Labyrinth Resources

March 2023 Quarterly Activities Report: Labyrinth Set To Continue Growing 500,000oz Resource At Canadian Gold Project

The Labyrinth 5gpt Resource is open in all directions and surrounded by highly prospective targets. Plus, drilling underway at Comet Vale in WA to grow recently announced Resource.

Labyrinth Resources Limited (Labyrinth or the Company) (ASX: LRL) is pleased to report on a successful quarter that saw it prepare for the next exploration campaign at its Labyrinth Gold Project in Canada and commence its maiden drilling program at the Comet Vale project in WA.


Key Points

  • Planning well advanced for next drilling phase at Labyrinth Gold Project in Quebec, Canada to build on significant maiden JORC 2012 Resource of 500,000oz @ 5g/t1
  • At Comet Vale, 1,500m RC drilling program is underway to expand known high-grade mineralisation of the Sovereign Trend2
  • JORC 2012 Mineral Resource Estimate for Sovereign Trend prepared by independent consultants Right Solutions
  • The high-grade updated Resource was released post quarter-end3, laying foundation for further growth at Comet Vale with:
    • Combined open pit and underground Indicated and Inferred Mineral Resource of 619,000t @ 4.8 g/t Au for 95,710oz
    • Underground Resource of 56,233oz @ 7g/t (2.5g/t cut-off)
    • Open pit Resource of 39,477oz @ 3.3g/t (0.5g/t cut-off)
    • Notable high-grade Indicated Mineral Resource component of 42,000oz @ 10g/t Au (above 5g/t Au cut-off)

Post quarter-end, Labyrinth released an updated JORC 2012 Mineral Resource Estimate that delineated 95,710oz of high-grade gold in the Sovereign Trend at Comet Vale and included both open pit and underground inventory. Most pleasingly, the Resource is open in all directions and the drilling program includes extension targets outside of the modelled ore bodies that pave the way for rapid Resource growth.

Labyrinth Chief Executive Matt Nixon said: “It was a successful quarter which has paved the way for potential resource growth at both projects. We now have solid resource platforms at both our projects with opportunities to increase them with further drilling.

“In addition to drilling, we are in discussions with the Canadian vendors at Labyrinth regarding ways we can continue to work together to create further value for both parties".

CANADIAN ACTIVITIES

The Labyrinth and Denain gold projects are located 230km apart along Highway 117 and situated in a world class mining jurisdiction hosted by the prolific Abitibi Greenstone Belt.

Figure 1 - Location of Labyrinth Resources Projects amongst Abitibi Gold Camps

(Sources: Ontario Ministry of Northern Development and Mines Statistics https://www.geologyontario.mndm.gov.on.ca, History of Abitibi Gold Belt (2021) https://www.visualcapitalist.com/sp/the-history-of-the-abitibi-gold-belt)


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)
Labyrinth Resources (ASX:LRL)

Labyrinth Resources

Developing underexplored gold assets in the prolific Canadian Abitibi Gold Belt and the Yilgarn Craton of Western Australia.

Developing underexplored gold assets in the prolific Canadian Abitibi Gold Belt and the Yilgarn Craton of Western Australia. Keep Reading...
Pile of gold bars with stock charts in the corner. Text reads "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: NV Gold Shines with 88 Percent Gain

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian news impacting the resource sector.On Monday (August 10), Transport Canada introduced the Commodities Sectoral Support Program (CSSP),... Keep Reading...
Karim Rayani Files Early Warning Report Regarding Skull Ridge Gold Corp.

Karim Rayani Files Early Warning Report Regarding Skull Ridge Gold Corp.

Karim Rayani announces that an early warning report has been filed in connection with the acquisition by R7 Investments Ltd. (“R7”), a corporation controlled by Mr. Rayani, on July 16th, 2026, of 1,000,000 units of Skull Ridge Gold Corp. (the “Company”) pursuant to the Company’s recently... Keep Reading...
John Feneck, gold bars.

John Feneck: Gold, Silver Bottom? Price Targets and What's Next

John Feneck, portfolio manager and consultant at Feneck Consulting, breaks down the recent price moves in gold and silver, saying he thinks the bottom is in. "The only thing that could really derail that is a heavy situation on the war, where Trump doubles down and really lights up Iran," he... Keep Reading...
Joe Cavatoni, gold bars.

Joe Cavatoni: Can Gold Rise in H2? 3 Key Factors I'm Watching

Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, shares key takeaways from the organization's latest quarterly Gold Demand Trends report. He highlights the yellow metal's resilience at the US$4,000 per ounce level in the face of various price headwinds. Cavatoni also... Keep Reading...
Two people in suits shake hands, agreeing to a deal.

Barrick, Newmont Settle Nevada Dispute in US$1.95 Billion Deal

Gold giants Barrick Mining (TSX:ABX,NYSE:B) and Newmont (NYSE:NEM,ASX:NEM) agreed to a US$1.95 billion truce on Monday (August 10), resolving a months-long dispute between the top gold miners that threatened to derail Barrick's planned North American spin-off.Under the settlement, Newmont... Keep Reading...

Interactive Chart

Latest Press Releases

Related News