Labyrinth has some fairly substantial potential resource upgrades to look forward to after its maiden surface exploration program doubled the dimensions of known mineralisation.
While the results from the drilling, which confirmed significant extensions to all currently defined lodes within the Labyrinth project at depth and along strike, will be excluded from the imminent maiden JORC resource estimate, they do indicate that future updates will see big inventory growth.
Grades returned to date have also been hugely encouraging with assays topping up at 0.5m grading 44.12 grams per tonne (g/t) gold within a broader 2.2m intersection at 10.67g/t gold from 143.5m in LABS-22-01A.
This is undoubtedly positive news, but Labyrinth Resources’ (ASX:LRL) ongoing review of historical data has identified further drill results which indicate that the strike length of mineralisation could stretch out to more than 2.3km.
Chief executive officer Matt Nixon said the initial drilling has been highly successful, substantially increasing the known size of the company’s namesake project.
“With the maiden Resource almost complete, we already have some exceptional results which will help underpin a subsequent Resource update. And the mineralisation remains open in all directions,” he added.
Drilling extending mineralisation extent
High-grade intersections from the maiden four hole surface diamond drilling program have extended known lode depths by 390m down-dip to 690m along about 900m of the currently defined 1.6km strike.
Additionally, multiple results from historical drilling conducted about 1.1km east of the current underground mine portal have demonstrated a significant strike extension to the McDowell lode of up to 740m, producing a potential overall strike length in excess of 2.3km.
The area of historical drilling is extremely underexplored, providing the company with further future regional exploration opportunities.
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.