Take-Aways from a Recent Management Presentation

On the Right Trajectory

Putting a Spotlight on the Hopedale Project

Highlights of the 2023 Hopedale Exploration Program

Mark Reichman

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Basic Materials

Metals & Mining

Labrador Gold Corp

Drilling to Resume Next Week
Drilling at Labrador Goldâ€™s 100%-owned Kingsway gold project continues to target the Appleton Fault over a 12-kilometer strike length. The drilling is part of the companyâ€™s ongoing 100,000-meter diamond drilling program of which approximately 69,000 meters are complete. Assays are pending for approximately 3,500 meters of core. Most of the drilling has occurred at the Big Vein target which has been drilled over a 722-meter northeast-southwest strike length and remains open in both directions. Recent three-dimensional modeling has provided a better understanding of what controls the mineralization and gold distribution at Big Vein. For example, gold mineralization appears closely associated with green shale versus sandstone and a reinterpretation of the geological model reveals that the HTC zone, which has been a source of high-grade gold mineralization, could extend to the southwest.
Following the seasonal thaw, drilling is expected to resume next week at the Drop Kick target, previously known as Home Pond South, where 10 to 12 holes representing approximately 2,000 meters of drilling will be completed. Following Drop Kick, the drill could move to the Pristine target where Labrador may drill 5 or 6 holes representing approximately 1,200 meters of drilling. Following Pristine, the drill could move either to the Gap Zone between Pristine and Big Vein or to the Peter Easton target, depending on receipt of drill permits for the Gap Zone. Two rigs will be deployed at Big Vein to test for extensions of the mineralization to the northeast and southwest.
2023 Exploration Plan
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/NKOSF-May242023b.JPG" style="width: 550px;height: 360px;float: none" />
Source: Labrador Gold Corp.
Recent results revealed high grade gold mineralization at Big Vein, including an intersection of 1.19 grams of gold per tonne over 41.8 meters in Hole K-22-214 that included a higher-grade interval of 9.63 grams of gold per tonne over 3.3 meters including 61.15 grams of gold per tonne over 0.3 meters. Drilling identified a new zone, the â€œGreenmantle Zoneâ€, that lies below the HTC Zone at a depth of 415 meters underscoring the potential for continued mineralization at depth. Hole K-22-206, drilled at the northeast end of Big Vein also intersected high-grade gold with assays of 7.41 grams of gold per tonne over 1.0 meters and 20.88 grams of gold per tonne over 5 meters that included 124.21 grams of gold per tonne over 0.81 meters.&#8212;&#8212;&#8212;- page break &#8212;&#8212;&#8212;-
Hopedale and Scotch Exploration
The Hopedale gold project consists of 998 claims in five licenses covering a large portion of the Florence Lake greenstone belt which is typical of greenstone belts around the world but, by comparison, has been underexplored for gold. Labrador Gold carried out the first systematic exploration for gold in the fall of 2017 and has continued work each year except in 2020. The Thurber Dog area is the most advanced area of exploration with a three-kilometer north-south mineralized trend identified with results from rock grab and channel samples up to 11.4 grams of gold per tonne. Gold in soil anomalies extend this trend up to 5 kilometers in strike length. Anomalous gold concentrations also occur in soil and lake sediment samples along the length of the Florence Lake greenstone belt. In addition to gold, the property has nickel and copper potential. Recall that in January, Labrador released high-grade gold and copper assays from prospecting and channel sampling at Hopedale (please refer to our research note dated January 20, 2023). Labrador Gold holds an option to earn a 100% interest in the property, subject to cash payments, share issuance, and a 2% net smelter return (NSR) royalty.&nbsp;
Labrador Gold has a 100% interest in the Scotch Property acquired by staking in March 2021. The Scotch Property is approximately 71 kilometers southwest of Moncton, New Brunswick and currently consists of 24 claims.
Interpretation of work completed in 2022 continues and will inform Labrador Goldâ€™s plans for this year&#8217;s field programs. We expect a summer field program at Hopedale that will focus on assessing the propertyâ€™s potential for gold, copper, and nickel. At Scotch, management is awaiting the interpretation of results from an electromagnetic conducted in October 2022 which could influence the company&#8217;s plans. 
 
&nbsp;Capital Structure and Liquidity
As of March 31, 2023, Labrador Gold reported cash in the amount of C$15.7 million and no debt. Shares outstanding were 170.0 million and 190.1 million on a fully diluted basis. As of May 2023, the company has cash on hand in the amount of C$15 million.

Labrador Gold Corp (NKOSF)

Drilling To Resume Next Week

Fundamental Analysis:

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Take-Aways from a Recent Management Presentation (NKOSF)

On the Right Trajectory (NKOSF)

Putting a Spotlight on the Hopedale Project (NKOSF)

Highlights of the 2023 Hopedale Exploration Program (NKOSF)

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