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- Labyrinth Resources (LRL) prepares to ramp up exploration at both its Comet Vale project in Western Australia and its namesake gold project in Canada
- At Comet Vale, the company’s program of works has been approved for reverse circulation drilling to test extensions to known mineralised lodes
- Independent consultants are also preparing an updated mineral resource estimate for the Sovereign gold trend at Comet Vale, to be completed this quarter
- Over in Canada, LRL has completed the drilling design for a phase two resource growth program at its Labyrinth project, enabling tender submissions
- Shares in Labyrinth Resources are trading at 1.4 cents at 10:38 am AEDT
Labyrinth Resources (LRL) is preparing to ramp up exploration at both its Comet Vale project in Western Australia and its namesake gold project in Canada.
At Comet Vale, the company’s program of works has been approved for drilling on the M29/52 tenement, and drill rigs are due to mobilise to the site in the next six weeks.
A 1500-metre reverse circulation drill program is planned to test for extensions to the known lodes at Comet Vale and gather important geotechnical data.
The company said the drilling at Comet Vale would mark the first genuine surface exploration undertaken at the project for 15 years.
Labyrinth recently completed a full review of the geology and known mineralisation in the area and carried out an initial phase of on-ground mapping, which it said highlighted the significant potential, but under-explored nature, of the project.
Over in Canada, LRL has designed a phase two resource growth drilling program for its Labyrinth project, enabling tender submissions to begin.
The aim of the upcoming program is to grow the maiden 500,000-ounce resource released by the company in the September 2022 quarter.
Labyrinth Chief Executive Matt Nixon said both programs provided the potential to create “substantial value for shareholders” because the company was testing for extensions to known lodes and infill drilling in areas outside of the current resource where it had identified a strong prospect of mineralisation.
Shares in Labyrinth Resources were trading at 1.4 cents at 10:38 am AEDT.
