Unloved historical assays prove an absolute goldmine for Labyrinth Resources
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Historical bonanza drill assays well in excess of 100g/t gold have further enhanced the prospectivity of Labyrinth’s namesake gold project in Quebec.
While this recently uncovered data forms part of the historical non-JORC resource of 2.1 million tonnes grading 7.1 grams per tonne (g/t) gold, or 479,000oz of contained gold, it serves to highlight the potential of the Labyrinth project.
This is due to the historical resource having only been top-cut, or limited, to 45g/t gold.
Additionally, the results provide a boost to Labyrinth Resources’ (ASX:LRL) confidence as it progresses its maiden underground drilling program, which shows great promise as it progresses.
The first three holes in this program have intersected the highly prospective Boucher target at modelled depth and returned very attractive looking core presenting strong shearing, silica and sericite alteration associated with quartz veining as well as sulphides in the form of pyrite and chalcopyrite.
Parallel veins with the same mineralisation and appearance of the Boucher vein also suggest there may be elevated gold grades in the hanging wall and footwall of the currently modelled structure.
“These outstanding historical assays indicate a conservative top-cut value was utilised and reinforces the potential for a significant gold resource to be unlocked through our aggressive exploration strategy,” chief executive officer Matt Nixon said.
“We are also delighted to have intercepted the Boucher target at modelled depth with our first three holes of the underground drilling program and the core is visibly very pleasing.
“We now eagerly await assay results for the current drilling campaign, expected to be expedited through our agreement with nearby Swaslabs, Ontario.”
Speaking to Stockhead, Nixon added that a recent visit to the project presented chief geologist Andrew Chirnside and himself with the opportunity to inspect the historical underground workings.
“Being able to inspect the underground mineralisation is a significant advantage that other junior explorers might not have,” he noted.
Separately, initial assays from surface diamond drilling at the Denain project have returned shallow, high-grade gold with evidence of elevated copper.
Notable results from the assays received to date include 1m grading 17.91g/t gold and 0.51% copper from a depth of 200m and 1m at 9.73g/t gold and 0.28% copper from 45m, which confirm the presence of prospective high-grade, shallow gold mineralisation.
The drill program, which fulfilled the C$1.085m flow-through commitment incurred by previous owners, targeted the historically very under-explored North and South veins that outcrop on the property.
Labyrinth will wait on the remaining assays before conducting a full technical assessment of the mineralisation presence and a subsequent strategy on future exploration.
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.