Labyrinth Resources following the trail to deeper gold
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Labyrinth’s maiden surface drilling program at its namesake project in Canada is off to a rousing start with its first hole intersecting high-grade mineralisation of up to 44g/t gold.
Hole LABS-22-01A intersected two zones of 2.2m at 10.67g/t gold from 143.5m including 0.5m at 44.12g/t gold and 1m at 7.43g/t gold from 147.8m within a broader 8.1m interval at 4.05g/t gold from 143.5m about 125m down-dip of the currently defined Front-West lode.
Adding further interest for Labyrinth Resources (ASX:LRL), visual quartz and pyritic mineralisation observed in both LABS-22-01A and LABS-22-02 indicates that the mineralisation extends down dip for at least 375m and to a depth of about 550m below surface.
The visual intersections also reveal typical Labyrinth-style mineralisation and indicate a significant extension to the many defined lodes, both at depth and along strike, and a potentially substantial step change in project scale.
While the 3,000m drill program is still underway, the results to date are a strong indicator that it is fulfilling its goal of confirming mineralisation extensions at depth.
“To hit 44g/t in the first hole is an outstanding start to our surface drilling program. And we are highly encouraged by what we see in the second and third holes,” chief executive officer Matt Nixon said.
“We now eagerly await results for the rest of the surface campaign, which will test vertical lode extensions down to approximately 700m and across the majority of the 1.6km strike.
“At the same time, we are completing the maiden JORC resource estimate, which is set for release later this quarter.
“To consider that we are only just beginning to test the comparatively shallow extents of this highly prospective gold system in the prolific Abitibi Belt is very exciting.”
The maiden surface drill program of five holes totalling about 3,000m targets extension of the known resource mineralisation to depths of up to 700m across the currently defined strike of 1.6km.
Two holes totalling 1,367m have been completed to date with drilling currently underway on the third hole LABS22-03.
While the initial results are pleasing, assays are still pending for the remainder of the hole, which is designed to pass through all known mineralisation trends as close to true width as possible, and for the second hole.
The results received to date from the surface program – and the assays from the maiden underground diamond drilling program which confirmed broad mineralisation open at depths below 400m – are a strong hint that the project in Quebec, which has only been shallowly drilled compared to other multi-million ounce projects in the region, could host a good deal more gold.
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.