Vancouver, December 18, 2017 -
Nikos Explorations Ltd. (TSXV: NIK) ("Nikos" or the "Company") is pleased to announce that it has received regulatory approval to change its name to Labrador Gold Corp. effective Tuesday December 19, 2017. The company will continue to trade on the TSX Venture Exchange under a new symbol "LAB".
The change of name reflects the company's focus on gold exploration in Labrador following the option of three projects covering a total of 1,701 square kilometres from Shawn Ryan (see news releases dated September 11 and November 23, 2017).
"The name change represents our commitment to systematic exploration of the three Labrador properties for gold," said Roger Moss, Chief Executive Officer of Nikos. "Our first exploration program consisting of lake sediment and soil sampling has been completed on all three projects and we will be releasing results on a project by project basis as they become available."
Nikos also announces the grant of 1,620,000 options to purchase common shares of the Company to directors, officers and a consultant. The options are exercisable at a price of $0.20 for a period of five years.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. Nikos recently signed a Letter of Intent under which the Company has the option to acquire 100% of the 740 square kilometre (km
2) Ashuanipi property in northwest Labrador and exercised its right of first refusal for the Nain (503 km
2) and Hopedale Greenstone (458 km
2) properties in central Labrador.
The Ashuanipi gold project is located just 35km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Recent regional geological mapping in the area by the Newfoundland and Labrador Geological Survey has highlighted the gold potential of the region and historical work 30km north on the Quebec side led to gold intersections of up to 2.23 grams per tonne (g/t) Au over 19.55 metres (not true width). Gold in both areas appears to be associated with metamorphosed iron formation.
The Nain gold project comprises three claim blocks, two of which lie along the Nain-Churchill terrane boundary. One of the claim blocks, Sneegamook, has the largest and most intense gold in lake sediment anomaly in Labrador, but no known gold exploration has taken place in the area.
The Hopedale greenstone properties cover much of the Hunt River and Florence Lake greenstone belts that stretch over 80km. The belts are typical of greenstone belts around the world, but have been underexplored by comparison. Historical exploration did result in a gold showing of up to 7.5 g/t Au, but no significant gold exploration has been undertaken since the discovery.
The company has 35,274,225 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
For more information please contact:
Roger Moss, President and CEO
Tel: 416-704-8291
Or visit our website at: www.nikosexplorations.com
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.
