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Nikos Announces Option to Acquire Labrador Gold Properties from Shawn Ryan
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2017) - Nikos Explorations Ltd. (...
About this update from Labrador Gold Corp
[{"type":"text","content":"Nikos Announces Option to Acquire Labrador Gold Properties from Shawn RyanVancouver, British Columbia--(Newsfile Corp. - September 11, 2017) - Nikos Explorations Ltd. (TSXV: NIK) (\"Nikos\" or the \"Company\") is pleased to announce that it has signed a Letter of Intent (LOI) with Shawn Ryan to acquire gold properties in Labrador. The LOI gives the Company the option to acquire 100% of the 740 square kilometre (km2) Ashuanipi property in northwest Labrador as well as a right of first refusal for the Nain (503 km2) and Hopedale Greenstone (458 km2) properties in central Labrador. The Ashuanipi gold project is located just 35km from the historical iron ore mining community of Schefferville, which is linked by rail to 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. Recent regional geological mapping in the area by the Newfoundland and Labrador Geological Survey has highlighted the gold potential of the region and historical work 30km north on the Quebec side led to gold intersections of up to 2.23 grams per tonne (g/t) Au over 19.55 metres (not true width). Gold in both areas appears to be associated with metamorphosed iron formation. The Geological Survey of Canada has completed an airborne magnetic survey over the region that covers 70% of the existing Ashuanipi claims that will assist in screening potential iron formation targets for follow up. The Nain gold project comprises three claim blocks, two of which lie along the Nain-Churchill terrane boundary. One of the claim blocks, Sneegamook, has the largest and most intense gold in lake sediment anomalies in Labrador, but no known gold exploration has taken place in the area. The targets on the Nain project are orogenic gold mineralization, similar to that found in the Aucoin gold prospect to the north, which is also located at the terrane boundary.The Hopedale greenstone properties cover much of the Hopedale greenstone belt that stretches over 80km. The belt is typical of greenstone belts around the world, but has been seriously underexplored by comparison. Historical exploration did result in a gold showing of up to 4 g/t Au, but no significant gold exploration has been undertaken since the discovery. Description of OptionIn order for the Comp...