Labyrinth Resources

Labyrinth Begins Soil Sampling Program

Comet Vale groundwork begins while the Menzies area experiences thriving gold and lithium exploration

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) has completed preliminary mapping and sampling at its Comet Vale gold project in Western Australia (‘the Project’).


  • Reconnaissance trip a solid start to Comet Vale ground exploration program
  • 35 rock chip samples of prospective mafic/ultramafic rocks and pegmatites were taken from Comet Vale tenements
  • Samples are being assayed with results expected in 2-3 weeks
  • Historic magnetics and radiometric data has been acquired and reprocessed to aid in mapping gold bearing structures and prospective geology
  • Radiometric data (TC) showed several anomalies and previously unknown structures
  • Soil sampling program has started on western side of tenement package

The reconnaissance program has renewed interest in the historically overlooked multi- commodity prospectivity of the Comet Vale project. Reconnaissance samples are at the laboratory undergoing analysis and results are expected in 2-3 weeks (samples shown in Figure 1 and Figure 2). Recently acquired radiometric data (U, Th and Total Count or “TC”) showed numerous unexplained anomalies (Figure 3). Pegmatite samples collected were coincident with these anomalies, though the radiometrics could be indicating alteration, variation in intrusives (more specifically fractionation) and faults.

These findings initiated a gridded soil sampling program. The soils will be assayed for Lithium (Li), Caesium (Cs), Tantalum (Ta) and other Rare Earth Elements whereas historical programs have focused on gold and some indicator elements for base metals. The soil samples will help to explain the geophysical anomalies.

CEO Jennifer Neild explained, “We’re fortunate at Comet Vale to have such a richly prospective tenement package for multiple commodities.

This does mean going back to basics and soil sampling programs are a great way to vector in on prospective intrusions, structures and in the best case, mineralisation.

With the recent joint venture activity proximal to Comet Vale focused on lithium, Labyrinth has been identified as highly prospective tenure both internally and externally.”

Figure 1. Pegmatites in hand sample and in the field.

The reconnaissance work also confirms historic positions of copper (Cu) (Figure 2) and nickel (Ni) laterite mineralisation and prospective geology. The work noted more detailed variation in ultramafic intrusions, possibly explaining some anomalism seen in geophysical data. Finding evidence to explain geochemical and geophysical variance narrows is key to narrowing down targets.

Figure 2. Copper minerals including bornite, chalcopyrite, azurite and malachite from Long Tunnel Prospect.

Figure 3. Total Count (total gamma radiation emitted) attributed to potassium (K), thorium (Th) and uranium (U) over a regional dataset. Goldfields Highway through the middle of the map. Infrastructure and salt lakes need to be considered. Map in MGA GDA 94 z51.

Figure 4. Geology overlain with aerial imagery, showing position of mine, sample locations and important structural trends MGA GDA z51.

Soil sampling was already in the planning stages when Ora Banda Mining Ltd (‘OBM’) signed a Joint Venture agreement with Wesfarmers Limited’s (‘WesCEF’) exploration subsidiary Brenahan Exploration Pty Ltd (‘BEPL’)1 lending credence to Labyrinth’s interpretation of the regional lithology (Figure 5). The recent exploration activity has involved thoroughly assessing the complete mineral potential through targeting exercises of Comet Vale.

Indicator elements will assist in understanding the fractionation of intrusives and make sense of the radiometric anomalies. Radiometric surveys can detect the intensity of gamma rays of particular elements like K, Th and U. The TC refers to the total gamma rays emitted and might indicate the partitioning of elements within granitic melts, potentially a helpful tool in detecting compositional changes in intrusions.

Background

Gold occurrences across the ground produced many ounces of gold in small scale operations over the last 120 years. Long Tunnel-Lake View and Coonega trends (ENE-WSW) have been thought to be minor trends, but the structure can be delineated across the region in the magnetics. Other N-S trends such as the Rambo Trend, east of Comet Vale also remain interesting with historic drillholes now digitised and confirm mineralisation (Figure 4).


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.

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  • Offer unanimously recommended by Board and Special Committee of O3 Mining
  • 39% of outstanding shares of O3 Mining have signed Lock-up Agreements to tender to the Offer
  • Questions or Need Assistance? Contact Laurel Hill Advisory Group at 1-877-452-7184 or email assistance@laurelhill.com

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O3 Mining Inc. Logo (CNW Group/O3 Mining Inc.)

Reasons to Tender

  • Agnico is offering to acquire your shares for $1.67 in cash per Common Share
  • The Offer represents a 58% premium to the closing price of the Common Shares prior to announcement of the Offer
  • Agnico and O3 entered into a definitive support agreement, pursuant to which Agnico agreed to offer to acquire all of the outstanding Common Shares in cash by way of a friendly take-over bid
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Locked-Up Shareholders and O3 Board Recommendations

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In addition, the board of directors of O3 has unanimously recommended that shareholders tender their Common Shares to the offer (see How to Tender Your Shares below for details).

To ensure you do not miss out on the Offer, it is critical to tender your shares before 11:59 p.m. (EST) on January 23, 2025 (the "Expiry Time"). Shareholders are encouraged to act well in advance of the Expiry Time to ensure tender instructions are received in a timely manner.

If you have already tendered your shares no further action is required.

How to Tender Your Shares

Shareholder   Type

How do I tender my Common Shares?

Beneficial Shareholders – Most shareholders are beneficial shareholders. This means your Common Shares are held through a broker, bank or other intermediary, and you do not have a share certificate or DRS advice

Contact your bank or your broker immediately and instruct them to tender your Common Shares to the Offer

Registered Shareholders – You are a registered shareholder if you hold your Common Shares directly (through a share certificate, DRS advice or other method of direct ownership)

Contact Laurel Hill Advisory Group:

Phone: 1-877-452-7184 (toll-free)
Email: assistance@laurelhill.com

If you have any questions or require any assistance with tendering your Common Shares to the Offer, please contact our Depositary and Information Agent:

Laurel Hill Advisory Group

North American Toll-Free: 1-877-452-7184
Outside North America : +1-416-304-0211
E-mail: assistance@laurelhill.com

Visit us at www.agnicoeagle.com/Offer-for-O3-Mining to receive the most up-to-date information about the Offer.

About O3 Mining Inc.

O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.

About Agnico Eagle Mines Limited

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico , with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Download Press Release (CNW Group/O3 Mining Inc.)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-and-o3-mining-issues-a-reminder-to-o3-mining-shareholders-to-tender-their-shares-to-agnico-eagles-all-cash-offer-expiring-january-23-2025-302351512.html

SOURCE O3 Mining Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/15/c6187.html

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