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

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)

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