Labrador Gold Corp. (TSXV: LAB) reported today that it is adding a second diamond drill rig at its Kingsway project, which is located within the Gander Gold district and along strike from New Found Gold’s Queensway project.
The company said that the second drill rig is currently drilling the Big Vein, which is expected to increase the production of drill cores on site after a slow start due to poor ground conditions. Gold mineralization observed at the Big Vein includes six occurrences of visible gold across 400 metres and assays of samples ranging from 1.87 g/t to 1,065 g/t gold.
Labrador Gold also relayed that its recently completed financing will enable the company to double the drilling program along the quartz vein corridor. The company has also increased planned drilling from 10,000 metres to 20,000 metres, with the expansion to test targets in the corridor located along strike to the northeast and southwest of Big Vein.
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Labrador Gold Corp. last traded at $0.77 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
