en.Wedoany.com Reported - Mining company Labrador Gold announced that exploration plans for its Mariposa and Eureka Dome projects have been initiated, and the first payment under the option agreement signed with Pacific Ridge Exploration Limited has been completed. According to the terms of the agreement, the company has paid Pacific Ridge $100,000 in cash and issued 800,000 common shares, which are subject to resale restrictions until October 30, 2026.

For the Eureka Dome project, the company has completed soil sampling work. The first phase of exploration at the Mariposa project has also concluded, with a total of 1,966 samples collected. In the Mariposa claim area, exploration work has covered the southern, western, and northern regions, and sampling has begun to expand the Alberta Creek grid. All samples have been sent to the laboratory for geochemical analysis using inductively coupled plasma emission spectrometry and mass spectrometry (ICP-ES/MS).

LabGold President and CEO Roger Moss stated that the rapid start of work reflects the company's commitment to project development. He noted that initiating work on the newly acquired projects less than two months after signing the agreement demonstrates the company's determination to advance. He believes Mariposa has high potential for gold resource growth, and the company will follow a systematic exploration strategy, with a drilling program expected to commence in 2027.

The company continues to emphasize the potential of the Mariposa project. Located in the White Gold district, the project covers approximately 16,000 hectares, and historical sampling has identified multiple favorable areas. The claim area shares similar geological characteristics with other significant local deposits and shows signs of gold mineralization related to structural systems analogous to those in neighboring projects.