Labyrinth Receives $470,000 Tax Credit

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce that it has received a tax credit of CAD$415,453 (approximately A$470,000) from Revenu Quebec in Canada.

The credit stems from Labyrinth’s resources-related expenditure in the year to 30 June 2023.

Labyrinth announced earlier this month that it has agreed to sell the Labyrinth and Denain gold projects in Quebec, along with related assets and mining information, for US$3.5 million cash (refer to ASX announcement dated 8 January 2024).

This sale is in line with Labyrinth’s decision to step up its exploration focus at its Comet Vale

tenement package in Western Australia.

Labyrinth Chief Executive, Jennifer Neild said: “We know there is immense exploration upside at Comet Vale, including strong scope to grow the Resource.

“The geology is extremely prospective and this is supported by early-stage geophysics and sampling results. There is also clearly multi-commodity potential.

“We are now reviewing our exploration strategy for Comet Vale and aim to expand our WA assets.”

Click here for the full ASX Release

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