Labyrinth Resources

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

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
The Conversation (0)
Far Northern Resources (ASX:FNR)

Far Northern Resources September 2024 Quarterly Report

Far Northern Resources (ASX:FNR) (FNR or the Company) recently completed a targeted Reverse Circulation (RC) drilling program at the Empire Mining Lease. This program aimed to update and infill the 2020 resource model, with a focus on the primary vein at the northern end of the Empire Stockworks. The drilling results have confirmed the presence of high-grade gold zones (>3 g/t Au), with mineralization remaining open at depth and along strike, indicating further exploration potential.

Keep reading...Show less
Red Mountain Mining

Historical Gold Mineralisation identified at Flicka Lake

Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to report the completion of a detailed desktop review of historical exploration at Flicka Lake, part of the Company’s 100%-owned Fry Lake Gold Project in Canada. The review identified three gold bearing parallel quartz veins, validated by Troon Ventures Ltd using channel and grab samples taken from mineralised quartz zones exposed in trenches.

Keep reading...Show less
Piche Resources

Ashburton Mineralisation Expands as Project Delivers Wide and High-Grade Uranium Drill Results

Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce drilling results from a further eight holes at its Ashburton uranium project in Western Australia. Results to date highlight the potential for both high grade and broad zones of uranium mineralisation.

Keep reading...Show less

Newmont Receives First Battery-Electric Large Mining Truck

The addition of the Cat truck to Newmont's fleet reflects commitment to implementing more sustainable mining practices

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Lynette Zang, gold and silver bars.

Lynette Zang: Gold, Silver Price Potential as Public Turns to Sound Money

Lynette Zang, CEO of Zang Enterprises, spoke with the Investing News Network about her outlook for gold and silver prices as central banks around the world signal that they're ready for hyperinflation.

In her view, it's only a matter of time before both precious metals are squeezed higher.

"We'll see, but it wouldn't surprise me to see the spot market break US$3,000 (per ounce) by the end of this year," she said about gold, adding that silver could finish 2024 at the US$50 per ounce level.

Keep reading...Show less
Gold bars on top of papers showing stock exchange numbers.

5 Best-performing ASX Gold Stocks of 2024

The price of gold has maintained an upward trend since the start of the year, setting records in Australian dollars along the way. Its most recent high came on October 29 when it reached AU$4,230.70 per ounce.

Higher pricing comes on the back of increased instability in the Middle East, where tensions have been inching closer to breaking out in a wider regional war that could threaten critical supplies of oil from the region.

Additionally, a change in rate policy by the US Federal Reserve that saw it drop interest rates by 50 basis points on September 18 shifted investor sentiment in gold’s favour. The move came as inflation edged toward the central bank’s target rate of 2 percent, while data indicated a cooling jobs market became more balanced through July and August.

Keep reading...Show less

Latest Press Releases

Related News

×