High-Grade Gold and Copper Assays Open Up Immense Potential

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

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.