Labrador Gold Corp. (TSX.V: LAB | FNR: 2N6) has closed the first tranche of its Option Agreement with Pacific Ridge Exploration Limited (PEX: TSXV; PEXZF: OTCQB), making a $100,000 cash payment and issuing 800,000 common shares. The shares are subject to a resale restriction expiring on October 30, 2026. The agreement was originally announced on May 11, 2026.
Exploration Underway at Mariposa and Eureka Dome
Soil sampling has been completed on the Eureka Dome project, and the first stage of soil sampling at Mariposa has also been completed, with 1,966 samples collected to date. At Mariposa, ridge and spur sampling in the south, west, and northern portions of the property have been completed, and work has started on the Alberta Creek Grid extension. All samples have been sent to Bureau Veritas for analysis by ICP-ES/MS following a modified aqua regia digestion (Code AQ201).
An airborne magnetic/radiometric survey has been delayed due to weather and will begin once conditions improve.
CEO Comments on Progress and Future Plans
Roger Moss, President and CEO of LabGold, stated: “The start of work on the newly acquired projects less than two months after signing the option agreement is an indication of our determination to advance the projects. Given the mineralization already known at Mariposa, and its similarity to other deposits in the district, we believe that it has a significant chance to add to the overall gold endowment. Work at Mariposa will follow the same systematic exploration strategy that was so successful at Kingsway. With the results of our work this year and the amount of information already available we anticipate starting a significant drill program in 2027.”
About the Mariposa Project
The Mariposa project comprises 795 claims covering 16,000 hectares in the White Gold District. It is located 40 kilometres southeast of the White Gold Project, which has indicated resources of 1.73 million ounces of gold at 1.53 g/t and inferred resources of 1.27 million ounces at 1.22 g/t, and 30 kilometres east-northeast of Fuerte’s Coffee gold project, which has measured and indicated resources of 2.96 million ounces at 1.15 g/t and inferred resources of 0.8 million ounces at 1.17 g/t. Note that information from other properties is not necessarily indicative of mineralization on Mariposa.
Mariposa shares many geological similarities with the Golden Saddle (part of the White Gold Project) and Coffee gold deposits, including host lithologies, mineralization style, and structural control. The age of gold mineralization at Mariposa (~155 Ma) is consistent with that at Golden Saddle (163.5 to 155.5 Ma) and other prospects in the district, indicating association with a widespread orogenic gold event.
The property is located at the headwaters of significant placer gold producing creeks, with historic placer production of 73,000 ounces from Scroggie Creek, indicative of significant bedrock gold mineralization yet to be fully defined.
