Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report highly promising gold and copper assays from soil sampling and rock chips at its Comet Vale Project in WA (see Figure 1).
More than 500 soil samples and 11 rock chip samples were collected. These results, combined with historic data, have defined several compelling drilling targets outside the mine area at Comet Vale.
In July 2024, Labyrinth entered into an option to acquire 100% of the property from Sand Queen Gold Mines Pty Ltd (‘SQGM’). The additional 49% interest has been the key to commencing dedicated exploration activity. Labyrinth intends to use some of the proceeds of its recent successful capital raising to undertake further exploration work with the aim of refining the targets ahead of a drilling campaign.
Figure 1. Regional location of Comet Vale Project.
Labyrinth Chief Executive Jennifer Neild said: “We have strategically positioned ourselves in the prolific Goldfields region of Western Australia, with proven gold assets that have the potential for further high-grade mineralisation.”
“These assays are indicative of this potential. We are seeing cohesive trends in both primary and associated indicator elements. The overlap of these anomalies have added weight to positions of interpreted faults and have established several high priority target areas.”
“We now have extensive data that Comet Vale may host a large mineralised system with areas of high-grade gold and potentially copper.”
Details of sampling results:
The two campaigns of soil sampling were the first full geochemical analysis completed at Comet Vale. On the eastern side of the highway, a small number of rock chips were taken to support mapping observations. Many of the higher grades exist around Long Tunnel Prospect, where shallow tungsten and gold workings exist. It is unknown the extent of activites, refer to Table 2 for a summary.
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Gold is a long-time favorite store-of-value asset to hedge against global turmoil. Investors have several ways to invest in the precious metal, whether buying bullion, investing in gold ETFs, or buying stock in mining companies. While there are gold deposits worldwide, Australia and Canada remain strong producers of the metal, ranking as the world’s second and fifth-largest gold producers, respectively.
Labyrinth Resources (ASX:LRL) is a junior mining company with underexplored gold assets in tier 1 jurisdictions of Quebec and Western Australia, including the Labyrinth Gold project located in the heart of the Abitibi Gold Belt. The asset has not received significant exploration or development attention for more than 15 years, creating tremendous upside potential.
Labyrinth Resources is exploring its Comet Vale property in Western Australia, which has historically produced over 180,000 ounces (oz) of gold with mining only going to a 250-meter depth. Multiple gold mineralized trends are present across the tenure as well as significant nickel and copper anomalies that have not been followed up. Recent work done by Ardea Resources (ASX:ARL) shows the project is prospective for significant Lithium-Caesium-Tantalum (LCT) pegmatites. The Walter Williams formation hosts Ardea’s KNP containing 854Mt at 0.71 percent nickel (Ni) and 0.045 percent copper (Co). High-grade Ni laterite intersections with proximal high Cu rock chips suggest there is nickel sulphide potential on the Comet Vale property.
The Labyrinth Gold project has an inferred mineral resource of 3 million tons (Mt) @ 5 g/t for 500,000 oz (at 3 g/t.m cut-off) with a notable high-grade component of 150,000 oz @ 10 g/t (above 6 g/t cut-off) and high grades of up to 62.5 g/t and widths up to 16 meters received across five individual lodes from maiden drilling. In 2022, Labyrinth announced outstanding metallurgical results from its comprehensive test work which demonstrate a clear, efficient processing pathway for its 500,000 oz Labyrinth Gold project. The company achieved an outstanding recovery through the gravity/flotation flowsheet, returning a low mass pull, high value 96 g/t gold concentrate at 97.3 percent recovery.
Labyrinth also completed a surface diamond drilling campaign at the Denain gold prospect, with a total of 4,018 meters drilled from 22 holes. The company has received all assays which confirmed the presence of two high-grade gold veins with associated copper that remain open in all directions. In December 2022, Labyrinth commenced an extensive exploration campaign at its Comet Vale Gold-Copper-Nickel project in Western Australia. The program is the first genuine surface exploration undertaken at Comet Vale in 15 years.
The company is well-positioned to acquire 100 percent ownership of the Labyrinth Gold Project from G.E.T.T Gold (TSXV:GETT). The final installment of the revised agreement is due for payment on September 29, 2023.
The company has an experienced, lean management team with a record of success in the natural resources industry. The team comprises mine engineering, geology, corporate administration, and international law experts, building confidence in Labyrinth’s ability to capitalize on its promising assets. In a current global environment desperate for genuine underground operational expertise, the Labyrinth team possesses the required skill set to leverage into value-accretive operating mine opportunities.
The company’s Comet Vale project is located 100 kilometers north of Kalgoorlie. It hosts extensive high-grade gold with existing underground development and infrastructure. The project is surrounded by historic high-grade gold mines with past production from the Sand Queen and Sand George mines totaling 181,000 oz @ 23 g/t with multiple other high-grade satellite deposits.
Drilling at the Comet Vale commenced in March 2023 with an initial 20 holes covering 1,500 meters. The program was designed to test extensions to known mineralization of the high-grade Sovereign Trend. High-grade assays were received and significant results from this program include:
The Sovereign Trend has an updated high-grade JORC 2012 mineral resource estimate that laid the foundation for further growth:
Compilation of historic results and mapping is in progress, which expands upon the Sovereign Trend and has validated the extensive gold prospectivity still existing below 50m depth across the tenement package.
The company’s flagship project sits on the Abitibi Gold Belt and has neighbors with multi-million-ounce gold deposits. However, the asset has not received significant exploration attention for the past 15 years. Only one 400-meter hole was drilled in that timeframe, leaving much of the asset untouched by modern exploration technologies. Fortunately, the asset contains a pre-existing and accessible underground mine, significantly reducing upfront development costs.
Jennifer Neild is a resources executive with more than 18 years of experience in exploration across a broad range of commodities in various jurisdictions. She was most recently chief executive officer of Peak Minerals (ASX:PUA). Neild holds a degree in Geology (Hons) from Laurentian University in Sudbury, Ontario, and a Master's in Geophysics from Curtin University in Perth, Western Australia. She has held senior positions in exploration, resource geology and production geology in both Australia and Canada with Newmont Australia and Falconbridge. She was the general manager of interpretation for expert geophysics group HiSeis. With her geological and geophysics expertise in both Western Australia and Canada and her corporate and executive experience in the resources industry, Neild is ideally placed to drive the next round of exploration at the company’s Labyrinth and Comet Vale projects. She is also a member of the Australian Institute of Company Directors.
Dean Hely is the managing partner of West Australian legal firm Lavan, with more than 29 years of experience working in corporate reconstruction, insolvency and commercial litigation. Hely currently serves as a board member of the not-for-profit organizations Rugby WA, the Australian Institute of Management WA and Youth Focus.
Simon Lawson is a professional geoscientist with more than 15 years of experience spanning multiple commodities and jurisdictions and was a founding team member of Northern Star Resources (ASX:NST). Currently, Lawson is the managing director of ASX-listed Spartan Resources Ltd (ASX:SPR) (formerly Gascoyne Resources (ASX:GCY)), a West Australian gold-focused mining company, and has personally visited and reviewed the acquired Canadian gold properties.
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Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) Given its importance to the economies of many developing countries and the proximity of its activities to people and natural habitats, the mining sector is uniquely placed to support the United Nations' Sustainable Development Goals (SDGs), said Barrick president and chief executive Mark Bristow at the Company's fourth annual sustainability update today.
Presenting Barrick's recently published Sustainability Report for 2023 , Bristow said Barrick's approach to sustainability was based on an integrated and holistic strategy that seeks to deliver outcomes that are achievable, demonstrable and aligned with global priorities.
"With our alignment to the SDGs as a central framework to our sustainability reporting, we are better able to address the challenges of alleviating poverty, managing changes to the climate and preserving biodiversity concurrently, because these are inextricably linked," he said.
"In 2023, Barrick distributed more than $15 billion in economic value with nearly $12 billion going to host countries. It also realized its 2025 target of reducing its greenhouse gas emissions by 15% against a 2018 baseline and achieved an 84% water reuse and recycle rate," said Barrick sustainability executive Grant Beringer.
During the webinar, Bristow outlined Barrick's upcoming key sustainability projects, including the Environmental and Social Impact Assessments for the Lumwana expansion and Reko Diq project, the conclusion of a number of resettlement projects, the restart of Porgera, the roll out of Barrick's biodiversity assessment tool and the consolidation of standards between leading mining frameworks.
"Our holistic approach to sustainability is entrenched throughout our global operations, and our long-term, scientific and measured strategy is delivering great results on the ground. But last year's performance doesn't mean we can rest on our laurels. We need to do even better as we chase continuous improvement," said Bristow.
Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "committed", "vision", "strategy", "target", "roadmap", "strive", "objective", "goals", "seeks", "will", "can" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's sustainability strategy and vision; Barrick climate strategy and approach to managing climate risks; Barrick's greenhouse gas emission reduction targets and ultimate aim to achieve net zero emissions by 2050, including by implementing the projects set out in its 2023 Sustainability Report; and Barrick's environmental, health and safety, corporate social responsibility and human rights programs, policies and performance, including regarding local community relations, economic contributions and education and employment initiatives.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; non-renewal of key licences by governmental authorities; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; the impact of inflation, including global energy cost increases following the invasion of Ukraine by Russia and conflicts in the Middle East; litigation and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; risks associated with working with partners in jointly controlled assets; and employee relations including loss of key employees. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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