Mineral exploration company Labyrinth Resources (ASX:LRL) reports it has commenced a new exploration campaign at the Comet Vale Gold-Copper-Nickel (Au-Cu-Ni) Project in Western Australia.
The company says the new program is the first ‘genuine’ surface exploration undertaken at the project in 15 years despite it hosting ‘extensive’ ‘high-grade’ gold and copper mineralisation. It also states there is ‘strong’ evidence of nickel laterite.
In addition to this, Labyrinth states it has recently completed a full review of the geology and known mineralisation, and carried out an initial phase of ground mapping. This process highlighted the ‘significant potential but underexplored nature of the project.
Labyrinth Chief Executive Officer Matt Nixon says: “Our review shows that Comet Vale has immense potential but has been exposed to little or no modern exploration.
“Our review shows that Comet Vale has immense potential but has been exposed to little or no modern exploration”
With the JORC resource at Labyrinth completed, and the ongoing exploration strategy there clearly mapped out, we are in a position to begin unlocking the value of Comet Vale in parallel.
We already know there is significant gold and copper mineralisation as well as nickel-hosting mineralogy present and our review has highlighted numerous target areas which warrant further exploration.
Based on the initial field mapping there are numerous walk-up drilling targets so our focus now shifts to drilling preparation.”
Labyrinth reports gold and copper mineralisation is found in the Siberia Komatiite which hosts the Longtunnel trend of mines that historically produced over 7,500 ounces @ 14.9g/t Au.
Historic drilling at this trend also produced 1m @ 23.3g/t Au, and rock chip samples of 36.4g/t Au and 1.58% Cu. Only 3 drillholes have been completed here over the last 20 years. Copper mineralisation is also present in the form of malachite which has previously not been a commodity of interest in this area.
To the south of the Longtunnel trend, historic sampling and limited drilling has been carried out over the southern portion of the Siberia Komatiite highlighting multiple mineralised trends including Dredd, Cliffhanger, Rocky and Demolition. Labyrinth states historical surface rock chip sampling across these trends consistently returned grates of over 5g/t Au and elevated copper.
Another area of interest to Labyrinth is the Sovereign trend of gold deposits which consists of multiple quartz veins across 1.3km of strike hosted within the Missouri Basalt. Mining in this region has occurred sporadically over the last 100 years with historical production recorded as 245,000 tonnes for 185,000 ounces.
Previous mining along the Sovereign trend was carried out over a strike of 650m from a combination of shafts and declines to a maximum depth of 650m. The company says numerous ‘high-grade’ intersects sit up to 250m below the existing mine and are open at depth.
Drilling along strike shows that the mineralisation extends to the north and south, with anomalous grades also sitting to the west along strike and down-dip of the Sand Prince mined-out open pit and the Kings Bounty underground mine.
The Lady Margaret and Coonega trends cover 2km of north-northwest to south-southeast trend of workings that are hosted in the Missouri Basalt, and are situated on a shear that formed during emplacement of the Comet Vale Monzogranite.
Historic production from the Lady Mack and Lady Margaret mines exceed 7,000 tonnes @ 15g/t Au, and this has been followed up with minimal drilling that has returned intercepts of 5m @ 6.28g/t Au and 4m @ 4.43g/t Au.
Labyrinth reports the eastern side of the Comet Vale property is host to 5km of the Walter Williams formation which is a komatiite unit known to host nickel laterite deposits.
The company states limited historic drilling has been conducted over a small portion of the prospective area with results including 35m @ 0.61% Ni, 5m @ 2.2% Ni, and 0.11% cobalt (Co).
The Walter Williams formation hosts the Goongarrie Hub deposits that form part of Ardea Resources’ (ASX:ARL) Kalgoorlie Nickel Project, which has recently been awarded Major Project Status by the Federal Government.
Labyrinth Resources is a mineral exploration company operating in Australia and Canada. The company’s flagship asset is the Labyrinth Gold Project located in Ontario, Canada.
It also holds the Denian Project which is near the Labyrinth Project, and 51% of the Comet Vale Gold-Copper-Nickel Project located near Kalgoorlie in Western Australia.
The remaining 49% interest in Comet Vale is held by Sand Queen Gold Mines.
Images: Labyrinth Resources Ltd
