Labyrinth is unravelling the route to JORC gold in Canada
Labyrinth is tightening focus on its unsung Canadian assets with the start of maiden underground drilling kicking off at the Aussie-namesake’s gold project.
The 5,000m program is intended to convert the existing non-JORC resource of 2.1Mt at 7.1 grams per tonne (g/t) for 479,000oz of contained gold into a JORC-compliant resource as well as targeting high-grade extensions to known mineralisation at the historical mine.
Very limited exploration has been carried out at Labyrinth since it was last mined in the early 1980s.
Labyrinth Resources (ASX:LRL) adds that drilling will follow-up on high-grade historical intersections of the significantly prospective Boucher lodes such as 2.39m grading 26.9g/t gold from 218m, 1.45m at 32.9g/t gold from 490m and 2.4m at 14.6g/t gold from 227m.
Notably, the company has reached an agreement with a nearby assay laboratory for prioritised Labyrinth results to address the ongoing backlog for assay results.
“After taking operational control of the asset in November 2021, to be in a position to commence underground drilling activities after just three months is extremely impressive and a testament to the intent and expertise of the Labyrinth teams in both Quebec and Western Australia,” chief executive officer Matt Nixon noted.
“We can now follow up on the high-grade historical intersections, with particular focus on the Boucher lodes, as we work towards generation of a maiden JORC resource in 2022.”
The Labyrinth project is located within the prolific Abitibi Greenstone Belt near some of Canada’s largest gold fields such as the 71Moz Timmins deposit.
While limited exploration has been conducted since production ceased, the historic underground mine remains accessible and includes five main levels of ore drive development to a depth of approximately 130m below surface.
Besides targeting the Boucher lodes, the company’s drill program will also further define and expand the known resources of the McDowell, Talus, Shaft and Front-West lodes.
Labyrinth is also progressing its surface diamond drill program at the Denain gold project in Quebec.
Drilling to date has produced multiple intervals of prominent shearing and quartz veining presenting as a complex mineralised system located at the eastern abutment of the renowned Cadillac – Larder Lake Fault.
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.