Visible gold a sign that Labyrinth is on the right path at Denain
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Labyrinth seems to be on to something significant at its Denain project in Quebec after its maiden diamond drill program intersected visible gold.
This and the intersection of multiple additional mineralised zones parallel to the known North and South veins has led the company to nearly quadruple the size of its diamond drilling by adding another 3,400m of drilling to the initial 1,200m.
Labyrinth Resources (ASX:LRL) notes that the second phase of drilling will begin in the first week of December and will consist of 15 holes to test the vertical and strike extensions of the North and South veins, as well as follow up intersections of previously undefined new mineralisation identified in the current exploration program.
The drilling follows on recent rock chip sampling that returned a top result of 33.2 grams per tonne (g/t) gold and 21.1g/t silver.
Meanwhile, the company has engaged multiple contractors and consultants to ready the existing underground mine and associated surface infrastructure at its flagship Labyrinthe gold project to a stage of operational readiness for the maiden underground diamond drilling program, which is already permitted and expected to commence in January 2022.
This program will target the previously under-explored but highly prospective Boucher lodes that are located into the footwall of the existing historical underground mine and exist within the Labyrinthe fault system.
It will also further define and expand on the known resource of the McDowell, Talus, Shaft and Front-West lodes.
Labyrinth has appointed former Northern Star Resources’ geology manager Andrew Chirnside as its chief geologist with effect from January 2022.
It has also appointed Jean-Yves Thérien as the president of Labyrinth Resources Canada and Sylvain Plante as its general manager.
“Through the appointments of Andrew, Jean-Yves and Sylvain, we have set a foundation team that brings considerable and proven expertise in gold mining and exploration,” chief executive officer Matt Nixon said.
“Labyrinth can now confidently and rapidly implement our growth strategy, leveraging off of the exciting recent acquisitions in Quebec and delivering maiden JORC resources for both projects in 2022.”
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.