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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide a further exploration update on the Everleigh Well Target Area.
Highlights
- A number of very high-grade rock chip assay results have returned from the outcropping gold bearing vein in the Christmas Gift UFF+ anomaly 14UF010B at Everleigh Well, these include:
- 18,207g/t Au 18,179g/t Au 16,776g/t Au 16,659g/t Au 14,780g/t Au
- The high-grade vein is located within a cluster of gold prospectivity indicators and is hosted by altered sediments with boxworks after sulphides.
- Fieldwork is ongoing to track the extent of this vein along strike.
- The Everleigh target area will be prepared for future exploration drilling.
Technical Director David Nixon commented:
“Assay results from the discovery of the second outcropping quartz vein with visible gold in the Everleigh target
area are exciting, as they back up the initial field observations that reported visible gold in outcrop.
The high-grade rock chip results from the vein are supported by the underlying UFF+ soil anomaly, prospectivity indicators (including gold nuggets, workings and anomalous geochemical assays) and the multiple coincident targets generated by existing exploration work.
The Everleigh Well target area continues to deliver in-situ gold bearing rock chips and significant numbers of various sized gold nuggets, where a number of key targets will be prepared for future exploration drilling”.
Figure 1 Specimen from EV-4 with gold from outcropping quartz veining at Everleigh.
Christmas Gift
A second high-grade vein has been discovered at Everleigh within the 14UF010B target. The quartz vein was outcropping and contained abundant visible gold associated with boxworks after sulphides. The vein is associated with a cluster of historic workings and scrapings. Gold assays from this high-grade vein are summarised in Table 1, the peak assay returned 18,207g/t Au.
Prospecting activity has also recovered gold nuggets across the Everleigh Well target area. The nuggets found near the vein are angular and show little or no signs of transport. The presence of significant numbers of gold nuggets at surface supports the UFF+, rock chip and drilling results within these prospects.
The Christmas Gift target at Everleigh Well is a multi-element UFF anomaly (14UF010B), coincident with targets E1 (geological), EW01 (geophysical) and SY43 (syenite target).
Fieldwork is ongoing tracking this second high-grade vein along strike in preparation for future exploration drilling.
Click here for the full ASX Release
This article includes content from Iceni Gold, 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.
ICL:AU
Labyrinth Reinvigorates Exploration at Comet Vale
Key Points
- At the beginning of the quarter, Labyrinth announced the intention to divest Labyrinth Gold Project to Gold Projects WA Pty Ltd (‘GPWA’) for a cash consideration of USD $3,500,0001;
- Post-quarter LRL announced that the Project Sale Conditions were satisfied or waived and in addition2:
- the deposit of USD$175,000 paid by the purchaser, GPWA, to Labyrinth is now non- refundable in all circumstances;
- settlement is to occur by 15 May 2024; and
- interest of 6% per annum, to be accrued from 29 February 2024.
- Labyrinth announced the successful negotiation amending the terms of the Project Acquisition Agreement with G.E.T.T. Gold Inc. with respect to the obligation to deliver a 450 ounce Physical Gold Payment by 31 December 20233;
- The payment reduced to 200 ounces with the remaining 250 ounces to be paid upon profitable production at Labyrinth Mine (to be assumed by GPWA as part of Share Purchase Agreement (‘SPA’));
- Labyrinth received a significant tax refund of circa $470k in relation to Canadian resource expenditure4.
- At the beginning of the quarter, the assay results from a field program completed at Comet Vale in September 2023 were announced5:
- 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
- The rock chips represent part of a nearly 3km corridor of high-grade gold, copper, cobalt, nickel, tungsten and silver.
Figure 1 – Comet Vale Project location, WA
COMET VALE
During the quarter, significant focus has been placed on the divestment of Labyrinth Gold Project in Canada. Meanwhile, targeting and planning of exploration activities is well underway at Comet Vale. Strong performance in the gold price this quarter shows no signs of slowing, bolstering Labyrinth’s interest in Comet Vale Gold Project. With gold and base metal potential still high, the Company is leaving no stone unturned in finding suitable drill targets to truly test the potential.
LRL has previously announced the commitment to refocus exploration activities at Comet Vale Project near Menzies, Western Australia. The project is a joint venture project between Labyrinth (51%) and Sand Queen Gold Mines Pty Ltd (49%). In 2023 an updated Mineral Resource Estimate was completed on the Comet Vale Underground (‘UG’) and Open Pit (‘OP’) historic resource (see Table 1 and 2)6. Figure 2 demonstrates the substantial Resource growth potential of the currently only shallowly defined Sand George mineralisation.
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.
