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Breaker Resources NL (ASX:BRB, Breaker, or the Company) is pleased to advise that it has now received the results from the last five holes (or wedges) drilled at as part of its resource development program which completed in late December 2022 at Bombora, targeting various lodes beneath the prospective Bombora open pit at its Lake Roe Gold Project.
Again, the results validate the predictability, interpretation and grade continuity of the lode structures applied during resource estimation. The drilling successfully intersected various lodes beneath the future open pit which are the subject of underground mining studies. The results will enable a future upgrade from inferred to indicated categorisation but more importantly validate the integrity of the inferred estimates completed so far on 80m spaced drill lines.
Best results include:
0.8m @ 28.8 g/t gold from 388.62m in BBDD0162 (est. true width = 0.55m)
8.95m @ 2.44 g/t gold from 415.05m in BBDD0162 (est. true width = 6.26m)
6m @ 5.51 g/t gold from 596m in BBDD0162 (est. true width = 4.20m)
2.65m @ 4.27 g/t gold from 484m in BBDD0162 (est. true width = 1.86m)
0.45m @ 30.6 g/t gold from 292.45m in BBDD0164 (est. true width = 0.32m)
3.00m @ 6.50 g/t gold from 472m in BBDD0164 (est. true width = 2.70m)
1.2m @ 8.93 g/t gold from 478m in BBDD0164W1 (est. true width = 1.08m)
5.68m @ 5.81 g/t gold from 115.32m in BBDD0166 (est. true width = 5.10m)
Breaker’s CEO, Sam Smith said
“It’s great we can drill holes into our resource model and hit the ore where it was interpreted to be with ore intercepts sometimes better than the global resource estimate. Our underground mining plans are continuously being supported by high grade drill results at Tura and the Northern Flats. Our scoping study for underground mining of the Tura lodes beneath the planned Bombora pit showed strongly positive outcomes from what is just the immediate extensions of the primary structures. Same for the Northern Flats where our scoping studies are nearing completion. The latest round of assays boost our expectations for economic studies and demonstrate that Lake Roe could have a longer mine life from underground mining on completion of the open pits”.
Drill holes BBDD0162, BBDD0164 and BBDD0164W1 targeted the Northern Flats Lodes, which are a series of stacked, shallow north plunging flat lodes with numerous high grade gold shoots located below and north of the future open pit. Each hole was expected to intersect the flat lodes and assays confirmed continuity of mineralisation at economical grades along the structures.
The Northern Flats Lodes, plunging north from the proposed Bombora open pit manifest as stacked flatly dipping narrow, but high-grade lode structures typically 1-3m in thickness. The intersection of these with the NW trending and steeply east-dipping lodes, and the NW trending and west dipping lodes creates elongated corridors where much thicker and higher-grade shoots tend to form.
Drill holes BBDD0161, BBDD0163 and BBDD0166 were targeting the Tura structure, aimed at defining the extent of the internal high grade shoot. Each hole intersected the Tura structure outside of the internal high grade shoot, refining the mineralisation model for mining studies.
Figure 1: Bombora long section (looking west) with drill results above 10gxm and 1.0g/t cut off grade.
Table 1: Bombora drill results report (1.0 g/t cut-off and a minimum of 10 gram x meters):
The information in this report that relates to Exploration Results is based on information compiled by Stephane Roudaut BSc (Geology); MSc (Economic Geology); MAusIMM. Mr. Roudaut is the Chief Geologist of Breaker Resources NL. Mr. Roudaut has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Roudaut consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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This article includes content from Breaker Resources NL, 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.
BRB:AU
Labyrinth Reinvigorates Exploration at Comet Vale
Key Points
- At the beginning of the quarter, Labyrinth announced the intention to divest Labyrinth Gold Project to Gold Projects WA Pty Ltd (‘GPWA’) for a cash consideration of USD $3,500,0001;
- Post-quarter LRL announced that the Project Sale Conditions were satisfied or waived and in addition2:
- the deposit of USD$175,000 paid by the purchaser, GPWA, to Labyrinth is now non- refundable in all circumstances;
- settlement is to occur by 15 May 2024; and
- interest of 6% per annum, to be accrued from 29 February 2024.
- Labyrinth announced the successful negotiation amending the terms of the Project Acquisition Agreement with G.E.T.T. Gold Inc. with respect to the obligation to deliver a 450 ounce Physical Gold Payment by 31 December 20233;
- The payment reduced to 200 ounces with the remaining 250 ounces to be paid upon profitable production at Labyrinth Mine (to be assumed by GPWA as part of Share Purchase Agreement (‘SPA’));
- Labyrinth received a significant tax refund of circa $470k in relation to Canadian resource expenditure4.
- At the beginning of the quarter, the assay results from a field program completed at Comet Vale in September 2023 were announced5:
- LCV0029: 129 g/t Au, 0.1% Cu
- LCV0033: 39.1g/t Au, 6.3% Cu and 271 g/t Ag
- LCV0028: 28.9 g/t Au, 3.0% Cu, 0.07% Co and 0.5% Ni
- LCV0017: 3.6 g/t Au, 8.4% Cu and 9.2 g/t Ag
- LCV0021: 8.5 g/t Au, 0.3% Cu
- The rock chips represent part of a nearly 3km corridor of high-grade gold, copper, cobalt, nickel, tungsten and silver.
Figure 1 – Comet Vale Project location, WA
COMET VALE
During the quarter, significant focus has been placed on the divestment of Labyrinth Gold Project in Canada. Meanwhile, targeting and planning of exploration activities is well underway at Comet Vale. Strong performance in the gold price this quarter shows no signs of slowing, bolstering Labyrinth’s interest in Comet Vale Gold Project. With gold and base metal potential still high, the Company is leaving no stone unturned in finding suitable drill targets to truly test the potential.
LRL has previously announced the commitment to refocus exploration activities at Comet Vale Project near Menzies, Western Australia. The project is a joint venture project between Labyrinth (51%) and Sand Queen Gold Mines Pty Ltd (49%). In 2023 an updated Mineral Resource Estimate was completed on the Comet Vale Underground (‘UG’) and Open Pit (‘OP’) historic resource (see Table 1 and 2)6. Figure 2 demonstrates the substantial Resource growth potential of the currently only shallowly defined Sand George mineralisation.
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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.