Labyrinth digs deep to uncover proof of extended gold mineralisation
Labyrinth looks to have figured out the route to riches contained within its namesake project with the first three holes extending the currently defined gold lodes at depth and along strike.
Assays from the first three holes drilled under the company’s maiden surface drill program at the Labyrinth project in Quebec, Canada, also indicated that mineralisation had been intersected in previously unmodelled zones, which could substantially increase the scale of the deposit.
Hole LABS-22-02 returned a 1.4m intersection grading 13.32 grams per tonne (g/t) gold intersection from a down-hole depth of 652.3m, which is 375m down-dip of the defined Boucher lode.
This follows on the initial result of 8.1m at 4.05g/t gold from 143.5m including 2.2m at 10.67g/t gold in the first hole and along with visual quartz and pyritic mineralisation observed in the fourth and fifth holes, supports Labyrinth Resources’ (ASX:LRL) belief that further down-dip and along strike extensions to existing lodes are present.
What makes this even more exciting is that all results received to date are still relatively shallow when compared to other significant projects in the prolific Abitibi Belt, which can reach depths of over 2km with grades increasing at depth.
There are two takeaways from this; First is that any potential mining at Labyrinth could kick off with shallow mineralisation before progressing to deeper potentially richer ore, and the second is the potential for much greater growth in resources.
Not bad a result at all given that the company only started drilling on the project this year.
Chief executive officer Matt Nixon certainly agrees, noting that the results highlight the “scope for substantial growth in the deposit, both along strike and at depth”.
“We are in the throes of finalising our maiden JORC Resource and already we have established substantial mineralisation which sits outside these parameters, paving the way for a subsequent Resource update,” he added.
“We have barely scratched the surface at Labyrinth compared with the drilling completed at other major deposits in the Abitibi region. The scale of these endowments shows the upside we have at Labyrinth.”
Adding further interest, while Labyrinth is on track to publish its maiden JORC resource next month, it already has a clear line to further growth with the latest results and pending assays for the fourth and fifth holes in the five hole program expected to form part of the subsequent resource upgrade.
This article was developed in collaboration with Labyrinth Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.