- Labyrinth Resources (LRL) strikes gold in its first three holes of a maiden surface program at its flagship Labyrinth gold project in Quebec, Canada
- The company says the assays significantly extend the currently defined lodes at depth and along strike, with results including 20.5 g/t from 375 metres down plunge
- Phase one drilling is now complete, with 3135 metres drilled across five holes in 44 days, coming out under budget and incident free
- Labyrinth says it’s on track to publish its maiden JORC resource next month, with its new assays forming part of a subsequent resource update
- Labyrinth Resources are in the grey and trading at 2.4 cents at 11:50 am AEST
Labyrinth Resources (LRL) has struck gold in its first three holes of a maiden surface program at its flagship Labyrinth gold project in Quebec, Canada.
The company said the assays from its maiden surface program significantly extended the lodes that were currently defined at depth and along strike.
Results from the drilling included 1.4 metres at 13.32 grams per tonne of gold (g/t) from 652.3 metres, including 0.9 metres at 20.53g/t from 375 metres down plunge of the currently modelled lode.
Drilling also intersected mineralisation in previously unmodelled zones, which LRL said indicates the potential for substantial increases in scale of the deposit.
Quartz and pyritic mineralisation were revealed across multiple lodes, with results confirming the mineralisation extends up to 375 metres down dip and to a depth of roughly 550 metres below surface, remaining open at depth and along strike.
Labyrinth Chief Executive Matt Nixon said these outstanding results highlight the scope for substantial growth in the deposit.
“We have barely scratched the surface at Labyrinth compared with the drilling completed at other major deposits in the Abitibi region,” Matt Nixon said.
“The scale of these endowments shows the upside we have at Labyrinth”.
Drilling of phase one is now complete, with 3135 metres drilled across five holes in 44 days, coming out under budget and safety incident free.
Labyrinth said it’s on track to publish its maiden JORC resource next month, with its new assays forming part of a subsequent resource update.
Labyrinth Resources was in the grey and trading at 2.4 cents at 11:50 am AEST.