
- WORLD EDITIONAustraliaNorth AmericaWorld
February 04, 2024
Sampling results of up to 129 g/t gold and 8.4% copper in new mineralised corridor never previously exposed to modern exploration
Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce high-grade gold and coper assays from sampling in a new area at its Comet Vale Project in WA’s Eastern Goldfields.
- Assays of 34 samples reveal very high grades of gold and copper as well as silver, cobalt and nickel
- The samples span a ~3km corridor running north-south and located ~1.5km east of the Sand Queen gold mine
- The results include:
- LCV0029: 129 g/t Au, 0.1% Cu
- LCV0033: 39.1g/t Au, 6.3% Cu and 271 g/t Ag
- LCV0028: 28.9 g/t Au, 3.0% Cu, 0.07% Co and 0.5% Ni
- LCV0017: 3.6 g/t Au, 8.4% Cu and 9.2 g/t Ag
- LCV0021: 8.5 g/t Au, 0.3% Cu
- LC0032: 1.2% Ni and 0.06% Co
- Elevated Au, Cu, Ni, Co, W, Bi, Zn and Li are indicative of a rich mineralogical system
- Nine of the samples ran significantly over limits of analysis method requiring secondary analysis of Au, Ag, Cu, Ni, Fe and Cr
- Comet Vale hosts a Resource of 619,000t @ 4.8g/t for 95,710oz; This sits around the Sand Queen Mine1
- In light of these outstanding results, Labyrinth intends to devise follow-up exploration; All options will be considered, including geophysics, further sampling and drilling
The particularly high-grade gold and copper grades highlight the under-explored potential of the Comet Vale tenements, most of which have never been exposed to modern exploration techniques.
A NNW-SSE trending corridor of interest has been defined from the recent samples. The corridor lies ~1.5km from Sand Queen Mine.
Figure 1. Location map of reconnaissance samples, samples coloured by gold content. Map is in MGA GDA 94 zone 51.
Labyrinth Chief Executive Jennifer Neild said: “We suspected that these samples would come back with high grade copper based on the primary and secondary minerals present, but these results are truly exceptional.
“Our strategy has been to go back to basics and to leave no stone unturned. Importantly, many of the mineralised samples lie outside previous work areas.
“The results clearly show the immense potential of Comet Vale, not just for gold but also for copper. Given that these were the first samples taken 1.5km from the mined trend and the fact that there has been no focused, modern exploration conducted there until now, we are extremely encouraged.
“As a result, we are moving quickly to devise the follow-up exploration program in this area.
“We are also awaiting assays from the recently completed 386-sample soil program on the western side of Comet Vale where multiple small pits exist”.
Click here for the full ASX Release
This article includes content from Labyrinth Resources, 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
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.
2h
Predictive Discovery and Robex Merge, Combining West African Gold Projects
Australia-based Predictive Discovery (ASX:PDI) and Canadian company Robex Resources (ASX:RXR,TSXV:RBX,OTC Pink:RSRBF) have agreed on a merger of equals, creating West Africa’s new mid-tier gold producer.In a joint announcement, the companies said that Predictive Discovery will indirectly acquire... Keep Reading...
17h
Gold Price Breaches US$4,000, Silver Tests US$50
Gold marked a new price milestone on Wednesday (October 8), breaking US$4,000 per ounce. The spot price hit a fresh record, rising as high as US$4,056.14 in midday trading. Future prices for gold breached US$4,000 for the first time on Tuesday (October 7) and have continued to climb higher.The... Keep Reading...
21h
What Was the Highest Price for Gold?
Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has... Keep Reading...
22h
A Guide to Investing in Physical Gold
Gold is known as an attractive safe-haven investment and has been used to store wealth during volatile times through history. It has interesting currency-like tendencies, and retains its purchasing power better than paper currencies.For that reason, gold market analysts typically recommend that... Keep Reading...
Latest News
Latest Press Releases
Trading Halt
12h
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00