Labyrinth flies into first surface exploration in 15 years at high grade Comet Vale gold mine
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Comet Vale has been one of the famous high grade gold mines of the WA Goldfields for over a century, but in recent times it has seen little in the way of modern exploration.
Starting now, Labyrinth Resources (ASX:LRL) is on a mission to change that, beginning the first true surface exploration at Comet Vale in 15 years.
That it has not happened is somewhat surprising. The project was mined from underground in recent years and boasts one of the highest grade resources in WA’s gold scene, over 200,000oz at 8.5g/t.
Labyrinth has recently completed a full review of the geology at Comet Vale, near the historic gold towns of Kalgoorlie and Menzies, and carried out an initial phase of on-ground mapping.
LRL, which owns 51% of Comet Vale to sit alongside its 500,000oz Labyrinth project in Canada, is now ready to begin a program of detailed work targeting Comet Vale’s multi-commodity potential.
Alongside extensive high-grade gold and copper mineralisation, Comet Vale also bears strong evidence of nickel laterite potential.
“Our review shows that Comet Vale has immense potential but has been exposed to little or no modern exploration,” Labyrinth chief executive Matt Nixon said.
“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.”
On-ground works this month have delineated ‘multiple priority follow-up drilling targets’, with program of work submissions with the Department of Mines, Industry Regulation and Safety under way.
The project sits among multiple million-ounce plus gold camps, including the Grants Patch, Ora Banda and Mt Pleasant and alongside the Goongarrie and Highway nickel laterite deposits, consisting of the Missouri Basalt, Walter Williams Formation and Siberia Komatiite.
The elite nature of the geological surrounds is highlighted by the fact the east side of the property is the northern extension of the prolific Boulder-Lefroy Fault that hosts the world-class Super Pit gold mine in Kalgoorlie.
Despite producing 185,000oz at ultra high grades historically, the quartz veins along the Sovereign trend on LRL’s JV tenure have been exposed to minimal drilling over the past 15 years and remain open to the north and south as well as at depth.
Mining has been carried out previously over a strike of 650m from a combination of shafts and declines but only to a maximum depth of 250m, with multiple intersections below the existing Comet Vale mine and open at depth.
Drilling along strike also showed the mineralisation extends north and south with anomalous grade also west along strike and down-dip of the mined-out Sand Prince open pit and Kings Bounty underground.
LRL will also review the potential for other mineral types in the regional package around Comet Vale, with historic RC logging noting the presence of pegmatites in the proximity of the Lady Margaret workings.
This article was developed in collaboration with Labyrinth Resources (ASX:LRL), 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.