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Labyrinth Resources (ASX:LRL) has seen its share prices jump more than 2% in morning trades after posting its latest gold drill hits.
Pointing to its recent infill drill run, which extended the area wherein “shallow, high grade hold” is understood to be present at Comet, geotechs are now moreso interested in the Cheer and Sovereign prospects on-site.
The company reported the following two results from cheer, both aligning with historic drill hits and improving understanding of near-surface gold respectively:
- 14m @ 4.9g/t gold from 32m depth
- 02m @ 8.5mg/t gold from 11m depth
The company made a point of noting there’s no current JORC compliant resource for Cheer.
Sovereign, meanwhile, turned up a result of 03m @ 10.8g/t gold from 36m depth – a historic hole studied by geotechs was notably deeper at 125m depth. Further drill data is needed to make any comment on that prospect’s near-surface qualities.
To that end: an additional drill rig is on its way to Comet Vale as further assay results slowly trickle back from the lab to management. As for 2025: Labyrinth’s Mulwarrie and Vivien Projects will see drilling activity “in the new year.”
“The company is now ramping up so we can grow our mineral resources in WA quickly,” LRL CEO Charles Hughes said.
“To this end, an additional drill rig has been contracted at Comet Vale and the Labyrinth Team is being bolstered by high quality additions, with Matt Crowe joining as Exploration Manager this week, that are required to execute the aggressive drilling plans the Company has for the next 12 months.”
LRL last traded at 24.8cps through Monday morning after open.
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