Labyrinth prepares for drilling at flagship Canadian gold project and multi-commodity Comet Vale in WA

Labyrinth Resources Limited (‘the Company’ or ‘Labyrinth’) (ASX: LRL) is pleased to report on a successful quarter that saw it continue to add significant value to its flagship Labyrinth Gold Project in Canada and prepare for its maiden drilling program at the Comet Vale project in WA.

• Future production outlook at Labyrinth Gold Project in Quebec, Canada bolstered by outstanding overall recovery of 95.2%1
• The metallurgical testwork demonstrated a clear, efficient processing pathway for the high-grade Labyrinth project, returning 96g/t Au concentrate at 97.3% recovery with negligible deleterious elements
• The combination of these strong metallurgical results and the 500,000 maiden JORC resource at 5g/t2 demonstrates strong scope for further inventory growth, production and cashflow at Labyrinth
• At multi-commodity Comet Vale Project in WA, extensive historical data review and onground works during the quarter delineated priority follow-up drilling targets
• Focus is now turning to designed drilling programs at both Labyrinth and Comet Vale in parallel with assessments of geophysical surveys across the tenures
• Successful A$1.3m private placement completed3 with existing major shareholders, demonstrating strong support for Labyrinth’s strategy and its Canadian and WA projects

As a result of the key achievements during the quarter, Labyrinth is now set to advance both projects with further exploration and drilling.

Excellent metallurgical results received for the Labyrinth Gold Project confirmed the development potential as the Company works to build on the significant, 500,000oz highgrade JORC Resource established in 2022.

Labyrinth Chief Executive Matt Nixon said:“We completed a substantial volume of exploration planning and optimisation during the quarter to build on the significant 500,000oz Resource base established in September.

“The outstanding metallurgical results add substantial value to Labyrinth because they underpin development and processing options.

“We also embarked on an exploration program at the highly prospective Comet Vale project during the quarter, with the tenure presenting multiple genuine prospects with limited historical drilling.

“We have a host of work planned for 2023 which has strong potential to create immense value for shareholders at both projects”.

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