Labrador Gold Closes First Tranche of Option Agreement with Pacific Ridge and Updates Exploration at the Mariposa and Eureka Dome Projects, White Gold District, Yukon
Labrador Gold Corp. has closed the first tranche of its Option Agreement with Pacific Ridge Exploration Limited (PEX: TSXV; PEXZF: OTCQB) for the Mariposa and Eureka Dome projects. The closing, which occurred less than two months after the May 8, 2026 agreement was signed, involved a cash option payment of $100,000 and the issuance of 800,000 common shares to Pacific Ridge. These issued shares are subject to a resale restriction expiring on October 30, 2026.
Exploration activities are currently underway across the properties. At the Mariposa project, the first stage of soil sampling has been completed, with 1,966 samples collected to date. Ridge and spur sampling has also been completed in the south, west, and northern portions of the property, and work has begun on the Alberta Creek Grid extension. Samples from Mariposa have been sent to Bureau Veritas for analysis by ICP-ES/MS following modified aqua regia digestion (Code AQ201). At the Eureka Dome project, soil sampling has been completed. An airborne magnetic/radiometric survey was delayed due to weather conditions and will begin once conditions improve.
The Mariposa property is a 16,000-hectare project located in the White Gold District of Yukon, sharing geological similarities with the Golden Saddle and Coffee gold deposits. Historic placer production from Scroggie Creek totals 73,000 oz. The company is leveraging known mineralization and historical data from prospects such as Skookum Main and Skookum West to inform future work. Historical drilling at Skookum Main in 2011 intersected 1.51g/t Au over 81.5m from 24.5m, including 2.44g/t Au over 38.9m from 29.1m. Additionally, historical trenching at Skookum West returned 1.40g/t Au over 40m, including 1.83g/t Au over 20m in hole SWTR12-11.
Roger Moss, President and CEO, 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." He added, "With the results of our work this year and the amount of information already available we anticipate starting a significant drill program in 2027."