Labrador Gold has exercised its option to take full ownership of the Hopedale property located in Newfoundland and Labrador, Canada, which comprises four licenses that cover 695 claims.

The Canada-based mineral exploration company exercised its option having fulfilled the requirements of the Hopedale option agreement that was executed in late 2020.

Labrador Gold said that the Hopedale project remains conditional upon a net smelter return royalty of 2%.

The Hopedale property spans a 43km strike length within the Florence Lake greenstone belt at the district scale.

LabGold has discovered three gold occurrences in addition to the previously discovered Thurber Dog occurrence.

Together, these gold occurrences stretch over a 3km section of the northern part of the greenstone belt.

The four discoveries exhibit significant gold assays, said LabGold.

The Canadian company also said that further gold anomalies in rock and soil at the Hopedale property suggest potential for further discovery of gold occurrences along this trend.

Furthermore, Labrador Gold said that there is considerable potential for the critical metals copper, and nickel associated with mafic and ultramafic volcanic rocks along the belt.

The mineral exploration company also discovered the Kaapak copper occurrence in 2021.

Labrador Gold president and CEO Roger Moss said: “Our district scale Hopedale project covers much of the Florence Lake greenstone belt that has many of the characteristics of greenstone belts elsewhere in the world but is underexplored by comparison.

“It has potential for the critical metals copper, nickel and cobalt in addition to the gold mineralisation discovered to date.

“The three kilometre “Thurber Dog trend” includes four discrete gold occurrences and is a compelling area for future work with significant potential for further discovery.”

Last month, Labrador Gold obtained all the necessary permits to conduct drilling in two target areas along the Appleton Fault Zone at its wholly-owned Kingsway Project.

Located in the Gander area of Newfoundland, Canada, the Kingsway gold project is the firm’s flagship property. It comprises four licenses that cover nearly 12km of the Appleton Fault Zone which is associated with numerous gold occurrences in the region.