Labyrinth terminates sale of Québec gold project

Labyrinth Resources (ASX:LRL) has terminated the sale and purchase agreement for its namesake gold project in Canada, on the basis that privately held Gold Projects WA has allegedly failed to comply with obligations. 

The notice of termination has been provided to the company and International Precious Metals Refiners, which will take effect on 17 May 2024. 

Labyrinth will retain the non-refundable $225,000 deposit. 

The Labyrinth Gold Project lies in Québec, Canada and has a mineral resource of 500,000 ounces of gold at 5 grams per tonne.

Considering the termination of the agreement, Labyrinth plans to update the market with its strategic plan in due course. 

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.