Labrador Gold (LAB.V): FOLLOWING THE PATH OF DISCOVERY IN NEWFOUNDLAND

What a year 2020 has been. For many, it is a year to put behind them and forget, but it was quite a year for Labrador Gold. In early January, we had roughly $142,000, a share price of $0.13 and little to no volume. That all changed in March. 

At the end of January, New Found Gold announced a drill intersection of 92.86 g/t Au over 19.0 meters on their Queensway property near Gander, Newfoundland. This was an impressive intersection that caught the attention of many in the industry, including Quinton Hennigh, a high profile technical advisor to many companies and Chairman of Novo Resources. Following a visit to the property, Quinton likened the mineralization to that seen at Fosterville, a deposit in Australia owned by Kirkland Lake Gold, and signed on as a technical advisor to New Found Gold in early February. 

I worked with Quinton on a technical advisory board between 2010 and 2012, and the fact that he liked what he saw at Queensway was enough for me to start looking at available property in the Gander area. A month later, during the PDAC, following Novo Resources’ announcement of the purchase of a 15.97% stake in New Found Gold, we signed an option agreement for two licenses along strike to the northeast of New Found Gold’s property. Shortly after, the World Health Organization declared a coronavirus pandemic and the world as we knew it changed. After hitting a high of $0.20 on the announcement of the option, LabGold shares traded as low as $0.10 following the declaration of the pandemic. 

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