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Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce that the first hole of the 3,000m maiden surface exploration program at its flagship Labyrinth Gold Project in Quebec, Canada has delivered a high-grade result grading up to 44g/t from significant 125m down dip of the currently defined Front-West lode.
Key Points
- Partial assays received for first surface hole at Labyrinth has returned an outstanding intersection 125m down-dip of the currently defined Front-West lode, with assay result of:
- 2.2m @ 10.67g/t from 143.5m including 0.5m @ 44.12g/t and
- 1.0m @ 7.43g/t from 147.8m in hole LABS-22-01A as part of a broader mineralised interval of 8.1m @ 4.05g/t from 143.5m
- Visual quartz and pyritic mineralisation observed in LABS-22-01A and hole 2 (LABS-22-02) indicates mineralisation extends down dip for at least a significant 375m
- Visual intersections reveal typical Labyrinth style mineralisation and indicate a significant extension to the many defined lodes, both at depth and along strike, and a potentially substantial step change in project scale
- Labyrinth only shallowly drilled in comparison to other significant projects in the region which are host to multi-million ounce deposits (refer Figure 2)
- Assays pending on remainder of hole 1 and hole 2, hole 3 of 3,000m program currently underway
- All assays from underground drilling received; Maiden JORC Mineral Resource Estimate on track for release in current quarter
Figure 1 – Maiden surface exploration targeting mineralisation extensions to depth of up to ~700m below surface
Assays are pending for the remainder of hole LABS-22-01A and for all of LABS-22-02, with drilling of LABS- 22-03 underway.
Quartz and pyritic mineralisation characteristic to Labyrinth has been observed across multiple lodes, indicating the mineralisation extends up to ~375m down plunge and to a depth of ~550m below surface.
Labyrinth Chief Executive Matt Nixon said: “To hit 44g/t in the first hole is an outstanding start to our surface drilling program. And we are highly encouraged by what we see in the second and third holes.
“We now eagerly await results for the rest of the surface campaign, which will test vertical lode extensions down to approximately 700m and across the majority of the 1.6km strike.
“At the same time, we are completing the maiden JORC resource estimate, which is set for release later this quarter.
“To consider that we are only just beginning to test the comparatively shallow extents of this highly prospective gold system in the prolific Abitibi Belt is very exciting.”
Figure 2 - Significant Gold Projects within 100km radius of Labyrinth1
Labyrinth Exploration Update
The maiden surface diamond drilling program at Labyrinth Gold Project commenced in late June 2022 and consists of approximately 3,000m across 5 holes targeting extension of the known resource mineralisation to depths of up to ~700m across ~1.2km of the currently defined 1.6km in strike.
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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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
