
- WORLD EDITIONAustraliaNorth AmericaWorld
August 09, 2022
Maiden JORC Resource set for release next month; Latest results, which significantly extend known lodes and reveal gold in previously unmodelled zones, will form part of subsequent Resource update
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.
LRL:AU
Alert Options
No alert set
INN Article Notification
Alert Option
You will be notified when this event occurs. No additional settings needed.
The Conversation (0)
31 August 2023
Labyrinth Resources
Developing underexplored gold assets in the prolific Canadian Abitibi Gold Belt and the Yilgarn Craton of Western Australia.
Developing underexplored gold assets in the prolific Canadian Abitibi Gold Belt and the Yilgarn Craton of Western Australia. Keep Reading...
09 November
Experts Warn: AI Boom Shows Bubble Signs, but Investors May Miss the Exit
The artificial intelligence (AI) investment boom is showing many of the hallmarks of a market bubble, with soaring valuations, rising leverage and increasingly speculative capital flows prompting warnings from veteran investors at the New Orleans Investment Conference.During a popular annual... Keep Reading...
09 November
Don Hansen: Gold, Silver Bull Run Not Over, My Strategy Now
Private investor Don Hansen shares his latest gold market analysis, emphasizing that the current bull market is likely only halfway through. "If we had a normal five or six times multiple, the gold bull market would go to US$8,000 to $10,000 an ounce in another four years," he said.Don't forget... Keep Reading...
09 November
Jp Cortez: Will the US Revalue Gold? Plus Repatriation, Fort Knox Audit
Jp Cortez, executive director at the Sound Money Defense League, reviews the organization's recent accomplishments in the US and talks about where it plans to focus in the year ahead, including efforts to move the SILVER Act forward. Cortez also explains why the push to audit Fort Knox... Keep Reading...
09 November
Gold Majors’ Q3 Free Cashflow Falls as Spending and Costs Rise
Major gold producers ended the third quarter with less free cashflow than in Q2 as heavier capital spending and higher costs absorbed cash, even as gold edged higher.The LBMA gold price hit its quarterly low of US$3,978.55 per ounce on July 1, then climbed to a high of US$4,663.70 on August 24... Keep Reading...
09 November
Gold Price Rebounds After Jobs Data Sparks Friday Selloff
The gold price retreated on November 6, coming under pressure from a stronger US dollar and rising treasury yields, after new US jobs data showed that employers added 165,000 jobs in October.Spot gold was trading around US$4,063 per ounce by 2:55 p.m. EST. The decline followed a strong rally... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00







