Labyrinth Positioned To Create Value Through Exploration Via Two High-Grade Gold Projects

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report on a successful quarter which saw it lay the foundations for strong growth through exploration at its two high-grade gold projects.

Key Points

• Planning well advanced for next exploration phase at Labyrinth Gold Project in Quebec, Canada to build on significant maiden JORC 2012 Resource of 500,000oz @ 5g/t¹
• Significant refund from Quebec Government of CAD$839,708 (AUD$937,505) confirmed during quarter following Labyrinth’s submissions under the resources tax credit (CIRR) and refundable duties for loss (CDRP) processes²
• Successful raise of $1.015m post quarter end in a private share placement to new strategic sophisticated investors and existing major shareholders plus a rights issue to raise up to $1.7m³
• Experienced executive and geologist Ms. Jennifer Neild appointed to lead exploration drive at Labyrinth’s high-grade projects³
• High-grade assays received from the 1,500m, 18-hole surface exploration drill program at Comet Vale’s Sovereign Trend, just 100km from Kalgoorlie. Significant results from this program include⁴:
  • 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
• Updated high-grade JORC 2012 Mineral Resource Estimate for the Sovereign Trend laid foundation for further growth at Comet Vale⁵ with:
  • Combined open pit and underground Indicated and Inferred Mineral Resource of 619,000t @ 4.8 g/t Au for 95,710oz
  • Underground Resource of 56,233oz @ 7g/t (2.5g/t cut-off)
  • Open pit Resource of 39,477oz @ 3.3g/t (0.5g/t cut-off)
  • Notable high-grade Indicated Mineral Resource component of 42,000oz @ 10g/t Au (above 5g/t Au cut-off)

The Company also generated strong results from its maiden drilling program at the Comet Vale project in WA.

This emphasis on growth through exploration was also demonstrated by the appointment of experienced executive geologist Jennifer Neild as Chief Executive.

Labyrinth Non-Executive Chairman Dean Hely said: “We are very well placed to drive value for shareholders through exploration. Organic growth of this nature, particularly around known high- grade gold deposits, stands to generate superior returns for our shareholders and that’s why we are fully committed to this strategy.

“On behalf of the Board, I would like to thank outgoing Chief Executive 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. Her skills and significant experience as a geologist and resources executive will be invaluable as we implement our growth strategy.

“I also thank Mel Ashton for the strong contribution he made as a Non-Executive Director of Labyrinth and wish him all the best.”

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