Labrador Gold Corp. (TSXV: LAB) came forward today to report the expansion of the company’s current drill program from 20,000 metres to 50,000 metres. Under this decision, the company plans to implement two more drill rigs at Kingsway, bringing the total on site to four.
The company is well funded and financially prepared for the expansion with a reported $36 million in working capital. A review of the targets along the 7.5 kilometre quartz vein corridor offered justifiable means to increase operational capacity at the site. Labrador has reportedly upgraded the core facility to support the much larger program.
At Big Vein, roughly 4,000 metres of drilling has been completed to date. The company is currently waiting for the assay results from two holes that contained visible gold. The results pending are expected to be delivered in the weeks to come.
Labrador Gold Corp. last traded on the TSX Venture at $1.23.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.