold Corp
[{"type":"text","content":" TORONTO, June 17, 2021 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V: LAB | OTCQX: NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that it is expanding the current drill program from 20,000 metres to 50,000 metres and plans to increase the number of drill rigs to four. Highlights The decision to increase the current drill program to 50,000 metres was made following a review of the multiple targets along the 7.5 km quartz vein corridor adjacent to the 12 km strike length of the Appleton Fault Zone. Approximately 4,000 metres of drilling has been completed at Big Vein. The Company currently has $36 million in working capital and is well funded for the expanded program. The core facility has been upgraded to meet the demands of the increased program. Assay results from two holes containing visible gold are expected in the coming weeks. “We are very encouraged by the initial results of our drilling at Kingsway and feel like we are on the cusp of a discovery”, said Roger Moss, President and CEO of LabGold. “The additional drills will enable more rapid testing of the high-grade target at Big Vein as well as along the enclosing quartz vein corridor that shows multiple areas requiring follow up drilling. We expect an exciting summer at Kingsway with good news flow on results from drilling and systematic exploration along the Appleton Fault Zone.” Qualified Person Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release. The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property. About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada and is well capitalized to fund its exploration with working capital of approximately $36 million. In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximat...