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Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce that assays received for the first three holes of the maiden surface exploration program at its flagship Labyrinth Gold Project in Quebec, Canada contain high-grade results which extend the mineralisation significantly.
Key Points
- Assays received for first three holes of the maiden surface program at Labyrinth significantly extend the many currently defined lodes at depth and along strike
- Drilling also intersected mineralisation in previously unmodelled zones, indicating potential for substantial increases in scale of the deposit
- The initial outstanding result (reported previously – refer ASX Announcement 25 July 2022) in hole LABS-22-01A, located 125m down-dip of the defined Front-West lode, was:
- 2.2m @ 10.67g/t from 143.5m including 0.5m @ 44.12g/t, part of a broader mineralised interval of 8.1m @ 4.05g/t from 143.5m
- This result is strongly supported by the latest assays, with hole LABS-22-02 delivering an excellent result 375m down-dip of the defined Boucher lode of:
- 1.4m @ 13.32g/t from 652.3m including 0.9m @ 20.53g/t
- Visual quart and pyritic mineralisation observed in LABS-22-04 and LABS-22-05 indicate further down-dip and along strike extensions to existing modelled lodes, with assays pending
- Drilling at Labyrinth remains only shallow compared to other significant projects in the region, which are host to multi-million ounce deposits (refer figure 2)
Figure 1 – Maiden surface exploration targeting mineralisation extensions to depth of up to ~700m below surface
Highlights include 20.53g/t in LABS-22-02, which extends the Boucher lode by a significant 375m down- dip.
This follows the previously reported result of 44.12g/t in LABS-22-01, which was 125m down dip of the currently defined Front-West lode (Refer ASX Announcement 25 July 2022).
Drilling of phase one is now successfully complete, with 3,135m drilled across 5 holes in just 44 days, under budget and with no safety incidents.
Assays are pending for LABS-22-04 and LABS-22-05.
Quartz and pyritic mineralisation characteristic to Labyrinth has been observed across multiple lodes, with results confirming the mineralisation extends up to 375m down dip and to a depth of ~550m below surface, remaining open at depth and along strike.
Labyrinth is on track to publish its maiden JORC Resource next month. These latest assays and those pending will form part of a subsequent Resource update.
Labyrinth Chief Executive Matt Nixon said: “These are outstanding results which highlight the scope for substantial growth in the deposit, both along strike and at depth.
“We are in the throes of finalising our maiden JORC Resource and already we have established substantial mineralisation which sits outside these parameters, paving the way for a subsequent Resource update.
“We have barely scratched the surface at Labyrinth compared with the drilling completed at other major deposits in the Abitibi region. The scale of these endowments shows the upside we have at Labyrinth”.
Click here for the full ASX Release
This article includes content from Labyrinth Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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