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Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report on the Company’s activities for the December 2023 quarter. This includes an in-house evaluation of the current projects and opportunities that have not been explored previously.
Key Points
- Towards the end of the previous quarter, a reconnaissance field program completed in September 2023 with 34 rock chip samples of pegmatite and copper, nickel, and gold prospective rock from across the wider Comet Vale tenure are now complete and undergoing QAQC1;
- In late November a 386 sample soil program was completed on the western Comet Vale tenements looking at gold-base metal and Li-Cs-Ta potential2;
- At the beginning of the quarter, Labyrinth completed the final CAD $500,000 (plus interest) owing to G.E.T.T Gold Inc. (TSXV: GETT) (‘GETT’) related to the acquisition of the Company’s Quebec projects;
- The final payment to GETT entitles the Company to acquire title of the Labyrinth and Denain Projects;
- Post quarter, Labyrinth announced the successful negotiation amending the terms the Project Acquisition agreement with respect to the obligation to deliver a 450 ounce Physical Gold Payment by 31 December 20233;
- The payment will reduce to a 200 ounce payment with the remaining 250 ounces to be paid upon profitable production at Labyrinth Mine;
- Post quarter, Labyrinth announced the intention to divest Labyrinth Gold Project to Gold Projects WA Pty Ltd (‘GPWA’) for a cash consideration of USD $3,500,0004; and
- Labyrinth received a significant tax refund of circa $470k post quarter end in relation to Canadian resource expenditure5.
Figure 1 – Comet Vale Project location, WA
COMET VALE
During the quarter, considerable focus has been placed on the divestment of Labyrinth Gold Project in Canada, however targeting and planning of exploration activities is well underway at Comet Vale.
In the previous quarter, LRL 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%).
During 2023, LRL had begun the first genuine surface exploration project for 15 years, despite the project hosting extensive high-grade gold, copper and nickel laterite. The 18 hole RC drilling program took place in April 2023 targeting the down dip extensions of the Sand George Lodes with favourable results6. Just prior to this, an updated Mineral Resource Estimate was completed on the Comet Vale Underground (‘UG’) and Open Pit (‘OP’) historic resource (see Table 1 and 2)7.
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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
Sun Summit Minerals: Advancing District-scale Gold and Copper Projects in British Columbia
Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is a Canadian mineral exploration company advancing district-scale gold and copper projects in British Columbia. Its flagship JD Project, located in the prolific Toodoggone district, is the focus of an aggressive 5,000-meter drill program in 2025 targeting a potential multi-million-ounce epithermal gold-silver system.
With funding in place, a five-year exploration permit secured, and an on-site camp established, Sun Summit is executing a disciplined strategy to build scale, unlock resource value, and deliver returns to shareholders. Reinvigorated by a revamped leadership team and a refined vision, the company is leveraging high-grade, strategically located assets to drive long-term growth.
The JD and Theory projects cover over 25,000 hectares in the heart of British Columbia’s Toodoggone mining district, one of Canada’s most prospective regions for epithermal gold-silver and porphyry copper-gold systems. The district hosts several significant deposits, including Thesis Gold’s Ranch and Lawyers projects (4.7 Moz gold equivalent, ~C$250 million market cap), Centerra Gold’s Kemess underground development, and TDG Gold’s Shasta-Baker project. The area is well supported by infrastructure, including hydroelectric grid access, all-season roads, and the nearby Sturdee airstrip.
Company Highlights
- Aggressive Discovery Strategy: Sun Summit Minerals is actively advancing the JD and Buck projects in BC, targeting epithermal gold-silver and porphyry copper-gold systems. A fully funded 5,000-meter drill program at JD underway in 2025, aiming to define a multi-million-ounce resource.
- Strategic Location: Both assets are situated in prolific and mining-friendly regions of British Columbia. The flagship JD project lies in the Toodoggone district—home to Thesis Gold and Centerra’s Kemess Mine, while Buck is near the Blackwater, Huckleberry, and Equity Silver mines in central BC.
- Re-rate Potential Opportunity: Trading at just ~$7/oz gold equivalent (EV/oz) based on Buck alone, with no value currently ascribed to JD, the company represents a deep value opportunity compared to the next-door neighbour Thesis Gold trading at ~$50/oz. Success at the drill bit from the ongoing drill program at JD could drive the potential re-rating.
- Fully Funded for 2025: A recent C$10M raise (May 2025) enables a robust exploration program, including drilling, geophysics, and soil sampling. The company is well-positioned to achieve its 2025 and 2026 exploration milestones without further dilution.
- Experienced, Capital Markets-Savvy Leadership: CEO Niel Marotta brings capital markets acumen from Fidelity and Orezone. The broader team includes senior geologists and advisors with decades of success in gold discoveries and mine development in BC.
- Positioned for Consolidation: With majors like Freeport, Centerra, and Skeena investing heavily in adjacent properties, Sun Summit is strategically located and advancing at the right time in the Lassonde Curve to benefit from industry-wide M&A and consolidation trends.
This Sun Summit Minerals profile is part of a paid investor education campaign.*
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Sun Summit Minerals
Investor Insight
Sun Summit Minerals is targeting the delineation of a multi-million-ounce gold-silver resource at its flagship JD project. With strategic positioning in an emerging consolidation hotspot, compelling valuation metrics, and a track record of discovery, Sun Summit is primed to deliver substantial value creation in the coming quarters.
Overview
Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is a Canadian mineral exploration company focused on developing its district-scale gold and copper projects in British Columbia. The company’s flagship JD Project, located in the Toodoggone district, is undergoing an aggressive 5,000-meter drill campaign in 2025 aimed at delineating a multi-million-ounce epithermal gold-silver system.
Complementing JD is the company’s Buck project, a large, bulk-tonnage gold-silver system near Houston, BC, with an initial NI 43-101 resource estimate and significant exploration upside.
With capital in hand, a five-year exploration permit secured, and a camp established at JD, Sun Summit is executing a focused strategy to build scale, unlock resource potential and drive shareholder value. The company has taken lessons from its past and re-emerged with a sharpened vision, an overhauled team and assets that are not only high-grade but strategically located to create shareholder value.
Company Highlights
- Aggressive Discovery Strategy: Sun Summit Minerals is actively advancing the JD and Buck projects in BC, targeting epithermal gold-silver and porphyry copper-gold systems. A fully funded 5,000-meter drill program at JD underway in 2025, aiming to define a multi-million-ounce resource.
- Strategic Location: Both assets are situated in prolific and mining-friendly regions of British Columbia. The flagship JD project lies in the Toodoggone district—home to Thesis Gold and Centerra’s Kemess Mine, while Buck is near the Blackwater, Huckleberry, and Equity Silver mines in central BC.
- Re-rate Potential Opportunity: Trading at just ~$7/oz gold equivalent (EV/oz) based on Buck alone, with no value currently ascribed to JD, the company represents a deep value opportunity compared to the next-door neighbour Thesis Gold trading at ~$50/oz. Success at the drill bit from the ongoing drill program at JD could drive the potential re-rating.
- Fully Funded for 2025: A recent C$10M raise (May 2025) enables a robust exploration program, including drilling, geophysics, and soil sampling. The company is well-positioned to achieve its 2025 and 2026 exploration milestones without further dilution.
- Experienced, Capital Markets-Savvy Leadership: CEO Niel Marotta brings capital markets acumen from Fidelity and Orezone. The broader team includes senior geologists and advisors with decades of success in gold discoveries and mine development in BC.
- Positioned for Consolidation: With majors like Freeport, Centerra, and Skeena investing heavily in adjacent properties, Sun Summit is strategically located and advancing at the right time in the Lassonde Curve to benefit from industry-wide M&A and consolidation trends.
Key Projects
JD & Theory Projects
The JD & Theory projects span more than 25,000 hectares in the heart of the Toodoggone mining district in north-central BC, one of Canada’s most prospective belts for epithermal gold-silver and porphyry copper-gold systems. The district is home to Thesis Gold’s Ranch and Lawyers deposits (4.7 Moz gold equivalent, C$250 million market cap), Centerra’s Kemess underground development, and TDG Gold’s Shasta-Baker project. Infrastructure around the project includes hydroelectric grid access, the nearby Sturdee airstrip and all-season roads.
The JD project hosts a 4.5 km mineralized corridor, known as Creek-Finn, with multiple underexplored targets showing evidence of both high-grade veins and broad disseminated gold systems. Historic and recent drill highlights include:
- 2.1 grams per ton (g/t) gold over 122.5 m including 121 g/t gold over 1.5 m (CZ-24-004)
- 11.7 g/t gold over 22 m including 61.2 g/t gold over 4 m (CZ97-008)
- 7.3 g/t gold over 35.7 m including 215.4 g/t gold over 1 m (JD95-0472)
The Creek Zone features high-grade epithermal veins within broader disseminated zones, supported by strong IP anomalies and gold-in-soil results up to 12.2 g/t gold. The Finn Zone hosts near-surface mineralization with extensive historical drilling (~270 holes) and is open in all directions. Other targets include McClair (porphyry copper), East McClair (copper-gold skarn) and Moosehorn.
The 2025 program includes 5,000 meters of core drilling across 25 holes, 20 km of IP geophysics, 2,000+ soil samples, and full-scale camp operations. A five-year permit secured in April 2025 provides exploration continuity through 2030.
Camp setup at JD project
Sun Summit can earn 100 percent of the JD project by making staged cash/share payments and completing work commitments through 2029. With ~C$6 million earmarked for the project this year alone, Sun Summit is expected to fulfill its 2025 and 2026 earn-in obligations without additional equity raises.
Buck Project
The 100 percent owned Buck project spans 52,000 hectares and is located near key deposits, including Artemis Gold’s Blackwater (8 Moz gold), Imperial’s Huckleberry copper mine, and Newmont’s historic Equity Silver mine. Buck features near-surface bulk-tonnage gold-silver mineralization with porphyry copper-molybdenum potential at depth.
In February 2025, Sun Summit published its inaugural NI 43-101 mineral resource:
- Indicated: 1.15 Mt @ 0.519 g/t gold equivalent (19,100 oz)
- Inferred: 52.2 Mt @ 0.489 g/t gold equivalent (820,400 oz)
Mineralization remains open in all directions. Buck is considered a strategic asset providing leverage to rising gold prices and future transaction potential, but currently receives minimal capital allocation as JD is prioritized.
Management Team
Niel Marotta – Chief Executive Officer and Director
Niel Marotta has more than two decades of capital markets experience, including a successful tenure at Fidelity (FMRCo.), where he managed the top-performing Select Gold Fund and oversaw >$1 billion in AUM. He was previously VP at Orezone Resources, where he helped lead its C$350 million acquisition by IAMGOLD. Marotta has raised over $1 billion in financing and is driving Sun Summit’s transition from a legacy explorer to a discovery-focused value generator.
Brian Lock – Executive Chairman
A veteran of the mining industry with 40+ years of executive experience, Brian Lock has led multiple public companies, including Castle Peak Mining and Scorpio Gold. His expertise spans project development, M&A and corporate governance.
Waseem Javed – Chief Financial Officer
A seasoned mining CFO, Waseem Javed ensures disciplined capital deployment and financial controls. His experience spans junior explorers and mid-tier producers across Canada and the US.
Ken MacDonald – VP Exploration
Ken MacDonald is a registered professional geologist with over 30 years in mineral exploration and permitting in BC. Formerly with the BC Mines Branch and multiple juniors, he leads Sun Summit’s technical programs and NI 43-101 compliance.
Christopher Leslie – Technical Advisor
An expert in porphyry and epithermal systems, Christopher Leslie led the discovery of the 8 Moz Blackwater deposit while at Richfield Ventures, and later served as VP exploration for Tower Resources. He was instrumental in advancing the JD-Theory project during its prior ownership.
Robert D. Willis – Senior Advisor
Founder of several successful exploration companies, including Pioneer Metals and Manhattan Minerals, Robert Willis has 35+ years of technical and executive experience across North and South America.
Terry Salman – Strategic Advisor
Founder of Salman Partners and one of Canada’s most influential mining financiers, Terry Salman has backed dozens of successful juniors over a 40-year career in mining investment banking.