Labrador Gold (TSXV:LAB), has reported data from its ongoing diamond drilling program at its wholly-owned Kingsway Project, aimed at exploring the Appleton Fault Zone. The company has completed nearly 85,000 metres of the scheduled 100,000-metre drilling initiative. Assays for approximately 6,100 metres of core samples are still pending.
Roger Moss, President and CEO of LabGold commented in a press release: “During the first phase of drilling at DropKick we demonstrated the presence of near-surface gold over significant widths while increasing the strike length of known mineralization which remains open along strike in both directions. Further drilling is required to demonstrate the true potential of this discovery. Planning is currently underway for drilling in The Gap, between Big Vein and Pristine, and to the south of Big Vein towards the recent Knobby discovery. The drilling of targets in these areas is expected to begin before the end of the month. We are excited to start filling in the gaps between the four discoveries made along a 7-kilometre section of the Appleton Fault Zone at Kingsway.”
The first stage of drilling at the DropKick site revealed notable near-surface gold mineralization. Specifically, Hole K-23-248 yielded 1.81 grams per tonne (g/t) of gold over 20.15 metres from a 50-metre depth, which included a 4.5-metre segment grading at 4.14 g/t. Hole K-23-245 also intersected near-surface intervals, with 1.77g/t Au over 5.15 metres from 31.85 metres downhole. Additional drilling data extended the known mineralized area at DropKick to over 360 metres in strike length, which remains open in both directions. Twelve out of 15 drilled holes at DropKick showed gold mineralization, with four containing visible gold.
In the Pristine area, follow-up drilling resulted in an intersection grading at 1.05g/t Au over 11 metres from 90 metres in Hole K-23-276 and 1.28g/t Au over 6.18 metres from 66.47 metres in Hole K-23-272. Mineralization at Pristine mostly occurs above an 86-metre vertical depth and extends over a strike length of about 160 metres.
At the Big Vein site, ongoing drilling intersected 2.76g/t Au over 8.97 metres from 233.56 metres, including a segment that graded at 7.04g/t over 3.09 metres in Hole K-23-278.
The company reported having roughly $10 million in cash, which is expected to cover the remaining 15,000 metres of the planned drilling program and additional exploration.
Highlights from the results are as follows:
|Hole ID||From (m)||To (m)||Interval (m)||Au (g/t)||Zone|
Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.
|Hole ID||Easting||Northing||Elevation||Azimuth||Inclination||Total Depth|
Table 2. Drill hole collar details