For veteran geologist Roger Moss, this year’s runup in gold prices to seven-year highs more than US$1,750 an ounce could not have come at a better time.
The president and chief executive – and only full-time employee – of two-year-old Labrador Gold Corp. had been focused on prospecting in Labrador until early this year when news emerged of a potentially significant gold discovery near Gander, N.L.
Toronto-based LabGold switched gears quickly and snapped up mineral claims covering 66 square kilometres just to the north of the find. It proposed the Kingsway Gold Project, then went to the market with a $3.5-million equity financing offer in May.
Unexpectedly strong investor interest led to raising the proposed financing to $5-million, and then again to $5.3-million, more than enough for this summer’s exploratory drilling program.
“The gold price is definitely part of it,” said Mr. Moss, 56, who has been prospecting in Canada and overseas for more than 30 years.
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