- Labyrinth Resources (LRL) reports encouraging results from the first eight holes of a maiden underground diamond drilling program at its Labyrinth gold project in Canada
- The company says the initial drill holes intercepted the targeted Boucher lode
- Labyrinth says the drill core contains a well-developed quartz vein hosting pyrite and chalcopyrite and ranging between 1.5 metres and 6m wide, while one hole also intersected visible gold in a previously unmodelled area of the Labyrinth resource
- The company says it remains on track to deliver a maiden mineral resource estimate for Labyrinth this year
- LRL shares last traded at 4.4 cents on April 11
Labyrinth Resources (LRL) has reported encouraging results from the first eight holes of a maiden underground diamond drilling program at its Labyrinth gold project in Canada.
The company said 2,000 metres were drilled so far, with the initial eight holes intercepting the targeted Boucher lode.
Labyrinth said the drill core contains a well-developed quartz vein hosting pyrite and chalcopyrite and ranging between 1.5 metres and 6m wide.
One hole intersected visible gold in a previously unmodelled area of the Labyrinth resource, “highlighting the potential to expand known mineralisation”.
The company said it remained on track to deliver a maiden JORC mineral resource estimate for Labyrinth this year.
It also acquired seven new mining claims in Ontario that run parallel to the Labyrinth project.
CEO Matt Nixon said the initial drill results “look highly promising”.
“We continue to hit the key Boucher lode with every hole and we have also intersected
mineralisation outside the resource, allowing us to modify the design of our maiden drilling program and ensure we also include targets within the mine sequence of the known McDowell and Talus lodes,” he said.
“This all bodes very well for the maiden JORC resource and we look forward to receiving the first assays in coming weeks.”
LRL shares last traded at 4.4 cents on April 11.