Labrador Gold Intersects 31.86g/t over 0.45 Metres in Fourth Hole at New Dropkick Target 3.4 Kilometres Northeast of Big Vein

TORONTO, June 20, 2023 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the highly prospective Appleton Fault Zone. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.

Highlights of the initial drilling at Dropkick include an intersection of 1.97g/t Au over 9.45 metres from 198.55 metres including 3.13g/t over 5.45 metres and 31.86g/t over 0.45 metres that contained visible gold in Hole K-22-228B, just the fourth hole in the target. Hole K-23-227 intersected 1.15g/t Au over 4 metres from 123 metres and 1.06g/t over 5.27 metres from 130.73 metres. Hole K-23-224 intersected 1.74g/t Au over 5.07 metres from 170.93 metres including 2.72g/t over 3.16 metres. Dropkick is located approximately 3.4 kilometres northeast of Big Vein.

Ongoing drilling at Big Vein returned near surface gold values of 1.06g/t Au over 9.63 metres from 47.64 metres, including 2.28g/t over 2.26 metres in Hole K-23-225 and 3.66g/t Au over 1.04 metres from 11 metres in Hole K-23-221.

“We are very encouraged by the initial drilling at the new Dropkick target, especially given its distance from Big Vein. Dropkick is the fifth of six targets where drilling intersected significant gold mineralization, a testament to the highly prospective nature of the Appleton Fault Zone on the Kingsway property and the dedication of the LabGold team.” said Roger Moss, President and CEO of Labrador Gold Corp. “The five targets occur over a 7.3km long segment of the Appleton Fault Zone, but significant gaps still exist. We are optimistic that ongoing target development and drilling in these gaps will lead to further discoveries at Kingsway.”

Table 1. Summary of assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.

Figure 1. Plan map of Big Vein showing significant intersections.

Figure 2. LabGold occurrences along the Appleton Fault Zone

Almost 72,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 4,730 metres of core.

The Company has approximately $14 million in cash and is well funded to carry out the remaining 28,000 metres of the planned drill program as well as further exploration to add to the current pipeline of drill targets on the property.

Table 2. Drill hole collar details

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

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.

Upcoming Webinar

The Company is also pleased to announce that LabGold CEO, Roger Moss, will be presenting an exploration update on the Kingsway Project in a live webinar taking place on Tuesday, June 27 ^th at 9:30am PT / 12:30pm ET. To register for event please click the link below.

Registration Link: https://event.webinarjam.com/register/207/69q31fy4

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.

Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $14 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, 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 km along the southern section of the greenstone belt (see news release dated January 25 ^th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

@LabGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements .

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