Labyrinth Set For Substantial Resource Growth After Drilling Doubles The Dimensions Of Known Mineralisation

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce more strong drilling results which continue to extend the parameters of the known mineralisation at its Labyrinth Gold Project in Quebec, Canada.

Key Points

• Assays received for all holes of the maiden surface exploration program at Labyrinth, confirming significant extension to all currently defined lodes at depth and along strike
• These extensions will be excluded from the imminent maiden JORC Mineral Resource Estimate set for release in September 2022, paving the way for substantial ongoing inventory growth
• Highlights from the campaign include:
  • 2.2m @ 10.67g/t from 143.5m in LABS-22-01A including 0.5m @ 44.12g/t, part of a broader mineralised interval of 8.1m @ 4.05g/t, extending the Front-West lode 125m down-dip (Previously released – refer ASX Announcement 25 July 2022)
  • 2.9m @ 5.63g/t from 600.1m in LABS-22-04 including 0.9m @ 7.9g/t, extending the McDowell lode 390m down-dip
  • 1.4m @ 13.32g/t from 652.3m in LABS-22-02 including 0.9m @ 20.53g/t, extending the Boucher lode 375m down-dip (Previously released – ASX Announcement 10 August 2022)
• In addition, ongoing review of historical data has identified further drilling results which indicate the strike length of the mineralisation extends to more than 2.3km

Figure 1 – Longsection of the Labyrinth Gold Project illustrating both existing Resource and significant growth upside potential

The results represent the final assays from the recently-completed surface drilling program which has expanded the known mineralisation down dip by up to 390m to 690m along ~900m of the known 1.6km strike length.

The very high-grade nature of the results is demonstrated by assays such as 44.12g/t in LABS-22-01A, 20.53g/t in LABS-22-02 and 7.9g/t in LABS-22-04.

Delivery of the maiden JORC Resource remains on track for release in September, 2022. However, the results of the surface drilling program will be included in a subsequent Resource update, paving the way for ongoing inventory growth.

In addition to these latest results, the Company continues to review historical data and has identified drilling results not included in the current geological database.

The shallow results from less than 100m below surface indicate a strike extension of the McDowell lode of more than 700m, taking the total strike to over 2.3km. This remains open in all directions.

The historical results, which sit more than 1,100m east of the portal, provide drilling targets for inclusion in the broader regional exploration plan at Labyrinth.

Labyrinth Chief Executive Matt Nixon said: “This has been a highly successful initial program, with the known size of Labyrinth increasing substantially.

“With the maiden Resource almost complete, we already have some exceptional results which will help underpin a subsequent Resource update. And the mineralisation remains open in all directions”.

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