Labyrinth Resources (ASX:LRL) reports it has returned grades as high as 44 grams per tonne Au from the first hole of its maiden surface drilling program at its flagship Labyrinth Gold Project in Quebec, Canada.
The results indicate that mineralisation extends for at least 375m down-dip from the ‘significant’ 125m extension of known mineralisation.
Key intercepts include:
- 2.2m @ 10.67g/t from 143.5m including 0.5m @ 44.12g/t and,
- 1.0m @ 7.43g/t from 147.8m in hole LABS-22-01A as part of a broader mineralised interval of 8.1m @ 4.05g/t from 143.5m
Addressing the results, Labyrinth Chief Executive Matt Nixon said: “To hit 44g/t in the first hole is an outstanding start to our surface drilling program. And we are highly encouraged by what we see in the second and third holes.
“To hit 44g/t in the first hole is an outstanding start to our surface drilling program”
We now eagerly await results for the rest of the surface campaign, which will test vertical lode extensions down to approximately 700m and across the majority of the 1.6km strike.
At the same time, we are completing the maiden JORC resource estimate, which is set for release later this quarter.
To consider that we are only just beginning to test the comparatively shallow extents of this highly prospective gold system in the prolific Abitibi Belt is very exciting.”
The company also notes that the visual intersections indicate additional extensions to many of the defined lodes along strike and at depth, with the potential to provide a ‘substantial’ step change in the project scale.
In addition, the Labyrinth Project has only been shallowly drilled in comparison to the ‘significant’ neighbouring projects in the region, which are host to multi-million-ounce deposits, highlighting the potential of the Labyrinth Project.
With drilling ongoing and assays pending for the remainder of drillhole one and two, Labyrinth announces that it is on track to deliver a maiden JORC Mineral Resource Estimate (MRE) for the current quarter with all assays from previous underground drilling now received.
The Labyrinth Gold Project is located in the prolific Abitibi Greenstone Belt in Quebec, Canada and was last mined in the early 1980s when production halted due to the depressed gold price.
The project currently boasts an existing non-JORC-compliant historic NI43-101 resource of 2.1Mt @ 7.1g/t for 479,000oz of gold, including 570,300t @ 6.52g/t for 119,500oz in the Measured and Indicated category.
Images: Labyrinth Resources Ltd
