Labrador Gold Announces High-Grade Gold and Copper Assays From Hopedale Project Including 21.59 g/t Au From TD500 and 10.2% Cu From Kaapak

TORONTO, Jan. 19, 2023 - Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) ("LabGold" or the "Company") is pleased to announce results of prospecting and channel sampling at the Florence Lake Greenstone Belt on its Hopedale Project in Labrador.

Highlights of the exploration include high-grade copper and gold in rock from both grab and channel samples from the northernmost (Thurber Dog) license. Previous work by LabGold and others in this area has outlined significant gold in rock and soil over a 3km strike length, including four discrete mineralized occurrences: Thurber North up to 3.8 g/t Au; TD500 up to 21.59 g/t Au; Thurber Dog up to 11.4 g/t Au; Thurber South up to 4.1 g/t Au (Figure 1).

Follow up sampling at the TD500 gold occurrence returned gold values from grab samples ranging from 0.46 g/t to 21.59 g/t Au. The showing was channel sampled along eight channels over a strike length of approximately 60 metres. Gold varies from below detection limit (<5ppb) to 14.02 g/t with 48 samples assaying greater than 100ppb (0.1g/t) Au that includes 19 samples greater than 1 g/t Au. Highlights of the channel samples include 2.91 g/t Au over 5.17m including 14.02 g/t over 0.61m, 2.35 g/t Au over 6.88m and 4.23 g/t over 5.04m.

Shear hosted gold mineralization at TD500 has now been uncovered over a 35m strike length and occurs in quartz veins and disseminated in the host rocks close to the contact between mafic volcanic and metasedimentary rocks. Pyrite and arsenopyrite are commonly associated with the gold mineralization.

Grab samples from the copper occurrence (Kaapak) ranged from 131 ppm to 10.2% Cu, with seven of the nine samples assaying over 1% Cu. Elevated silver in these samples ranged from 0.2 to 9.8 g/t Ag. The showing was channel sampled along eight channels over a strike length of approximately 50 metres. Results showed copper values ranging from 18ppm to 3.31% and silver values from 0.1 to 2 g/t. Highlights include 3.31% Cu over 0.76m, 2.4% Cu over 0.6m and 1.55% Cu over 1m. Summaries of assay highlights are given in Tables 1 and 2.

Copper is present as disseminated to locally semi-massive chalcopyrite and lesser malachite associated with quartz veins close to the contact with mafic and ultramafic volcanic rocks.

Table 1. Highlights of rock (grab) sampling from Kaapak and TD500.

Table 2. Highlights of channel sample results from Kaapak and TD500.
While true widths have not been calculated, channels were cut as close to
perpendicular to strike as possible so the reported widths are expected to be close to true widths.

"While our focus continues to be our ongoing drilling at Kingsway, our exploration programs at Hopedale continue to turn up excellent results. The three kilometre "Thurber Dog trend" of significant gold mineralization that includes the four discrete gold occurrences is a compelling target for future work with the potential for further discovery," said Roger Moss, President and CEO. "Our initial work at the Kaapak copper occurrence has demonstrated high grade copper that needs follow up to determine its true extent. In addition, based on LabGold's initial work in the southern portion of the property, there appears to be potential for nickel mineralization associated with ultramafic rocks in the region."

Figure 1. Gold in rock samples defining an anomalous trend over three kilometres in the Thurber Dog area.

Figure 2. Gold in channel samples at the TD500 showing.

Figure 3. Copper in channel samples at the Kaapak showing.

QA/QC

All rock samples were securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples were analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples with fire assay results greater than 1g/t Au were reassayed by metallic screen/fire assay. Overlimit copper samples were re-assayed by atomic absorption. 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.
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 gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. 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 $18 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 11.4 g/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. 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

Twitter @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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