Labyrinth Embarks On Exploration Program At Comet Vale Gold-Copper-Nickel Project, WA

Labyrinth Resources (“Labyrinth” or “the Company”) (ASX:LRL) is pleased to advise that it has commenced an extensive exploration campaign at its Comet Vale gold-copper-nickel project in Western Australia.

Key Points

• Following extensive historical data review, Labyrinth has commenced a regional exploration program at the highly prospective, multi-commodity Comet Vale Project
• The significant tenure of approved mining leases is host to numerous gold, copper and nickel prospects with extensive historical gold mine workings which remain accessible
• Minimal exploration conducted, with no surface drilling undertaken since 2007
• On-ground works completed this month have delineated multiple priority follow- up drilling targets, with Program of Work submissions to Department of Mines, Industry and Resources Safety (DMIRS) underway

The program is the first genuine surface exploration undertaken at Comet Vale for 15 years. This is despite the project hosting extensive high-grade gold and copper mineralisation and strong evidence of nickel laterite.

Labyrinth has recently completed a full review of the geology and known mineralisation and carried out an initial phase of on ground mapping. This process highlighted the significant potential but under-explored nature of the project.

With the Company recently completing the maiden JORC Resource at its Labyrinth Gold Project in Canada, (see ASX release dated September 27, 2022), it is now ready to start a program of detailed work at its 51 percent-owned Comet Vale project targeting the multi- commodity potential.

Labyrinth Chief Executive Matt Nixon said: “Our review shows that Comet Vale has immense

potential but has been exposed to little or no modern exploration.

“With the JORC Resource at Labyrinth completed and the ongoing exploration strategy there clearly mapped out, we are in a position to begin unlocking the value of Comet Vale in parallel.

“We already know there is significant gold and copper mineralisation as well as nickel-hosting mineralogy present and our review has highlighted numerous target areas which warrant further exploration.

“Based on the initial field mapping there are numerous walk-up drilling targets so our focus now shifts to drilling preparation”.

Comet Vale Geology

Comet Vale is on the eastern limb of a regional-scale, north-south trending anticline: the Goongarrie-Mt Pleasant Anticline. The Goongarrie Monzogranite is in the core of this south plunging anticline and is enclosed by rocks of the Ora Banda Domain.

The mafic-ultramafic rocks in the Comet Vale area therefore are part of the same sequence that hosts the Grants Patch, Ora Banda and Mt Pleasant gold camps, as well as the Goongarrie and Highway nickel laterite deposits on the southern and western limbs of this anticline and consist of the Missouri Basalt, the Walter Williams Formation and the Siberia Komatiite. To the east of the property is the northern extension of the prolific Boulder-Lefroy Fault that hosts the world-class Superpit mine.

Much of the western part of the project area is blanketed by a thin cover of wind-blown sands (1-4 m thick) and a thin underlying layer of lateritic gravel (<1 m thick). This transported regolith covers the majority of the ground that is prospective for parallel deposits to the Sovereign trend so requires geophysical techniques to test for prospectivity. Most of the Walter Williams Formation has a laterite cover (up to 44m thick) and locally has a jasperoidal silica cap rock. This has preserved the underlying saprolitic part of the weathered profile that is also a potential host for lateritic Ni-Co deposits.

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