Labyrinth Resources (ASX:LRL) has received a $470,000 tax credit from the Revenu Quebec in Canada.
The $7.12 million market capitalisation company says the credit stems from its resources-related expenditure in the year to 30 June 2023.
This news follows after Labyrinth announced on 8 January 2024, it had agreed to sell its namesake and Denain Gold projects in Quebec, along with related assets for US$3.5 million cash.
Labyrinth says this sale is in line with its decision to step up exploration at its Comet Vale tenement package in Western Australia.
Chief Executive Officer (CEO) Jennifer Neild says the company is aware of the immense exploration upside at Comet Vale, including ‘strong’ scope to grow its resource.
“The geology is extremely prospective and this is supported by early-stage geophysics and sampling results. There is also clearly multi-commodity potential.
We are now reviewing our exploration strategy for Comet Vale and aim to expand our Western Australia assets.”
Labyrinth Resources is a gold-focused explorer with assets in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Labyrinth Resources
