
- WORLD EDITIONAustraliaNorth AmericaWorld
December 14, 2022
Located 100km north of Kalgoorlie, the project hosts extensive high-grade gold and strong evidence of nickel and copper mineralisation
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.
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.
LRL:AU
Alert Options
No alert set
INN Article Notification
Alert Option
You will be notified when this event occurs. No additional settings needed.
The Conversation (0)
31 August 2023
Labyrinth Resources
Developing underexplored gold assets in the prolific Canadian Abitibi Gold Belt and the Yilgarn Craton of Western Australia.
Developing underexplored gold assets in the prolific Canadian Abitibi Gold Belt and the Yilgarn Craton of Western Australia. Keep Reading...
03 November
John Feneck: Gold, Silver, Midterms — Price Impact as US Votes
How will US midterm elections affect gold and silver prices? John Feneck, portfolio manager and consultant at Feneck Consulting, shares his thoughts, saying both precious metals could see further downside in the short term if Republicans lose both the House and Senate; however, the long-term... Keep Reading...
03 November
Adrian Day: Gold Below US$4,000 — Buy Stocks Now or Wait?
Adrian Day, president of Adrian Day Asset Management, shares his thoughts on gold, saying while he's optimistic long term, the price could still fall further. "When do we jump in? You know, if I didn't own a single gold stock today, I would certainly be looking to buy (this) week. But if I've... Keep Reading...
03 November
Brien Lundin: Rising Debt and Currency Risks Could Drive Gold Higher
Brien Lundin, editor of Gold Newsletter, says rising government debt and weaker currencies could help keep the gold price high over the long term, even as the market faces short-term ups and downs.Speaking at the New Orleans Investment Conference, Lundin, who hosts the event, said that although... Keep Reading...
03 November
Gold Fields Secures Environmental Approval for Windfall Gold Project
Multinational miner Gold Fields (NYSE:GFI) has received environmental approval from the Quebec government to begin construction of its Windfall gold project in the Eeyou Istchee James Bay region, approximately 115 kilometers east of Lebel-sur-Quévillon by road.According to a Monday (November 2)... Keep Reading...
02 November
Craig Hemke: Gold, Silver — Stack on Weakness, "Ultimate Game Changer" Ahead
Craig Hemke, publisher of TFMetalsReport.com, shares his perspective on recent declines in gold and silver, saying that while prices can still go lower, ultimately the math will work out in favor of precious metals and send them to much higher levels. "Gold's just gold. It just sits there.... Keep Reading...
02 November
Tavi Costa: Gold Price Takes a Hit — 3 Reasons Why, What's Next
Tavi Costa, CEO of Azuria Capital, weighs in on recent price declines in gold and silver, emphasizing that bottoming is a process that won't happen immediately. In his view, that setup makes the metals more appealing than copper, which has held onto its gains. "I think that the catch-up trade... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00






