Labyrinth Resources

Labyrinth Beginning Exploration Campaign at Comet Vale Operations

Labyrinth is revisiting the enormous opportunity that still exists closer to home

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report on the important changes during the September 2023 quarter that affect the focus of the Company. This includes an in-house evaluation of the current projects and opportunities that have not been explored previously.


Key Points

  • Exploration plans for Comet Vale are well underway evaluating the total prospectivity with a deeper dive into historic non-digital data (generally prior to 2002) tighten target ranking
  • A reconnaissance field program completed in September 2023 with 34 rock chip samples of pegmatite and copper, nickel, and gold prospective rock across tenement are now at the laboratory for assay analysis
  • Previously, an 18-hole surface exploration drill program at Comet Vale’s Sovereign Trend generated significant results including1:
    • 5m @ 15.0g/t Au from 46m including 2m @ 35.6g/t from 49m in hole CVRC23_008
    • 3m @ 11.41g/t Au from 46m in hole CVRC23_007
    • 2m @ 15.53g/t Au from 126m including 1m @ 25.56g/t from 127m in hole CVRC23_016
  • The Updated high-grade JORC 2012 Mineral Resource Estimate for the Sovereign Trend laid foundation for further growth at Comet Vale2 with a combined open pit and underground indicated and inferred mineral resource of 619,000t @ 4.8g/t Au for 95.710oz with potential to update based on recent drilling
  • During the quarter Labyrinth completed a successful raise of $1.015m in a private share placement to new strategic sophisticated investors and existing major shareholders plus a rights issue which amounted to an additional $581k
  • Post quarter end, Labyrinth completed the final CAD $500,000 (plus interest) owing to G.E.T.T Gold Inc. related to the acquisition of the Company’s Quebec projects
  • The final payment to G.E.T.T. Gold Inc (TSXV: GETT) (‘GETT’) entitles Labyrinth to acquire tile of the Labyrinth and Denain Projects
  • Change of Leadership with experienced executive and geologist Ms. Jennifer Neild appointed to lead exploration drive at Labyrinth’s high-grade projects
This emphasis on growth through exploration was also demonstrated by the appointment of experienced executive geologist Jennifer Neild as Chief Executive.

Non-Executive Chairman, Dean Hely said: “On behalf of the Board, I would like to thank outgoing Chief Executive Officer Matt Nixon for his hard work in laying these foundations for growth and I look forward to working with him as a Non-Executive Director of Labyrinth.

“I welcome Jennifer as Chief Executive Officer. Her skills and significant experience as a geologist and resources executive will be invaluable as we implement our growth strategy.


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.

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