Labyrinth Resources (ASX:LRL) has been granted a program of work (PoW) to conduct new drilling programs at both its Comet Vale Gold Project in Western Australia, as well as its namesake project in Canada.
The company is now ramping up exploration at both the Comet Vale and Labyrinth Gold projects, with both programs testing the known extents of ‘high-grade’ gold mineralisation and growing the resources at both projects.
Labyrinth reports drilling comes following the completion of a recently completed full review of the geology and known mineralisation, as well as an initial phase of on ground mapping. These processes are reported to have highlighted the ‘significant’ potential but under-explored nature of the Comet Vale project.
Drilling is expected to begin following the delivery of drill rigs, which are expected to be mobilised in the next 6 weeks.
Commenting on the drilling program, Labyrinth Chief Executive Officer (CEO) Matt Nixon says: “We are about to embark on two significant exploration programs, both of which are aimed at extending known high-grade gold mineralisation.
“This drilling has the potential to create substantial value for shareholders because we are testing for extensions to known lodes and infill drilling in areas outside of the current resource…”
This drilling has the potential to create substantial value for shareholders because we are testing for extensions to known lodes and infill drilling in areas outside of the current resource where we know there is a strong prospect of mineralisation.”
The company also notes the drilling program at Comet Vale represents the first genuine surface exploration undertaken at the project for about 15 years, despite the project hosting ‘extensive’ and ‘high-grade’ gold, copper, and nickel laterite mineralisation.
Labyrinth also reports work during the current exploration phase will include an updated JORC 2012 Mineral Resource Estimate (MRE) for the Sovereign trend gold system, which includes the Sand Queen, Sand Prince, and Princess Grace lodes.
To support this updated MRE, it is expected up to 1,500m of reverse circulation (RC) drilling will be conducted in order to test for extensions to the known lodes, as well as gather important geotechnical data.
With the PoW now approved, Labyrinth Resources announces independent consultants preparing the updated JORC 2012 MRE for Sovereign are expected to complete work in the current quarter.
Meanwhile, drilling design for a phase two resource growth program at the company’s namesake project in Canada is reported to have been completed, and has paved the way for tender submissions to begin.
Labyrinth Resources is an ASX-listed mineral exploration company operating in Australia and Canada. The company’s flagship asset is its name-sake Labyrinth Gold project located in Ontario, Canada.
Images: Labyrinth Resources Ltd
